Shares of the Materials Select Sector SPDR ETF (NYSE:XLB) are trading lower on Wednesday morning despite positive news regarding EI DuPont de Nemours & Co. (DD). DuPont saw its price target and EPS estimates raised at Bank of America follwoing strong third quarter results earlier in the week. Bank of America increased its price target to $54 per share and upped its 2010 and 2011 earnings estimates to $3.13 and $3.45, respectively. Despite the news, shares of DuPont were heading lower as was the Materials Select Sector SPDR ETF.
DuPont is the second largest holding of XLB, making up 10.2% of the total portfolio. With a 10.8% weighting, Freeport McMoran Copper and Gold (NYSE:FCX) remains the top holding of this ETF.
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