Israel Stocks Trading in the U.S.

UPDATED 7/2008

Top 30 Israeli Stocks in the U.S. by Market Cap

Teva Pharmaceutical Industries Ltd (TEVA)
Marvell Technology Group Ltd. (MRVL)
Amdocs Limited (DOX)
Check Point Software Technologies Ltd. (CHKP)
Partner Communications Company Ltd (PTNR)
Perrigo Company (PRGO)
NDS Group plc (NNDS)
Cellcom Israel Ltd. (CEL)
Africa Israel Invts Ltd (AFIVY.PK)
Comverse Technology Inc. (CMVT.PK)
Elbit Systems Ltd. (ESLT)
Ormat Technologies, Inc. (ORA)
Nice Systems Ltd. (NICE)
Equity One, Inc. (EQY)
Savient Pharmaceuticals, Inc. (SVNT)
Verifone (PAY)
Elbit Medical Imaging Ltd (EMITF)
Electronics for Imaging, Inc. (EFII)
Verint Systems Inc. (VRNT.PK)
Zoran Corporation (ZRAN)
Blue Square Israel Ltd. (BSI)
Mellanox Technologies, Ltd (MLNX)
Given Imaging Ltd. (GIVN)
Gilat Satellite Networks Ltd (GILT)
Alon USA Energy, Inc. (ALJ)
Alvarion Ltd. (ALVR)
Delek US Holdings, Inc. (DK)
Ness Technologies, Inc (NSTC)
Syneron Medical Ltd. (ELOS)

For a full list of all Israeli firms traded in the U.S., click here.

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Aaron Katsman
www.IsraelNewsletter.com

April’s Israeli CPI rose a much more than expected, 1.5% leading most analysts to predict that the Bank of Israel will raise interest rates by at least 0.5% at the end of the month. The inflation jump for April was the highest since 2002, and inflation over the last 12 is at 4.7%. IOIactually wrote about surging Israeli inflation some time back. The question for investors is how to play the rising inflation game?

I think that we will see a rotation out of local Tel-Aviv Stock Exchange stocks into Israeli stocks that trade abroad. Why? Because most of the large, locally listed companies are a play on the local consumption game. Keep in mind that Israel had been experiencing 5+% growth for the last three years. With surging inflation, and interest rates set to rise sharply, the local Israeli consumer is undoubtedly going to take it on the chin. All you have to do is walk into a local supermarket and you see how prices have risen. Tomato prices have almost doubled in the last few months, chicken, bread, other fruits and vegatable have all seen sharp price rises as well. The local consumer is sure to cut back spending, making local consumption stocks, not a particularly attractive place to park your money.

So what to do? As I said, I think we are at the early stages of a rotation into the Israeli companies that do most of their business outside of Israel. Hi-tech companies for the most part. We have seen a recent out-performance in these companies, and many have also produced stellar earnings reports. Companies like Given Imaging (GIVN), Syneron (ELOS) and Pointer Telocation(PNTR) have all blown past earnings estimates over the last few days.

If you are looking to invest in Israel, it may pay to take a long look at the Israeli stocks that trade in the US, as they appear set to outperform.

Disclosure: Author’s fund has a position in GIVN,ELOS, and PNTR. He has no position in any stock mentioned as of 5/16/08.

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Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.

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Israel Stocks Trading in the U.S.

UPDATED 7/2008 (for a list of the top 30 firms by market cap, click here)

012 Smile.Communications (SMLC)
ACS Motion Control Ltd. (ACSEF)
Acorn Factor, Inc. (ACFN.OB)
Acro (ACRI.OB)
Africa Israel Invts Ltd (AFIVY.PK)
Aladdin Knowledge Systems Ltd (ALDN)
Allot Communications Ltd. (ALLT)
Alon USA Energy, Inc. (ALJ)
Alvarion Ltd. (ALVR)
Ambient Corporation (ABTG.OB)
Amdocs Limited (DOX)


American Israel Paper Mills Ltd. (AIP)
Ampal-American Israel Corporation (AMPL)
Answers Corporation (ANSW)
Arel Comm. & Software Ltd (ARLCF.PK)
Arotech Corp (ARTX)
Attunity Ltd. (ATTU)
AudioCodes Ltd. (AUDC)
BackWeb Technologies Ltd. (BWEBF.OB)
Baran Group Ltd. (BRANF.PK)
BigBand Networks, Inc. (BBND)
Brainstorm Cell Therapeutics (BCLI.OB)
BluePhoenix Solutions Ltd. (BPHX)
Blue Square Israel Ltd. (BSI)
BOS Better On-Line Solutions Ltd. (BOSC)
BVR Systems Ltd (BVRSF.OB)
Camtek Ltd. (CAMT)
Cellcom Israel Ltd. (CEL)
Ceragon Networks Ltd. (CRNT)
Ceva Inc. (CEVA)
Check Point Software Technologies Ltd. (CHKP)
Churchill Ventures Ltd. (CHV)
Cicero Inc. (CICN.OB)
Cimatron Ltd. (CIMT)
ClickSoftware Technologies Ltd. (CKSW)
Commtouch Software Ltd. (CTCH)
Compugen Ltd. (CGEN)
Comverse Technology Inc. (CMVT.PK)
Crow Technologies Ltd. (CRWTF.OB)
Delek US Holdings, Inc. (DK)
Delta Galil Industries (DELT)
deltathree, Inc. (DDDC)
DSP Group, Inc. (DSPG)
ECtel Ltd. (ECTX)
Elbit Medical Imaging Ltd (EMITF)
Elbit Systems Ltd. (ESLT)
Elbit Vision Systems Ltd. (EVSNF.OB)
Electronics for Imaging, Inc. (EFII)
Ellomay Capital (EMYCF.OB)
Elron Electronic Industries Ltd. (ELRN)
Eltek Ltd. (ELTK)
Energtek (EGTK)
Engel General Developers Ltd. (ENGEF.PK)
EPIX Pharmaceuticals, Inc. (EPIX)
Equity One, Inc. (EQY)
e-SIM LTD. (ESIMF)
Formula Systems Ltd. (FORTY)
Forticell Bionscience (FORB)
Fortissimo Acquisition (FSMOU.OB)
Frutarom Industries Limited (FRUTF.PK)
Fundtech Ltd. (FNDT)
G.Willi-Food International Limited (WILC)
GammaCan Intern (GCAN)
Gilat Satellite Networks Ltd (GILT)
Given Imaging Ltd. (GIVN)
Global Energy (GEYI.OB)
ICTS International N.V. (ICTSF.OB)
I.I.S. Intelligent Info. (IISLF.PK)
IncrediMail Ltd. (MAIL)
Inksure (INKS.OB)
Internet Gold Golden Lines Ltd. (IGLD)
Israel Growth Partners Acquistion Corp. (IGPAU.OB)
Isramco, Inc. (ISRL)
Ituran Location and Control Ltd. (ITRN)
IXI Mobile (IXMOU.OB)
Jacada Ltd. (JCDA)
Keryx Biopharmaceuticals (KERX)
LanOptics Ltd. (EZCH)
Limco-Piedmont (LIMC)
Magal Security Systems Ltd. (MAGS)
Magic Software Enterprises Ltd. (MGIC)
Marvell Technology Group Ltd. (MRVL)
Medis Technologies Ltd. (MDTL)
Mellanox Technologies, Ltd (MLNX)
MER Telemanagement Solutions Ltd. (MTSL)
Metalink Ltd. (MTLK)
MIND C.T.I. Ltd. (MNDO)
Modigene (MODG.OB)
M-Wise (MWIS.OB)
NDS Group plc (NNDS)
Ness Technologies, Inc (NSTC)
Nice Systems Ltd. (NICE)
Nova Measuring Instruments Ltd. (NVMI)
Odimo Inc. (ODMO.PK)
Omrix Biopharmaceuticals, Inc. (OMRI)
On Track Innovations Ltd. (OTIV)
Optibase Ltd. (OBAS)
Oramed Pharmace (ORMP.OB)
Orbotech Ltd. (ORBK)
Orckit Communications Ltd. (ORCT)
OrganiTECH USA, Inc. (ORGT.PK)
Ormat Technologies, Inc. (ORA)
Partner Communications Company Ltd (PTNR)
Perrigo Company (PRGO)
Pharmos Corporation (PARS)
PinPoint Advance (PPACU.OB)
Pluristem (PSTI)
Pointer Telocation Limited (PNTR)
Protalix BioTherapeutics Inc. (PLX)
RADA Electronic Ind. Ltd. (RADA)
RADCOM Ltd. (RDCM)
RadView Software Ltd. (RDVWF.OB)
RADVISION Ltd. (RVSN)
RADWARE Ltd (RDWR)
Retalix Ltd. (RTLX)
RiT Technologies Ltd. (RITT)
RoboGroup T.E.K. Ltd. (ROBOF.PK)
Robomatix Technologies Ltd. (RBMXF.PK)
Rosetta Genomics Ltd. (ROSG)
RRSat Global Communications Network Ltd. (RRST)
Sapiens International Corporation N.V. (SPNS)
Savient Pharmaceuticals, Inc. (SVNT)
Scailex Corp., Ltd. (SCIXF.OB)
Scopus Video Networks Ltd. (SCOP)
Shamir Optical Industry, Ltd. (SHMR)
Silicom Ltd. (SILC)
Starlims Technologies Ltd. (LIMS)
Syneron Medical Ltd. (ELOS)
T.V.G. TECHNOLOGIES (TVGTF.PK)
Taro Pharmaceutical Industries Ltd. (TAROF.PK)
T.A.T. Technologies Ltd. (TATTF)
Technoprises Ltd. (TNOLF.PK)
Tefron Ltd. (TFR)
Teva Pharmaceutical Industries Ltd (TEVA)
Tikcro Technologies, Ltd. (TIKRF.OB)
Top Image Systems Ltd. (TISA)
Tower Semiconductor Ltd. (TSEM)
TraceGuard (TCGD.OB)
TTI Team Telecom International Ltd. (TTIL)
Ulticom, Inc. (ULCM.PK)
Veraz Networks, Inc. (VRAZ)
Verifone (PAY)
Verint Systems Inc. (VRNT.PK)
ViryaNet Ltd. (VRYA)
VocalTec Communications Ltd. (VOCL)
Voltaire (VOLT)
Vuance Ltd. (VUNCF.OB)
Vyyo Inc (VYYO)
Win Gaming Media (WGMI.OB)
Xfone, Inc. (XFN)
XTL Biopharmaceuticals Ltd. (XTLB)
Zion Oil & Gas, Inc. (ZN)
Zoran Corporation (ZRAN)

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