|Bid||147.65 x 1000|
|Ask||147.98 x 1000|
|Day's Range||146.00 - 156.68|
|52 Week Range||145.97 - 219.75|
|Beta (5Y Monthly)||1.14|
|PE Ratio (TTM)||18.98|
|Earnings Date||Apr 27, 2020|
|Forward Dividend & Yield||5.88 (3.92%)|
|Ex-Dividend Date||Feb 12, 2020|
|1y Target Est||171.25|
U.S. stock indexes tumbled into a correction on Thursday and are adding to their losses on Friday. The Dow Jones Industrial Averageopened in the red and continued to fall, tumbling over 1,000 points at its morning lows, only to catch an updraft. The S&P 500 and Nasdaq Composite fell 2.6% and 2.2%, respectively, following a similar pattern to the Dow.
As the Dow Jones Industrial Average is in the midst of what could be its worst weekly decline since the financial crisis amid concerns regarding the spread of the COVID-19 coronavirus, many of the companies that make up the Dow Jones Industrial Average are preparing for potential workplace disruptions.
The previous record was nine days in early 2018, according to S&P Dow Jones Indices analyst Howard Silverblatt. The Dow registered a record one-day points drop, which was also its fourth 1,000-point decline in history and the second this week. All three major U.S. indexes were also on track for their steepest weekly pullback since the global financial crisis, as new infections reported around the world surpassed those in mainland China.
Amazon.com Inc has barred more than 1 million products from sale in recent weeks that had inaccurately claimed to cure or defend against the coronavirus, the company told Reuters on Thursday. Amazon also removed tens of thousands of deals from merchants that it said attempted to price-gouge customers. The coronavirus has caused at least 2,797 deaths globally.
The current record is nine days, occurring in early 2018, according to S&P Dow Jones Indices analyst Howard Silverblatt. While the indexes pared some losses, the S&P 500 fell as much as 11.2% from its record close and the Nasdaq dropped 12.2% from its own peak. At its session low, the Dow Jones Industrials declined 12.1% from its Feb. 12 closing high.
While U.S. stocks had pared losses in early afternoon trading, the S&P 500 fell as much as 11.2% from its record closing high hit on Feb. 19 and the Nasdaq dropped 12.2% from its own peak. The Dow Jones Industrials declined 12.1% from its Feb. 12 closing high at session lows. The indexes were set for their steepest weekly pullback since the global financial crisis, as new infections reported around the world surpassed those in mainland China.
Stock in industrial-chemical giant (MMM) is deeply out of favor, but that represents an opportunity to one analyst on Wall Street. Melius Research analyst Scott Davis upgraded 3M shares to the equivalent of Buy from Hold on Wednesday evening. It’s a bit of good news for 3M (ticker: MMM) investors, who have endured a rough ride lately.
For weeks, 3M Co. has been stepping up production of its respirator face masks, a key part of protective gear against the Covid-19 coronavirus. But the company says it expects global demand to exceed supply of the masks "for the foreseeable future."
(Bloomberg) -- More coronavirus cases were reported in countries other than China in the past 24 hours for the first time since the initial patient was identified on Dec. 8, the World Health Organization said. It’s a significant development as China battles the oubreak and new cases spread elsewhere around the globe.New infections were diagnosed in countries from Pakistan to Brazil, which reported the first case in Latin America, while Italy and Iran confirmed additional patients with the disease. Germany said it was likely at the start of an epidemic, and 700 people remained confined in a hotel in Tenerife, one of the Canary Islands.In the U.S., President Donald Trump and federal health officials plan to brief the public Wednesday on efforts to prevent the spread of the pathogen. A top American health official said that the increase in outbreaks outside China will make it harder to keep the virus outside the U.S.Key DevelopmentsChina death toll at 2,715, Hubei province adds 52 fatalitiesU.S. confirms 15th case, not including ship evacueesGlobally 2,771 have died and 81,233 people have been infectedHong Kong sets stimulus package with one-time cash handoutsClick VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.WHO: Most New Cases Now Outside China (3:43 p.m.)More coronavirus cases were reported in countries other than China in the past 24 hours for the first time since the initial patient was identified on Dec. 8, the World Health Organization said.The agency said in its daily situation report that there were 459 confirmed cases outside of China in the past 24 hours, compared with 412 new ones in China, where the outbreak began.Nestle Bans Travel by Employees Until Next Month (2:43 p.m. NY)Nestle SA, the world’s largest food and beverage company, told employees to avoid traveling for business reasons until the middle of next month to keep from contracting or spreading the coronavirus.The Swiss maker of KitKat snack bars and Nespresso capsules “shares global concerns over the spread and impact on public health of coronavirus,” it said by email.Nestle, which employs 291,000 people worldwide, is one of the first multinationals to take such a decisive step in the face of the outbreak. The Nestle measure extends to March 15 and will be reviewed, the company said.3M Climbs as Virus Boosts Mask Demand (2:10 p.m. NY)3M Co. rose the most in almost three months as Melius Research upgraded the shares to buy from hold, citing demand for N95 respirator masks now in short supply.U.S. health officials said there could be a need for 300 million facemasks to combat a domestic coronavirus outbreak. St. Paul, Minnesota-based 3M, which makes everything from dental equipment to Post-it notes, is the biggest supplier of the masks, which are widely used by health-care workers.Health and Human Services Secretary Alex Azar told a House panel Wednesday that the U.S. has about 12 million N95 respirators stockpiled currently, but would need significantly more in the event of an outbreak in the country.Azar Says 15th Case Confirmed in U.S. (2 p.m. NY)Azar said the U.S. has a 15th confirmed case of the coronavirus. His count doesn’t include the 42 passengers who were evacuated from the Diamond Princess cruise ship or three who were repatriated from Wuhan, China, the epicenter of the outbreak.Nassau County Monitoring 83 People (1:40 p.m. NY)Health officials in Nassau County on New York’s Long Island are monitoring 83 people who have visited mainland China or may have come in contact with the new coronavirus, officials said Wednesday.Radio station 1010 WINS, citing County Executive Laura Curran, said six people have been tested so far and that five have been confirmed not to have it. Results of the sixth test aren’t in yet.Health officials around the U.S. have been testing hundreds of travelers who had visited China, where the coronavirus originated.Spahn: Germany at Beginning of Epidemic (12:45 p.m. NY)New cases of the virus in the German states of North Rhine-Westphalia and Baden-Wurttemberg are a sign that Germany is “at the beginning of a coronavirus epidemic,” Health Minister Jens Spahn said in Berlin on Wednesday.“It is questionable whether out current strategy of isolating the infection and capping infection chains will work further,” Spahn said. “The probability that this virus will circumvent Germany won’t be fulfilled”Pakistan Confirms First Coronavirus Cases (12:05 p.m. NY)Pakistan’s health minister said the country had identified two cases of coronavirus, the first in the country.Both cases are being treated and are stable, Pakistan health minister Zafar Mirza said on Twitter. “No need to panic, things are under control,” Mirza said.Europe Health Official Predicts Wider Outbreak (11:46 a.m. NY)“It is likely that Europe will see similar developments like in Italy, varying from country to country,” the European Centre for Disease Prevention and Control said in an update Wednesday. “The risk of the occurrence of similar clusters, similar to the ones in Italy, associated with Covid-19 in other countries in the EU/EEA and the U.K. is currently considered to be moderate to high,” ECDC said in its risk-assessment report.Even though “we are still in the containment phase,” European Union member states should review their “pandemic plans,” the bloc’s health chief, Stella Kyriakides, said in Rome earlier today.“All Member States need to inform us about their preparedness plans and how they propose to implement them,” Kyriakides said in a press conference, according to a copy of her prepared remarks. “This is the kind of crucial information that we all need to have if the virus spreads further and I urge Member States to share this with us and each other, as this is important for our mutual security.”White House Says Not Planning to Appoint Virus Czar (11:27 a.m. NY)The Trump administration said it doesn’t plan to appoint a “czar” to take over response to the coronavirus, pushing back on a report in Politico that it was considering doing so.White House spokesman Judd Deere said the talk of a czar being appointed wasn’t accurate:Health and Human Services Secretary Alex Azar has been leading an administration task force on the virus, and has said U.S. containment efforts have been working well so far. “I don’t anticipate one, I think this is working extremely well,” he said Wednesday, responding to questions about the appointment of a czar from Congress. “That would be for the president to decide.”Trump Administration Could Seek More Virus Funding (10:45 a.m. NY)Azar suggested the Trump administration may seek more money for a virus response than the $2.5 billion announced on Tuesday. He told a House panel Wednesday that the administration is planning to spend “at least” that amount and would work with Congress on a final figure.“We’re trying to be flexible,” he said in response to questions.Azar on Tuesday faced critical questioning about the administration’s response from members of both parties at congressional hearings on Tuesday. Democrats responded with their own plans to respond to the virus. Senate Democratic leader Chuck Schumer on Wednesday proposed $8.5 billion in spending for the virus response. House Speaker Nancy Pelosi called Trump response “meager, anemic,” and a Democratic aide said the House would vote on its own funding plan the week of March 9.State Department Adds Virus to Italy Travel Advisory (10:44 a.m. NY)The U.S. State Department said travelers to Italy should exercise increased caution when traveling there because of the coronavirus outbreak in the region of Lombardy. The State Department notice tells people to take precautions but doesn’t suggest they cancel travel.The department’s warning has been at Level 2 already because of terrorism risk.NIH’s Fauci Says Global Spread Raises U.S. Risk (10 a.m. NY)A top American health official said that the spread of cases outside China will make it harder for the U.S. to keep the coronavirus outside its borders.“The more you see outside of the United States, the greater the risk of it spilling over into the United States,” said Anthony Fauci, director of the National Institute of Allergy and Infectious Disease, which is part of the National Institutes of Health.“Nothing has changed inside our country, but things have changed outside that may ultimately have an impact here,” Fauci said during a television interview Wednesday.Schumer Prepares $8.5 Billion Funding Request: (9:55 a.m. NY)U.S. Senate Democratic leader Chuck Schumer is preparing a request for emergency coronavirus funding totaling $8.5 billion, according to a senior Senate Democratic aide. His request is expected to be finalized early Wednesday and sent to Appropriations committee members.Six Nations Rugby Match on March 7 Is Called Off (9:46 a.m. NY)The Six Nations rugby match between Ireland and Italy, scheduled for March 7, has been called off. Ireland had on Tuesday recommended the match be scrapped on public health grounds.Four More Cases Reported at Resort in Italy (9:30 a.m. NY)The total number of cases in Italy rose to 378. Four infections were reported at a hotel in the coastal resort of Alassio in the Liguria region, which is in lockdown with an adjacent hotel, according to regional Governor Giovanni Toti. Some of the 147 tourists will be transferred and quarantined back home as they don’t show symptoms.Brazil Confirms Coronavirus Case, First in Latin America (9:21 a.m. NY)Brazil has confirmed the first coronavirus case in Latin America and will announce it shortly at a press conference, according to a person with direct knowledge of the matter.A 61-year-old Brazilian who recently traveled to Northern Italy for work tested positive in a preliminary test, the Health Ministry said in a statement late Tuesday evening. A second round of tests have confirmed the diagnosis, said the person, who isn’t authorized to speak publicly ahead of the press conference.Russia Limits Visas for Iranians, Cuts Korea Flights (9 a.m. NY)Russia has stopped issuing visas to most citizens of Iran and is limiting flights to South Korea, as the country’s top public-health official warned of growing risks that the virus will spread in the country.Authorities are also calling on Russians to refrain from visiting Italy and will extend restrictions already imposed on travel to China until April 1.Though its shares a long land border with China, Russia has so far reported only two local cases of COVID-19, both involving Chinese nationals.\--With assistance from Fabiola Moura, Andrey Biryukov, Marco Bertacche, Dara Doyle, Tereza Elisabeth Pusca, Brian Parkin and Richard Clough.To contact Bloomberg News staff for this story: Adveith Nair in London at email@example.comTo contact the editors responsible for this story: Stuart Wallace at firstname.lastname@example.org, Mark SchoifetFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
DOW UPDATE The Dow Jones Industrial Average is climbing Wednesday afternoon with shares of Pfizer and 3M leading the way for the blue-chip average. Shares of Pfizer (PFE) and 3M (MMM) have contributed to the index's intraday rally, as the Dow (DJIA) is trading 162 points (0.
DOW UPDATE The Dow Jones Industrial Average is rallying Wednesday morning with shares of 3M and Apple Inc. delivering strong returns for the price-weighted average. Shares of 3M (MMM) and Apple Inc. (AAPL) are contributing about a third of the blue-chip gauge's intraday rally, as the Dow (DJIA) is trading 314 points, or 1.
DOW UPDATE Buoyed by strong returns for shares of Boeing and Apple Inc., the Dow Jones Industrial Average is rallying Wednesday morning. Shares of Boeing (BA) and Apple Inc. (AAPL) have contributed about 50% of the index's intraday rally, as the Dow (DJIA) was most recently trading 433 points higher (1.
DOW UPDATE Behind strong returns for shares of Walgreens Boots and Microsoft, the Dow Jones Industrial Average is rallying Wednesday morning. Shares of Walgreens Boots (WBA) and Microsoft (MSFT) have contributed to the blue-chip gauge's intraday rally, as the Dow (DJIA) was most recently trading 302 points (1.
DOW UPDATE Shares of American Express and Dow Inc. are seeing declines Tuesday afternoon, propelling the Dow Jones Industrial Average selloff. The Dow (DJIA) was most recently trading 373 points (1.3%) lower, as shares of American Express (AXP) and Dow Inc.
The Ethisphere Institute has recognized 3M as one of the World’s Most Ethical Companies for the seventh consecutive year.
3M Co. and Wolverine World Wide Inc. have agreed to settle a lawsuit related to drinking water contamination in Michigan, which the maker of Merrell, Saucony and Keds shoes blamed on 3M chemicals.
Shares of industrial conglomerate 3M (NYSE:MMM) have been under tremendous pressure over the past year, as MMM stock has dropped from $220 in early 2019 to $150 today, amid persistently sluggish industrial economic growth in China, the U.S. and pretty much everywhere else across the globe.Source: josefkubes / Shutterstock.com But, I think that the worst of this global industrial slowdown is over, and 3M stock is ready to rip higher in 2020 by more than 20%.Specifically, it increasingly appears that -- once the coronavirus outbreak in China subsides (and it will, soon) -- global economic activity will rebound sharply and quickly, especially in the industrial and manufacturing sectors. As it does, 3M's revenue growth trends will meaningfully improve. At the same, management has announced significant restructuring and cost-cutting initiatives, the sum of which will drive margin expansion in 2020, too.InvestorPlace - Stock Market News, Stock Advice & Trading TipsRecharged revenue growth and margin expansion will power reinvigorated profit growth at the industrial conglomerate. That's the good news. The better news for bulls? The stock presently trades at a five-year low valuation of just 15.7x forward earnings.What do you get when reinvigorated profit growth converges on a five-year low valuation? A sharp jump in the stock price. That's exactly what will happen to 3M stock in 2020. Coronavirus Won't LastWhen you take a step back and look at the big picture, it becomes increasingly obvious that the global industrial economy is set for a significant re-acceleration over the next few quarters. * 7 Exciting Stocks to Buy for Aggressive Investors Right now, China's industrial sectors is getting hit hard by coronavirus, which has forced multiple factories and manufacturing sites to temporarily shut down. Those closures are disrupting global supply chains, slowing manufacturing around the world thanks to the coronavirus.But, this all just temporary.Soon enough, like all other epidemics, the coronavirus outbreak will pass. Chinese factories and manufacturing sites will re-open. Global supply chains will be fixed, and the industrial economy will stop slowing. Growth Trends Will ImproveMore than that, the industrial economy should actually push higher in 2020, for a few reasons.First, in response to the coronavirus outbreak, the People's Bank of China and many other central banks across Asia have injected a ton of fiscal stimulus into their respective economies. That provides ample firepower for a sharp economic rebound once virus fears subside.Second, also partially in response to the coronavirus, China has been more open to trade negotiations with the U.S. This increased openness will continue, because China doesn't want to upset its already fragile economy, so trade tensions will meaningfully de-escalate in the coming months.Third, with stability set to be re-injected into the global geopolitical environment, corporations are set to re-accelerate their capital spending plans in 2020. Capital spending is the backbone of the industrial economy. Thus, as capital spending trends improve on the back of easing trade tensions, industrial economic activity will rebound.Fourth, the industrial economy was already rebounding prior to the coronavirus outbreak. Just look at Purchasing Managers Index readings from across the globe in the back half of 2019 and into January. They were rebounding, everywhere, because of supportive central bank policies and easing trade tensions.Come mid-2020, there will be more fiscal stimulus and more trade tension de-escalation, so this rebound will likely kick into second gear. 3M Stock is Too CheapGiven that the industrial economy is set to rebound in 2020, 3M stock is simply too cheap for its own good here and now.That five-year low valuation got down there because the company's growth trends decelerated in 2019, amid sluggish industrial growth across the globe.But, as industrial growth picks up in 2020, 3M's growth trends will pick back up, too. When that happens, the current discount in the stock should disappear.So, throughout 2020, 3M stock should power higher, supported by renewed profit growth and steady multiple expansion. * 7 'Strong Buy' Stocks With Over 50% Upside Potential How much firepower does this rally have? Consensus 2021 sell-side earnings per share estimates sit around $10. The stock's five-year average forward earnings multiple -- and the average forward multiple for industrial conglomerate stocks -- is 20x. Combine those two, and you arrive at a reasonable 2020 price target for the stock of $200. Bottom Line on MMM StockIt's been a rough run for MMM stock over the past few years amid sluggish industrial growth across the globe. But once coronavirus fears subside, those sluggish industrial growth trends should materially improve on the back of easing trade tensions and supportive monetary policy.As those growth trends bounce back, so will 3M stock.As of this writing, Luke Lango did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Failing Tech Stocks to Disconnect From Now * 5 Ideal Dividend Stocks for New Investors * 4 Stocks to Buy No Matter Who Wins the 2020 Election The post 3M Stock has Double-Digit Upside Potential as Industrial Growth Resumes appeared first on InvestorPlace.
3M and Wolverine World Wide, Inc. have reached an agreement to address PFAS in the environment in Michigan’s Plainfield and Algoma Townships. This agreement resolves legal claims between the two companies and pertains only to the lawsuit between Wolverine and 3M.