Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, August 26, 2022

Article Excerpt

3M COMPANY, $129.14, New York symbol MMM, is still a buy for long-term gains. The company makes over 60,000 consumer and industrial goods, including air purifiers, adhesives, bandages and components for medical devices. Investors tap its main brands, including Post-it notes, Scotch tape, Scotch-Brite cleaning products, Scotchguard protection and Thinsulate insulation. 3M recently agreed to merge its Food Safety business with Neogen Corp. (Nasdaq symbol NEOG). 3M investors will hold 50.1% of the combined firm, with Neogen shareholders owning 49.9%. The merged company will be a leading supplier of equipment that foodmakers use to detect pathogens and other harmful substances in their products. 3M has set up this non-cash transaction as a split-off. That means its shareholders have the option of exchanging some or all of their 3M shares for Neogen shares. Only those 3M investors who opt to participate will receive Neogen shares. The split-off will also let investors defer capital gains taxes. That means they’ll only have to pay any capital…

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