Israeli shares on Wall Street lost ground on Wednesday as Cisco Systems (Nasdaq:CSCO) fallout covered Wall Street. Cisco dropped 13%, sending the Nasdaq down 2.13% to 2,607.82 points. Blue chips shed 0.1% to 10,944.77 points.
Israeli big-cap stocks were weak. Amdocs (NYSE:DOX) dropped 2.1% and Teva Pharmaceuticals (Nasdaq:TEVA) lost 2.8% to $51.4, 35% short of its peak. The company today announced that it has won FDA approval for 30 milligram dosage of Nifedipine XL, a generic version of the hypertension and angina drug Procardia made by Pfizer (NYSE:PFE). The FDA also approved marketing of Teva's 400 milligram Etodolac tablets, a generic version of Wyeth-Ayerst's NSAID Lodine XL.
Indigo (Nasdaq:INDG) beat the trend, jumping 15.7% to $5. The company today announced that it has launched a new high-speed digital print/scan system for photofinishing labs, jointly developed with Digital Now. This year Indigo shares have risen 35%.
Tioga Technologies (Nasdaq:TIGA) gained 9.4% to $2.9. The stock has gained 57% this year. Tioga yesterday released its results for the fourth quarter of 2000, beating analyst forecasts for revenues and profit.
Orbotech (Nasdaq:ORBK) released its financial results for the fourth quarter before the bell. Orbotech beat analyst forecasts, presenting atypically strong growth for the printed circuits equipment-inspection market. But it closed down 4.9% to $46.5. Orbotech CFO Amichai Steinberg says that the company still hopes to meet the revenue target of $100 million to $105 million in 2001, in line with sales forecasts of $441 million.
Magic Software Enterprises (Nasdaq:MGIC) gained 7.1% to $3.7. Today the company announced that it has signed an alliance with Proxima, a fully-owned subsidiary of IBM Corporation (NYSE:IBM). Proxima will be using Magic's technology for CRM-management solutions and applications to be adjusted for the Italian market. Magic's market price today totaled $100 million.
Mind CTI (Nasdaq:MNDO) rose by 5.1% to a market value of $160 million. The company announced a marketing alliance with Digital Now, which is to incorporate Mind CTI's billing software in its unified messaging platform.
Radware (Nasdaq:RDWR) lost 8.7% to $19, which comes to an aggregate loss of 13% in the last two days following the release of its financial results, and RadVision (Nasdaq:RVSN) lost 12.5% to $10.1. RadVision has lost 40% in the last four days of trade. The drops follow the release of its financial results, which led investment houses covering the company to downgrade the share. The company said it will not meet forecasts for 2001.