3M Has Some Disappointing News for Investors: What Does This Mean for the Stock?
3M (NYSE: MMM) chief financial officer Monish Patolawala's presentation at a Morgan Stanley conference on September 13th left investors unimpressed, and the stock sold off in its aftermath. While the company has significant legal issues, it's often forgotten that its operational performance has left much to be desired in recent years.
The stock naturally attracts value investors and income-seeking investors admiring its 5.8% yield, so is the dip a chance to buy or a sign of worse to come?
The market reaction to the presentation highlights one of the problems 3M faces right now. Yes, Patolawala did say that weaker end markets and foreign currency movements would likely lead to third-quarter revenue of $7.9 billion to $8 billion. And, yes, he did say 3M was seeing a "slow growth environment" in 2024.
Source Fool.com
