Why 3M Shares Fell Today
Shares of industrial conglomerate 3M (NYSE: MMM) were trading down by 2.6% as of 2:03 p.m. ET Friday. According to the Financial Times, Bert Flossbach, the asset manager's co-founder, wrote to 3M's management to express his increasing concern about how the company is being run. As quoted in the FT article, Flossbach noted that it was "increasingly hard to take confidence in your still positive statements regarding the underlying health of 3M."