3M’s new product for poultry producers
On March 22, 2018, 3M’s (MMM) Food Safety announced the launch of new Molecular Detection Assay 2–Campylobacter enrichment broth. The broth will help protect customers against the pathogen and improve productivity. The broth is a complete solution for Campylobacter, which causes approximately 13 million illness, according to the Centers for Disease Control and Prevention.
3M’s Campylobacter enrichment broth reduces the number of steps from 11 or more to five. Christopher Somero, 3M’s Food Safety marketing manager of new products, said, “We are providing the poultry industry with a complete solution that is simplified to achieve fast, highly accurate results. While this product was developed to give our customers an easier workflow, an additional benefit is increased protection of their products and brands from the threat of this pathogen.”
Update on 3M’s stock price
3M’s stock price declined 9.2% and closed at $215.36. As a result, the stock traded 9.0% below the 100-day moving average price of $236.62, which indicates a trend reversal in the stock. However, investors should note that 3M’s 14-day relative strength index has reached 30, which indicates that the stock has temporarily moved into an “oversold” position. On a year-to-date basis, the stock has declined 8.5%. In comparison, General Electric (GE), Stanley Black and Decker (SWK), and Honeywell (HON) have declined 27.3%, 10.8%, and 6.8%, respectively.
Investors could hold 3M indirectly by investing in the SPDR Dow Jones Industrial Average ETF (DIA). DIA has invested 6.2% of its portfolio in 3M as of March 23, 2018.