Topic: Growth Stocks

Wall Street Stock Forecaster Hotline – Friday, September 3, 2010

Article Excerpt

3M COMPANY, $83.84, New York symbol MMM, announced two acquisitions this week. Both purchases will strengthen 3M’s position in the fast-growing security-products industry. The company is buying California-based based Cogent Inc. (Nasdaq symbol COGT). Cogent specializes in biometric technologies, such as devices that scan fingerprints before allowing access to secure facilities or computer data. 3M will pay $943 million for Cogent. However, Cogent holds cash of $513 million, so the price is really $430 million. This is a small purchase for 3M, which earned $1.1 billion, or $1.54 a share, in the three months ended June 30, 2010. The company expects to close this deal by the end of 2010. 3M has also agreed to buy privately held Attenti Holdings S.A. for $230 million. Israel-based Attenti makes devices that keep track of people, such as hospital patients or people awaiting trial or on probation. This purchase should close in the fourth quarter of 2010. 3M is a buy. INTEL CORP., $18.43, Nasdaq symbol INTC,…