June 23 (Bloomberg) -- Alvarion Ltd. surged the most in 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 11 percent, the most since Oct. 26, to 4.611 shekels at the 4:30 p.m. close in Tel Aviv, trimming the decline this year to 46 percent. The stock has gained 15 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, Bloomberg data show.
Levinson said he will reevaluate his recommendation when there’s “balance” in its financial reports and its strategy is established.
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