Yahoo Finance Why Are 3M (MMM) Shares Soaring Today
What Happened:
Shares of industrial conglomerate 3M (NYSE:MMM) jumped 17.6% in the morning session after the company reported second-quarter earnings results. 3M beat analysts' revenue, operating profit, and EPS expectations. That the company raised full year EPS guidance is also a great sign. Overall, this was a really good quarter that should please shareholders.
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What is the market telling us:
3M's shares are not very volatile than the market average and over the last year have had only 6 moves greater than 5%. But moves this big are very rare even for 3M and that is indicating to us that this news had a significant impact on the market's perception of the business.
3M is up 11.7% since the beginning of the year, and at $122.98 per share, has set a new 52-week high. Investors who bought $1,000 worth of 3M's shares 5 years ago would now be looking at an investment worth $706.12.
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