Israel Stocks: Allot, Mellanox, EZchip, Harel, Migdal Insurance
Israel’s benchmark TA-25 index declined to its lowest level since June 28, sliding 0.7 percent to 1,067.22 at the 4:30 p.m. close in Tel Aviv. The gauge has retreated 1.5 percent this week. Investors traded about 761 million shekels ($191 million) of shares and convertible securities, according to bourse data.
The following stocks rose or fell. Symbols are in parentheses.
Allot Communications Ltd. (ALLT) dropped 6 percent, the most since Feb. 12, to 90.32 shekels, or the equivalent of $22.72. The shares of the maker of software to regulate traffic on networks dropped to $22.69 in New York yesterday.
EZchip Semiconductor Ltd. (EZCH) declined 4.3 percent to 134.2 shekels, or the equivalent of $33.76, the lowest since Feb. 7. The New York-traded shares of the Israeli developer of network processors fell 4.3 percent to $33.74 yesterday.
Harel Insurance Investments & Financial Services Ltd. (HARL) dropped 3.6 percent to 105 shekels, the lowest level since April 2009. Migdal Insurance & Financial Holding Ltd. (MGDL) declined 4.7 percent to 3.916 shekels, also the lowest level since April 2009. The insurers said updated Finance Ministry life-expectancy figures may lead to higher provisions.
Kardan NV (KRNV) jumped 9.2 percent, the most since June 7, to 2.321 shekels, giving the company a market value of 259 million shekels. The Amsterdam-based investor in real estate and financial services said it plans to repurchase as much as 50 million euros ($61 million) in debentures.
Medical Compressions Systems (DBN) Ltd. (MDCL) advanced 5 percent, the most since July 2, to 2.539 shekels. The maker of non-invasive blood circulation systems said Food and Drug Administration examiners will recommend retracting a product warning.
Mellanox Technologies Ltd. (MLNX) declined 5.2 percent, to 261 shekels, the lowest level since June 14, and the equivalent of $65.66. The U.S.-traded shares slumped 4.1 percent to $66.20 yesterday.
Perrigo Co. (PRGO) declined 1.6 percent to 449 shekels, the lowest since June 25. The largest U.S. generic over-the- counter drugmaker was cut to hold from buy at Canaccord Genuity Corp.
To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com