Tel Aviv stocks have cut steep opening losses and are down about 0.5% at mid-morning on Wednesday.

Turnover is staying slim as investors fret about Wall Street's lackluster response to the Fed's rate cut and the local 0.9% gain in the April CPI, which proved higher than expected.

The Maof-25 index of blue chips is down 0.6% to 420.3 points and the TA-100 index is losing 0.6% to 411.8 points. Tech stocks are rising mildly against the trend.

Teva Pharmaceuticals (Nasdaq:TEVA) is dropping by 2.4% on the session's highest turnover, NIS 3.5 million, after starting on a negative arbitrage gap with Nasdaq of 3.2%. Other dual-listed losers this morning include Elron Electronic Industries (Nasdaq:ELRNF) - down 4%, Matav Cable Systems Media (Nasdaq:MATV) - down 1.7%, and Elbit Medical Imaging (Nasdaq:EMITF), which is losing 2.2%.

Formula Systems (Nasdaq:FORTY) shares are rising by 5% on lively volume of NIS 3 million. This morning

Ma'ariv

reported that by Yossi Maiman and Formula's controlling shareholders, Danny and Gad Goldstein, will be buying back some of the public's holdings in the company. The Goldsteins reportedly want to consolidate their control of the company by lifting their stake from 18% to 25% or 30%.

Nice Systems (Nasdaq:NICE) is rising 0.5% on turnover of NIS 1.3 million after yesterday confirming that Poalim Investments and Koor want to replace four of its directors.

IDB group shares are mixed. IDB Development Corporation is slipping by 0.7%, and Discount Investments and Clal Industries are both down by 1.5%. But IDB Holdings is powering ahead with an 1.8% gain.

Clal Insurance is down 1% after starting on a 2% hop. Today it announced it will be distributing an NIS 100 million dividend.