ISRAEL DAYBOOK: Teva Quarterly Profit Falls 1st Time in 4 Years
Teva Pharmaceutical Industries Ltd. (TEVA) reported quarterly profit that fell for the first time in four years as the world’s largest generic drugmaker introduced fewer generic medicines in the U.S.
Third-quarter earnings excluding some costs fell 6 percent to $1.11 billion, or $1.25 a share. Profit was above the $1.23 a share mean estimate of 24 analysts on Bloomberg. Revenue was $4.34 billion, below the $4.53 billion analyst forecast. Teva closed down 1.7 percent to 146 shekels.
WHAT TO WATCH: * Israel plans to move ahead with construction of about 2,000 homes in West Bank settlements and Jerusalem, Prime Minister Benjamin Netanyahu said in the wake of Palestinian membership in Unesco.
EQUITY MOVERS: * Alvarion Ltd. (ALVR) is scheduled to report third-quarter results. The shares of the maker of wireless telecommunications equipment dropped 6.4 percent to 3.97 shekels. * Commtouch Software Ltd. (CTCH) : The provider of e-mail and Internet security software is scheduled to report third-quarter results. Commtouch declined 1.2 percent to 12.51 shekels. * EZchip Semiconductor Ltd. (EZCH) is scheduled to report third-quarter results. The shares of the maker of network processors slipped 0.1 percent to 130.50 shekels. * Fundtech Ltd. (FNDT IT): The provider of banking software is scheduled to report third-quarter results. Fundtech gained 1.8 percent to 84.34 shekels. * Given Imaging Ltd. (GIVN) : The manufacturer of pill-sized cameras for digestive diagnosis said third-quarter net income rose to $3.8 million from $1 million a year earlier. The company said 2011 earnings per share would be “toward the lower end of prior guidance” even as it raised its revenue outlook. Given Imaging retreated 0.7 percent to 55.39 shekels. * Retalix Ltd. (RTLX) : The provider of software for retailers is scheduled to report third-quarter results. Retalix declined 2.1 percent to 52.75 shekels.
MARKETS: * The TA-25 Index (TA-25) declined 2.8 percent to 1,102.07. * The yield on the Mimshal Shiklit government bond due January 2022 was at 4.59 percent. * The shekel strengthened less than 0.1 percent to 3.6602 per dollar at 8:47 a.m. in Tel Aviv. * The Dow Jones Industrial Average (INDU) dropped 2.5 percent. * Corn for December delivery advanced 0.5 percent to $6.575 a bushel. * Crude oil for December delivery fell 0.3 percent to $91.94 a barrel. * Gold for immediate delivery rose 0.3 percent to $1,725.13 an ounce.
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