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3M PROFIT BEATS ESTIMATES, STOCK SPIKES -

28-Apr
19:47 IST

3M’s stock is currently trading at 161.29- higher by 4.97% as compared to its previous close. In the pre-market trading session, the stock was trading higher by 4.4%. The stock has continued gaining after the opening bell.

The health-care and safety products maker’s reported its first-quarter revenue and earnings before the market opened on Tuesday. 3M generated an adjusted EPS of $2.16 for the first quarter. The EPS was above the consensus estimates of $2.03. The manufacturing conglomerate brought in $8.08 billion in revenue for the first quarter. The revenue was also above the market expectation of $7.91 billion.

The health-care and safety products maker posted better-than-expected first-quarter earnings as demand for safety equipment and cleaning products rose amid the China-linked virus pandemic. The company, however, withdrew its full-year financial guidance due to coronavirus-related uncertainties. Stocks of 3M have fallen about 9% Year-to-date.

On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 65.98% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT BUY AT 161.00 TAKE PROFIT AT 163.00 STOP LOSS AT 160.00

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25-Jul
19:16 IST

3M’s stock is currently trading at 184.79-higher by 2.99% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by 4.56%. The stock has pared some of its earlier gains after the opening bell.

The company reported a higher-than-expected quarterly profit before the market opened on Thursday. 3M also maintained its full-year outlook as it fought the impact of slowing global growth. The manufacturing conglomerate reiterated that it expects 2019 adjusted earnings in the range of $9.25 to $9.75 per share. 3M also maintained its return on invested capital guidance of 20% to 22%.

The company generated an adjusted EPS (excluding non-recurring items) of $2.20 for the second quarter. The EPS was above the market expectation of $2.05. 3M brought in $8.17 billion in revenue for the quarter ended 30th June. The revenue was above the consensus estimates of $8.05 billion.

The manufacturing conglomerate announced in April that it would lay off 2,000 workers globally. Stocks of 3M have fallen about 6% over the past three months.

On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 71.64% and suggests that the market can move in the upward direction.

 

TRADE SUGGESTION- LIMIT BUY AT 184.60 TAKE PROFIT AT 186.60 STOP LOSS AT 183.60

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