Paz Oil, Ormat, Mellanox, Shikun & Binui: Israel Equity Preview
The following stocks may rise or fall in Israeli markets. Stock symbols are in parentheses after company names and prices are from the last close unless otherwise stated.
The TA-25 Index dropped 4.3 percent to 1,038.91 in Tel Aviv.
Mellanox Technologies Ltd. (MLNX) lost 14 percent to $30.26 last week in U.S. trading, the biggest such decline since July 2010. The decline pushed the discount over the Tel Aviv shares to $1.20, the largest spread among the biggest Israeli companies traded in the U.S. The shares slid 3.7 percent in Tel Aviv to 116.50 shekels on Sept. 22.
Paz Oil Co. (PZOL IT): The maker of petroleum-based products said a subsidiary signed a memorandum of understanding to sell its solar unit to Shikun & Binui Ltd. (SKBN) . Paz dropped 4 percent to 466.50 shekels. Shikun & Binui retreated 4.8 percent to 6.67 shekels.
Ormat Industries (ORMT) Ltd: Ormat Technologies Inc. (ORA), the U.S. subsidiary of the developer of geothermal projects, said a unit completed a 20-year loan agreement of as much as $350 million under the Department of Energy’s Loan Guarantee Program for a project in Nevada. Ormat Technologies also is borrowing $310 million from Overseas Private Investment Corp. to expand its Kenya project. The shares tumbled 4.7 percent to 18.53 shekels.
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