Diamonds and Dogs

4/22/25

3M (MMM) jumps 8% on earnings as tariffs have not impacted their business as of yet. The maker of Post-its, Scotch tape, and other industrial goods easily beat earnings and sales estimates. 3M could see significant tariff impact as 45% of sales are outside the US with 30% to Asia. Retaliatory tariffs could be a big risk for 3M, but hopefully much of the news is priced into the stock.

Raytheon (RTX) was down 8% on earnings. The maker of the guided missiles, radars, sensors beat earnings by 12 cents as sales rose 5% to $20.3 billion. Guidance excluding tariffs was inline, but the company did say they could encore a $850 million hit to 2025 profits due to metal tariffs and cross-border trade disputes.