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Why 3M (MMM) Stock Is Rising Today
Why 3M (MMM) Stock Is Rising Today
What happened:
Shares of industrial conglomerate 3M (NYSE:MMM) jumped 17.6% in morning trading after the company reported second-quarter earnings results. 3M beat analysts’ expectations for revenue, operating income, and EPS. The fact that the company raised its full-year EPS guidance is also a great sign. Overall, this was a very good quarter that should please shareholders.
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What the market is telling us:
3M stock is not as volatile as the market average, and in the last year, it has only had 6 moves greater than 5%. But moves this large are very rare, even for 3M, and this is telling us that this news had a significant impact on the market’s perception of the business.
3M is up 11.7% since the start of the year and, at $122.98 per share, has set a new 52-week high. Investors who purchased $1,000 worth of 3M stock 5 years ago would now be looking at an investment worth $706.12.
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