Telecommunications equipment company Nortel Networks (NT) bankruptcy filing is not just a story about a fallen hi-tech angel, rather will have broad based impact on the Israeli technology scene. The company has a large operation in Israel employing many workers and many Israeli telecom’s use the Nortel platform.

Globes reports: “Pele-Phone Communications Ltd. chose Nortel to operate its CDMA network. Partner Communications Ltd. (Nasdaq: PTNR chose to implement a Nortel UMTS network. Most of Bezeq The Israeli Telecommunication Co. Ltd.’s (TASE: BEZQ) voice communications infrastructure is based on Nortel DMS solutions, and most Cellcom Israel Ltd. (NYSE:CEL) subscribers use Nortel’s wireless infrastructure. Nortel is also the major supplier for voice communications infrastructure to the Ministry of Defense.”

It will be interesting to see how the bankruptcy plays out.

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Lots of Israeli companies reporting earnings. Here are some highlights:

Perrigo (PRGO): Tightened up 2008 guidance higher and beat revenues projections. Earnings release here. Early look at the stock is that investors aren’t impressed.  See our recent commentary on PRGO’s generic nicotine gum.

Teva Pharmaceuticals (TEVA): Earnings report here. Quarter over quarter growth looks to be 24% and profit down from CoGenesys charge.

RRSat (RRST): Smacked yesterday after an earnings release. The 20% drop came after putting up pretty good top lines numbers. Margins came down quite a bit.

Alvarion (ALVR): Stock popped after the wireless backhaul firm put up pretty good revenue numbers and a narrower loss. The stock jumped 15%. Earnings report here.  See our analysis of the recent turbulence in the wireless market.

Ness Technologies (NSTC): Revenues up 27% year-over-year and earnings up 20%. Earnings report here.

Partner Communications (PTNR): Earnings report here. Total revenues up 12% and Net Income up 24%.

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