From 24/7 Wall St. · David Moadel · · 1m 10s
3M Stock Rises on Amazon Deal and Earnings Beat
3M stock jumps 6% after Amazon data center deal expands and earnings beat.
In brief
3M stock jumps 6% after Amazon data center deal expands and earnings beat. 3M stock rose 6% to $171.91 after reporting better-than-expected quarterly earnings and an expanded Amazon data center deal. Originally reported by 24/7 Wall St..
3M Stock Surges
3M stock jumped 6% to $171.91 as investors weighed an expanded Amazon data center relationship alongside better-than-expected quarterly earnings.
Amazon Data Center Agreement
3M expanded its commercial relationship with Amazon to deploy and scale optical connectivity and data center products.
Warrant Structure Details
3M issued an Amazon subsidiary a seven-year warrant to purchase up to 3.16 million shares at $164.89 each.
Earnings Beat
3M reported third-quarter adjusted earnings of $2.50 per share, exceeding the $2.39 consensus estimate.
Full-Year Guidance
3M raised adjusted earnings guidance to $9.10 to $9.15 per share for the full year.
Peer Stock Performance
Coherent stock gained 1.33% to $235.11 while Corning stock slipped 0.21% to $132.46.
Next Steps for Investors
3M’s stock rally depends on execution of Amazon deal and sustained profitability.
The bottom line
3M stock rose 6% to $171.91 after reporting better-than-expected quarterly earnings and an expanded Amazon data center deal.
