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RADVision Plunges as Tech Forecast Cuts Mount: Israel Overnight
October 6, 2011 | Hogan Keyser
RADVision, based in Tel Aviv, fell 4.8 percent to $5.31 on the Nasdaq Stock Market after trimming its revenue forecast 11 percent. The shares rebounded 3.8 percent to 19.42 shekels, or the equivalent of $5.23, at the 4:30 p.m. close in Tel Aviv today, after tumbling 9.6 percent yesterday. Radware Ltd. and AudioCodes Ltd. also cut guidance this week, citing the economic slump. Israel's benchmark TA-25 Index rose 1.1 percent.
RADVision, the maker of video-conferencing systems, said it expects revenue of $17 million to $17.5 million, below the previous forecast of $19 million, due to "challenging economic conditions" and stronger competition. AudioCodes, whose technology enables Internet phone calls, sank 27 percent on Oct. 3 after lowering its sales forecast to as little as $155 million this year from $174 million because of "lower-than-anticipated technology, government and residential business."
"When there's a macro-related pullback in enterprise spending, often times that will impact the smallest guys first and more severely," said Andrew Uerkwitz, an analyst at Oppenheimer & Co. in New York, who covers Israeli technology companies. "It's going to be tough for them because they're competing with the bigger players."
The Bloomberg Consumer Comfort Index fell to the second- lowest level on record in the week ended Sept. 25 on concern that growth will abate in the wake of Europe's debt crisis. Federal Reserve Chairman Ben S. Bernanke said Oct. 4 that the recovery will be "somewhat slower" in coming quarters.
The Bloomberg Israel-US 25 Index of the largest New York- traded Israeli companies rose 3.2 percent yesterday, led by ClickSoftware Technologies Ltd.
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