Why Shares in 3M Soared in March
Shares in 3M (NYSE: MMM) rose by a market-busting 15.1% in March, according to data provided by S&P Global Market Intelligence. The move came in a period of relatively positive news flow for the company.
3M investors have grown accustomed to receiving disappointing news from the company, whether it's ongoing legal issues, disappointing sales growth, or declining margin performance. However, signs of improvement emerged in March.
Management's presentation at the J.P. Morgan Industrials Conference was a great example. First, CEO Michael Roman increased the company's first-quarter earnings-per-share guidance to between $2.05 and $2.20 from a previous estimate of $2 to $2.15. While the news was not particularly exciting, it indicates that the overall conditions are not deteriorating.
Source Fool.com
