Why 3M Stock Is Higher Today
Portfolio Pulse from Erica Kollmann
3M Company (NYSE:MMM) shares are trading higher following reports of a tentative $5.5 billion settlement over more than 300,000 lawsuits related to defective combat earplugs sold to the U.S. military. The settlement allows 3M to avoid potentially larger settlements related to the earplug cases. The stock is experiencing heavy trading volume, with over 3.94 million shares traded in the session, compared to the 100-day average of 3.755 million shares. The shares are up 4.7% at $103.64.
August 28, 2023 | 4:34 pm
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3M's stock is trading higher following a tentative $5.5 billion settlement over defective combat earplugs. The stock is experiencing heavy trading volume and is up 4.7%.
The news of the settlement is directly related to 3M and is likely to have a positive impact on the stock in the short term as it removes a significant legal risk. The heavy trading volume indicates increased investor interest, which can drive the stock price up.
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IMPORTANCE 80
RELEVANCE 100