3M unpacks cautious profit comments.

3M's (MMM CFO issued a wake-up call to the bulls headed into third-quarter earnings season: respect inflationary forces, or else. 

Shares of the Scotch tape maker fell 3% on Wednesday as CFO Nick Gangestad warned that inflationary pressures would clip earnings more than expected this year. The company sees a 10 cents a share hit from higher raw materials costs, Gangestad said at a Morgan Stanley conference. 3M previously saw a 5 to 10 cents a share hit. 

The comments from the Dow Jones Industrial Average component put instant pressure on the broader market. As of 2:30 p.m. EST, the blue chip benchmark was trading near session lows. The index rallied a bit thereafter, finishing up 27 points on the session. 

3M is a holding in Action Alerts PLUS.