Israel’s TA-25 Index declined for the first time in three days, sliding 1.4 percent to 1,035.08 at the 4:30 p.m. close in Tel Aviv. Investors traded about 672 million shekels ($181 million) of shares and convertible securities today, according to Tel Aviv Stock Exchange data.
The following stocks rose or fell today. Symbols are in parentheses.
Alvarion Ltd. (ALVR IT) dropped 3.9 percent to 3.662 shekels, the lowest close since at least July 2001, when Bloomberg started tracking the shares. The maker of wireless telecommunications equipment expects a one-time charge of about $7 million after a bankruptcy petition filed by Open Range Communication Inc.
Separately, Elron Electronic Industries Ltd. (ELRN IT) and Alvarion are weighing options for a sale of Elron’s 67 percent stake in Wavion Inc. to Alvarion. Elron advanced to the highest level since Aug. 22, climbing 2 percent to 14.73 shekels.
Bezeq Israeli Telecommunication Corp. (BEZQ IT), the country’s largest fixed-line company, declined for the first time in four days, dropping 2 percent to 6.89 shekels. Israel is seeking a partner for Israel Electric Corp. to build a fiber-optic network that can provide fast internet and television service and compete with existing fixed-line providers. Hot Telecommunication System Ltd. (HOT IT), the country’s second-biggest fixed-line operator, lost 1.4 percent to 44.88 shekels.
BluePhoenix Solutions Ltd. (BPHX IT) climbed the most in more than three months in Tel Aviv, jumping 6.1 percent to 2.285 shekels, the equivalent of 62 U.S. cents. The U.S.-traded shares rose 5.7 percent to 65 cents in New York on Oct. 7.
Ormat Industries Ltd. (ORMT IT) increased to the highest since July 10, jumping 4.8 percent to 23.70 shekels. The developer of geothermal power plants said FIMI Opportunity fund acquired a 10.01 percent stake.
Strauss Group Ltd. (STRS IT), the company that derives about a fifth of its revenue from dairy products, dropped to the lowest since Oct. 4, declining 2.1 percent to 43.28 shekels. Israel’s cabinet approved proposals, including easing import restrictions, from the government-appointed Trajtenberg committee to address cost-of-living complaints. Strauss last week lowered the price of some milk products 12 percent.
Osem Investments Ltd. (OSEM IT), the food company controlled by Nestle SA dropped 2.7 percent to 49.73 shekels, the lowest since Sept. 19.
Teva Pharmaceutical Industries Ltd. (TEVA IT) declined for the first time in three days, dropping 2.2 percent to 136.80 shekels. The world’s largest generic drugmaker agreed to sell its rights to generic versions of a pain drug and a muscle relaxant to Par Pharmaceutical Cos. to gain U.S. approval of its $6.2 billion bid to buy Cephalon Inc.
Separately, Teva and two other drugmakers were ordered by a Nevada state court to pay at least $20.1 million for selling the anesthetic Propofol in a way that led three colonoscopy patients to develop Hepatitis C.