Leading indices in Tel Aviv are flipflopping around the flatline at Thursday afternoon 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 off 0.09% to 406.73 points and the TA-100 index is down 0.11% to 398.35 points. But tech stocks are losing 2.06%. Turnover is thin at NIS 170 million.
National phone company Bezeq is rising 0.5% on NIS 21.4 million, the session's biggest turnover as over writing, after adding an aggregate of 12% in the last several days.
Bank Discount is losing 2% 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 0.5% on NIS 19.7 million. Mizrahi Bank is losing 0.4% but Bank Hapoalim is up 0.4%.
Teva Pharmaceuticals (Nasdaq:TEVA) is rising 2.8% on a positive arbitrage gap of 2.2%. Nice Systems (Nasdaq:NICE) is correcting with 5.4% gain after plunging 9.6% in Tel Aviv yesterday.
After opening with gains, IDB group shares are losing ground. Clal Electronics is down 0.3%, Clal Industries is off 0.05% and Discount Investments is shedding 0.2%. 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 0.7% but EMI is skipping 3.8%.
IDB Development is losing 1.6% but IDB Holdings is dropping 0.5%.
Koor Industries (NYSE:KOR) is down 2% and Makhteshim Agan is losing 0.3%. Investment house Nessuah Zannex today released an Accumulate recommendation for Koor and a price target of NIS 240, 30% higher than the market.
Lipman Electronics is dropping 5.1%, Metalink (Nasdaq:MTLK) is losing 7.6% and the participation units of oil company Avner are down 4.9%.
L.S. Enterprise (Yozma) is plummeting 39.4% on reports on suspected financial irregularities in the company. Earlier, the shares lost over 55%.
Tradekal is dropping 19.8% 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 26.3% on reports that the proposed tender offer for the company's stock by Delek Real Estate has failed.