Alvarion Declines to Record Low After Cutting Revenue Forecast

Alvarion Ltd. (ALVR) declined to the lowest level on record after the telecommunications-equipment maker cut its first-quarter revenue forecast and said it will be in default of a financial covenant.

The shares dropped 18 percent to 2.848 shekels, the lowest level since July 2001 when Bloomberg started tracking the data, at the 4:30 p.m. close in Tel Aviv.

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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