Diamonds and Dogs

7/26/24

3M (MMM) is lifting the Dow with a 21% rally, its best day since 1972, after beating earnings by a wide margin and then raising guidance as the new CEO vowed to reinvigorate the iconic manufacturer's innovation engine. Back in May, 3M spun off their huge health-care products division unit amid massive legal liabilities.

DexCom is the dog of the day, down 40% even as earnings beat but missed on sales. The problem was lower guidance for the third quarter and full year. DexCom manufactures and distributes glucose monitoring systems used in treating diabetes. Management said they are lowering guidance as fewer new patients are demanding their product as the new GLP-1 weight-loss drugs is impacting demand and helping patients control their diabetes it. DexCom received at least two downgrades.

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