Tel Aviv stocks rising 1.2% Sunday mid-day unaffected by Nasdaq drops - TheStreet

Tel Aviv stocks are up 1.2% at Sunday mid-day, mildly off 1.5% opening gains.

Over the last two Wall Street trading days, the Nasdaq dropped 4%, and the Dow Jones lost an aggregate 1.1%.

The Maof-25 blue chip index is up 1.2% to 394.7 points, and the TA-100 index is rising 1% to 379.1 points. Technology shares are sustaining 0.5% morning gains. Total turnover is a low NIS 115 million.

Drug giant Teva Pharmaceuticals (Nasdaq:TEVA) is up 3.1% on 3.8% positive arbitrage gap, attracting the session's biggest turnover, NIS 32 million.

IDB group stocks are trading up, with IDB Holding Corporation rising 0.7%, down from 2.2% opening gains, and IDB Holding Corporation sustaining its 1.9% morning gains. Subsidiaries Clal Industries and Discount Investments are each up 2.6%. The gains are probably due to other entities wanting to join the bid for control in the group, together with businessmen Nochi Dankner and Yitzhak Manor. Ma'ariv reported today that the Livnat family, owners of haulage group Taavura, is the leading candidate for joining the bid. The Livnats would pay $110 million for 20% of the controlling stake, the paper said.

Food retailer Blue Square Israel (NYSE:BSI) is off 1.7% Weekend reports said that department store chain Hamashbir Lazarchan, which owns 80% in BSI, is facing liquidity problems due to $110 million debt to local banks, mainly Bank Hapoalim.

Bezeq phone company is up 0.8% on NIS 5.5 million. Bezeq closed with 3.9% gains Thursday, after the banks petitioned the court to appoint a receiver for businessman Gad Zeevi. Leader DS analyst Yuval Ben Zeev on Thursday said the banks' intentions had long been clear so he was surpised by the sharp gain in the share. Ben Zeev says a possible explanation is that as long as Zeevi held the shares there was concern the banks would force him to sell them to reduce his debt. Now the shares will be transferred to the banks and it is likely they will wait for an attractive price before selling the bloc. Drug maker Agis Industries is up 1.2% after on Thursday finishing up 3.4%. The company announced last week that its subsidiary Clay Park has received approval for marketing a generic drug whose annual market comes to $40 million. This is the only approval for this generic drug. Agis received two similar approvals over the last six months.

Super Email is up 1.6%. The company said that owners Ofer Hirchson and Zvi Barak, who acquired the control in the company two months ago, are in talks to sell the company to businessman Zvi Barinboim for NIS 46 million, based on NIS 74 million value, 160% higher than the market. The public will probably not get much from the deal.

Technology holding firm Elron Electronic Industries (Nasdaq:ELRN) is up 1.1%, and digital-recording systems making Nice Systems (Nasdaq:NICE) is climbing 0.8%. Tower Semiconductor (Nasdaq:TSEM) is off 1.4%, and maker of software solutions for the retail food market Retalix (Nasdaq:RTLX) is off 0.8%.