• Re: Democrat Donation Pipeline 3M Stock Dives After Judge Says No to Ba

    From Putin Owns Biden@21:1/5 to governor.swill@gmail.com on Sun Aug 28 06:34:18 2022
    XPost: talk.politics.guns, alt.politics.economics, or.politics

    In article <t1i9p8$326l5$66@news.freedyn.de>
    <governor.swill@gmail.com> wrote:

    Obama and Biden are both idiots. They flunked math.

    3M stock posted its biggest one-day decline since April 2019
    after a legal ruling went against the company.

    On Friday afternoon, The Wall Street Journal reported that Judge
    Jeffrey Graham of the U.S. Bankruptcy Court in Indianapolis
    denied 3M’s attempt to move legal liabilities associated with
    faulty earplugs sold to the military by a 3M (ticker: MMM)
    subsidiary into bankruptcy court.

    “We are disappointed in the court’s ruling today and will be
    filing an appeal,” said a 3M spokesman. “Despite today’s ruling,
    3M continues to hope that all parties and their attorneys will
    come together to negotiate a prompt resolution to this matter so
    that those veterans with eligible claims can be compensated

    Shares of 3M tumbled 9.5% to close at $129.14 on Friday, marking
    the stock’s largest percent decrease since April 25, 2019, when
    it fell 12.95%, according to Dow Jones Market Data.

    The bankruptcy was part of a strategy to limit and quantify 3M’s
    liability. The company said on its second-quarter earnings
    conference call in late July that it planned to put the
    subsidiary, Aearo Technologies, in bankruptcy protection while
    funding a trust with $1 billion to deal with roughly 230,000
    pending earplug injury lawsuits.

    3M stock had jumped almost 5% after the company reported second-
    quarter numbers last month, and the legal strategy was a big
    reason for the move. The company actually cut full-year earnings
    guidance on the call. Cutting guidance usually sends stock lower.

    Legal liabilities related to earplugs—as well as chemicals that
    3M produced long ago that have been found in groundwater—have
    been an overhang for the stock for many months. 3M has taken
    charges for clean up costs regarding the chemicals, though the
    Environmental Protection Agency has not yet declared them
    hazardous substances.

    3M stock is down about 27% year to date, while industrial stocks
    in the S&P 500 are off about 10% on average. 3M shares peaked in
    March 2018 at almost $260.

    Wall Street has worried about the liabilities, for a while too.
    Only one analyst, about 5% of the total, covering the stock
    rates shares Buy. The average Buy-rating ratio for stocks in the
    S&P 500 is about 58%.

    Write to Al Root at allen.root@dowjones.com

    https://www.marketwatch.com/articles/3m-stock-bankruptcy-court- 51661545903?mod=mw_more_headlines

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