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.
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