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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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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Rumors are swirling in the Israeli press, that the world’s largest generic drug maker is about to become much larger. Reports are that the Israeli based Teva Pharmaceuticals (TEVA) is in talks to buy US Generic maker Barr Pharmaceuticals (BRL) for as much as $7.5 billion, a 40% premium to their closing price yesterday. While Barr comes with a fat price tag, the deal would make sense for Teva, as Barr is very active in Central and Eastern Europe, geographies that Teva has been targeting at for future growth.

Teva has around $3 billion in the bank so it appears they are going  to have to go out and issue debt to fund the deal. The debt plus the big premium, may pressure the stock price in the short term, but over the long haul, this may prove to be another in a long line of very wise acquisitions.

The deal also brings some pride to the Israeli business community is this would be the biggest M&A in Israeli history. The fact that an Israeli company has the potential to do such a large acquisition is a testament to the ingenuity and steadfastness of the local economy.

Aaron Katsman, IsraelNewsletter.com

Disclosure: Author’s fund has a position in TEVA as of 7/17/08.

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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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The entire interview with Dave Fry of ETF Digest part of our new subscription newsletter, Israel Opportunity Investor. You can find out more about the product and the opportunities we cover at www.israelnewsletter.com.

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How did you become a leading analyst on ETFs?
Dave Fry, Founder of ETF Digest: I think being early in coverage of these fast growing investment vehicles is the easy answer.  Beyond that we have tried to be more honest and blunt in our coverage of new products.  We haven’t been “yes men” or suck ups for issuers and sponsors for example.  Where we’ve been critical some ETF sponsors won’t talk to us any more for example which isn’t a bother since we don’t use their products anyway.  Further where there are problems we’ve been out front in pointing these out.  That occurred with shorting problems for retail investors where the promised benefit didn’t meet reality. (Continue »)

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