Teva Pharmaceuticals (TEVA) out with earnings late last night.  Globes reports this morning that Copazone sales rose 29% year over year while overall sales increased 18% over 2007.  Reporting $2.82 billion over analysts’ expectations of $2.68, TEVA beat on the top line.  TEVA also beat with $.65 on EPS.  According to Globes, “As of July 23, 2008, Teva had 149 product applications awaiting final FDA approval, including 41 tentative approvals.”

Bank of Israel raises interest rates to 4%.  Read more.

Zoran (ZRAN) reported disappointing earnings last night.  Transcript here.

Just eight months after its launch, Sheldon Adelson’s free Hebrew daily, Yisrael Hayom, has become the second most widely circulated newspaper in Israel, edging out Maariv.

Scopus Video (SCOP) moves into black and according to the company, things look even better in the second half of 2008.

Here’s an interesting interview with VC Cafe’s Eze Vidra pitting Israel against Sand Hill Road.

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Aaron Katsman
IsraelNewsletter.com

In what has been an extremely volatile trading session, which has seen the shekel trade near the 3.21 level against the US dollar, news that Bank of Israel Governor Stanley Fischer has increased the level of BOI intervention in the currency market has sent the dollar surging by more than 2.25%. The BOI announced that it will increase it’s buy-up of the greenback to a $100 million a day.

The continued rise in the Shekel has defied all logic. Even yesterday, the shekel strengthened by more than 1%, as Iran announced the testing of missiles that have the range to hit Israel. Under normal market conditions that news would have sent the Shekel reeling, but it just didn’t happen.

Let’s see if fundamental reasoning returns to the local currency market on the heels of the BOI move, or if this move is just a knee-jerk reaction that will reverse in the next few days.

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NEW! Introducing Israel Opportunity Investor, our monthly subscription-only newsletter. Stay ahead of the game and make smart decisions in Israel stocks. Go here to learn more.

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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Aaron Katsman
www.IsraelNewsletter.com

The Israeli Shekel is once again surging against all global currencies on remarks by Bank of Israel Governor Stanley Fischer,  saying that he expected the Shekel to continue to strengthen. What is strange about the comments is the fact that the BOI has been trying to prop up the US Dollar, actually intervening in the forex market, and stated their goal of weakening the Shekel.

So why the Fischer comments? I have no idea. Why would he come out in public and make statements that contradict the very policy that he himself implemented?

It’s possible that Fischer is worried about potential inflation in Israel, a phenomenon that we are seeing worldwide, and is signalling to the market that he isn’t going to cut interest rates anytime soon. He is planning to do all that he can in order to halt inflation, even at the expense of trying to devalue the currency.

Disclosure: He holds no position in any other stock mentioned as of 4/15/08.

Please see our Disclaimer HERE.

NEW! Introducing Israel Opportunity Investor, our monthly subscription-only newsletter. Stay ahead of the game and make smart decisions in Israel stocks. Go here to learn more.

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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