MMM trade ideas
3M (MMM) Navigates Challenges and Beats Earnings Estimates
In a recent quarterly report, multinational conglomerate 3M ( NYSE:MMM ) showcased resilience in the face of challenges, beating earnings estimates for the fourth quarter of 2023. The maker of iconic products like Post-it notes and Scotch tape reported adjusted earnings of $2.42 per share, surpassing the Zacks Consensus Estimate of $2.31 per share. This marks a positive trend for the company, which has consistently outperformed earnings expectations over the last four quarters.
Earnings Performance:
3M's earnings surprise of 4.76% in the latest quarter follows a robust performance a quarter ago, where the company exceeded expectations by a substantial 14.53%. Despite facing headwinds, 3M has demonstrated its ability to adapt and deliver strong financial results. The company's earnings growth from $2.28 per share a year ago to the current $2.42 per share reflects a steady upward trajectory.
Revenue Resilience:
While the quarterly revenues of $8.01 billion slightly fell short of the year-ago figure of $8.08 billion, 3M managed to beat the Zacks Consensus Estimate by an impressive 4.25%. This consistent ability to surpass revenue expectations highlights the company's agility in navigating market challenges.
Guidance and Market Response:
Despite the positive financial results, 3M's stock experienced an 11% drop to a seven-week low after the company provided its earnings guidance for 2024. The projected adjusted earnings of $9.35 to $9.75 per share fell below the consensus estimate of $9.82 per share. The market response underscores the significance investors place on forward-looking guidance.
CEO Perspective and Strategic Initiatives:
3M's Chairman and CEO, Mike Roman, expressed optimism about the company's performance in 2023, citing successful execution of priorities, expansion of operating margins, and progress in organizational restructuring. The CEO emphasized initiatives such as simplifying the supply chain, advancing the healthcare spin-off, and addressing legal matters, including resolving litigation related to products like earplugs for soldiers and environmental concerns.
Investor Concerns and the Path Forward:
The discrepancy between the company's strong quarterly results and the cautious outlook for 2024 raises questions among investors. The potential impact of ongoing legal matters and the restructuring efforts initiated by 3M add an element of uncertainty. Investors are keenly awaiting insights from management during the upcoming earnings call, seeking clarity on the company's strategies to overcome challenges and capitalize on opportunities in the coming year.
Conclusion:
3M's recent financial performance reflects a mix of resilience and caution, with the company navigating challenges successfully in the past year. As investors assess the stock's future potential, the focus shifts to management's commentary on the earnings call, where insights into the company's strategies, risk mitigation, and growth plans will play a crucial role in shaping investor sentiment. 3M's journey in 2024 will be closely watched, and the stock's trajectory may depend on how well the company addresses investor concerns and executes its strategic initiatives.
MMM … what is next MMM has been demonstrating robust financial performance, with earnings for the last two quarters coming in at $7.7 billion and $7.9 billion respectively. Currently, the stock is trading at the lower edge of its upper trend channel, indicating a potential buying opportunity for investors. Key levels to watch include $102, $105, and $112, which could serve as pivotal points for either a bounce back upwards or a breakdown.
Wait for tomorrow FED talk tomorrow
MMM long play3M had a decent earningsreport, however investors were not happy with the lack luster revnue forecast for 2024. Largest selloff since 2019. This opens up a great potential play. Short term fib retracement to .618, Has potential to keep moving to the downside. However some strong support at 93. And a bottom support of 85. Now for the upside potential. Looking at the current trend, it has a upper resistance from 160's for 2024 long term. Sizing in with potential stops at ~93
3M $MMM Trade IdeaI entered a trade on NYSE:MMM yesterday as the stock pulled back to the previous diagonal resistance after the previous day breakout.
Today the price seems to be continuing its bullish movement after a simple S/R flip.
The moving averages are all sloping up showing short term bullish momentum.
We see that the oscillators are overbought in the short term so we might see a small pullback which I will use to add more options contracts to this position.
Hope this helped the readers, follow me for more trade ideas.
Thank you,
BK
3M's net profit is up. What about its shares? 25/10/2023Earnings season continues in the US, and 3M reported its second consecutive increase in net profit, with 2.68 USD per share, which is higher than the company's or analysts' expectations.
In addition, the company is a dividend aristocrat. At the time of writing this text, the dividend yield of the company's securities was at 6.83%, significantly higher than the US average.
Therefore, it will be interesting to look at the 3M Co. (NYSE: MMM) stock chart today.
On the D1 timeframe, support has formed at 85.35, with resistance at 90.30. These levels are determined based on the price's highs and lows during the resulting downward trend. In addition, a "double bottom" trend change pattern has been formed. If the resistance level is broken through (the bar on D1 closes above 90.30), the stock price may rise to 108.37.
On the H1 timeframe, after resistance at 90.30 is broken through, the short-term target for the price increase is around 98.09; while in the medium term, it could reach 108.37.
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MMM 3M Company Options Ahead of EarningsIf you haven`t bought MMM ahead of the previous earnings:
Then analyzing the options chain and the chart patterns of MMM 3M Company prior to the earnings report this week,
I would consider purchasing the 87usd strike price Calls with
an expiration date of 2023-11-3,
for a premium of approximately $2.39.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
$MMM Parallel Downtrend BreakNYSE:MMM Bearish to Bullish Reversal, In a notable development for 3M Company ( NYSE:MMM ), the stock appears to have broken its parallel downtrend, a pattern that has been influencing its price movement for an extended period. A parallel downtrend consists of two downward sloping trend lines that chart the lower highs and lower lows of an asset over time. This break could signify a potential shift in investor sentiment and may be indicative of a forthcoming bullish cycle.
The break from a downtrend is often considered a bullish signal in technical analysis and could be followed by an upward momentum. However, traders should exercise caution and look for confirmation through other technical indicators such as volume, moving averages, or Relative Strength Index (RSI) to validate the trend reversal. High trading volumes accompanying the break could bolster the case for a sustained upward trajectory.
3M: Not far now! 🦅The 3M stock was able to undershoot the support at $92.38 in the past weeks. Now it is not far to the green target zone between $83.82 and $74.28, where we expect the low of the white wave (II). To capitalize on the expected change in direction, long positions can be opened within the zone. Stops should be placed about 1% below the zone, as a 36% likely alternative would still see a lower white wave alt.(II) low.
$MMM - looks attractiveNYSE:MMM With the earnings report scheduled for October 24, the stock recently rebounded from a support level. Notably, the MACD indicator exhibited a bullish crossover, and the RSI has exited the oversold region.
The risk-reward profile seems appealing at this point.
Potential Targets:
$93
$96
$105
Downside Risk:
$83
📈🚀💼
3M Company Is At Technical Support3M Company with ticker MMM has been trading bearish for the past 5 years, actually since the beginning of 2018, where we see a completed higher degree wave III.
The wave structure from 2018 highs is in three waves A-B-C, which indicates for a higher degree wave IV correction. We can now see it sitting at interesting 90 support area, especially if we consider equal wave length of waves A=C that stopped at the former wave 3 swing high resistance around that 90 area.
A recovery back above channel resistance line and 210 region would be definitely signal that higher degree wave V is in progress, which would send the price back to all-time highs.
MMM Possible Wyckoff PatternMMM creating ST type bounces off of the $95 support area. Launching it into the Liquidity zone at $112. Rejecting that and pulling back towards the STs.
If it follows the rules could follow a similar path to the yellow arrow. Currently this Thesis is supported by an ongoing Weekly Classic Bullish Divergence and potential Daily Hidden Bullish Divergence so far.
Recently solving thousands of courts at once, 3M knows what they're doing and I believe Mike Roman is capable enough to turn business back around.
