A sell-off of shares in Monsanto (MON) caused the Materials Select Sector SPDR (XLB) exchange traded fund (ETF) to drop to its lowest level in nearly five months.
Monsanto is XLB’s largest component at 12.6% of the fund.
UBS has rated Monsanto with a short-term sell rating and a neutral 12-month rating. The stock of the agricultural product provider fell 11%to $100.60 after hitting a one-month low of $99.41 intraday trading, reports Wanfeng Zhou for Thomson Financial.
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