What is going on with 3M's Share Price?
Something strange happened over the weekend.
Around the middle of March, before the current rally in 3M, I posted some comments that signaled a possible buy opportunity. So far, the trade is paying off nicely, but there was something strange that happened with the share price and options contracts of 3M today. You can check out the previous post in the link directly below.
Here are the illustrations from my previous comments that I posted on March 12. It is easy to see how the price was above 93 dollars before the current rally started.
I posted the comments during premarket while the price was rallying towards the 100 dollar price point. At the end of the day, the price closed above 100. It was a great day for trading 3M as the price climbed over 6%.
So what is going on with 3m' share price today?
The price of 3M shares last Friday was well over 100 dollars. Then, on Monday at 2 a.m., when premarket opened, the chart showed that the price gapped down from news about their court case. The gap down was over a 10% drop. But the numbers were showing a percentage gain of over 1%, even though the price gapped down over the weekend. I was confused, but I didn't think too much about it at the moment.
Now, while I am looking at 3M's chart at the end of the day, it is showing a gap up over the weekend and the price is still well below 100 dollars, even though the price was above 100 at the end of last week. You can see this in the chart below. Also, all of the options contracts have changed as if there was a reverse split or something like that.
Is this some sick April fools joke?
I wish I had taken a picture during premarket so everyone could see this. Does anybody know what is going on here? Why did the price change like this over the weekend while the charts are not showing a loss? Is this some sick April fools joke? If anybody knows what is going on, then please enlighten me.
Did any of you notice this discrepancy that happened over the weekend?
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ElonBust : What’s a dividend spinoff? Edit: Apparently they deconglomerated from one of their spin-off companies, which was being sued. Saving them face and potential monetary damages
SpyderCallOP ElonBust: I just saw that news. maybe I am mistaken, but in the past, the price would correct following a spin-off. But it would show a gap up or down on the chart, and it would be the same chart that was used before the spin-off. Like a simple gap up or down.
In this case, the entire chart translated downward. Like all of the candlesticks just shifted downward, and every price point on every candlestick moved down on the graph. maybe I wasn't paying close enough attention in the past, but I don't remember seeing price adjustments like this.
razo2 : they have 2 big lawsuits that have very big settlements. It is a good company but that lawsuit kinda makes their underlying fundamentals not attractive.
razo2 : also goods inflation is coming back based on yesterday's data. that is why bond yields flew up with the USD.