Trading on the Tel Aviv Stock Exchange opened negatively this morning, with the Tel Aviv 25 index currently down 1.11%, at 3.8162. However, the slide in IDB Holding Corp. Ltd. (TASE:IDBH) and its subsidiaries has at least temporarily halted, thanks to the announcement that the group is selling 50% of Clal Industries and Investments for NIS 1.27 billion, representing a premium of 41% on the market price of the shares, to Len Blavatnik's Access Industries . Meanwhile, another IDB group company, Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), reported a 48% rise in first quarter profit, in comparison with the first quarter of 2011, to NIS 43 million. IDB Holding is up over 13% and IDB unit Discount Investment is up over 10%, and there are sharp rises in IDB group bonds.
Elsewhere, there are sharp declines in Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) (despite a recommendation from Jay Srivatsa of Chardan Capital Markets that sees 204% upside in the stock), Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX), NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE), and Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL).
Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2012
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