Drops of 1% in Europe are leaving Tel Aviv stocks flat at Wednesday afteroon, slightly down from the opening positive bias. The Maof-25 index of blue chips is unchanged at 420 points, and the TA-100 index is edging up 0.1% to 403.2 points. Technology shares are down 0.5%. Total turnover is low at NIS 114 million.

Yesterday, the Maof-25 index crossed its technical support level at 420 points, and meanwhile has been able to maintain its positive trend. The technical support level might be once again put to the test as the session progresses.

Teva Pharmaceuticals (Nasdaq:TEVA) is down 2.1% on NIS 13 million turnover, having opened with a negative arbitrage spread of 1.8%. Several analysts yesterday estimated that its stock has been sliding on investors fears of slower than expected proprietary drug sales. CFO Dan Suesskind today said that the company is comfortable with analyst forecasts of 61 cents earnings per share for Q4. Suesskind expects sales in Q4 will grow by 6% to $550 million, in line with the forecasts.

Mizrahi Bank is up 0.8% on NIS 1.7 million volume of trade. Today Ma'ariv reported that Citibank may take over the bank.

Tower Semiconductors (Nasdaq:TSEM) is down 2.3% after starting on a negative arbitrage gap of 3%. Tower stock has been soaring for days on estimates of a rally in the global semiconductor sector.

Koor Industries (NYSE:KOR) is rising 0.4% after it was today reported that Bank Hapoalim will not intervene in the new control structure in Koor affiliate ECI Telecom (Nasdaq:ECIL), which includes the Dovrat-Ofer group.

Mofet Israel Technology Fund is up 5.6%. Yesterday the company announced that it has completed the sale of its subsidiary eMation to Ravisent in a stock swap.

Nisko Industries is rising 4.5% on NIS 2 million turnover. The shares have gained 25% since the beginning of the month.

Israel Chemicals is inching up by 0.2% after Bank Hapoalim upgraded it from Hold to Buy. The bank set a price target of NIS 5.1, 16% above the market.

C. Mer Industries is rising 5.3% on NIS 1.3 million volume. The company today said that it expects $10 million profits in 2002, and $160 million revenue. Revenue this year is expected to come to $145 million, which means that the company expects 10% growth in 2002. Profit is this year expected to come to $8.2 million, which means that the company is expecting 21% growth in 2002.

IDB Development Corporation is rising 0.5%, IDB Holding Corporation is unchanged, Discount Investments is gaining 1.7%, while Clal Industries is off 0.8%.