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sport / rec.sport.football.college / Re: Democrat Donation Pipeline 3M Stock Dives After Judge Says No to Bankruptcy Plan to Deal With Legal Liability

Re: Democrat Donation Pipeline 3M Stock Dives After Judge Says No to Bankruptcy Plan to Deal With Legal Liability

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Subject: Re: Democrat Donation Pipeline 3M Stock Dives After Judge Says No to Bankruptcy Plan to Deal With Legal Liability
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Date: Sun, 28 Aug 2022 06:34:18 +0200 (CEST)
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From: putins_b...@nytimes.com (Putin Owns Biden)
Injection-Date: Sun, 28 Aug 2022 04:35:01 +0000 (UTC)

by: Putin Owns Biden - Sun, 28 Aug 2022 04:34 UTC

In article <t1i9p8$326l5$66@news.freedyn.de>
<governor.swill@gmail.com> wrote:
>
> Obama and Biden are both idiots. They flunked math.
>

3M stock posted its biggest one-day decline since April 2019
after a legal ruling went against the company.

On Friday afternoon, The Wall Street Journal reported that Judge
Jeffrey Graham of the U.S. Bankruptcy Court in Indianapolis
denied 3M�s attempt to move legal liabilities associated with
faulty earplugs sold to the military by a 3M (ticker: MMM)
subsidiary into bankruptcy court.

�We are disappointed in the court�s ruling today and will be
filing an appeal,� said a 3M spokesman. �Despite today�s ruling,
3M continues to hope that all parties and their attorneys will
come together to negotiate a prompt resolution to this matter so
that those veterans with eligible claims can be compensated
sooner.�

Shares of 3M tumbled 9.5% to close at $129.14 on Friday, marking
the stock�s largest percent decrease since April 25, 2019, when
it fell 12.95%, according to Dow Jones Market Data.

The bankruptcy was part of a strategy to limit and quantify 3M�s
liability. The company said on its second-quarter earnings
conference call in late July that it planned to put the
subsidiary, Aearo Technologies, in bankruptcy protection while
funding a trust with $1 billion to deal with roughly 230,000
pending earplug injury lawsuits.

3M stock had jumped almost 5% after the company reported second-
quarter numbers last month, and the legal strategy was a big
reason for the move. The company actually cut full-year earnings
guidance on the call. Cutting guidance usually sends stock lower.

Legal liabilities related to earplugs�as well as chemicals that
3M produced long ago that have been found in groundwater�have
been an overhang for the stock for many months. 3M has taken
charges for clean up costs regarding the chemicals, though the
Environmental Protection Agency has not yet declared them
hazardous substances.

3M stock is down about 27% year to date, while industrial stocks
in the S&P 500 are off about 10% on average. 3M shares peaked in
March 2018 at almost $260.

Wall Street has worried about the liabilities, for a while too.
Only one analyst, about 5% of the total, covering the stock
rates shares Buy. The average Buy-rating ratio for stocks in the
S&P 500 is about 58%.

Write to Al Root at allen.root@dowjones.com

https://www.marketwatch.com/articles/3m-stock-bankruptcy-court-
51661545903?mod=mw_more_headlines

Subject	Author
Re: Democrat Donation Pipeline 3M Stock Dives After Judge Says No to Bankruptcy	Putin Owns Biden