United Technologies (NYSE: UTX) is expected to report Q1 EPS on April 17. Deutsche Bank says "UTX remains a high-quality stock, selling at a bargain." UTX April & May option implied volatility of 27 is near its 26-week average according to Track Data, suggesting non-directional risk.

3M Company (NYSE: MMM) is recently trading at $78.71 this morning, below its close of $80.35, after GE lowered 2008 profit guidance. MMM is expected to report Q1 EPS on April 24. MMM May option implied volatility of 27 is near its 26-week average according to Track Data, suggesting non-directional risk.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

3M Company (NYSE: MMM) closed at $79.47 Wednesday.

MMM was downgraded to Neutral from Buy at Merrill Lynch.

MMM overall option implied volatility of 26 near its 26-week average according to Track Data, suggesting non-directional risk.

Volatility Index S&P 500 Options-VIX at 29.84 10-day moving average is 28.43

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

3M Company (NYSE: MMM) fell 8.6% on 10/19/07 to close at $86.62 after indicating increasing optical film competition and weak organic growth. Soleil Securities downgraded MMM to Hold, saying "after a great four-year run, we now believe the high-growth, high margin LCD optical film business has reached maturity much earlier than expected." MMM option volume was heavy on 71,598 contracts. MMM November option implied volatility of 28 is above its 26-week average of 23, according to Track Data, suggesting larger risk.

Daily Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

MOST NOTEWORTHY: Notable companies downgraded today include Tyco Int'l (TYC), 3M Co (MMM) and Yum! Brands (YUM):

• Prudential downgraded Tyco International Ltd. (NYSE:TYC) to Underweight from Neutral with a $26 target, expecting catch-up reinvestment to impact near-term value after the first-quarter break-up;
• 3M Company (NYSE:MMM) was downgraded to Neutral from Overweight with a $84 target at Prudential, as they believe it will take some time for the company to regain its premium valuation as economies in Europe and North America slow;
• additionally, Wachovia downgraded Yum! Brands Inc. (NYSE:YUM) to Market Perform from Outperform, citing slowing sales momentum in the U.S. as well as the sales impact from the E. coli/Taco Bell outbreak, which could affect sales significantly.

OTHER DOWNGRADES:

• YRC Worldwide Inc. (NASDAQ:YRCW) was downgraded to Hold from Buy at Stifel Nicolaus and BB&T, and to Neutral from Outperform at Robert Baird; the downgrades reflect the slowing freight-market demand.
• Integrated Device Technology Inc. (NASDAQ:IDTI) was downgraded to Sell from Source of Funds at ThinkEquity, citing near-term trends, the softer-than-expected outlook for March and expectations for increased competition in AMBs.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).