3M Co
Change company Symbol lookup
Select an option...
MMM 3M Co
PSA-M Public Storage
BDX Becton Dickinson and Co
GGN GAMCO Global Gold, Natural Resources & Income Trust
GUT Gabelli Utility Trust
CHD Church & Dwight Co Inc
CHY Calamos Convertible & High Income Fund
CHW Calamos Global Dynamic Income Fund
CCVIX Calamos Convertible Fund Class A
ETY Eaton Vance Tax-Managed Diversified Equity Income Fund
Go

Industrials : Industrial Conglomerates | Large Cap Blend
Company profile

3M Co is a technology company. The Company operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care and Consumer. Safety and Industrial segment consist of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. Transportation and Electronics segment consists of electronics, including display materials and systems, electronic materials solutions, automotive and aerospace, commercial solutions, advanced materials, and transportation safety. Health Care segment’s products and services include medical and surgical supplies, skin health and infection prevention products, oral care solutions, separation and purification sciences, health information systems and food safety products. Consumer segment serves consumers and consists of home improvement, stationery and office supplies, home care and consumer health care.

Closing Price
$175.06
Day's Change
-3.70 (-2.07%)
Bid
--
Ask
--
B/A Size
--
Day's High
179.45
Day's Low
174.61
Volume
(Heavy Day)
Volume:
3,363,387

10-day average volume:
2,254,243
3,363,387

UPDATE: Tilray shares soar 39% as Reddit message board sets sights on cannabis sector

7:20 am ET February 11, 2021 (MarketWatch)
Print

Ciara Linnane

WallStreetBets subgroup were encouraging each other to make Tilray the next GameStop on Wednesday

Shares of Canadian cannabis company Tilray Inc. soared 39% Wednesday to extend their prior-day gains, as the same investor group that caused the shares of videogame retailer GameStop Inc. to climb to dizzying heights (https://www.marketwatch.com/story/gamestop-stock-has-another-volatile-trading-day-with-more-price-spikes-and-trading-halts-11611686411?mod=bnbh_mwarticle) appeared to now have the stock in their crosshairs.

The investor group that exchanges messages on the WallStreetBets subgroup on Reddit (https://www.reddit.com/r/wallstreetbets/comments/lgrc39/daily_discussion_thread_for_february_10_2021/)were encouraging each other to make Tilray (TLRY) the next GameStop (GME) by creating a short squeeze in the stock, as well as to buy Aphria Inc. (APHA.T), with which it is merging.

Korey Bauer, chief investment officer and portfolio manager of the Cannabis Growth Fund (https://www.cannabisgrowthfunds.com/) from Foothill Capital Management, said Tilray has one of the highest levels of short interest as a percentage of float among cannabis stocks, making it a natural target for the Reddit group. (https://www.marketwatch.com/story/here-are-some-of-the-other-stocks-seeing-gamestop-like-short-squeezes-11611687693)

At the same time, Aphria Inc. is now trading at a discount to the terms of the deal announced in December that would see the two companies merge and become the biggest cannabis company in the world by revenue, he said.

Read also:Best-performing marijuana ETF manager says the industry will be transformed by iconic consumer brands (https://www.marketwatch.com/story/best-performing-marijuana-etf-manager-says-the-industry-will-be-transformed-by-iconic-consumer-brands-11612977480?mod=mw_latestnews)

Under the terms of that deal, Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own. Tilray shares were last quoted at about $56, while Aphria shares were quoted at just $26.80, meaning an investor can currently buy two Aphria shares for less than the price of one Tilray share.

For more, see: Tilray stock soars after reverse merger deal with Aphria, to create largest global cannabis company (https://www.marketwatch.com/story/tilray-stock-rockets-after-reverse-merger-deal-with-aphria-to-create-largest-global-cannabis-company-11608128018)

Tilray shares already enjoyed gains of more than 60% on Tuesday, after the news of an agreement with Grow Pharma (https://www.marketwatch.com/press-release/tilray-announces-agreement-with-grow-pharma-to-import-and-distribute-medical-cannabis-products-in-the-united-kingdom-2021-02-09?mod=mw_quote_news_seemore)to import and distribute cannabis products for the U.K. medical market.

Adding to the momentum, "we're seeing major flows in to investment products and Tilray is one of the larger holdings across ETFs," said Bauer.

The cannabis sector has been rallying since the election of President Joe Biden, who is expected to adopt a more pro-reform agenda than his predecessor. Already, Senate Majority Leader Chuck Schumer and two of his Democratic colleagues have pledged to make cannabis legislation a key part of the current Congress and have promised to release legislation in the near term.

Read now:Cannabis stocks rally after Chuck Schumer leads drive for reforms that may end federal prohibition (https://www.marketwatch.com/story/cannabis-stocks-rally-after-chuck-schumer-leads-drive-for-reforms-that-will-end-federal-prohibition-11612292635?mod=cannabis-watch)

That has raised hopes for an end to the U.S.'s federal ban on cannabis, a strict approach that classifies it as a Schedule I drug, along with heroin. The ban has limited the development of the sector to those states that have legalized for medical or recreational purposes, and mostly kept companies out of the federally insured banking system.

See also: Canopy Growth shares soar after CEO says cannabis company will be profitable by 2022 (https://www.marketwatch.com/story/canopy-growth-shares-soar-after-ceo-says-cannabis-company-will-be-profitable-by-2022-11612896175)

"Legalization efforts in the USA seem to be moving along and pushing up Canadian cannabis stocks," said Bauer.

Many of these companies don't have significant or any meaningful exposure to U.S., however, he said. "We think management teams should use this opportunity to strengthen balance sheets," he wrote.

Don't miss:SEC takes enforcement action against IGC for claims made about cannabis-based treatment for Alzheimer's symptoms (https://www.marketwatch.com/story/sec-takes-enforcement-action-against-igc-for-claims-made-about-cannabis-based-treatment-for-alzheimers-symptoms-11610392390?mod=cannabis-watch)

Hopes for the sector have also been boosted by legalization moves in more states, with New York expected to become the next to legalize and to form a major market for the plant and its products. (https://www.marketwatch.com/story/new-york-is-finally-expected-to-legalize-cannabis-in-2021-as-gov-cuomo-goes-all-in-11611348667?mod=cannabis-watch)

New York Gov. Andrew Cuomo has made cannabis legalization a part of this year's budget and said he expects it to create more than 60,000 jobs, to spur $3.5 billion of economic activity and generate more than $300 million in tax revenue once the program is fully up and running. That money is much needed given the $15 billion deficit the state is facing (https://www.budget.ny.gov/pubs/archive/fy22/ex/book/briefingbook.pdf)with revenue having been decimated by the coronavirus pandemic.

Other cannabis stocks were also higher Wednesday, with Canopy Growth Corp. (WEED.T) up 5%, Cronos Group Inc. (CRON.T)(CRON.T) up 12% and Aurora Cannabis Inc. up 14%.

Shares of Sundial Inc., a penny stock that once had a more than $1 billion valuation, (https://www.marketwatch.com/story/how-a-cannabis-unicorn-lost-80-of-its-value-in-six-months-2020-02-03?mod=article_inline)were up 74%.

The Cannabis ETF (THCX) was up 12% and has gained 154% in the year to date, while the S&P 500 has gained 16%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

February 11, 2021 07:20 ET (12:20 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2021 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2021. All rights reserved.