Shares of 3M Co.
MMM,
took a 3.8% hit Monday, enough to lead the Dow Jones Industrial Average’s
DJIA,
losers, as they continued to feel the weight of investor concerns over PFAS (per- and polyfluoroalkyl substances) exposure. The stock, which was headed for the 11th decline over the past 12 sessions, was on track for the lowest close since Nov. 21, 2012, according to Dow Jones Market Data. The stock’s selloff resumed Monday after it edged up 0.4% on Friday to snap a 10-day losing streak, which was the longest such streak since the 10-day stretch that ended Feb. 24, 2022. The extended selloff comes after the company said last week that it had idled all manufacturing of PFAS, or “forever chemicals,” at a plant in Belgium as it worked to fully exit PFAS manufacturing by the end of 2025. Back in June, 3M had said it would pay $10.3 billion to settle all claims it was responsible for forever chemicals in drinking water in the U.S. In August, the company had agreed to pay $6 billion to settle claims that it sold potentially faulty ear protection to the U.S. military. The stock has shed 10.1% over the past three months while the Dow has eased 3.2%.
