To: tom pope who wrote (414 ) 4/18/1998 9:25:00 PM From: Zvi Steinberg Read Replies (1) | Respond to of 923
An article from Ha'Aretz Israeli daily: Sunday, April 19, 1998 NY's Israeli stocks end on high By Joel Nassie, Ha'aretz Correspondent Most Israeli shares traded on Wall Street joined in the buoyancy of the New York market at the end of the week, as Orbit/FR, Team Telecom, Ariely Advertising and M-Systems all posted outstanding performances. The most spectacular rise was registered by Orbit/FR, which soared 46 percent in the last two days of trading this week. On Thursday alone, the stock price increased 35 percent from its $9 starting price, although there was no special announcement from the company. On Friday, it continued its race northward, reaching $15.25 at one point before settling at $13.25. Orbit has been battered in trading in recent months, falling from about $29 in September over expected losses due to Asia's financial woes. Another share that sparkled on Wall Street was Team Telecom, which rose by 27.5 percent on news that the company, a subsidiary of TTI, had won a large contract from Brazil. The share ended the week at $8.13, more than 100 percent higher than its low, in January, of $4. There were two other stellar performers. Ariely Advertising rose 26.6 percent to $3.5 on news of an extended contract with a Canadian distance-learning institute, Ontario T.U. which plans to increase its purchase of Ariely's Ideal distance-learning system. The value of the deal was not disclosed. In addition to its Ideal system, Ariely also holds a 64 percent share in Ariel-Net which has developed a product for phone and fax communication over the Internet. Meanwhile, M-Systems rose 19 percent, even though there was no special news from the company. Scitex rose a far more modest 2.5 percent to end the week at $13. Indigo was boosted at the beginning of last week by a buy recommendation from Cap Ventures, prompting the share to rise by 20 percent in the course of the week. Bucking the upward trend, ECI Telecom dropped 0.5 percent to $30.25, Nice fell 3 percent to $42.75 and Koor remained unchanged at $25.