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☆ Stocks making the biggest moves premarket: Taiwan Semiconductor, Tesla, Carvana and more
▼ + stars: | 2024-07-10 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Though Goldman increased its price target, the investment bank remains neutral on Tesla, with the new price target implying about 5% downside from Tuesday's close of $262.33. Taiwan Semiconductor Manufacturing — Shares of the company, which makes semiconductor chips for AI giants including Nvidia and Apple, added 2%. Taiwan Semiconductor reported revenue from April-June this year of T$673.51 billion, as compared to the T$654.27 billion expected by analysts polled by LSEG, according to Reuters. 3M Company — Shares declined 1.2% after 3M announced its finance chief Monish Patolawala is leaving the company "to pursue another opportunity." The analyst's $77 price target implies a rise of 10.2% over the next 12 months.

Persons: Goldman Sachs, Tesla, Goldman, Monish Patolawala, Carvana, Needham, Jefferies, LegalZoom.com, Dan Wernikoff, LegalZoom, Lisa Han, Alex Harring, Spencer Kimball Organizations: Taiwan Semiconductor Manufacturing, Nvidia, Apple, Taiwan Semiconductor, LSEG, Reuters, 3M, Walmart —, Spotify Technology

☆ Cramer says Carvana pulls a 'rabbit out of a hat,' slams Mastercard, Visa downgrade
▼ + stars: | 2024-07-10 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

CEO Brian Niccol told Cramer that's not the case. CEO Ernie Garcia "pulled the rabbit out of a hat," Cramer said. "This is a classic case of whenever you sell these stocks ... you end up regretting it," Cramer said. They have no credit risk. I don't think you downgrade these stocks going into a slowdown where you might have credit risk."

Persons: Jim Cramer's, Sasan Goodarzi, Jim Cramer, Jack Hartung, He'll, Adam Rymer, Cramer, Chipotle, Brian Niccol, Cramer that's, Monish Patolawala, Bill Brown, Needham, Ernie Garcia Organizations: CNBC, Club, Intuit, Karma, Archer, Daniels, Midland, Mastercard, Visa, Bank of America

☆ 3M raises full-year profit forecast aided by cost cuts, price hikes
▼ + stars: | 2023-10-24 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

3M hiked prices to offset high raw material and labor costs, and undertook a workforce reduction amid waning demand for consumer electronics. And if needed, we'll continue doing that," 3M Chief Financial Officer Monish Patolawala said on a call with analysts. The company's cost-cutting push helped it beat estimates but 3M is still faced with weak demand for consumer electronics, especially in China and Europe. 3M now expects full-year adjusted earnings per share to be in the range of $8.95 to $9.15 per share, versus prior forecast of $8.60 to $9.10. The company's adjusted profit for the third quarter came in at $2.68 per share, above analysts' estimates of $2.34.

Persons: Brendan McDermid, we'll, Monish Patolawala, Morgan, Kannaki, Maju Samuel Organizations: New York Stock Exchange, REUTERS, U.S, Barclays, 3M, Thomson Locations: New York City, U.S, China, Europe, J.P, Bengaluru

☆ 3M warns of 'slow growth environment' in 2024, shares drop
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. REUTERS/Nicholas Pfosi/File Photo Acquire Licensing RightsSept 13 (Reuters) - U.S. industrial conglomerate 3M Co (MMM.N) on Wednesday warned of "a slow growth environment" in 2024 and forecast weakness in its electronics and consumer segments for the current and following quarter. "The consumer has shifted spending from discretionary to staples and other experimental activities," 3M CFO Monish Patolawala said. The dour outlook comes as the company grapples with the fallout from lawsuits related to its Combat Arms earplugs and water pollution claims tied to "forever chemicals". The St. Paul, Minnesota-based company in June reached a $10.3 billion settlement related to the water pollution claims.

Persons: Nicholas Pfosi, Monish Patolawala, Kannaki, Shinjini Ganguli Organizations: REUTERS, 3M, FX, U.S, Thomson Locations: Maplewood , Minnesota, U.S, China, Paul , Minnesota, Bengaluru

☆ 3M warns of 'slow growth environment' in 2024
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. REUTERS/Nicholas Pfosi/File Photo Acquire Licensing RightsSept 13 (Reuters) - U.S. industrial conglomerate 3M Co (MMM.N) on Wednesday warned of "a slow growth environment" in 2024 as well as flagged weakness in its electronics and consumers segments in the current and next quarters. "The consumer has shifted spending from discretionary to staples and other experimental activities," 3M Chief Financial Officer Monish Patolawala said. 3M, which makes electronic displays for smartphones and tablets, is witnessing a significant drop in U.S. retailers' inventories as spending on consumer electronics declined amid stubborn inflation and higher borrowing rates. Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Nicholas Pfosi, Monish Patolawala, Patolawala, Kannaki, Shinjini Organizations: REUTERS, 3M, Thomson Locations: Maplewood , Minnesota, U.S, China, Bengaluru

☆ 3M names Bryan Hanson as CEO of its health care business
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Nicholas Pfosi/File Photo Acquire Licensing RightsAug 22 (Reuters) - 3M Co (MMM.N) said on Tuesday that Bryan Hanson would be the chief executive officer of the healthcare company it plans to spin off. 3M last year disclosed plans to spin off its healthcare business into a listed company, in which the U.S. industrial giant would retain a 19.9% stake. The health care unit, which focuses on wound care, oral care and healthcare technology, accounted for about 25% of 3M's $34.23 billion in sales last year. Hanson joins 3M from Indiana-based medical equipment maker Zimmer Biomet (ZBH.N), where he was president and CEO since 2017, and chairman since 2021. Hanson would join 3M on Sept. 1 as CEO of Health Care Business Group, the company said.

Persons: Nicholas Pfosi, Bryan Hanson, Hanson, Zimmer Biomet, Carrie Cox, Kannaki, Shilpi Majumdar Organizations: REUTERS, Health Care Business Group, Humacyte Inc, 3M, Thomson Locations: Maplewood , Minnesota, U.S, Indiana, Bengaluru

☆ Global manufacturing is sputtering
▼ + stars: | 2023-06-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

S&P Global data showed that the US manufacturing sector fell into contraction territory in May. Business conditions in China’s manufacturing industry, the largest in the world, improved in May, according to the Caixin manufacturing Purchasing Managers’ Index. Globally, manufacturers’ optimism fell to its lowest level since December, according to the JPMorgan Global Manufacturing PMI. The possibility of China reinvigorating global economic growth is slipping. That could eventually lead to global manufacturers trimming their workforces if demand for goods continues to weaken and their backlogs shrink further.

Persons: ”, Ariane Curtis, “ We’ve, Tom Garretson, Jerome Powell, hasn’t, won’t bode, Liu Young, Monish Patolawala Organizations: DC CNN — Manufacturers, Factories, P, Institute for Supply Management, Commerce Department, JPMorgan Global Manufacturing PMI, Capital Economics, International Monetary Fund, RBC Wealth Management, Credit Suisse, UBS, The Federal Reserve, European Central Bank, Fed, Apple, 3M, National Association of Manufacturers Locations: Washington, United States, Ireland, China, Europe, Germany, Europe’s

☆ 3M to cut 6,000 roles globally as weak consumer electronics demand bites
▼ + stars: | 2023-04-25 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

April 25 (Reuters) - 3M Co (MMM.N) will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics. 3M, which makes electronic displays for smartphones and tablets, has been struggling with waning demand for consumer electronics as people are cutting back on discretionary spending amid recession worries. The company's consumer electronic business fell 35% in the first quarter, Chief Financial Officer Monish Patolawala said on a call with analysts. With the second round of job cuts, the company has now reduced its total global workforce by 10%. 3M expects to take total pretax restructuring charges of $700 million to $900 million, with about half of those to occur in 2023 and the balance in 2024.

☆ 3M warns of weak consumer spending, cuts full-year forecast
▼ + stars: | 2022-10-25 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Post-it maker 3M Co (MMM.N) said on Tuesday it expected weak consumer spending to continue into the upcoming holiday season and cut its full-year forecasts, echoing broader concerns of an uncertain economic environment. "Consumer spending continues to be weak," 3M Chief Financial Officer Monish Patolawala said on a post-earnings call with analysts. That cut in spending has also impacted 3M, which makes equipment such as electronic accessories and power cable connectors. The diversified manufacturer, which gets 60 percent of its revenue from outside the United States, cut its full-year revenue and profit forecasts earlier on Tuesday, while also citing ongoing macroeconomic and geopolitical uncertainty. 3M reported third-quarter revenue of $8.62 billion, missing the average analyst estimate of $8.70 billion, according to Refinitiv data.

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