If in August, as outlined, you took some profits off the table at/near $90 with 3M Company (MMM), which I first wrote about on April 20, 2009 at a price of $51.97, that proved to be prudent, as 3M's stock has meandered since.

Further, given a probable $100-110 top for 3M during the current economic expansion, at this juncture, I'd also raise the sell/stop loss to $72 from $68.

Also, if you didn't take some profits with MMM in August, now represents a pretty-good second chance.

3M Company (MMM) benefited from a comment from brokerage Morgan Stanley. The brokerage house believes that 3M will rally after an optimistic forecast from Danaher (DHR), which operates in many of the same markets as 3M. The broker believes that the stock will enjoy a nice 30-day run thanks to DHR's forecast.

The thing is, if the stock continues the performance it started in early 2009 -- we shouldn't need a brokerage to tell us that the stock will do well during the next 30 days. Shares of 3M have advanced along the double-barreled support of its 10- and 20-month trendlines. The last time the equity finished a week below both of these trendlines was more than a year ago.

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).