Stock of the day: 3M Company
29 July 2024
Today’s stock spotlight is on 3M Company, which posted impressive earnings early Friday before the market opened. The company reported an EPS of $1.93, surpassing the expected $1.67, and generated $6.3 billion in revenue, well above consensus. This strong performance has had a notable impact on its stock.
Before the earnings announcement, 3M's stock was consolidating within a symmetric triangle pattern marked by orange lines and trading below the green downtrend line. Despite a generally weak market reaction, the positive earnings report provided a significant boost to buyer sentiment. The stock opened with a bullish gap and continued its upward momentum throughout the session.
Post-earnings, 3M's share price climbed from just above $100 to end the day at $127 per share. This remarkable surge represents a strong long-term buy signal, driven by the company's better-than-expected financial performance and improved market sentiment.