Rochester,NY 7/7/2009 9:32:39 PM
Morning Movers - TEVA -Israel stocks recoup; Hapoalim buy, Leumi sell at Barclays - Sourced WhisperFromWallStreet.com
Teva Pharmaceutical Industries Limited
Morning Movers - TEVA -Israel stocks recoup; Hapoalim buy, Leumi sell at Barclays - Sourced WhisperFromWallStreet.com
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Teva Pharmaceutical Industries Limited,TEVA
After Hours: 49.81 Up 0.13 (0.26%) 10:26am ET
Late in the trading day, the Tel Aviv Stock Exchange's benchmark TA-25 Index rose 0.58% to 847.21, while the TA-100 Index /quotes/comstock/!ta100 (XX:TA100 779.65, -23.59, -2.94%) added 0.94% to 786.96.
The Tel-Tech 15 Index of top technology issues climbed 1.63% to 186.46.
The Real Estate 15 Index advanced 1.76% to 246.79.
The most-active issue was Bank Leumi, trading off 0.5%.
Among the banks, Hapoalim rose 0.8%, /quotes/comstock/11i!bkhyy (BKHY.Y 13.54, +1.04, +8.32%) Discount moved up 1.2% and Mizrahi Tefahot /quotes/comstock/11i!umzrf (UMZRF 5.65, -0.28, -4.74%) added 3.2%.
Citigroup upgraded Hapoalim to buy from hold and downgraded Leumi to sell from hold.
Hapoalim "has been plagued by a number of senior-management changes recently," including the March resignation of its CEO followed by the chairman and the chief financial officer, Citigroup analyst Simon Nellis said in a report.
"While we remain skeptical that the bank will achieve its relatively uninspiring return-on-equity target of between 4% and 7% this year, as we expect high loan-loss provisioning to weigh on profitability, we think much of the bad news is priced in the shares," he wrote.
The analyst raised his target price on the stock to 12 shekels ($3.06) a share from 9 shekels, implying more than 20% upside to the current price.
About
Teva Pharmaceutical Industries Limited engages in the development, production, and sale of a range of generic and branded pharmaceuticals, biogenerics, and active pharmaceutical ingredients (APIs) worldwide. Its research and development efforts focus on therapies for the central nervous system (with emphasis on multiple sclerosis), autoimmune diseases, and oncology. The company?s principal products include Copaxone for multiple sclerosis; and Azilect for Parkinson?s disease. Teva Pharmaceutical also provides specialty pharmaceutical products, which include respiratory products based on its proprietary delivery systems, including Easi-Breathe, an advanced breath-activated inhaler; Spiromax/Airmax, a multidose dry powder inhaler; and Cyclohaler, a single dose dry powder device. The company?s branded respiratory products include ProAir, a short-acting beta-agonist for the treatment of bronchial spasms and exercise-induced bronchospasm, and Qvar, an inhaled corticosteroid for long-term control of chronic bronchial asthma. In addition, it offers APIs for respiratory products, dermatological hormones, anti-inflammatories, oncolytics, immunosuppressants, and muscle relaxants, as well as custom-manufactured APIs for various proprietary drug manufacturers.
Last Trade: 49.51
Day's Range: 49.44 - 49.86
52wk Range: 35.89 - 50.35
Volume: 595,946
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