Shares of 3M Co. MMM, which have now made sharp intraday reversals to trade lower for a fourth-straight session, were headed for the lowest close in 10 years. The consumer, industrial and healthcare products company’s stock was up as much as 1.6% at its intraday high of $105.17, but was shedding 1.8% in afternoon trading. Chief Financial Officer Monish Patolawala is scheduled to speak early Wednesday at the J.P. Morgan 2023 Industrials Conference, and again on March 23 at the Bank of America Global Industrials Conference. That stock was on track to close at the lowest price seen since Feb. 25, 2013. The stock had seen intraday gains of as much as 1.3% on March 9 but closed that session down 1.5%; on March 10, the stock shed 1.4% after being up as much as 1.4% intraday; and on Monday, the stock lost 0.6% after being up as much as 0.6% at its intraday high. 3M’s stock has sunk 15.2% year to date and 19.4% over the past three months, enough to make it the worst performer among Dow Jones Industrial Average DJIA components over those time frames. The stock had seen a brief blip up in early March, after 3M said government data showed that 90% of plaintiffs in the Combat Arms earplug litigation had “normal” hearing, data which the plaintiffs’ lawyers was being used to mislead the public. UBS analyst Chris Synder reiterated his neutral rating at that time, saying conversations with sources close to the litigation, the data 3M provided would not be relevant to the case.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.