Markets in Brief

CFOs say BoI is making economic policy

A survey of chief financial officers by the CFOs Organization finds that a majority feel the Bank of Israel is more influential than the Finance Ministry in shaping economic policy, while the ministry - whose job that is - is merely tagging along. The survey, of 97 CFOs, found greater appreciation of Israel's economic leaders than in the last survey conducted in 2008. (Ora Coren)

FDA to review Teva biosimilar of Neupogen

Teva Pharmaceutical Industries said yesterday that the U.S. Federal Reserve will be reviewing its application to sell a biotechnology medicine to boost white blood cells that is similar to Amgen blockbuster drug Neupogen. The FDA accepted its Biologics License Application for the medicine for which it has proposed the trade name Neutroval, the Israeli generic drugs giant said. The Teva drug, XM02, is already being sold under the name TevaGrastim in several European countries, where a pathway for approving generic versions of biotech drugs (so-called biosimilars) is already in place. Not so in America. The U.S. Congress has been weighing creation of a process for companies to seek approval of generic biotech medicines as part of stalled healthcare reform legislation. In the absence of a U.S. route to generic biotech drugs, Teva said in December that its FDA application treats XM02 as a new biotech medicine. The Teva drug, like Neupogen, is used to boost white blood cells in cancer patients undergoing some types of chemotherapy that can cause severe neutropenia, or low white blood cell count. (Reuters)

Migdal Capital Markets upgrades ICL

Following a 12% drop in Israel Chemicals' share price during the past three weeks, Migdal Capital Markets is upgrading the stock to Hold. ICL's share price still is no bargain, the analyst says, predicting that the consensus forecast of 84 cents per share for ICL's 2010 earnings will be significantly lowered. That figure fails to factor in the decline in potash prices, say the analysts, who do not feel the potash market has stabilized and applaud ICL's "pragmatism." For instance, the company closed a contract with India despite not yet having confirmation from the big firms as to the price. It also agreed to lower prices in Brazil in order to drum up demand. Migdal Capital Markets is encouraged by the deal ICL signed in China, bypassing Chinese potash producers, and it also feels the risk in the company's business has diminished somewhat. (TheMarker)

Elbit Imaging to float med-tech unit

Moti Zisser's real estate company Elbit Imaging says it intends to consolidate its holdings in the medical-technology companies Insightec and Gamida Cell into a single subsidiary and to float that subsidiary on the Tel Aviv Stock Exchange. Elbit Imaging owns 60% of Insightec and 28% of Gamida Cell, fully diluted. CEO Dudi Machluf says that the move is part of a greater restructuring effort. Proceeds from such a flotation could be used to accelerate Insightec's development of cancer treatments, Machluf said. (TheMarker)

RBC rates Voltaire at Outperform

Ahead of Voltaire's fourth-quarter financial statement, RBC still likes the company. Yesterday RBC raised its 12-month price target for Voltaire's stock by one dollar to $8 and tweaked its revenue and profit per share forecasts upward. It now predicts that Voltaire will end 2010 with revenues of $68 million. The company's business environment continues to improve, says RBC. Analyst Daniel Miron marks Voltaire as one of his favorite smallcaps. His rating for the stock is Outperform. Miron also predicts that the Ra'anana-based company, which develops server and storage switching and software could be an acquisition target for one of the whales. (TheMarker)

Kardan, Fardisa to found REIT

Kardan Real Estate reports that it's going to found a real estate investment trust together with Fardisa, a privately-run investment fund. The REIT they have in mind would invest billions of shekels in Israeli yield-generating property. They mean to start with NIS 50 million of their own capital and recruit institutional investors who would provide capital pledges of up to a quarter-billion shekels. Within a year of its establishment the REIT would be floated. (Michael Rochvarger)

MobileMax announces European pilot

MobileMax Technologies says a major European telecoms provider has signed a pilot agreement to test the Israeli company's software. The European company has placed an initial order for NIS 360,000 worth of software, payable 60 days after delivery. After the pilot, MobileMax expects another, larger, agreement for software and support to be signed with the client. (TheMarker)

Netz Bonds comes out of the cold

Mazal tov: Netz Bonds has been removed from the Tel Aviv Stock Exchange's maintenance list of firms in noncompliance with listing rules. Following the company's appointment of a market maker, its shares return to the main list on Wednesday. (TheMarker)

Afcon Electro wins NIS 26 million deal

Afcon Electro Mechanics confirms that a group unit has won a roughly NIS 26 million contract to carry out electro-mechanical works for a "public body" in Israel. The unidentified body has confirmed the group's success in a tender, Afcon says. (TheMarker)

Radware meets amended forecasts

Two months ago Radware lifted its guidance for the last quarter of 2009, based on an updraft in its business environment. The company, which develops load-management solutions for Web sites, yesterday reported revenues of $32.1 million for the quarter, an increase of 10% against $29.2 million in the same period of 2008. It had anticipated sales of $32 million, while analysts had converged on $31.6 million. (TheMarker)