3M (MMM) NewsBite - 3M Lower On Downgrade

Tuesday, December 02, 2008 9:57 AM EDT

3M (NYSE: MMM) opened at $60.70. So far today, the stock has hit a low of $59.95 and a high of $60.80. MMM is now trading at $60.44, down $1.91 (-3.06%). Over the last 52 weeks the stock has ranged from a low of $50.01 to a high of $88.70. MMM shares are declining this morning after a Citi Investment Research analyst downgraded the stock to to "Sell" from "Hold," and reduced the stock's 2009 EPS estimate to $4.95 from $5.55. Technical indicators for the stock are bullish and S&P gives MMM a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on MMM the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 75 range. [ABR-Seven Summits Strategic Investments NewsBite]

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