CNBC’s Jim Cramer is not surprised by 3M’s latest guidance cut.
“I urge people to take a look. This was not a shocker,” Cramer said Tuesday on “Squawk on the Street.” “Did anyone think Inge Thulin, the CEO, was going to guide up in this environment?”
The multinational cut its 2015 forecast to about $7.55 a share, down from $7.60-$7.65.
Shares of 3M fell more than 3 percent in early trading Tuesday, but remained nearly 7 percent higher in the last three months.
3M stock in last three months
Source: FactSet
Read More3M cuts full-year earnings guidance
“If you want to sell the rally of 3M, you’re basically saying … it’s shocking that it’s weakening,” Cramer said. “I’m not buying it.”
DISCLOSURE: Cramer’s trust owned shares of 3M when this article was published.
[“source -cncb”]
