TA-25 Advances While Rest of Market Retreats

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Yossi Beinart at the recently opened new Tel Aviv Stock Exchange, September 2014.Credit: Bloomberg

Mobileye profit fails to excite market

Mobileye, an Israeli maker of collision-avoidance technology, turned in a 70% increase in third-quarter sales, to $34.7 million, but profits were less thrilling. The company, which went public last August in an $890-million share offering, said net income after discounting for one-time items was $9.7 million, up from $7.9 million a year earlier. But earnings per share were unchanged, at 4 cents, meeting the consensus estimates of analysts polled by Thomson Reuters. “Mobileye remains in a position to benefit from the ongoing move toward increased regulation of ADAS as well as from the large and growing trend towards semiautonomous and autonomous driving,” said CEO Ziv Aviram, referring to the company’s advanced driver assistance systems. The company generated $10.9 million in net cash from operations, up from $4.8 million a year earlier. Mobileye shares rose 7% in early trading Thursday in New York but reversed course and were down 5.4% at $44.25 in the early afternoon local time. (TheMarker)

Hadera Paper Mills plunges on loss

Shares of Hadrea Paper Mills plunged on Thursday after it reported a third-quarter loss of 60 million shekels ($15.6 million). More than half the loss was due to a one-time write-down of 32.3 million shekels on manufacturing equipment, but even after discounting for that the 22-million-shekel loss was more than six times its year-earlier loss. The quarterly figure brought Hadera’s nine-month red ink to 25 million shekels, extending a 75-million-shekel loss for 2013. Sales for the third quarter were down 3% from a year ago, to 432 million shekels. The company has been contending with competition from lower-cost producers and the declining use of writing and printing paper as more information is stored electronically. As a result the company posted a giant operating loss of 47 million shekels in the segment. Shares of Hadera, which has been cutting costs to help stem the losses, fell 14% to close at 107.90 shekels. (Eran Azran)

TA-25 advances while rest of market retreats

The TA-25 index ended higher on Thursday, but for most of the market it was a down day. The benchmark index finished up 0.1% at 1,453.26 points, but the broader TA-100 index lost nearly 0.3%, to 1,292.62, and most other indices finished lower as well. Turnover was 1.09 billion shekels ($280 million). The TA-25 got lifts from Bezeq, which rose 1.2% to 6.35 shekels, and Israel Discount Bank, which added 1.5% to finish at 6.02 shekels. Perrigo ended 1.4% lower, at 600.60 shekels, after it said it would sell $900 million in stock to finance its acquisition of Omega Pharma. Global Exploration enjoyed a near-61% price rise to end at 16 agorot after it announced it was in talks for Blackhawk Partners of the United States to put $60 million into its Ofek, Yahel and Bar-Or licenses. Reeling from a downgrade by Leumi Capital Markets, Super-Sol lost 2.7% to 8.34 shekels. The government’s 10-year shekel bond rose 0.21% to reduce its yield to 2.13%. (Eran Azran

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