Studies have shown lay offs don’t support stock even through a quarter.
We need more unions- most
People live paycheck to paycheck while executives make millions and pretend to care that they’re cutting thousands of jobs- most of which are necessary roles. Now the leftover already overworked employees will pick up the slack. No more company loyalty even for a previously secure company like 3M.
There was not a rise in stock price this time. At the end of the day, it closed lower than the opening price. Wall street is not impressed.
Yes down near 102. Some “jump”
The stock “rise” was probably retail investors based in MN and Naples buying. Not exactly the “smart money”. Next stop 85
Usually the leeches that work on Wall Street cheer like he-l when they hear the word layoffs, and stock price increases a few percentage points in the next few days after announcement.
I have seen this happen to 3M stock earlier.
Now the situation is soo pathetic that even the leeches on the East Coast are not amused. This alone should tell you a lot about the external perception of 3M from a financial point of view.
I remember when the ge----l wart wonder cream was trotted out as the next big thing.
I was so pumped up for it.
Time’s certainly have changed.
Layoffs were used by many companies in the early 90s recession as a way to goose the stock price 3 to 5 percent in one day. Studies in the mid 90s showed that unless you sold right after the boost, you would end up no better off than if you had bought a competitor and held it for 3 years.
Same studies showed companies that tried goosing a 2nd time a year later actually lagged long term vs competitors.
3M has had how many announced Layoffs in the last 5 years alone. They finally announced the August layoff after people were leaving but never gave numbers. Then January now April. Other than tech companies like meta, who else has had 3 Layoffs in the last 9 months?
Wall Street has clearly written off mike. The tough question yesterday about lack of innovation showing up in sluggish organic growth sales showed they see what many people inside the company see. Nothing shiny and new coming down the pipeline to save this place.
Prior to mcnerney, this company always seemed to be on the leading edge and could collect huge margins. He strangled R&D so badly and then six sigma black belts came along when they could have been in the labs developing the next thinsulate. So sad!