3M Stock Drops Despite Beating Earnings Expectations

3M's shares fell after initially rising on solid third-quarter earnings and an upward revision of full-year guidance.

3M reported earnings per share of $1.98, surpassing Wall Street's expectation of $1.90.
The company's revenue for the third quarter was $6.1 billion, slightly above the estimated $6.06 billion.
Despite positive earnings, 3M's stock reversed from a 5% premarket gain to an early loss after the market opened.
3M raised its full-year guidance, increasing the lower end of its forecast from $7 to at least $7.2 per share.
The stock's performance this year has been strong, with over a 50% increase, partly due to the spin-off of its Health Care business.