Business in Brief: Tel Aviv Shares End Lower in Active Trading

Perrigo shares recover, but analysts down on company; Africa Israel bondholders demand cash injection from Leviev; Teva recruits actress as spokeswoman for migraine-awareness campaign

Stock prices flash on an electronic screen displaying world clocks at the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel, on Thursday, Dec. 11, 2014.
Bloomberg

Tel Aviv shares end lower in active trading

Tel Aviv shares ended lower Tuesday in relatively brisk trading for a shortened holiday trading session, as Perrigo shares weighed on the market. Tracking its drop the day before in New York, Perrigo plunged 19% to close at 360.80 shekels ($95.95) in heavy trading that lifted total volume to 927 million shekels. Other drug shares fell, too – Teva Pharmaceuticals by 2.6% to 211.50 and Mylan by 6% to 170.30. The benchmark TA-25 index ended down 1.4% at 1,463.89 points, while the TA-100 lost 1.6% to 1,254.40. Elbit Systems led gainers, rising 2.55% to 2,381.50 shekels after it said it won a $20 million order for mobile tactical radios from an unnamed Western European country. Israel Chemicals resumed its rally, after falling Monday, gaining 2% to finish at 18.77.  Energy shares were also higher, as world oil prices rose capping a nearly 14% increase this month. Isramco rose 1.7% to 65 agorot, Aver 2.25% to 2.18 and Delek Drilling 1.7% to 11.57. (Uri Tomer)

Perrigo shares recover, but analysts down on company

Perrigo shares were recovering in early New York trading Tuesday after taking a double-digit fall the day before after CEO Joseph Papa said he was quitting to join Valeant. The company also downgraded earnings expectations and said it might have to take a charge on its 2015 acquisition of Belgian drug maker Omega. Despite Tuesday's upturn, analysts remained down on the company. “He’s leaving his firm Perrigo in terrible shape,” Ram Selvaraju, an analyst with Rodman & Renshaw, told Bloomberg News. Jim Cramer, the stock market guru, commented, “There wasn’t a single thing that was kosher about what I heard from this company today, even as the papers are filled this morning with how Papa is going to be an able CEO for Valeant, establishing order. You mean order like the way he left Perrigo? How about disorder? How about disarray?” Perrigo shares were downgraded to Hold from Buy at Jefferies, and the price target was cut to $112 from $163 while Stifel downgraded them to Hold from Buy. Perrigo shares were up 1.9% at $101.30 early afternoon local time in New York. (TheMarker Staff)

Africa Israel bondholders demand cash injection from Leviev 

Bondholders are demanding that controlling shareholder Lev Leviev inject at least 250 million shekels ($66.5 million) into his Africa Israel Investments as the financially ailing property company has pursued preliminary talks about a possible debt bailout over the last several weeks, sources said. Leviev, who put 750 million shekels into Africa in a 2010 bailout, hasn’t responded, but market sources said it was unlikely he would ever agree. The company won bondholders’ consent to an informal grace period two months ago until next November in exchange for moving forward repayment of 430 million shekels of debt. But the financial situation at Africa, which has 3.2 billion shekels of debt on its books, hasn’t improved and worries about it have grown, especially after it posted a giant 1.75 billion-shekel 2015 loss. Africa shares ended down 2.55% at 1.68 shekels. (Ruti Levy and Michael Rochvarger)

Teva recruits actress as spokeswoman for migraine-awareness campaign

Teva Pharmaceuticals has enlisted actress and director Jennifer Morrison as a paid spokeswoman for a national campaign aimed at raising awareness of migraine headaches. Teva said Morrison, whose roles include Dr. Allison Cameron in “House M.D,” is speaking publicly for the first time about the impact migraine has had on her career and life. “Throughout my career I have played many roles, but migraine sufferer has been the hardest,” Morrison said in a statement. “My hope is that by sharing my personal experience, I can encourage the nearly 36 million Americans who suffer from migraine to talk to their healthcare provider about how their migraine impacts them.” Teva’s “More To Migraine” campaign aims to boost sales of its migraine treatments, including Zecuity, which is  delivered via a transdermal patch. It has two other migraine therapies under development (TheMarker Staff)