Alvarion Plunges for Second Day After Revenue Forecast Reduction
Alvarion Ltd. (ALVR) plunged for a second day 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 16 percent to 2.40 shekels at 10:09 a.m. in Tel Aviv, the lowest level since July 2001 when Bloomberg started tracking the data. The shares have declined 32 percent since Alvarion on April 5 cut its first-quarter revenue forecast and said it will be in default on a financial covenant, giving the Tel Aviv based company a market value of 139 million shekels ($37 million).
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