|Bid||156.10 x 1100|
|Ask||157.98 x 1200|
|Day's Range||156.46 - 158.88|
|52 Week Range||114.04 - 187.72|
|Beta (5Y Monthly)||0.99|
|PE Ratio (TTM)||18.43|
|Earnings Date||Jul. 28, 2020|
|Forward Dividend & Yield||5.88 (3.74%)|
|Ex-Dividend Date||May 21, 2020|
|1y Target Est||156.87|
3M and HP are offering free-of-charge large-format graphics for crucial social distancing signage as businesses reopen amid COVID-19.
3M and Discovery Education today announced the top 10 finalists and 27 State Merit Winners in the 2020 3M Young Scientist Challenge. As the nation’s premier middle school science competition, these young scientists submitted outstanding projects utilizing the power of STEM to improve the world.
3M's (MMM) weak sales performance in May gets affected by two lower business days. Also, the pandemic-induced uncertainties play spoilsport for segments and end-market businesses.
Industrial conglomerate 3M (NYSE: MMM) reported May monthly sales results today, saying that overall sales dropped 20% versus last year. Two fewer business days versus the year ago period equated to a 9% impact, but the safety and industrial segment saw a decline of 17% despite continued strong demand for N95 respirators. 3M has been adding production capacity for N95 respirators since January due to surging global demand from the pandemic.
After 3M emerged in the spotlight for its N95 masks amid the coronaries pandemic, the company's total sales fell 20% in May. Yahoo Finance's Emily McCormick joins The First Trade to discuss.
3M filed a legal action today in federal court in California, asserting that a seller on Amazon defrauded its customers by charging grossly inflated prices for fake, defective, and damaged respirator products. The lawsuit alleges that Mao Yu and his affiliated companies falsely advertised as third-party sellers on Amazon under the 3M brand. The defendants, according to 3M’s complaint, charged unsuspecting customers more than $350,000 when the customers responded to false listings that claimed to be reselling authentic N95 respirators, while actually selling damaged and fake goods at highly-inflated prices.
3M (MMM) faces risks from the pandemic-related uncertainties, evident from a sales decline in April. However, cost-reduction measures and huge demand for respirators will likely support results in the second quarter.
3M (NYSE:MMM) announced today that Monish Patolawala is appointed senior vice president and chief financial officer, effective July 1, 2020. Patolawala will succeed Nick Gangestad, who has announced his intention to retire. Gangestad will stay on through July 31, 2020, to ensure an orderly transition.
3M's (NYSE: MMM) chief executive officer Mike Roman gave a presentation at a Bernstein investment conference at the end of May and what he had to say helped confirm 3M's status as one of the most interesting investment opportunities in the industrial sector. It's not that the company's operational performance has been great over the last few years, or that its end markets overall aren't being hit by the COVID-19 pandemic. Instead, the case for buying 3M stock is based on the idea that Roman can significantly improve performance in a company that is now valued lower than its peers.
(Bloomberg Opinion) -- After a prolonged shutdown, Ford Motor Co. officially resumed production at its North American factories this week. It hasn’t been as smooth a process as the company might have hoped: Ford had to temporarily close two critical facilities this week to allow for a deep cleaning after workers tested positive for the coronavirus. An Explorer SUV plant in Chicago was closed a second time after an employee at a nearby supplier facility tested positive for the virus, causing a parts shortage.This is the reality of manufacturing for the time being as companies fret about worker safety and the legal and reputational risks of not doing enough to protect employees. Unlike Ford, whose products fall into a category of consumer spending that’s become even more discretionary amid the pandemic, wide swaths of the industrial sector were deemed essential and allowed to remain operational. Those companies, too, have had their share of growing pains as they adjust to a new way of working.Boeing Co. temporarily closed its factories in the Puget Sound area in March after a worker died of the coronavirus and later briefly shuttered work at its 787 plant in South Carolina. CBS Minnesota reported earlier this month that a Honeywell International Inc. facility in Minneapolis had closed after a worker tested positive. Whirlpool Corp. closed its Amana, Iowa, refrigerator plant at least twice after employees tested positive for the virus, according to the Gazette local paper. Deere & Co. and Altria Group Inc.’s Philip Morris USA are among the many others that have had to close plants on a limited basis to avoid outbreaks among workers. Lockheed Martin Corp., meanwhile, said this week it will temporarily slow production of the F-35 fighter jet because of delays at suppliers. It’s a lot harder, though, to bring factories back to life than it is to just figure it out as you go along. Ford may be a manufacturer, but because it’s one of the few to have experienced an extended lockdown, it’s arguably a better benchmark for the non-industrial economy. You better believe that office-based companies that have sent most of their workers home are keeping a close eye on how the likes of Ford fare in flipping the switch back on. Seeing the automaker’s setbacks this week, companies that can operate without their employees clustered in the same place may be less keen to rush back. They’re getting a more continuous stream of work out of their employees now than they would if they had to hit the pause button and clear out the office every few weeks. And the mixed messages from the White House aren't helpful: President Donald Trump is due to visit a Ford factory in Michigan that’s been converted to ventilator production and has been wishy-washy on whether he will adhere to the company’s face-mask requirements. Already, American Express Co. CEO Steve Squeri and Visa Inc. CEO Al Kelly said this week that most of their employees would work from home for the rest of the year. Some 28% of employers recently surveyed by Challenger, Gray & Christmas said they would make work-from-home arrangements permanent for at least some employees. Cryptocurrency exchange Coinbase and social media site Twitter Inc. are among those who have publicly said remote working will be their indefinite default option. Facebook Inc. said Thursday it would follow suit and move to a more permanent remote workforce.At the end of the day, manufacturing or non-manufacturing, it's all interconnected. How permanent this shift to work from home will be is debatable, but if companies end up needing less office space, by default that means fewer HVAC systems, commercial lighting, fire and security products or even 3M Co.’s Post-it notes. And if workers aren’t going to be commuting, do they still need to buy cars from Ford? There's a lot riding on getting reopening right. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Head of Macro Strategy at Academy Securities Peter Tchir joins Yahoo Finance’s Seana Smith to break down his outlook on the markets as coronavirus cases surpass 1.5M in the U.S., according to John Hopkins.
Rising revenues from its healthcare segment weren't enough to make up for the pandemic-related sales declines elsewhere in the industrial conglomerate
3M (NYSE: MMM) today reported sales information for the month of April 2020. The company withdrew its full-year 2020 outlook on April 28, 2020, due to the uncertain impact of the COVID-19 pandemic, and committed to provide monthly updates until it is better able to forecast future performance.
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.Farmers in Cameron Highlands, a cradle of Malaysia’s agricultural industry, dumped hundreds of tons of produce in March after Covid-19 lockdowns shuttered wholesale markets and restaurants across the nation. They also gave Alibaba a chance to crack a difficult arena.Lazada Group SA, the Southeast Asian subsidiary of Alibaba Group Holding Ltd., opened a virtual store to link farmers and homebound Malaysians. The uptake surprised even the e-commerce giant: consumers bought an average of 1.5 tons of cabbages, carrots and spinach each day. On the fourth day, 3.5 tons of veggies were sold in less than half an hour. By the third week, about 70 tons had been delivered from farms to doorsteps across the country.Fresh groceries -- now one of the top three categories on Lazada Malaysia -- weren’t even an option there three months ago. Before the novel coronavirus, Lazada had dedicated grocery arms only in Singapore, Thailand and the Philippines; after the outbreak, it’s expanded to Malaysia, Vietnam and Indonesia. It’s keen to maintain that momentum, backed by 30 fulfillment centers across 17 cities in the region.“Covid-19 is a catalyst of digital transformation in Southeast Asia,” Lazada Group Chief Executive Officer Pierre Poignant said in an interview. “When consumers build a habit, it doesn’t easily go away. E-commerce will become a way of life.”Read more: Southeast Asia’s Internet Economy to Top $100 Billion This YearDemand for fresh groceries has surged globally, but the spike in Malaysia opened a window in particular for China’s largest online commerce company into a lucrative market after years of building one of the region’s largest delivery networks. Since March, more agricultural entrepreneurs, fisheries and local businesses have started to pivot brick-and-mortar business to e-commerce, according to Lazada Malaysia Chief Operating Officer Shah Suriye Rubhen. The festive period of Ramadan, in a country where more than half the population is Muslim, has also galvanized demand and farmers have responded by increasing their assortment of goods on offer.“Local SMEs are realizing that digitizing their business is the way forward to remain sustainable in the long-term, diversify their revenue stream, and market to the increasingly growing internet economy,” Shah said.Alibaba’s unit may have scored in Cameron Highlands, but the wider Southeast Asian market remains heavily contested.Read more: New Alibaba Chief Explains Why He Wants to Kill His Own BusinessLazada, started in 2012 by Rocket Internet before Alibaba eventually bought full control of the company, was the first e-commerce outfit to serve six countries in Southeast Asia. But its fiercest rival Shopee, a unit of Singapore’s Sea Ltd., has expanded aggressively in the past year and overtaken Lazada as the most visited website in 2019, according to research firm iPrice Group.In Indonesia, the largest and most promising market in the region, Alibaba-backed Tokopedia ranks as the top e-commerce company based on web traffic, followed by Shopee, Bukalapak and Lazada. Blibli is the online grocery leader, while “Shopee, Tokopedia and Lazada are playing fast catch-up,” said Roshan Raj, a Singapore-based partner at research firm RedSeer Consulting.It’s not just the e-commerce giants -- the resurgence in online grocery has attracted new entrants from adjacent industries. Singapore’s Qoo10 Pte was particularly swift to act when the government ordered bubble tea shops to temporarily shut along with other non-essential services, offering DIY bubble tea kits. Even meal delivery firm Foodpanda started grocery delivery.At home in Singapore, Lazada’s Lazmall, where brands sell directly to consumers, has recently attracted big names like Under Armour Inc. in Singapore and Thailand, Starbucks Corp. and 3M Co. in Indonesia and department store chain Robinsons, which is shutting one of its three Singapore outlets in August.“There are brands that I would not have imagined would come to e-commerce,” Poignant said.The 41-year-old Frenchman, a co-founder who took the helm last year, says Lazada is interested in grocery deals, including acquisitions and joint ventures, in Southeast Asia. “We are very open to that,” he said, adding the company isn’t in concrete discussions at the moment. His firm last month teamed up with Indonesia’s Rumah Sayur Group to source vegetables from 2,500 farmers in West Java.Lazada acquired Singaporean e-grocer RedMart in 2016. It struggled to meet demand and had to temporarily suspend new grocery orders in April to make adjustments. Poignant said changes made to RedMart helped the company serve 50% more customers each day a month later.“Southeast Asia’s e-commerce market is likely to move from a subsidy game to a quality game,” said Lai Chang Wen, CEO of Singapore-based Ninja Van, which helps e-commerce clients deliver more than a million packages daily in the region. “This shift will be pivotal and have a lasting impact.”Read more: Alibaba Bets on Frenchman to Lead High-Stakes Southeast Asia ExpansionPoignant argues Alibaba’s technologies will help differentiate Lazada, starting with live-streaming. He said Lazada is the only player in Southeast Asia that allows consumers to immediately buy items they see on a stream. By the end of June, Lazada plans to host more than 1,000 daily sessions, up from 4,000 per week now. In April, some 7,000 new live stream accounts were created, up 70% from the pre-pandemic era.Alibaba’s artificial intelligence technology is another asset. Lazada has more than 100 people working on personalizing its experience, part of Lazada’s 9,000-strong workforce across six countries.For the Chinese e-commerce behemoth, Lazada is the single most important piece of its globalization strategy. It aims to serve 300 million Southeast Asians by 2030, up from 65 million now, according to Poignant.Underscoring that ambition, Alibaba last week struck a deal to buy half of Singapore’s AXA Tower, valued at S$1.68 billion ($1.2 billion). Poignant says the 50-story landmark, already home to 3,000 Lazada staff, has very good feng shui. The cylindrical structure was inspired by a stack of coins and originally built as the country’s Treasury Building in 1986. Prime Minister Lee Hsien Loong once had an office in the building, Poignant added.“Southeast Asia is an absolutely critical market for Alibaba,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.