MMR

3M Stock Attempts to Topple Technical Ceiling After Upbeat Forecast

The company just lifted its third-quarter sales forecast

Digital Content Manager
Sep 15, 2020 at 10:21 AM
    facebook X logo linkedin


    3M Co (NYSE:MMM) is attempting to extend its three-day win streak, but was last seen down 0.5% at $167.64, after the blue chip name forecast third-quarter sales that came in higher than analysts' expectations. The company also posted August sales that rose 2% to $2.7 billion, lead by its Health Care unit. 

    MMM has been inching back toward its eight-month peak of $170.42, though pressure at the $170 level continues to act as a ceiling on the charts -- previously thwarting a rally attempt back in June. The year-over-year breakeven level has also kept a lid on the shares. On the upside, however, underlying support at the 30-day moving average appears to be firmly in place. 

    Analysts are still hesitant on MMM, with eight calling it a "hold," and two saying "sell." Plus, the 12-month consensus price target of $163.47 is a slight discount to current levels. 

    Option traders, meanwhile, are singing a different tune. In the past two weeks, 4.56 calls were picked up for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio falls higher than 89% of all other readings from the past year, suggesting a healthier-than-usual appetite for long calls of late. 

     

    AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

    Numerous companies with connections to artificial intelligence have seen their stocks soar.

    That includes Nvidia, the poster boy of AI.

    Its stock has skyrocketed 716% since ChatGPT’s debut. But here’s the thing …

    While everyone’s still counting their money from this first AI boom … Nvidia and countless others have moved on to the next stage.

    That includes Big Tech, which is currently making a series of peculiar investments in a few strange companies. This has nothing to do with tech. At least on the surface …

    Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

    In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

    Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

    Their stocks just may be the key to AI 2.0.

    Find out more about these two companies today.
     (ad)