Michael Rochvarger
Omri Zerachovitz

Bank Leumi seeks receiver for Eliezer Fishman’s JEC shares

Less than two days after an agreement to sell Eliezer Fishman’s controlling stake in Jerusalem Economic Corporation collapsed, Bank Leumi — Fishman’s biggest creditor — asked the Tel Aviv District Court to appoint a receiver for the Fishman shares. The bank told the court that Fishman’s personal debt now exceeded 2 billion shekels ($520 million), about half the total he and his business empire owe. For now, Leumi said, it was only moving to gain control of the JEC shares that Fishman had pledged as collateral. Leumi had reached an agreement to sell Fishman’s stake in property company JEC to a group of investors led by the Nakash brothers of Jordache jeans fame in a bid to recoup some of the debt. But the Nakash group pulled out of the deal on Tuesday. Meanwhile, JEC, which has its own debt problems, said yesterday it planned to let holders of its Series Vav bonds, valued at 400 million shekels, trade them in for its Series Yod debt. Two investors holding bonds valued at 150 million shekels had already agreed to the swap, it said. JEC shares ended down 0.4% at 7.57 shekels.(Michael Rochvarger) 

Nice shares soar on earnings surprise

Nice Systems yesterday turned in third-quarter profits well ahead of market expectations and revised its full-year outlook upward, sending its share price soaring. The developer of technology that helps businesses fight fraud earned $46.3 million, or 75 cents per diluted share, excluding one-time items, in the quarter, up from $35.4 million, or 59 cents, a year earlier. Revenue grew 6.5% to $221.1 million. That was 7 cents more than analysts polled by Thomson Reuters I/B/E/S forecast, although revenue was close to the consensus average of $220.1 million. Nice raised its 2015 adjusted EPS estimate to a range of $3.06-$3.17 from $3.04-$3.15 but lowered its full-year revenue outlook to $916 million-$932 million from $985 million-$1.005 billion. Nice is turning its focus to tools that analyze large amounts of data to spot fraud as sales growth of call center and surveillance technology have begun to slow. Shares of Nice jumped 8.2% to close at 237.70 shekels ($61.32). (TheMarker Staff)

Court rules in favor of Mylan TASE listing

Mylan said late on Wednesday that an Israeli court has ruled against target Perrigo‘s attempt to block Mylan’s listing on the Tel Aviv Stock Exchange, a decision that will strengthen Mylan’s efforts to enlist Perrigo shareholders to back its takeover bid. “We are very pleased by the court’s ruling, clearing the way for the TASE to approve our listing and for Perrigo’s Israeli shareholders to participate in our highly compelling offer,” Mylan chairman Robert Coury said. Mylan had said in June that the company would list on the TASE if it bought Perrigo. But Perrigo has urged its shareholders not to accept Mylan’s $25 billion bid and had sought the TASE-listing issue as a means to block it. Shares of Perrigo, whose shareholders have until November 13 to accept the tender offer, ended up 4.7% at 640 shekels ($165.11). (TheMarker Staff)

Tech shares pace gains for the Tel Aviv Exchange

Tel Aviv shares ended higher on Thursday, led by tech stocks. The benchmark TA-25 index rose 0.5% to finish at 1,573.64 points while the TA-100 added 0.4% to 1,365.58, on turnover of 1.77 billion shekels ($460 million). The day’s gains left the Ta-25 up 1.8% for the week and 7.4% for the year to date. The TA-25 (Maof) October contract was fixed at 1,573.74 points in the morning. Nice Systems and Perrigo led gains, but Elbit Systems dropped 2.5% to 306.70 shekels and supermarket shares weakened after rallying a day earlier of rival Mega’s woes. Supersol lost 0.5% to 11.08 and Rami Levy fell 1.5% 181.70.  Bezeq finished 1.4% higher at 8.32 shekels while Opko Health added 4.3% to end at  37.66. In the fixed-income market, with the government’s 10-year shekel bond lost 0.73%, raising its yield to 2.02%. (Omri Zerachovitz)