17 June 13 17:07–After the great joy of the sale of Waze for over $1 billion, the local stock market can now celebrate the new make-up of the Tel Aviv 25 Index. Only one technology company makes it into the top flight: NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE), which is not nice at all the technology sector apparently makes no impression on the stock exchange powers that be. Perhaps it’s because “a billion today is not what it was” as a Texan oil tycoon joked 30 years ago when he lost $2 billion in one day.
To judge from the Tel Aviv Stock Exchange, we have turned into a country of oil barons and financiers. Half the companies on the leading index represent these two sectors. The elite technology companies from Yokne’am that were on the index, Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) and EZchip Semiconductor Ltd. (Nasdaq: EZCH; TASE:EZCH), have been shown the door for one reason or another, not to mention the dozens of companies that are only traded overseas.
When will the Tel Aviv Stock Exchange, or, more importantly, the regulators in Jerusalem, realize that something is fundamentally wrong with the way things are done here? How is it that a company like Check Point Software Technologies Ltd. (Nasdaq: CHKP) is not listed in Israel? A $10 billion company that perfectly exemplifies Israeli technological entrepreneurship in the new digital age? A company that, by the light of its founders’ vision, dozens of “Wazes” have grown up here, not to mention that it is located ten minutes from the stock exchange building in Ahad Ha’am Street?…Read More>>