Expectations for profit, sales and free cash flow have declined in recent months, as the consumer, industrial and health care-products company MMM, -0.58% warned last month that its electronics and consumer business segments, and China, remain weak.
The stock fell 0.4% in afternoon trading Monday, to put it on track for the lowest close since June 2012. It has dropped 17.3% over the past three months, while the Dow Jones Industrial Average DJIA has declined 6%. “Given low investor expectations, an EPS beat should drive a positive char price reaction,” BofA’s Obin wrote.For one, CFO Patolawala said in September that there was still “significant slowness” in the electronics and consumer markets, and that China continued to be slow in the third quarter.
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