Sharpest Drop in Exports Hits Ceragon to Allot: Israel Overnight
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Israeli companies traded in New York posted the biggest weekly decline since May after a sluggish global recovery caused the nation’s exports to fall at the fastest rate this year.
The Bloomberg Israel-US Equity Index of the most traded Israeli companies in New York tumbled 4.6 percent to 78.22 last week, the largest five-day decline since May 18. Allot Communications Ltd. and Ceragon Networks Ltd., the technology developers that received most of their revenue from European and Asian customers in 2011, pushed the index lower. EZchip Semiconductor Ltd. traded at the biggest discount to shares in Tel Aviv among the dually-traded companies. Ceragon and EZchip fell to their lowest close since February in Tel Aviv today.