Business in Brief

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Mazor signs with major group-purchasing organization

Medical device company Mazor Robotics said late Tuesday it has signed an agreement with one of the largest group-purchasing organizations for hospitals and healthcare facilities in the United States. The agreement is expected to increase sales of its Renaissance robotic guidance system for spine surgery. In response, JMP Securities raised its price target for Mazor’s Nasdaq-traded shares to $31 from $23 and it reiterated an Outperform rating on the shares. Mazor closed up 4.6% to 43.21 shekels ($12.42) in Tel Aviv Stock Exchange trading and was trading at $26.60 in early afternoon New York time. (Yoram Gabison)

Elbit wins $15 million order to upgrade Hercules

The Defense Ministry has awarded Elbit Systems a $15 million contract to upgrade the Israel Air Force’s C-130H (Hercules) transport aircraft, the company said yesterday. The new aircraft will have a new digital cockpit, head-up display and radar system that will be installed in the aircraft over a two-year period. The upgrade will bring the aircraft up to international standards and enable it to operate in commercial airspace. Elbit closed down 0.7% to 212 shekels ($60.92) on the Tel Aviv Stock Exchange. (Haaretz Staff)

Allot rallies after U.S. court rules against net neutrality

Share prices of Allot Communications, whose technology tracks wireless traffic and allocates broadband use, soared after the U.S. Court of Appeals ruled on Tuesday that the Federal Communications Commission does not have the authority to dictate to wireless carriers what they can charge to whom and when, the so-called net neutrality rule. “Demand for our products in the U.S will be growing in the medium to long term,” Allot CEO Rami Hadar said in response. Allot gets about a quarter of its revenue from the United States. On the Tel Aviv Stock Exchange, Allot finished up 12.1% at 59.04 shekels ($16.97). (Yoram Gabison)

Tel Aviv shares jump, lifted by surge in Teva

Tel Aviv shares rose sharply yesterday in heavy trading, lifted by a Teva Pharmaceuticals (see story on this page) and a higher Wall Street. The benchmark TA-25 index ended up almost 1.1% to 1,352.27 points and the TA-100 rose by 1.2% to 1,245.14 as 1.57 billion shekels ($451 million) in shares changed hands. Israel Chemicals rose 2.8% on speculation that Russia’s Uralkali, the world’s biggest potash producer, may increase its prices. Bond prices, however, were lower, with the government’s 10-year shekel bond sliding 0.24% to raise the yield to 3.62%. The dollar continued to weaken against the shekel a day after the central bank spent $100 million supporting the greenback. The dollar lost 0.17% to a Bank of Israel rate of 3.483 while the euro dropped 0.6% to 4.7407. (Eran Azran)

An Israeli UAV.Credit: Nir Kafri