Teva sharply lower on TASE

Teva share trading Photo: Bloomberg

The Israeli pharmaceutical company is 22% lower in Tel Aviv this afternoon after losing 17.8% on Thursday.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) was 22% down on the Tel Aviv Stock Exchange this afternoon on a huge trading turnover after losing 17.79% in the last trading session on Thursday. After cutting its guidance and dividend and reporting a $6 billion second quarter GAAP net profit loss in its second quarter results, the Israeli pharmaceutical company lost 25% on the NYSE on Thursday and a further 13% on Friday.

Teva has dragged the TASE down with it. The Tel Aviv 35 index lost 1.53% on Thursday and is down a further 1.38% this afternoon to 1397.75 points. Today's losses are closing the arbitrage gap with Wall Street and some more.

Moody's has been the first rating agency to react by downgrading Teva from Baa2 to Baa3. This is not a major downgrading but has significance in that it makes credit more expensive for the company.

Among the analysts Credit Suisse has downgraded Teva from Outperform to Neutral and cut the target price from $39 to $25.

Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Teva share trading Photo: Bloomberg
Teva share trading Photo: Bloomberg
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