"As with other companies that make agricultural products, that segment of DuPont's business boomed in the second quarter, with sales growing by 23% to $2.5 billion worldwide.

"The growth was across the board, with corn seed sales up 16%, soybean seed sales up 26%, crop protection sales up 21%, and nutrition and health sales up 34%.

"Other business units also performed well. DuPont's Coatings and Color Technology segment increased sales by 10% and profits by 9%, which was derived from pricing adjustments and growth in emerging markets, since core customers like U.S. auto makers continue to struggle.

"Sales in the Electronic and Communications Technologies segment grew 10% to $1.1 billion on higher prices and continued market strength.

"This segment contains the company's solar photovoltaic materials business, which DuPont believes will triple in sales over the next five years to more than $1 billion just for those components. Sales of printed packaging and refrigerants were solid in the quarter, but automotive electronics was understandably weak.

"The three industries that the company expects to recover over time are housing, automotive, and banking in the U.S., all of which will aid DuPont.

"It has developed and is marketing a host of new building materials and automotive products, and its historic financial strength will enable it to get financing for projects or acquisitions at terms other companies might not enjoy. It will also benefit from the one sector that won't change, which is agriculture.

"DuPont likes to call itself a science company that is continuously in the process of innovating new products. There is little doubt it has a long innovation track record to point to, including household names like Teflon coating and Kevlar.

"It is now incorporating the latter product into a host of safety products for the housing and automotive industry. (It's marketing a "storm room" lined with Kevlar that can be built into new homes that it says will protect people in a house hit by a tornado.)

"We think DuPont offers solid long-term growth prospects. The challenge is picking an entry point as worries about the U.S. economy will continue to encourage the bears. Any modest upturn in either the housing or automotive markets next year will provide a tailwind for the stock.

"In addition, assuming crude oil prices don't move significantly beyond this year's high-water mark, comparisons on the cost front should also be better in 2009. They will look real good if energy prices drop significantly, from here though that's less likely.

"We also believe DuPont is right about agriculture; the demand for crops is too great for the seeds and pesticide business to suffer a major drought. We find the stock attractively priced and like its current dividend payout, and would start to accumulate shares in the low $40s."

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.