(Adds closing prices in the second paragraph.)
Oct. 19 (Bloomberg) -- SodaStream International Ltd. fell for a sixth day, the longest losing streak since its initial share offering, following Green Mountain Coffee Roasters Inc.’s retreat to the lowest level in five months.
Shares of the Israeli producer of homemade soda machines that sold shares on Nov. 2 dropped 4 percent to $31.54 by 4 p.m. in New York. Green Mountain has declined 24 percent over the past three days after hedge-fund manager David Einhorn said the largest U.S. seller of single-serve coffee makers should improve its financial reporting. The Bloomberg Israel-US 25 Index of the largest Israeli companies traded in New York slipped 1.1 percent to 85.43.
“Green Mountain is down following Einhorn’s comments and SodaStream is following the same sentiment,” said Josef Schuster, founder of Chicago-based IPOX Schuster LLC, which oversees about $2.5 billion. “These consumer type companies tend to trade together.”
Einhorn said the market for Green Mountain’s Keurig single- cup brewers is “limited” and the company faces patent expirations.
“I believe the available market is smaller than the bulls believe it to be and that Green Mountain has already penetrated a good chunk of it,” Einhorn, president of Greenlight Capital Inc., said on Oct. 17 during a presentation at the Value Investing Congress in New York. “The market is limited.”
Green Mountain shares fell 15 percent to $69.80 today, the most in more than a year.
--Editors: Marie-France Han, Brendan Walsh
To contact the reporter on this story: Tal Barak Harif in New York at email@example.com
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org