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3M MISSES Q3 REVENUE EXPECTATIONS; STOCKS FALL - Capital Street FX

24-Oct
18:42 IST

In the Premarket trading session on Thursday, 3M’s stock was trading at 166.28- lower by 1.47% as compared to its previous close.

The company reported a lower-than-expected quarterly revenue before the market opened on Thursday. 3M generated an EPS of $2.72 for the third quarter. The EPS was above the market expectation of $2.49. The company brought in $7.99 billion in revenue for the quarter ended 30th September. The revenue was, however, below the consensus estimates of $8.16 billion.

The maker of Post-it notes, Scotch tape and other industrial products also lowered its full-year profit forecast. The company now expects 2019 adjusted earnings in the range of $8.99 to $9.09 per share. 3M previously forecasted full-year earnings between $9.25 and $9.75 a share. The company announced that it would lay off 2,000 workers globally earlier in the year.

On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The stock is expected to trade lower today.

 

TRADE SUGGESTION- STOP SELL AT 166.20 TAKE PROFIT AT 164.80 STOP LOSS AT 166.90

 

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