3M Announces Yet Another Job Cut and Express Shares Slide Hard in Wednesday Trading
3M, a long-time component of the Dow 30 has been struggling all year. Recently, shares barely touched their previous January highs partly in credit to what’s known as “the rotation trade.”
On Thursday, the company announced that they will be reducing staff and restructuring once again. This means that 2900 jobs will be cut, and the company is planning to “scale-back on investments in lower-growth markets.”
Express share fell over 25% in Thursday trading after missing their earnings estimates for the third quarter and saying they will be cutting 10% of staff at its corporate headquarters. The company booked a net loss of $90.3 million in the quarter to October 31st.
As for share prices, since the beginning of the year the stock has fallen 68%. Comparably, the S&P 500 is up 13.6% in the same time frame.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.