🙋🏻♂️I firmly believe This train wreck we are headed into face first could have easily been mitigated by the Board of Directors; at the end of the day, isn’t that what they are paid to do?
A softer landing for employees as well as the executives and institutional shareholders.
Any guess as to why no action was take. Decades ago?
So how do we the people vote out the lecherous board of directors? Real question, can it be done?
It is highly illogical to compare MMM stock performance to TSLA or META...but your post drips of sarcasm.
2022 Dow Peer Company Performance:
CAT : +15.88%
JNJ : +3.26%
HON : +2.78%
BA : -5.38%
PG : -7.35%
DOW : -11.16%
MMM : -32.49%
3M stock price was about $180 on Jan 3rd 2022 and it ended at about $120 on Dec 30, 2022.
So about 33% loss for the year. Chime in the current dividend at roughly 5% and you get a loss of 28% for the year.
In comparison, some big name stocks such as Tesla, Meta etc. fell 60% or so in 2022.
Thus 3M stock performance is not too shabby. I certainly think so and I hope you do too!
Plus contrary to many pessimistic predictions, 3M stock did not reach double digit figures in 2022.
This excellent performance has not gone unnoticed by our BOD who are thus aptly rewarding the C Suite with generous stock options and salaries.
Any contration thoughts? Are my reasonings illogical? Happy to hear some feedback.
Cheers to a great 2022 for Mother Mining! Well done by the Romans...
Who says the BOD isn't on board (no pun intended) with what's going on? The company has a big cash flow problem, even without the lawsuits. Dividend is unsustainable, pension is a drag too with market losses this year.
The healthcare spinoff is not good for the company, but does provide smokescreen cover. Things will get dramatically worse but Roman & the BOD can blame the healthcare spin for any future problems with promises of synergies, efficiencies & value for the stakeholders moving forward. 2023 predictions: look for dividend to be slashed, pensions to be eliminated and corporate staff groups 90% outsourced per Peter's meetings with the Bobs. The titanic deck chairs are currently being rearranged & the BOD may very well be orchestrating the arrangement.
it is the same everywhere, keep the shareholders happy and forget the rest of us, the workers make everyone else rich except themselves. The change is starting though and is gathering pace as the gap between workers and middle management has got too big and the gap between middlemanagement and execs is uncatchable. Time for the workers to start striking and and demanding 20 per cent payrises this year and don't settle for a penny less, MR is getting $15,000,000 inc shares salary every year for what.
@wbg+1kr31ELR -
You're confusing trade date with settlement date. A stock is considered purchased or sold for tax purposes on its trade date, when the trade is made, rather than on its settlement date, when the stock is delivered and payment is made.
And for most stock trades, settlement occurs two business days after the day the order executes, or T+2 (trade date plus two days). For example, if you were to execute an order on Monday, it would typically settle on Wednesday. (Prior to 2017 settlement was T+3 or three business days after the day the order executed).
I made a few year end trades at Fidelity this morning and they are included in my 2022 YTD Realized Gain/Loss Summary. I do year end portfolio balancing every year and trades made on the last business day always show up on that year's 1099.
Actually, since it takes 3 days to clear, the last chance (which you should have taken) was 3 days ago... Anyone selling today will get the tax writeoff in another year.
When one considers the state of 3M in 2000 when GE clown McNerney took over, the company was well-positioned in many businesses, had a strong customer base willing to pay price premiums, and had an R&D pipeline the envy of the industry.
McNerney looked at research budgets as a cost, not an investment. Six sigma may have made sense in manufacturing because you can measure defects, find and fix root causes, and put in control plans. But being "a legend in his own mind," Jimmie imposed 6 sigma on everything, including all of the labs and even the corporate cafeteria!
Around the time McNerney took over, Jim Collins wrote a great book on leadership called From Good to Great. He talked about servant CEOs like guys like Lewis Lehr from the 1980s. He also warned about rock star CEOs who promoted themselves and not the contributions of the rest of the team. McNerney was probably on business talk shows more in his first year than Desi was in 10. It was always about what HE was going to to do "fix" 3M. 20 years later, the "fix" is in and you don't need to look at your GESPP to feel the pain.
Reminder.....last day of the year. Great opportunity to sell 3M shares to write off as a 2022 tax deduction.
Agree with comments from “No more GE hires ever.” This train wreck spanned decades of bad decision making by leadership. It simply takes a long time to dismantle a large complex company through consistently poor, quarter-to-quarter decisions.
The current clown show —no more (in)capable than its predecessors—simply got stuck holding the bag.
They’re probably busy preparing a platinum parachute for Mikey.
Because they don't care. They all sold their stock and soul many years ago.
The only 3M product I know is PFAS.
The board sold its soul when they decided to go outside the company to hire a CEO in 2000. GE reject James McNerney, who was so bad even a clown like Immelt for the GE job, took over and then systematically replaced with board members 1 by 1 with people who loved the GE cult.
Buckley tried to take 3M in a different direction, back to innovation, but the board nixed it.
Inge was just looking out for Number 1 and borrowed billions to goose the stock price. Then we got Mikey, the peter principle clown prince. Monish is running the company.
The board is insular and will not take action because they have their GE pal in charge. The worst part is GE clowns will be placed in charge of the HC spin. The board is under the "scratch my back, and I'll scratch yours" M.O.
sell all of your shares even at a huge loss before it's too late.
✅ LOSING!
You work for Satan. Get out while you can. This isn’t your Father’s 3M anymore.