3M Lower Despite Reaffirming 2016 Guidance

3M Co. MMM shares are trading lower by $2.34 at $163.94 in Tuesday's session. Investors are not being swayed to the buy-side in the issue, even though the company reaffirmed its 2016 EPS outlook.

After a lower open, it managed only a $0.06 pop to $164.98 before continuing its move lower. The ensuing decline has found support just above its March 24 low ($163.05), only reaching $163.12 before staging a rebound. At this time, its is attempting to re-enter the $164 handle.