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3M Co. (MMM) stock rose in Tuesday's premarket trading ahead of the company's third-quarter earnings report, scheduled for release before the opening bell.
Analysts expect earnings per share of $2.02, up from $1.83 a year earlier. Revenue is projected to rise to $6.33 billion from $6.02 billion.
The stock trades at a price-to-earnings ratio of 28.8, reflecting a premium valuation relative to peers.
On Monday, 3M expanded its partnership with Amazon.com Inc. (AMZN) by issuing a seven-year warrant.
The agreement allows an Amazon subsidiary to purchase up to 3.16 million 3M shares at $164.89 each.
About 85% of the warrant shares will vest based on Amazon's purchases of optical connectivity and other data center products. Full vesting requires cumulative payments of $6 billion.
The remaining shares will vest when specified milestones are met.
Also Monday, 3M announced a partnership with Taiwan-based Genius Electronic Optical Co. to develop and manufacture Expanded Beam Optical solutions.
Under the agreement, 3M plans to acquire approximately 4.7% of GSEO's common shares through a private placement. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions.
The partnership combines 3M's optical technology with Genius Electronic Optical's manufacturing expertise.
Together, the companies aim to expand production of optical components for hyperscale data centers and advanced connectivity systems.
At $168, 3M shares trade above their 20-day simple moving average (SMA) of $164.82 and 200-day SMA of $160.72.
However, the stock remains below its 50-day SMA of $169.87, suggesting near-term resistance.
Meanwhile, the moving average convergence divergence (MACD) indicator remains above its signal line. A positive histogram also signals improving momentum.
The stock's longer-term trend remains supported by a golden cross formed in July, when the 50-day SMA moved above the 200-day SMA.
Still, the 20-day SMA remains below the 50-day average, pointing to continued short-term weakness.
Traders are watching resistance near $171. A move above that level could strengthen the bullish outlook.
On the downside, support lies near $160.72, followed by $159.50.
MMM Price Action: 3M shares were up 3.70% at $168.00 during premarket trading on Tuesday, according to market data.
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