Read Larry Connors' blog – Short Term Trading Strategies
Most of the engineering job losses are occurring at 3M's headquarters campus in Maplewood.
"This is related to the challenging economic environment," 3M spokeswoman Jacqueline Berry said Friday.
3M will release its second-quarter results July 23, and Wall Street analysts are forecasting that the company's revenue will fall 19.8 percent to $5.41 billion. Sales dropped more than 21 percent in the first quarter.
Analysts estimate 3M will earn 94 cents per share in the second quarter, which would be down 32 percent from a year earlier.
CEO George Buckley repeatedly has warned that the global recession would be particularly tough on 3M's sales over the first half of this year. He previously indicated that job reductions would continue through the second quarter that concludes next week.
In Southbridge, Mass., about 200 employees were notified this week that their plant, which makes hearing and eye protection products, will close. 3M, Minnesota's largest manufacturer, acquired that East Coast factory in late 2007 when it purchased Indianapolis-based Aearo Technologies. Berry said the work from that factory would be transferred to other 3M plants that make health and safety products.
"The manufacturing transition will begin immediately and be completed by early 2010," Berry said.
Other job reductions occurred earlier in the second quarter.
In the United States, about 700 employees accepted 3M's early retirement packages that were available through May 31. Berry said that additional jobs were eliminated at overseas locations during the current quarter, but she did not have a total figure available on Friday.
In April, 3M said that it expects 2009 sales, excluding those from acquisitions, will drop by 11 to 15 percent compared with last year.
3M's stock closed Friday at $59.26, up 36 cents. It traded as high as $74.71 last summer. The stock hit its 52-week low at $40.87 in March, but has been on a recovery path in recent weeks.
Liz Fedor --612-673-7709
To see more of the Star Tribune, or to subscribe to the newspaper, go to http://www.startribune.com/. Copyright (c) 2009, Star Tribune, Minneapolis Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
