The stock shot up 13.28% in Tel Aviv today.
What set off AudioCodes (Nasdaq: AUDC; TASE: AUDC) today? The share rose 13.28% on the Tel Aviv Stock Exchange on nearly ten times its average daily turnover, without any announcement from the company. AudioCodes provides VoIP solutions. It is traded on both the Tel Aviv Stock Exchange and on Nasdaq, and so far this year its share price has fallen 7%, including today's rise.
That rise could be connected to reports that Nortel, which is under protection from creditors, will sell its wireless business to Nokia-Siemens, and its enterprise business to Avaya. Nortel is AudioCodes' biggest customer, and its collapse affected AudioCodes' results. AudioCodes is also expected to be demoted from the Tel Aviv 100 list to the Yeter 50 list next week, and the explanation for toady's trading pattern could lie in adjustments by investment institutions in that connection. Worth mentioning also is that the company has recently started activity in HD VoIP.
Published by Globes [online], Israel business news - www.globes.co.il - on June 25, 2009
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