Bethel Finance news:
EZchip Semiconductor Ltd. surged to a two-month high as plans by the International Monetary Fund to increase lending bolstered the outlook for the global economy and investment prospects in Israeli technology equipment.
EZchip, a maker of network processors that counts U.S. Internet infrastructure company Juniper Networks Inc. as a customer, jumped 7.5 percent in New York, widening the premium to its Tel Aviv shares to $2.04, the most among dually-traded Israeli companies. Mellanox Technologies Ltd., an adapter maker partly owned by Oracle Corp., rose 2.3 percent, pushing the gap to 53 cents.
Technology stocks like Mellanox, the third-biggest gainer on the Bloomberg Israel-US 25 Index last year, pared gains in the second half of 2011 on concern Europe’s debt crisis will reduce demand for products. The IMF proposed boosting lending resources by as much as $500 billion to help safeguard the global economy as the potential need for financing balloons to $1 trillion in the next few years.
“It seems like people aren’t so scared anymore,” Andrew Uerkwitz, an analyst at Oppenheimer & Co., who covers Israeli technology companies, said by phone yesterday in New York. “The commentary a few months ago was that spending may be down across enterprise and consumers if there’s a global slump. Now there seems to be some real traction.”
The Bloomberg Israel-US 25 Index of the largest Israeli companies traded in the U.S. advanced 1.2 percent yesterday to 91.84. The TA-25 Index in Tel Aviv fell 0.2 percent to 1,131.30.
EZchip jumped to $32.49 in New York after the company’s Tel Aviv shares dropped 2.4 percent to 115.80 shekels, or the equivalent of $30.46.
Taiwan Semiconductor
The Yokneam, Israel-based company will probably say that 2011 earnings rose 13 percent to $1.07 per share when reporting on Feb. 8, according to the median estimate of eight analysts surveyed by Bloomberg.
Mellanox advanced to $33.63 after its shares in Israel dropped 2.3 percent to 125.90 shekels, or $33.11.
Israeli technology stocks were also boosted by gains in American depositary receipts of Taiwan Semiconductor Manufacturing Co., the world’s largest contract manufacturer of chips based in Taiwan. The ADRs climbed 2.7 percent yesterday after the company forecasted sales and profitability that trumped analysts’ estimates, adding that customers have rebuilt inventories in anticipation of rising demand.
“There’s a general feeling that things aren’t as bad as people thought with companies like TSMC saying that their bookings have picked up,” Uerkwitz said.
Allot Reverses
Allot Communications Ltd., a Hod Hasharon, Israel-based company that develops Internet traffic monitoring equipment, gained for the first time in five days, rising 3.5 percent to $16.17 yesterday. Allot’s Israeli stock fell 4.3 percent to 59.90 shekels, or $15.74.
The Nasdaq Composite Index climbed to the highest level since July 26, rising 1.5 percent yesterday, led by Apple Inc. and Intel Corp.
Israel, whose population of 7.8 million is similar in size to Switzerland’s, has about 60 companies traded on the Nasdaq, the most of any country outside the U.S. after China. the nation is also home to the largest number of startup companies per capita in the world.
Prolor Biotech Inc. climbed to the highest level since July 21, advancing 2.8 percent to $6.33. The company is the biggest gainer of the Bloomberg Israel-US 25 Index this year, surging 48 percent. Prolor shares in Tel Aviv rose 4 percent to 24.17 shekels, or $6.36.
‘That’s Amazing’
The Nes Ziona, Israel-based biotechnology company that uses proteins to improve existing treatments said a pilot study showed that twice-monthly injections of its version of human growth hormone could replace daily injections.
“If you can go from one day to once every two weeks, that’s amazing,” Raghuram Selvaraju, an equity analyst at Morgan Joseph TriArtisan Group, said by phone in New York.
The Bloomberg Israel-US 25 Index has gained 9.4 percent in 2012, outperforming the Nasdaq Composite Index’s 6.3 percent jump and the Standard & Poor’s 500 Index’s 4 percent climb. A 12 percent advance this year by ADRs of Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, has driven gains in the Israeli index.
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