Elbit Drops After Turkey Halts Military Ties: Israel Overnight
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Elbit Systems Ltd., Israel’s largest non-government defense contractor, fell to a two-week low on concern deteriorating diplomatic relations with Turkey and a lower defense budget in the U.S. will cut revenue.
Elbit retreated 1.8 percent to $39.09 on the Nasdaq Stock Market on Sept. 2, the lowest since Aug. 19. The Tel Aviv shares fell 5 percent to 137.70 shekels, or the equivalent of $38.20 at the 4:30 p.m. close in Tel Aviv today. The $1.14 discount between the two based on the Sept. 1 close of 145 shekels, was the second-biggest among the largest Israeli companies traded in New York, according to data compiled by Bloomberg. The Bloomberg Israel-US 25 Index dropped 2.2 percent to 84.18 on Sept. 2, trimming its weekly gain to 1.2 percent.