3M Opens Lower After Fourth-Quarter Profit Warning

Shares of Minnesota Mining & Manufacturing(MMM Quote - Cramer on MMM - Stock Picks) fell at the opening this morning, one day after the company said fourth-quarter earnings would miss expectations because of a slowing economy and a strong U.S. dollar.

The stock opened at $106.50 in regular session New York Stock Exchange trading, and recently sat at $106.06, off $7.44, or 6.6%. 3M was quoted in premarket Instinet trading at $109.

In an announcement made in advance of its quarterly financial statements, which are due out next week, 3M said income for the fourth quarter was $447 million, or $1.12 a share, compared with $444 million, or $1.10 a share, in the same period a year ago. The consensus estimate was $1.20, according to First Call/Thomson Financial.

The diversified technology company, which is based in St. Paul, Minn., said it is aiming to reduce its costs in order to achieve double-digit earnings growth in 2001. 3M also said it expects first-quarter earnings per share growth to be in the mid-single digits.