3M stock sinks toward longest losing streak in 10 years

Shares of N95 face-mask maker 3M Co.
MMM,
-0.47%
dropped 2.6% in afternoon trading Thursday, to put them on track to suffer the longest losing streak in a decade. The consumer, industrial and health care products company’s stock has tumbled 14.0% during its current 10-day losing streak, which would be the longest since the 13-day stretch that ended May 18, 2012, according to data provided by Dow Jones Market Data. The stock has plummeted 18.6% over the past month to make it the worst performer among Dow Jones Industrial Average
DJIA,
+0.28%
components over that period. It is headed toward the lowest close since May 15, 2020. The extended selloff comes more than a week after 3M’s investor meeting, after which Morgan Stanley turned bearish on the stock. Among some technical factoids, the stock is trading 24.0% below its 200-day moving average (DMA), which many on Wall Street view as a long-term trend tracker. That makes the stock the deepest below its 200-DMA of all the Dow components. Also, the stock has now retraced 74.5% of the rally off the then-seven-year closing low of $117.87 on March 23, 2020 to the then-two-year high of $207.33 reached May 10, 2021.