Shares of 3M Co. rang up its biggest one-day decline in over 30 years, after the industrial, health-care and consumer products company missed profit and revenue expectations, slashed its full-year outlook, and said it was cutting 2,000 jobs.
The percentage decline was second only to the 26% plunge on Oct. 19, 1987. That is the day referred to as Black Monday, with the Dow registered its biggest-ever one-day crash with a 22.6% tumble.The company behind brands such as Post-it, Scotch, Nexcare and Command, reported first-quarter results before Thursday’s open, showing net income of $891 million, or $1.51 a share, from $602 million, or 98 cents a share, in the same period a year ago.
3M cut its guidance range for 2019 adjusted EPS, which excludes litigation-related charges, to $9.25 to $9.75 from $10.45 to $10.90. On the post-earnings conference call with analysts, Chief Financial Officer Nick Gangestad said the industrial business saw a “broad-based slowdown across most of its portfolio,” highlighted by a 9% drop in its automotive business, including a 6% decline in car and light-truck builds.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
3M’s shares on verge of worst day since 1987 stock-market crashShares of 3M Co. plunge toward biggest one-day decline in over 30 years, after the industrial, health care and consumer products company reported missed... Should be an interesting day for amazon Friday if is anywhere close to right
Source: MarketWatch - 🏆 3. / 97 Read more »
3M’s stock on verge of worst day since 1987 stock-market crashShares of 3M Co. plunge toward biggest one-day decline in over 30 years, after the industrial, health care and consumer products company reported missed... Darn, they should shoot the management. Over sold... All of these old companies need a few Elons at the top to stay relevant
Source: MarketWatch - 🏆 3. / 97 Read more »
3M’s stock on verge of worst day since 1987 stock-market crashShares of 3M Co. plunge toward biggest one-day decline in over 30 years, after the industrial, health care and consumer products company reported missed... Darn, they should shoot the management. Over sold... All of these old companies need a few Elons at the top to stay relevant
Source: MarketWatch - 🏆 3. / 97 Read more »
3M’s shares on verge of worst day since 1987 stock-market crashShares of 3M Co. plunge toward biggest one-day decline in over 30 years, after the industrial, health care and consumer products company reported missed... Should be an interesting day for amazon Friday if is anywhere close to right
Source: MarketWatch - 🏆 3. / 97 Read more »
A stock-market correction is coming, but don’t ‘head for the hills yet’, says BNY MellonLiz Young, director of market strategy at BNY Mellon, is a unsettled by how far and fast equities have risen this year, but it’s no time to “head for the... Your chart only shows results from the last year. Don’t you need a longer terms to determine a trend?
Source: MarketWatch - 🏆 3. / 97 Read more »
Health-care stocks could rebound after their worst week of the yearHealth care's sharp drop comes as investors worry that left-leaning policy ideas like universal health coverage are gaining support.
Source: CNBC - 🏆 12. / 72 Read more »
World stocks slip, euro suffers, growth fears lingerWorld equity markets slipped on Thursday amid worries on global growth and as in... Buy Bitcoin while it's cheap. Next decade or two is going to be a rough ride for the global economy.
Source: Reuters - 🏆 2. / 97 Read more »