Bad Tidings From 3M

3M(MMM Quote) slid 7% Friday after the manufacturer warned that second-quarter earnings will miss previous forecasts.

Before items, 3M expects to earn $1.04 to $1.09 a share on sales of $5.7 billion in the quarter. Analysts surveyed by Thomson First Call were forecasting earnings of $1.17 a share on sales of $5.71 billion in the quarter. The miss sent the stock down $5.96, or 7.3%, to $75.43.

"This second-quarter performance was impacted in large part by lower-than-expected sales volumes and higher-than-anticipated new capacity start-up costs in its optical systems division, a part of 3M's display and graphics business segment," the company said. ...