Tel Aviv stocks are flipflopping around the flatline at Thursday mid-day after opening with thin gains and diving on Wednesday.
So far the market is blase about the profit warnings Tel Aviv-traded companies issued in the last couple of days and about Wall Street's Wednesday losses.
Yesterday the Nasdaq index lost 2.11% and Dow Jones dropped 3.08%.
The Maof-25 index of blue chips is unchanged at 407.07 points and the TA-100 index is off 0.17% to 398.10 points. But tech stocks are losing 1.9%. Turnover is thin at NIS 114 million.
Bank Discount is losing 3.4% after this morning releasing an acute profit warning for the fourth quarter of 2000 and for 2000. The bank expects to lose NIS 89 million, driving it into the red for the year 2000. This is the first time in 14 years that one of Israel's three major banks is expected to post losses for a year.
Bank Leumi is down 0.7% on NIS 16.2 million, the session's highest turnover as of writing. Mizrahi Bank is losing 0.2% but Bank Hapoalim is up 0.4%.
Teva Pharmaceuticals (Nasdaq:TEVA) is rising 2.5% on a positive arbitrage gap of 2.2%. Nice Systems (Nasdaq:NICE) is correcting with 4.6% gain after plunging 9.6% in Tel Aviv yesterday.
After opening with gains, IDB group shares are trading mixed. Clal Electronics is down 1.3%, Clal Industries is up 1.4% and Discount Investments is off 0.5%. Yesterday, the three companies said that they will suffer losses and write-offs in the fourth quarter of 2000 totaling NIS 500 million due to amortization and to the deterioration in the activity of their held companies.
Elron Electronic Industries (Nasdaq:ELRNF) is plunging 7.1% after the Tel Aviv District Court today accepted a petition to acknowledge a suit as a class-action against Elron, Elbit (Nasdaq:ELBTF) and Elbit Medical Imaging (Nasdaq:EMITF). Elbit is down 2.7% but EMI is skipping 3.8%.
IDB Development is losing 1.5% but IDB Holdings is adding 0.2%.
Koor Industries (NYSE:KOR) is adding 0.5% and Israel Chemicals is up 2%.
L.S. Enterprise (Yozma) is plummeting 56% on reports of financial irregularities in the company. Tradekal is dropping 25% after yesterday announcing that it has no cash left although in December 2000 it completed a NIS 5.6 million financing round.
Delek International is diving 26% on reports that the proposed tender offer for the company's stock by Delek Real Estate has failed.