Why 3M Stock Was Climbing Today
Shares of 3M (NYSE: MMM) were moving higher today after the conglomerate topped low expectations in its second-quarter earnings report and put a multibillion-dollar lawsuit behind it. As of 1:09 p.m. ET, the stock was up 4.9%.
3M has been struggling with the slowdown in the economy. Earlier in the year, it implemented layoffs, a restructuring, and other cost-cutting measures to rightsize its business as revenue has declined.
Sales continued to fall in the second quarter. Overall revenue was down 4.3% to $8.32 billion, but that was well ahead of the analyst consensus at $7.87 billion. Organic sales, which exclude the impact of acquisitions, divestitures, and currency exchange, were down 2.2%.
Source Fool.com
