Alvarion Ltd. (ALVR) surged the most in almost eight months after the shares of the maker of wireless telecommunications equipment tumbled to the lowest level since the stock began trading in Tel Aviv.
The shares jumped 12 percent, the most since Oct. 26, to 4.668 shekels at 11:47 a.m. in Tel Aviv, trimming the decline this year to 45 percent. The stock has gained 17 percent from the June 21 close of 3.998 shekels, the lowest level since shares began trading in Tel Aviv in 2001, according to Bloomberg data.
“It looks like a technical correction after the shares reached cash value,” David Levinson, an analyst at Bank Hapoalim Ltd. in Tel Aviv who has an “underperform” recommendation on the stock, said by telephone today.
Alvarion had cash and near-cash items of 69.2 million as of March 31, the Bloomberg data show.
Levinson said he will reevaluate his recommendation when there’s “balance” in the company’s profit and loss and cash flow reports and its strategy is established.
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