Mellanox Rallies to Record, Closing Gap With U.S.-Traded Shares

Mellanox Technologies Ltd. (MLNX), an Israeli developer of technology used to transfer and store data, rose to a record, closing the gap with the U.S.-traded shares.

The shares gained 3.5 percent to 297.2 shekels, or the equivalent of $75.75, at 10:35 a.m. in Tel Aviv, the highest intraday level since July 2007 when the shares were listed in Israel. The New York-traded stock advanced 3.7 percent to $75.02 yesterday.

Harel Finance Trade Securities Ltd. yesterday raised the price estimate to $80 from $58 a share.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net