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Wednesday, July 13, 2005 2:59:07 AM
Fidelity Management and Research mutual funds have reached an 11.5% holding in the company.
Tali Tsipori 12 Jul 05 14:37
If you thought that the record levels reached by Syneron Medical Ltd. (Nasdaq:ELOS), a maker of laser medical aesthetic systems for skin treatments, last week would cause shareholders to start selling share, you’d be mistaken, at least for now. Syneron’s share broke another record yesterday, rising 4.3% to $40, reflecting a market cap of $1 billion.
Syneron is now worth three times more than Tadiran Communications Ltd. (TASE:TDCM), which has a turnover of $300 million a year; two times more than Super-Sol Ltd. (TASE:SAE; OTCBB:SSLTF), which has a turnover of $1.3 billion a year; and only $100 million less than Partner Communications Co. Ltd. (Nasdaq: PTNR; TASE:PTNR; LSE:PCCD), which has a turnover of $1 billion a year. Syneron is expected to post $85 million in revenue for 2005.
Apparently, one of the reasons for yesterday’s rise in Syneron’s share price was the fact that Fidelity Management and Research Company mutual funds had reached an 11.5% holding in the company, making the mutual funds the largest shareholders in Syneron. Syneron founder and chairman Dr. Shimon Eckhouse owns 10.7% of the company, and Canadian investment fund Sprott Asset Management Inc. owns 5.6%
Fidelity Management and Research is one of the world’s largest mutual fund management companies. In addition to managing over 300 mutual funds, it offers its customers various financial services, including life insurance and portfolio management. Based in Boston, Fidelity Management and Research is a shareholder in TTI Team Telecom International (Nasdaq: TTIL), Fundtech Ltd. (Nasdaq:FNDT; TASE:FNDT), Ness Technologies Inc. (Nasdaq:NSTC) and other Israeli companies.
Published by Globes [online], Israel business news - www.globes.co.il - on July 12, 2005
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