Bloomberg News

Koor Drops Most in 7 Weeks as Credit Suisse Misses Estimates

November 02, 2011

(Updates with closing share price in second paragraph.)

Nov. 1 (Bloomberg) -- Koor Industries Ltd. declined the most in more than seven weeks after Credit Suisse Group AG reported third-quarter earnings that missed analysts’ estimates.

Koor, which as of Aug. 14 owned 26.2 million shares of Switzerland’s second-biggest bank, tumbled 5.7 percent, the most since Sept. 11, to 42 shekels at the 4:30 p.m. close in Tel Aviv. Koor’s controlling shareholder Discount Investment Corp. lost 4.9 percent to 36.67 shekels.

Credit Suisse fell in Zurich trading as third-quarter net income of 683 million Swiss francs ($765 million) missed the 979 million-franc mean estimate of 12 analysts surveyed by Bloomberg.

--Editors: Susan Lerner, Peter Branton

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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