12/25/2023 0 Comments Walgreens monopoly economics![]() Israel’s Teva Pharmaceutical, the largest generic drugmaker in the world, fell by about 1%. Tower Semiconductor, another chipmaker based in Israel, fell by about 4.3% over the same period. Shares of autonomous vehicle chip maker Mobileye Global, the largest company in Israel based on market cap, have fallen by about 9% over the past five trading days. The TA-35 is down nearly 6% year-to-date.īig names, big exposure: As the war continues, businesses with headquarters, factories and inventory in Israel appear increasingly at risk to geopolitical turmoil. The turmoil comes during an already shaky year for markets as Israeli prime minister Benjamin Netanyahu enacted controversial judicial reform that led to protests around the country. The TA-35, a benchmark index for the Israeli stock market, has dropped by about 2% in the past five days. The ARK Israel Innovative Technology ETF gained back 0.5% on Monday after falling by more than 4% on Thursday and Friday. The $116.92 million iShares MSCI Israel exchange-traded fund, the biggest ETF exposed to Israeli stocks, hit its year-low for the fifth time in one month on Monday and saw about $5 million in net outflows last week. On Friday, JPMorgan Chase CEO Jamie Dimon told investors that “now may be the most dangerous time the world has seen in decades.” The Israel-Hamas war and the war in Ukraine, he said, “may have far-reaching impacts on energy and food markets, global trade and geopolitical relationships.” “We anticipate continued volatility in Israeli equities in the coming weeks, especially those companies with heavy exposure to Israel’s domestic economy,” said Steven Schoenfeld, CEO of MarketVector Indexes. More than 100 Israeli companies are listed on US exchanges, with a combined market cap of more than $150 billion – Israel has the fourth most companies listed on the Nasdaq after the United States, Canada and China.įunds in the US hold more than $43 billion in Israeli stocks and bonds, according to a Bloomberg tracker.īut conflict between Israel and Hamas has sent stocks tumbling along with the shekel, which has dropped for six days straight to an eight-year low even after the Bank of Israel announced an unprecedented $30 billion program to bolster the currency. What’s happening: For a country about the size of New Jersey, Israel has an outsized influence on the US stock market. Israeli stocks listed in New York and Tel Aviv have sunk to recent lows, underscoring the growing economic uncertainties in the war-torn region and leaving investors unsure of where markets go from here. Walgreens compared to CVS Health is a better bet at the current price, in our view.Growing unrest in the Middle East has cast a shadow on global financial markets. Trefis estimates Walgreens’ valuation of $53 per share, which is more than 35% higher than the current market price.
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