Why Shares of 3M Are Down Today
Shares of 3M (NYSE: MMM) have held up better than most large manufacturers in recent weeks, likely due to the company's business making the N95 face masks that are in demand amid the spread of the COVID-19 coronavirus. But shares traded down nearly 5% on Tuesday, outpacing the market's decline, on investor concerns that the masks might not be enough to shield the company's broader portfolio from a virus impact.
3M's safety products division, and its N95 masks in particular, have gotten a lot of attention in recent weeks as the coronavirus has spread to the U.S. and other regions and concerns about a more widespread outbreak have grown. The newly formed White House Coronavirus Task Force has pledged to procure upward of 35 million masks per month from 3M and other manufacturers.
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Source Fool.com
