3m Price fell after this week's lowering of organic sales growth forecasts.
IMO this is a classic case of trying to under promise so they can then over deliver (UPOD).
Fundamentally MMM remains a blue chip company.
Technically there is support just below $84 on the charts and with the 200dma. Also more down side support at $80.
Bought MMM around $84 in expectation of few catalysts over the next few weeks to cause major movement in the stock and a near term bounce back to fill in chart gaps in high $80s.
Best Case - stock bounces back over $85 in the next few days. If it does, I plan to sell $85 calls which I would anticipate to be at about $2. If the stock stayed above $85 for the next month that would be a return of 3.5% over 5 weeks.
Worse Case - stock continue to drop..possible exit if it significantly breaks the $80 support level.