We highlighted the long-term perennial underperformance of 3M Company (MMM) back in the December 15, 2023 edition of the Daily Stock Report, and since then, the stock is down 12.1%, while the S&P 100 Index is up 12.2% over the same period. The shares have been stuck in the Red Unfavored Zone of the SIA S&P 100 Index Report since April of 2019 and have been out of the green zone since April of 2018.
Yesterday, 3M completed the spinoff of its healthcare division into a separate company, and the stock jumped 6.0%.
While MMM remains in the Red Unfavored Zone of the SIA S&P 100 Index Report, by jumping 17 spots to 75th place, it has broken out of a relative strength downtrend and reached its highest rank since August of 2021, and its SMAX score increased to its highest level since September of 2021.
Menu