3M Co. suffered its worst loss since Black Monday in 1987 after revealing that its business is far weaker than investors realized.
The 13 percent drop came after the maker of Post-it notes and touchscreen displays slashed its annual profit forecast as it reported that operating income dropped in all five business units and posted first-quarter profit that fell short of Wall Street’s expectations. 3M said it would cut 2,000 jobs while grappling with weak automotive and electronics markets as well as headwinds in China.
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