3M Co. (NYSE:MMM) is a diversified technology company based in Minnesota. Shares were down 1.7% in early afternoon trading on April 25 as the company extended its losses from Tuesday. All three major U.S. indexes were in marginally negative territory for the second day in a row.
3M Co. released its first quarter results on April 24. The company reported earnings per share of $2.50 which missed Wall St. expectations. It reduced its sales outlook as well. 3M Co. now projects earnings per share of $10.10 down from its original guidance of $10.55. The adjusted outlook comes as an early dent to the reputation of COO and soon-to-be CEO Michael Roman called for 3-5% sales growth last month. The company also took a hit due to a tax charge from the U.S. Tax Cuts and Jobs Act.
Prices for U.S. equities have been broadly stagnant since volatility struck in February and March. Anxiety over rising interest rates and continuing trade tensions have not abated into the spring. This in spite of what has been a positive earnings season so far. The dip is disappointing for 3M Co. in the midst of strengthening industrial output in the United States. The stock also offers a 2.4% dividend yield.
3M Co. stock is now down 14.5% in 2018 so far. Shares are still up 3.5% year over year. The stock is a risky play in the midst of continued volatility for the U.S. market.
