Photo by Taylor Brandon on Unsplash

Not to be heartless, but: among foreign countries, only Canada and China have more countries listed on the Nasdaq than Israel. The 111 Israeli companies with stocks trading on U.S. exchanges have combined market caps over $150B. Or at least they did midweek: since the Hamas-Israeli War began on October 7th, pretty much everything Israel-connected has been dropping substantially.

Of the 111 US-listed companies, only 15 have market capitalizations of $2B or more, and they are ALL down - by 11.3%, on average. Their performances since the war began are detailed below in descending order:

1. Check Point Software Technologies (CHKP): down 1.7%
2. CyberArk Software (CYBR): down 2.1%
3. Playtika Holding Corp. (PLTK): down 6.0%
4. Wix.Com Ltd. (WIX): down 7.9%
5. Nice Ltd. (NICE): down 8.0%
6. Elbit Systems (ESLT): down 8.0%
7. Israel Chemicals (ICL): down 9.9%
8. Tower Semiconductor (TSEM): down 10.4%
9. Global-E Online Ltd. (GLBE): down 12.6%
10. Nova Measuring Instruments (NVMI): down 12.9%
11. Teva Pharmaceutical Industries (TEVA): down 13.8%
12. Mobileye Global (MBLY): down 14.3%
13. monday.com Ltd. (MNDY): down 16.8%
14. Camtek Ltd. (CAMT): down 17.5%
15. SolarEdge Technologies (SEDG): down 33.1%

The shekel has also dropped to an eight-year low, which means things are becoming more expensive inside Israel.

As Christopher P. Thompson, CFA, MBA, P.Eng, President and Director of Equity Research at eResearch concluded in an excellent article entitled Navigating Geopolitical Risks in Israeli and Global Investments "Geopolitical risks can have significant impacts on investment decisions and outcomes. However, proper diversification, both by geography and sector, can mitigate some of these risks, ensuring a portfolio that can withstand geopolitical uncertainties."

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