Tel Aviv stocks are down 1% at mid-day Monday after several days of gains. The Maof-25 is down 1.2% and the Tel-Tech-15 is off 1%. The TA-100 index is losing 0.9%. Total market turnover is NIS 133 million.
Discount Investment Corporation is losing 4.5% after yesterday revealing NIS 184 million one-time charges in its third-quarter report, plus a special NIS 26 million provision for taxes ¿ bringing the total to NIS 210 million. NIS 40 million alone is writing down its holding in Gilat Satellite (Nasdaq:GILTF), and NIS 23 million on Scitex Corporation (Nasdaq:SCIX).
News of Cellcom CEO Jacob Perry's impending resignation isn't helping DIC, which owns 25% of Cellcom's equity.
Making matters worse, Nessuah Zannex analyst Haim Israel downgraded DIC today from Buy to Accumulate. He set its target price at NIS 130.
Other IDB group stocks are also taking a beating. IDB Holding Corporation is down 2.3%, IDB Development Corporation is losing 3.6% and Clal Industries is sinking by 4.1%.
Koor Industries (NYSE:KOR) is up 0.2% while its subsidiary Makhteshim Agan is losing 3.2% on the highest turnover on the floor, NIS 24.9. Yesterday the company posted its Q3 results, showing its profit rose 23% to $12 million. The increased sale of the share, which lost another 1.5% last night, derives from estimates of company plans to raise another $60 million to $70 million from convertible bonds next week.
Teva Pharmaceuticals (Nasdaq:TEVA) is up 0.5% after sliding somewhat on Sunday. As usual Teva is on the list of most-traded shares with NIS 19.3 million turnover. The share was boosted today by Gmul Sahar analysts who rated it a Buy and set its price target at $79.
The Bezeq phone company, which climbed 1.5% earlier on news that potential rivalry by a joint venture of Cellcom and Eurocom has been nipped in the bud, is again dipping 0.2%. Other communication sector players are heading south, as Partner Communications (Nasdaq:PTNR) is down 0.5% and Matav Cable Systems (Nasdaq:MATV) is losing 2.7%.
The banks are skidding, with Leumi down 0.5% and Mizrahi dropping 0.3%. Hapoalim is shedding 1.1%, and Discount slips 0.1%.
In the black are Delta Galil Industries (Nasdaq:DELT), up 0.4%, and Metalink (Nasdaq:MTLK), which is soaring by 12.1%. Elbit Systems (Nasdaq:ESLT) is down 3.5%.