They spun off Solventum, their medical devices business into its own company which took a portion of the MMM company and became its own public company when splits, acquisitions, or spinoffs like this happen the share price is adjusted to a new market cap and the historical share price data adjusts as well otherwise it would look like a huge drop
I wouldn't say the markets are rational. Those who had been shorting it up until the $100 level made good money for sure. This recovery may just be a dead cat bounce supported by the dividend. If the dividend gets cut or paused it will likely enter free fall because that's all they have going for them
I'm not sure I understand you. You said u bought the stock at $300, the historical high is $168. Do you mind explaining further?
They spun off Solventum, their medical devices business into its own company which took a portion of the MMM company and became its own public company when splits, acquisitions, or spinoffs like this happen the share price is adjusted to a new market cap and the historical share price data adjusts as well otherwise it would look like a huge drop
@FairValueFinder Thanks for the explanation!
Short it
I wouldn't say the markets are rational. Those who had been shorting it up until the $100 level made good money for sure. This recovery may just be a dead cat bounce supported by the dividend. If the dividend gets cut or paused it will likely enter free fall because that's all they have going for them