3M on track for worst day since 1987 crash

Credit: Reuters Studio
Published on April 25, 2019 - Duration: 01:08s

3M on track for worst day since 1987 crash

Shares of 3M tumbled as much as 11 percent Thursday after results from the international manufacturing conglomerate fueled global economic growth concerns.

Conway G.

Gittens reports.

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3M on track for worst day since 1987 crash

A warning signal on the global economy from international manufacturing conglomerate 3M.

The maker of Post-it notes and Scotch tape posted first quarter profits that were way below analysts forecasts, cut its outlook for the year and announced it's laying off 2,000 workers.

The cause - according to CEO Mike Roman - slowing conditions in key markets.... Sales were down across all major regions with the U.S. barely eking out a gain.

The stock tumbled as much as 11 percent in response, that puts it on track for the worst day since the October 1987 Wall Street crash.

3M is the latest international economic bellwether to raise concerns this earnings season of a possible slowdown underway.

Caterpillar warned it was still seeing questionable demand in China, the world's second biggest economy.

But the warnings have largely been restricted to the global industrial sector.

Tech companies, on the other hand, have been upbeat, leading the Nasdaq to a record intra-day high on Thursday.

The Dow Industrials traded lower.

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