8 November 2004 – St Paul (MN): 3M shares soared 4.3 per cent on Friday in line with a decline in the crude oil cash price.
Art Hogan, chief market strategist at Jefferies & Co, said that 3M was a "direct beneficiary of the lower crude oil price because many of the products it makes are petroleum-based".
The company’s Q3 results, announced on 18 October, were below Wall Street estimates for the first time in more than seven quarters. Hogan said the company was squeezed because it was unable to pass the higher raw material costs on to its customers in the way of consumer goods prices.
