Top- and Bottom-Line Beat Gives 3M Stock Hope for a Comeback

Household goods manufacturer and blue-chip name 3M Co (NYSE:MMM) has joined the bevvy of companies sharing earnings today. The firm posted fourth-quarter profits of $2.31 per share on $8.61 billion in revenue, easily besting analysts' estimates. This impressive report comes just months after 3M lowered its full-year earnings forecast due to higher production costs and supply chain issues, with the company adding that business improved in December.

The equity is up 1.3% to trade at $175.00 in response. Like most other Dow members, MMM snapped back to log a daily win within the final few moments of trading, though it's still contending with a recent rejection at the 100-day moving average. On the flip side, the equity's year-over-year breakeven level near the $170 area could serve as a floor going forward.  

Short-term options traders, meanwhile, are overly bearish. This is per MMM's Schaeffer's put/call open interest ratio (SOIR) of 1.16, which stands higher than 92% of readings from the 12 months. In other words, these traders have rarely been more put-biased in the past year.