3M and Philip Morris International beat third-quarter expectations
Quarterly reports from Dow component 3M Co (NYSE:MMM) and Philip Morris International Inc. (NYSE:PM) are in focus this morning. Both companies surpassed earnings and revenue expectations for the third quarter, and the latter lifted its annual outlook.
MMM is up 5% in premarket trading, looking to open at a fresh two-year high of $141.60. The stock is also looking to snap a three-day losing streak as it bounces off support at the 40-day moving average. Shares already boast a 47.5% year-to-date lead, and could notch their highest single-day percentage pop since July if today’s gains hold.
A shift in sentiment in the options pits could bolster 3M stock. This is per its 50-day put/call volume ratio over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks than 86% of readings from the past year.
PM is up 3% before the open to trade at $122.50, set to break above a recent ceiling at the $122 level and overhead pressure from its own 40-day trendline. While shares have cooled off from their Sept 9, all-time high of $128.22, they still boast a 26.4% lead so far in 2024.
Options bulls love Philip Morris International stock. Its 10-day call/put ratio of 4.56 at the ISE, CBOE, PHLX sits higher than 77% of annual readings, suggesting bullish bets have been popular of late.