Tel Aviv stocks are starting Wednesday with a negative bias on tiny turnover, after the terror attack by the West Bank settlement of Emanuel, in which at least seven people were killed and 25 injured.
The somber mood is exacerbated by Nasdaq's slide on Tuesday, and the Dow Jones' tumble by 1.92%.
Yet Tel Aviv stocks are relatively resilient: the Maof-25 index is down 0.4% to 373.6 points and the Tel Aviv-100 index is losing 0.2% to 360.8 points. Tech stocks are inching down by 0.3%.
Teva Pharmaceuticals (Nasdaq:TEVA) is up 2% on the session's highest turnover, NIS 2 million. It gained 2.8% on Nasdaq yesterday on unusually high turnover of $100 million, and ended the session on a 2.2% arbitrage spread with Tel Aviv. The gains were apparently fueled by Geneva's announcement of receiving FDA permission to market the generic version of Augmentin. The drug is expected to be a major source of money for Teva too, which expects to get its own FDA nod within days.
Leader DS analyst Ori Hershkovitz sees generic Augmentin being a key moneymaker for Teva. He sees Augmentin bringing Teva revenue of $150 million dollar a year, translating into $30 million to $40 million profits.
The banks are in the red. Bank Discount is unchanged, Hapoalim is down 1.4% and Leumi is losing 2%. The short-list of contenders for Discount's New York unit include Israel's Hapoalim and Leumi banks, the Safra banking brethren, the former managers of Commercial Bank, and businessman Leon Recanati, who controls IDB Holding Corporation (though he has all but closed the deal to sell control over IDB Holding Corporation to Ganden Holdings).