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Negative Reports on AK Steel and US Steel Impact XME
By Market News Video Staff, Wednesday, October 27, 11:11 AM ET
The SPDR S&P Metals and Mining ETF (AMEX:XME) is struggling this morning following downgrades to two of the ETF's components. UBS lowered its price target on shares of both AK Steel (NYSE:AKS) and U.S. Steel (NYSE:X) after disappointing earnings guidance from each of the steel companies. UBS set its price target on AKS at $13 per share and on X at $42 per share.
AK Steel and U.S. Steel account for about 7% of the SPDR S&P Metals and Mining ETF, with the top holding Massey Energy (MEE). For a full list of holdings, visit the XME Holdings page.
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