Tel Aviv stocks are retaining their opening 1% gains at Thursday afternoon. The gains are attributed to 1% gains on Nasdaq on Wednesday, and to optimism about the recovery of the American economy.
The Maof-25 index and the TA-100 index are each up 1%, while technology shares are climbing 0.5%. Total turnover is low at NIS 133 million.
Tower Semiconductor (Nasdaq:TSEM) is down 0.6%. The company posted $8.8 million revenue for Q4, compared with $29.2 million for the parallel reporting period, and $9.9 million in Q3 2001. Net loss came to $9.3 million in Q4, and loss per share came to 41 cents, compared with the forecast loss per share of 39 cents. In the Q4 2000 profit came to $400,000, and EPS was 3 cents.
Bank Hapoalim is down 0.6% after rising 0.9% at opening. Eli Yones has been appointed CEO to replace outgoing Amiram Sivan. The share had slumped slightly recently due to uncertainty concerning Sivan's retirement and slated replacement.
Phone company Bezeq is climbing 0.9% on estimates that France Telecom (NYSE:FTE) and Deutsche Telekom (NYSE:DT) may bid for control in the state-owned company.
Formula Systems (Nasdaq:FORTY) is up 4.3%. It is estimated that the company plans a NIS 200 million bond offering. Chairman and CEO Dan Goldstein is expected to acquire 10% of shareholders equity from Shamrock for NIS 62 million. With this acquisition, Goldstein will once again become the major shareholder in Formula.
IDB Development Corporation is up 1.3% on irregular turnover of NIS 24 million. Parent company IDB Holding Corporation is up 0.5%. IDB Holding several months ago announced it is planning to acquire IDB Development shares, for which it allocated $50 million.
Discount Investments is rising 3% on NIS 4 million volume of trade after selling its remaining shares in European cables company UPC (Nasdaq:UPCOY). Discount Investments sold 2.4 million UPC shares at an average $45 per share. Discount Investments is to post a $108 million capital gain in the first quarter of 2002 as a result. After-tax profit is to come to $53 million.
Ormat Industries is up 3.3%. The electronics firm today announced it has won a tender to provide 2 geothermic units, parts and services for $18.7 million. The company said that should the tender involve no objections, the agreement is due to be singed in March 2002.
Teva Pharmaceuticals (Nasdaq:TEVA) is up 1.4%, Nice Systems (Nasdaq:NICE) is up 0.6%, Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) is off 1.4% on NIS 3.4 million turnover after climbing 1.4% at opening.
Elbit Systems (Nasdaq:ESLT) is retaining yesterday¿s positive momentum and is climbing 1.8% on NIS 3.5 million turnover.
Suny Electronic is up 1.6%, completing aggregate gains of 20% over the last week.