Why Shares in 3M Slumped in May

Shares of 3M (NYSE: MMM) fell by 12.2% in May, according to data provided by S&P Global Market Intelligence. The move came in a weak month for the industrial sector overall amid market concerns over the economic growth outlook, not least from weaker manufacturing data out of China.According to the National Bureau of Statistics of China, manufacturing activity contracted for the second straight month with May, and was worse than April. That's a concern in an interconnected global economy and a big issue for an industrial company like 3M."Our full-year guidance, as I have talked about, assumes overall recovery in all economies in the second half, including China," CFO Monish Patolawala said on the last earnings call Continue reading
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