Home Top Global News 3M stock sinks toward longest losing streak in nearly 4 years

3M stock sinks toward longest losing streak in nearly 4 years


Shares of 3M Co.

fell 0.8% in midday trading Wednesday, to put them in danger of suffering the longest losing streak in nearly four years, and on track for a 21-month closing low. The consumer, industrial and health care products company, which makes N95 face masks, has seen its stock drop 11.1% during its current nine-session losing streak, which would be the longest since the nine-day stretch ending April 30, 2018, according to data provided by Dow Jones Market Data. The stock has tumbled 15.7% over the past month, making it the worst performer among Dow Jones Industrial Average

components over that time; the Dow has slipped 2.1% over the past month. The extended selloff comes a little over a week after 3M hosted an investor meeting, after which Morgan Stanley analyst Joshua Pokrzywinski turned bearish on the company, citing rising risks of earplug liabilities and uncertainties over the medium-term growth outlook. J.P. Morgan’s Stephen Tusa kept this rating at neutral but cut his stock price target to $190 from $200 after the investor meet, citing a disappointing near-term outlook driven by weaker margins than anticipated.

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