AP News

Ahead of the Bell: 3M

NEW YORK (AP) — Shares of 3M rose in premarket trading Wednesday, following the company's announcement that its board has authorized the repurchase up to $12 billion in shares of its common stock.

On Tuesday the maker of Post-it notes, health care products, and a wide range of industrial coatings and ceramics said that the stock buyback replaces its existing repurchase program and has no predetermined closing date.

3M Co. said that it has returned $37 billion to shareholders over the last 10 years through a combination of dividends and stock repurchases.

Last month 3M reported a better-than-expected fourth-quarter profit, although volatile exchange rates on foreign currency and weak growth in South America caused revenue to come in lower than Wall Street expected.

Its shares rose $1.23 to $127.95 in premarket trading about 90 minutes ahead of the market opening.

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