3M shares reverse massive gains, turn negative despite solid earnings report

Shares of 3M were up more than 5% in premarket trading on Tuesday — tops among all S&P 500 constituents — after the company reported upbeat earnings and raised full-year guidance. It upped the low end of its forecast from $7 per share to at least $7.2 per share.

However, despite this solid showing, the stock reversed course after the market opened and those big gains turned into an early loss of nearly 3%, which has since narrowed.

Earnings per share were $1.98, compared to Wall Street expectations for $1.90. Revenue for the third quarter was $6.1 billion, a smidge above the estimated $6.06 billion and up 1.5% compared to a year ago. These figures mark a continuation of solid results in recent quarters, which have sent 3M’s stock up more than 50% so far this year. Bill Brown, who became CEO in May, credited improvements in on-time product delivery for the growth.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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