Off to a great start by new CEO
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Q3 24 earnings call will be brutal. No growth in sight
Dominik (or better yet demonic) go make papa gibbons a coffee while he rests in his tire swing…
So how is that working out for ya?
“14 million shares short on mmm including dark pool. Look it up. Short squeeze happened Friday. Hope you sold and took the profit.”
Currently at $130
14 million shares short on mmm including dark pool. Look it up. Short squeeze happened Friday. Hope you sold and took the profit.
Think deeply. Why would CFO chose to quit when he knows the company has “outperformed”?
And yet LTIP was taken away from more employees and raises were almost nothing!
“Looks like a super tough time ahead”
The more things change the more they stay the same.
The 2H is looking disastrous and the planning SVP has personally called for a daily review to report on the company inventory. Looks like super tough time ahead. Do sell your shares while it's up momentarily. Be warned
Yup, perks and benefits were quite good. But there were no increases given to people aside from annual changes (aside from promos). At least not to my knowledge, and I think I would have known.
I did get to see Natalie Cole, Olivia Newton John, and a few other excellent entertainers at the service awards!
Let's temper this with the fact that this is just over 1% growth in a screaming economy. Long live mediocrity!
The perks that 3M used to offer its employees really did set it apart and make it a place where people wanted to work. Service anniversary celebrations with A list entertainment were a fun perk, but also 3M covered education expenses for employees who wanted to pursue further education, promoted & gave raises throughout the year based on accomplishments instead of a rigid annual quota-based schedule, offered a strong pension plan, provided lots of on-site services, etc etc. It gave them a highly educated workforce with so much expertise and a lot of loyalty to the company. You literally could start at 3M as an hourly cafeteria worker or van driver (directly employed by 3M, not outsourced positions) and work your way up to a salaried position in one of the divisions.
Now all of that is moot. The valuable perks are long gone. New hires know they'll stay 3 yrs or so then move onto somewhere better. And there are so many places that are better.
The price surge was shorts covering. Contract strike price of $125 became in play. The financials were nothing extraordinary.
Many funds were short on 3M stock……betting it would go down and were forced to cover.
Just my 2 cents.
Looks like investors liked Bills position on growing and investing in NPI. Close over 127 up almost 23
days of the service dinners and other treats and incentives are long gone, we need that extra cash to sort out pride flags and work from home deliveroo breakfasts,the gen z kids are in charge of the factory floors now,let them have their cell phones in factorys, it ain't a problem, keep their twitchy eyes off the bigger problem,
new born gifts? seriously? What part of 3M does that? I worked there for 36 years and never heard of that.
Those who work inside 3m would know the details of the cuts and trims in order to make the financial results look good. Many waves of restructuring has resulted in inadequate workforce. Most employees benefits have been removed, things like service dinner, new born gifts... stock option LTI has been further stripped, and reserved for directors and above. The list can go on. Meanwhile there are nobody working on new products or growth. Everyday executive management is talking about cutting cost, cutting inventory. All these in order to please the shareholders. It's not sustainable.
It’s obvious that what needs doing is to replace the CEO on a quarterly basis. The next level down then sits tight while the new guy gets settled and the worker bees are allowed to do their jobs. Results!
Time to sell. Benefits were from restructuring. Expectation is high. Stock will head south soon.
Under normal conditions after positive news the knee jerk reaction is to double down on counting pencils and paper clips. With the news being this good, I suppose this calls for drastic measures such as investing in the future.
Who exactly benefits when stock prices surges? Probably directors and above who are eligible on LTI. No wonder they are so motivated to push hard for their scorecards
Credit no one other than the MAIN MAN Sir Peter Gibbons whose brilliant use of Kearney resources led to a breakthrough in operations performance.
Take a bow Peter. You've earned it.
Go Pete Go!
could someone post the info from q2 , im off today
These results were put into motion by the previous and current leadership, including the ESC leadership (for the haters). The board timing of the CEO switch was to give Bill a fresh start unencumbered by the lawsuits and restructuring.
I mean, great, I guess?
Although it's hard to get too excited when MMM's still only at 70% of what the stock price was just 3 years ago and the dividend's still halved.
What a slap in Roman’s face. The comments around how bad everything was is his EPR for five years. And now for BB to fix. What a slap in potty’s face as well. Thank you adm for coming for trash collection!