Tel Aviv Stock Exchange Awaits Opening Amid Tech Stock Declines and Teva Earnings
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange is opening after significant drops in US tech stocks, with the Shekel also weakening against the dollar. Teva Pharmaceuticals will release its Q3 financial results today, and many dual-listed tech stocks are returning with negative arbitrage gaps. Oil prices are recovering slightly after a sharp fall, and a decision on the Ashdod oil refinery takeover is expected.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange opens after sharp declines in New York tech stocks.
- Teva Pharmaceuticals to release Q3 financial results and hold investor call today.
- Dual-listed tech stocks show significant negative arbitrage gaps on return to TA.
- Oil prices recover slightly after a more than 7% drop on US-Iran talks.
- Concentration Committee expected to approve Shapir's takeover of Ashdod refinery.
The Tel Aviv Stock Exchange is set to open this morning following a significant downturn in New York's technology stocks. The Nasdaq Composite fell 1.1%, the S&P 500 dropped 0.5%, while the Dow Jones saw a modest 0.4% increase. Concurrently, the Israeli Shekel has weakened slightly, with the dollar trading at 3.15 shekels.
Key on today's agenda is Teva Pharmaceutical Industries, which will release its third-quarter financial results at 2:00 PM, followed by an investor conference call about an hour later. Many dual-listed Israeli tech stocks are returning to the Tel Aviv exchange with substantial negative arbitrage gaps, particularly in the semiconductor sector. Camtek shows a gap of -5.8%, Nova -4.3%, and Tower -3.5%. Elbit Systems has a gap of -2.5%, while Teva and Palo Alto are at -2.3%.
In the local oil and gas sector, crude oil prices plummeted over 7% yesterday due to reports of diplomatic talks between the US and Iran regarding the end of the war. Prices have seen a slight recovery of 0.5% this morning. US 10-year bond yields decreased by 3 basis points to 4.89% yesterday and are up 2 basis points to 4.91% this morning. Israeli 10-year bond yields are currently at 4.16%.
Additionally, the Concentration Committee is expected to approve Shapir's takeover of the Ashdod oil refinery today. However, Summit, the largest shareholder, opposes the move, arguing against a single controlling shareholder and asserting its ability to inject capital if needed.
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