Bloomberg News

Israel Stocks: Allot, Mellanox, EZchip, Harel, Migdal Insurance

July 12, 2012

Israel’s benchmark TA-25 index declined to its lowest level since June 28, sliding 0.7 percent to 1,067.22 at the 4:30 p.m. close in Tel Aviv. The gauge has retreated 1.5 percent this week. Investors traded about 761 million shekels ($191 million) of shares and convertible securities, according to bourse data.

The following stocks rose or fell. Symbols are in parentheses.

Allot Communications Ltd. (ALLT:US) dropped 6 percent, the most since Feb. 12, to 90.32 shekels, or the equivalent of $22.72. The shares of the maker of software to regulate traffic on networks dropped to $22.69 in New York yesterday.

EZchip Semiconductor Ltd. (EZCH) declined 4.3 percent to 134.2 shekels, or the equivalent of $33.76, the lowest since Feb. 7. The New York-traded shares of the Israeli developer of network processors fell 4.3 percent to $33.74 yesterday.

Harel Insurance Investments & Financial Services Ltd. (HARL) dropped 3.6 percent to 105 shekels, the lowest level since April 2009. Migdal Insurance & Financial Holding Ltd. (MGDL) declined 4.7 percent to 3.916 shekels, also the lowest level since April 2009. The insurers said updated Finance Ministry life-expectancy figures may lead to higher provisions.

Kardan NV (KRNV) jumped 9.2 percent, the most since June 7, to 2.321 shekels, giving the company a market value of 259 million shekels. The Amsterdam-based investor in real estate and financial services said it plans to repurchase as much as 50 million euros ($61 million) in debentures.

Medical Compressions Systems (DBN) Ltd. (MDCL) advanced 5 percent, the most since July 2, to 2.539 shekels. The maker of non-invasive blood circulation systems said Food and Drug Administration examiners will recommend retracting a product warning.

Mellanox Technologies Ltd. (MLNX) declined 5.2 percent, to 261 shekels, the lowest level since June 14, and the equivalent of $65.66. The U.S.-traded shares slumped 4.1 percent to $66.20 yesterday.

Perrigo Co. (PRGO) declined 1.6 percent to 449 shekels, the lowest since June 25. The largest U.S. generic over-the- counter drugmaker was cut to hold from buy at Canaccord Genuity Corp.

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


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Companies Mentioned

  • ALLT
    (Allot Communications Ltd)
    • $9.74 USD
    • -0.22
    • -2.26%
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