Teva Pharmaceuticals (Nasdaq:TEVA) and Tower Semiconductors (Nasdaq:TSEM) are sustaining steep losses mid-day Thursday as Tel Aviv stocks maintain their negative bias.
The Maof-25 index is off 0.4% and the TA-100 index is down 0.6%. Technology shares are losing 1%. Tech stocks are losing 1.8%.
Total turnover is thin at NIS 86 million, almost half of which is in Teva stock.
Teva is falling by 2.5% on NIS 40 million turnover, after starting on a negative arbitrage gap of 3%. Teva yesterday released strong Q3 results and lost 2.7% in late trade on half the total turnover, a huge NIS 133 million. Investment house Nessuah Zannex reiterated its Buy rating and $79 price target for Teva, 28% above the market.
Tower Semiconductors (Nasdaq:TSEM) is cutting even steeper morning losses, but it's still down 5.2% after reporting weak Q3 results yesterday. Market players believe that the negative trend will continue because of the recession in the semiconductors market. Today Tower executives will be meeting with state officials about a frozen NIS 8 million subsidy.
Ilanot Batucha analyst Eran Yaccobi says the risk in Tower shares has climbed sharply after the September 11 attacks on the U.S. He also says that the persisting semiconductors slowdown could badly impact on Tower¿s plans to build a second fab in Migdal Haemek.
Nice Systems (Nasdaq:NICE) is tumbling 6%, probably due to the lowered revenue guidance it provided yesterday. Also, SSB analyst Victor Halpert downgraded Nice from Outperform to Neutral, and cut his target from $18 to $15 per share. Union Bank of Israel chimed in, rating Nice at Hold and setting its target company value at $195 million. It set the share price target at $14.9.
Partner Communications (Nasdaq, TASE: PTNR, LSE:PCCD) is up 1% price as investors react to its third-quarter results, delivered today. Sales increased 49% from the parallel and 12% from the second quarter, but its loss doubled from the sequential quarter to NIS 88 million.
Eyes are on Mivtach Finance today after controlling shareholder Meir Shamir confirmed that the company will be delisted via a tender offer. It's down 0.5%, having lost 60% this year.
Elron Electronic Industries (Nasdaq:ELRN) is off 1.4% and Elbit (Nasdaq: ELBT) is down 0.3% after officially announcing their merger agreement. Each holder of one Elbit share will be getting 0.45% Elron share.