April 19 (Bloomberg) -- Alvarion Ltd. headed for its biggest advance in four months in New York trading after the Israeli maker of wireless communication equipment named a new chief executive officer.
The shares rose 7.9 percent to 67 cents at 2:58 p.m. in New York, set for the biggest gain since Dec. 8. Alvarion’s Tel Aviv stock rose 4.4 percent to 2.4 shekels, or the equivalent of 64 cents.
Hezi Lapid will replace Eran Gorev as Alvarion’s CEO on May 6, the Tel Aviv-based company said in a Business Wire statement today. Shares of Alvarion sank 30 percent on April 5 after the company cut its first-quarter revenue forecast. The stock has dropped 26 percent this year, compared with a 14 percent advance by the Bloomberg Israel-US Equity Index of the biggest New York-traded Israeli companies.
“There has been a lot of pressure from investors to take the company in another direction,” Andrew Uerkwitz, a senior analyst at Oppenheimer & Co Inc., said in a phone interview from New York. “With a new CEO, there is some confidence that it’s going to get back on track.”
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