3M’s stock gains after upbeat sales outlook

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Shares of 3M Co. rose 0.9% in premarket trading Tuesday, after the consumer, health care and industrial products company provided an upbeat third-quarter sales outlook. The company reported August sales rose 2% from a year ago to $2.7 billion, following the company’s report last month that July sales rose 6% to $2.8 billion. Although there is still significant economic uncertainty as a result of the COVID-19 pandemic, the company estimates that third-quarter sales will be $8.2 billion to $8.3 billion, up from $8.0 billion a year ago and above the FactSet consensus of $8.08 billion. 3M said it will still report monthly sales to provide investors with updates amid ongoing uncertainties related to COVID-19. The stock has slipped 4.5% year to date through Monday, while the Dow Jones Industrial Average has declined 1.9%.
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