Jim Cramer Highlights 3M’s “Tour de Force” Quarter
Insider Monkey – Free Hedge Fund and Insider Trading Data (Syeda Seirut Javed)3M Company (NYSE:MMM) is one of the stocks Jim Cramer recently highlighted. Cramer noted that the company is “back to innovating,” as he commented:
“The quarter from 3M, it was superb. This company used to be a fount of new products. They got bogged down by all kinds of litigation related to forever chemicals that wrecked groundwater. Now, 3M is back to innovating. 70 new products launched in the third quarter, 196 year to date. The electronics and safety end market, after putting up slow growth for ages,… better than expected.
As CEO Bill Brown, in his tour de force quarter, said, ‘Our third quarter performance gives us confidence we’re on the right track and reflects the culture of excellence we’re building inside the company as we continue to drive the rigor and op tempo necessary to deliver on our strategic priorities.’ Okay, that may sound like authentic Wall Street gibberish, but it isn’t for those who know how low 3M had fallen. It’s all you need to know is why 3M rallied $11 and 86 cents, 7.66% today.”
3M Company (NYSE:MMM) develops products across industrial, consumer, transportation, and electronics markets. The company’s products include adhesives, abrasives, safety gear, home and office supplies, and advanced materials for manufacturing and technology applications.
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