How often does the letter m occur in:
TEL AVIV (MarketWatch) -- Israeli stocks declined Tuesday, as Bank Leumi and Discount Bank reported weaker-than-expected second-quarter profits.
Late in the trading day, the Tel Aviv Stock Exchanges benchmark TA-25 Index fell 1.3% to 1,128.23, while the TA-100 Index (1884407) fell 1.23% to 1,040.14.
The Tel-Tech 15 Index of top technology issues slipped 0.78% to 213.76.
Bank shares lost ground, with Leumi down 3.2%, Discount off 2.5%, Hapoalim BKHYY, -3.47% down 1.6% and Mizrahi Tefahot UMZRF declining 2.1%.
Bank Leumi reported a 30% jump in second-quarter net income and declared what media reports said was its first dividend since 2008.
Its earnings rose to 660 million shekels ($170.3 million) from 507 million in the year-earlier period. The latest profit reflects special items including a gain of 182 million shekels, largely on the sale of shares in Paz Oil Co.
At the investment bank Psagot, analysts were looking for net of 670 million shekels while Leader Capital Markets was looking for 598 million.
Revenue from interest on loans in the quarter fell 15% to 1.64 billion shekels, and the banks provision for possible losses on bad loans fell 42% to 196 million shekels.
The revenue line came up short of the estimates of 1.82 billion shekels at Psagot and 1.77 billion at Leader.
Return on equity in the first half rose to an annualized 11.5% from 10.2%. After payment of the dividend, Leumis capital-adequacy ratio at June 30 was 14.78%, of which core Tier 1 capital was 8.52%, the bank reported.
Meanwhile, Discount Bank reported that second-quarter net income fell 53% to 158 million shekels from 337 million a year earlier. Revenue from interest on loans declined 13% to 1.09 billion shekels, and the provision for possible losses on bad loans rose 13% to 261 million shekels.
Return on equity was an annualized 6.3% compared with 15.8% a year earlier.
The capital-adequacy ratio was 12.5%.
The net income and return on equity missed Psagots estimates of 165 million shekels and 6.5%, respectively.
Gas-exploration companies rose for a third day after announcing that substantial oil might underlie their natural-gas find offshore northern Israel. Avner rose 2.7%, Delek Drilling moved up 2.9%, and Delek Group DGRLY added 0.7%.
Among the telecoms, Bezeq fell 0.9% and Cellcom CEL, -3.33% lost 1.9%. Partner PTNR, -0.48% was unchanged.
Fertilizer producer Israel Chemicals fell 2.3%, while agrichemicals specialist Makhteshim-Agan MAIXY dropped 1.9%.
Among tech companies making news, Radvision Ltd. RVSN edged down 0.2%. The Tel Aviv videoconferencing-solutions specialist said that holders at a special meeting cleared the company to buy back 5% of the voting power in the company, nearly 977,000 shares, for $7.30 a share. The shares closed Monday at $6.82.
Ceragon CRNT, -0.28% shares leaped 7.3%. The producer of high-capacity wireless networks said Monday that it received new orders from an Indian operator it didnt identify.
Defense contractor Elbit Systems ESLT, +0.33% fell 2.9%.
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I counted 61 "m"s in that text.
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