  First results concerning the performance characteristics of the HEGRA IACT
array are given, based on stereoscopic observations of the Crab Nebula with
four telescopes. The system provides a gamma-ray energy threshold around 0.5
TeV. The Crab signal demonstrates an angular resolution of about 0.1 deg. Shape
cuts allow to suppress cosmic ray background by almost a factor 100, while
maintaining 40% efficiency for gamma-rays. The Crab signal is essentially
background free. For longer observation times of order 100 h, the system in its
present form provides sensitivity to point sources at a level of 3% of the Crab
flux. Performance is expected to improve further with the inclusion of the
fifth telescope and the implementation of advanced algorithms for shower
reconstruction.
