Elbit Systems Falls as Profit Drops on Cuts: Tel Aviv Mover
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Elbit Systems Ltd. declined the most in five months as defense budget cuts reduced earnings at Israel’s biggest listed developer of military technology.
Shares of the Haifa, Israel-based company led declines on the benchmark TA-25 index, dropping as much as 4 percent before trading 2.6 percent lower at 207.9 shekels at the close in Tel Aviv, the steepest drop since Oct. 15. Fourth-quarter profit fell to $43 million from $57 million a year earlier, the company said today. Israel’s benchmark gauge gained 0.5 percent to a record.