On: 3M to cut 2K jobs globally, lowers 2019 profit out...

[dragontamer]

Auto sales significantly slowing. We had a yield inversion event, and now 3M is lowering output.

Things certainly don't look good.

[m0zg → dragontamer]

This is a layoff affecting approximately 2% of their workforce. I don't see why it's even in the news.

[dragontamer → m0zg]

The drop in profitability is a big deal, which likely caused the 11% instantaneous drop in their stock price.

Big reliable companies like MMM don't usually move 10%+ in a single day. Anything that makes them move this much is definitely a newsworthy event.