|Bid||171.63 x 800|
|Ask||171.88 x 1100|
|Day's range||171.04 - 172.69|
|52-week range||150.58 - 219.75|
|Beta (3Y monthly)||1.10|
|PE ratio (TTM)||20.38|
|Earnings date||27 Jan 2020 - 31 Jan 2020|
|Forward dividend & yield||5.76 (3.38%)|
|1y target est||169.13|
With the final bell ringing for the trading day and 3M (MMM) stock closing down approximately 4%, there’s a distinct sense of disappointment in the air.
(Bloomberg) -- Technology shares led gains in U.S. stocks as investors assessed a raft of corporate earnings against the backdrop of a global economic slowdown. The pound fell.The S&P 500 Index traded above the 3,000 level, approaching its all-time high. Microsoft Corp. jumped after earnings beat expectations, while a positive outlook from Lam Research Corp. spurred a surge in chipmakers. Tesla Inc. soared after posting a surprise profit. The Dow Jones Industrial Average underperformed as 3M Co.’s results showed the downturn continued to hobble the manufacturer. Twitter Inc. tumbled on a disappointing forecast.More on earnings:After the close of regular trading, Amazon.com Inc. sank as the company posted its first profit drop in more than two years. Intel Corp. rose on an upbeat forecast. Visa Inc. had to shell out more money to entice banks to issue their cards on its network.PayPal Holdings Inc. reported earnings that beat estimates.Ford Motor Co. slumped after the company cut its full-year forecast.EBay Inc. gave a revenue outlook that fell short of estimates.Xilinx Inc.’s guidance trailed expectations, in part because of the blacklist against Huawei Technologies Co.“For the most part, the forward guidance has not been as negative as some had expected,” said Chris Gaffney, president of world markets at TIAA. “Not a stellar earnings season so far, but nothing to really scare investors about an upcoming recession.”Investors also watched the latest developments in the ongoing trade dispute. U.S. Vice President Mike Pence criticized China’s actions against protesters in Hong Kong while calling for greater engagement between the world’s two biggest economies. The Asian nation aims to buy at least $20 billion of agricultural products in a year if it signs a partial trade deal, people familiar with the matter said.Elsewhere, U.K. Prime Minister Boris Johnson’s bid for a snap election on Dec. 12 was up in the air after his opponents said they want to rule out a no-deal Brexit first. The pound held losses. The European Central Bank kept monetary stimulus unchanged in the final meeting of Mario Draghi’s presidency.Read: With Record in Grasp, Tech Has Become S&P 500’s Biggest ProblemWith the earnings season, investors are getting numerous chances to see how corporations are withstanding the effects of trade tension, slowing growth and Brexit. Two key measures of U.S. business investment posted declines that were worse than analysts expected in September. Other data indicated consumers are still healthy enough to keep spending and driving growth.“There is some nervousness that is good enough to avoid any signs within the broad market of irrational exuberance or animal spirits,” said John Stoltzfus, the chief investment strategist at Oppenheimer & Co. “Overall, the story is reflecting a watch-and-wait kind of scenario as investors and traders really absorb the news coming across on earnings.”These are some of the main moves in markets:StocksThe S&P 500 rose 0.2% to 3,010.29 as of 4 p.m. New York time.The Dow Jones Industrial Average declined 0.1%.The Nasdaq Composite Index jumped 0.8%.The Stoxx Europe 600 Index increased 0.6.The MSCI Asia Pacific Index advanced 0.4%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%.The euro decreased 0.2% to $1.1103.The British pound dipped 0.5% to $1.2845.The Japanese yen was little changed at 108.64 per dollar.BondsThe yield on 10-year Treasuries slid less than one basis point to 1.76%.Germany’s 10-year yield fell one basis point to -0.40%.Britain’s 10-year yield declined six basis points to 0.625%.CommoditiesThe Bloomberg Commodity Index increased 0.4%.West Texas Intermediate crude rose to $56.23 a barrel.Gold advanced 0.6% to $$1,504.70 an ounce.\--With assistance from Adam Haigh, Vassilis Karamanis, Yakob Peterseil and Samuel Potter.To contact the reporters on this story: Rita Nazareth in New York at email@example.com;Claire Ballentine in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The S&P 500 struggled to gain traction today as investors have contended with a mixed bag of results from the recent slate of quarterly performances, which have spurred uncertainty about the economic outlook of the country.
New worrisome Eurozone economic data might put more pressure on the U.S. Fed. Quarterly earnings results from Caterpillar, Tesla, Microsoft, and others. And why Callaway Golf (ELY) is a Zack Ranks 1 (Strong Buy) stock - Free Lunch
Industrials bellwether 3M (MMM) reported its Q3 earnings today—missing its revenue game and lowering its 2019 aim. CEO Mike Roman weighed in.
(Bloomberg Opinion) -- Another earnings report, another guidance cut. What else did you expect from 3M Co.?The $93 billion maker of Post-it notes and industrial adhesives lowered its earnings and revenue forecast for 2019, with Chief Executive Officer Michael Roman on Thursday citing a “challenging” macroeconomic environment. Roman has been in his role since July 2018, and he’s had to cut the company’s outlook in some way during every quarter of his tenure but one. The exception was this year’s second quarter, when 3M maintained its forecast for 2019 sales to grow as much as 2%, absent the impact of currency swings and M&A. That depended on a stabilization in China and automotive markets; unsurprisingly, that didn’t materialize, and Thursday’s deep guidance reduction shows the company would have been wise to be more cautious. 3M now expects sales to at best decline 1% for the full year. That will be its worst showing since 2009.The series of guidance cuts under Roman has been sloppy and, at times, illogical. His initial 2019 forecast called for organic sales growth of as much as 4%, even as economic data pointed to a cooling in manufacturing demand. It’s telling that 3M shares initially fell only about 1% on this latest earnings miss. No one really believed Roman when he said in July that 3M’s guidance was still realistic. That lack of credibility should be troubling for the company.But the fact is, there’s a lot to be concerned about in this latest disappointment, both for 3M and for the broader economy, and the stock slumped 5% as investors dug into the numbers more closely. The guidance cut reflects in part a 15-cent per-share negative impact from 3M’s $6.7 billion takeover of wound-care company Acelity Inc., which closed earlier this month. But even when you back that out, the magnitude of the outlook reduction is severe. 3M anticipates fourth-quarter organic sales may decline as much as 3%, a sharp shift from a 1.3% slide in the third quarter that was already worse than analysts had expected. Looking at the U.S. as a region, organic sales declined 1.1% in the three months ended in September, compared with a 0.1% gain in the second quarter. In Asia, sales slumped 4.4% on the same basis in the third quarter. It doesn’t take long for 3M’s products to go from the factory to the end customer, so it’s on the front lines of any economic weakness. Thursday’s earnings report offers troubling fresh evidence that the current manufacturing slowdown is accelerating and deepening. This follows the first quarterly earnings decline in nearly three years at another industrial bellwether, Caterpillar Inc., on Wednesday, though its commitment to cut production and other costs to adjust to the weaker demand environment helped offset investors’ concerns about its downbeat profit and sales outlook. Also on Thursday, toolmaker Stanley Black & Decker Inc. cut its full-year earnings guidance below even the lowest analyst estimate and announced a new $200 million cost-cutting plan. That’s on top of a “margin resiliency” program focused on using digital technologies to improve profitability by $300 million to $500 million by 2022.3M lacks the same kind of promise of margin protection. Because of the Acelity deal, 3M has reduced its planned share repurchases for 2019. Meanwhile, its acquisition of artificial-intelligence platform M*Modal for $1 billion earlier this year and other growth investments are pressuring margins in the health-care division. 3M announced a $225 million to $250 million restructuring plan in April, but it’s still grappling with inventory pullbacks in its more industrial-facing units as nervous customers worry about the sustainability of demand. Economic weakness plays a role here, but there are also signs of operational foot faults. Adding another earnings disappointment to CEO Roman’s resume won’t help 3M fix the perception that its days as a safe bet are over, and not soon to return.To contact the author of this story: Brooke Sutherland at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
3M's (MMM) third-quarter 2019 results are affected by forex woes, divestitures and weak organic sales, partially offset by growth in operating margin. It lowers 2019 projections.
(Bloomberg) -- 3M Co. dropped the most in six months after slashing its profit and sales outlooks -- the latest sign that a global industrial downturn is hobbling the manufacturer.Adjusted earnings will be no more than $9.09 a share this year, below even the $9.25 bottom of the previous range, the company said Thursday in a statement as it reported quarterly results. Analysts had been predicting $9.31, according to the average of estimates compiled by Bloomberg.“3M posted broadly disappointing third-quarter operating results and lowered its full-year EPS guidance once again, representing the fifth guidance cut in the past seven quarters,” Deane Dray, an analyst at RBC Capital Markets, said in a note. “If investors were bracing for a tough operating macro across the sector in the third quarter, 3M’s results confirmed those worries.”The diminished outlook deepens the challenge for 3M, a poster child for the manufacturing slowdown that has cut its guidance multiple times since Chief Executive Officer Mike Roman took the helm last year. The maker of Post-it notes, adhesives and touchscreen displays has cited obstacles from a weak automotive market, to high raw-material prices, to headwinds in China.“The macroeconomic environment remains challenging,” Roman said in Thursday’s statement. “We’ll continue to focus on driving operational improvements and investing for the future.”3M slid 5.2% to $160.02 at 10:16 a.m. in New York after declining 5.3%, the most intraday since April 25 and Thursday’s worst performance in the Dow Jones Industrial Average. The stock fell 11% this year through Wednesday, the industrials’ third-weakest showing.Sales dropped 2% in the third quarter to $8 billion, missing the average analyst estimate of $8.17 billion. Profit rose to $2.72 a share, which includes a 14-cent gain from a divestiture, 3M said.The revenue figure was hurt by a 5% decline in the Asia-Pacific region. Sales dropped in the safety division and the transportation and electronics unit as well. Health care again proved to be a bright spot for 3M, with revenue rising 4.7%.Weak DemandThe softer demand prompted the St. Paul, Minnesota-based company to cut its sales expectations for this year. Organic revenue in local currency will decline between 1% and 1.5%, down from a previous projection for growth of as much as 2%.The revised adjusted-profit forecast accounts for the recent acquisition of Acelity to its health-care portfolio, which hadn’t been previously included. The outlook excludes litigation-related charges as well as the impact of a divestiture and the deconsolidation of a Venezuelan subsidiary, 3M said.To contact the reporter on this story: Richard Clough in New York at email@example.comTo contact the editors responsible for this story: Brendan Case at firstname.lastname@example.org, Susan Warren, Tony RobinsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
3M (MMM) delivered earnings and revenue surprises of 4.45% and -1.32%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
3M's (MMM) third-quarter 2019 results are expected to reflect the impact of weak automotive and electronics end markets, forex woes, soft China operations, and high restructuring and tax expenses.