3M Slumps as Profit Forecast Trails Estimates

3M Co. tumbled the most in almost nine months after reporting lower-than-expected profit margins and sales because of lower demand for products used in LCD televisions.

3M fell $5.14, or 5.4 percent, to $89.93 at 4 p.m. in New York Stock Exchange composite trading, the biggest decline since Oct. 28 and the sixth largest drop yesterda on the S&P 500 Index. Shares of the St. Paul, Minnesota-based company have gained 4.2 percent this year.

Profit margins were 21.6 percent, below an estimate of 22.1 percent from Shannon O'Callaghan, an analyst with Nomura Holdings. Sales excluding acquisitions and foreign-exchange gains rose 4 percent.