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[Fox Business] 3M hires outsider Bill Brown as CEO, shares jump
Industrial conglomerate 3M has tapped Bill Brown, the former top boss at L3Harris Technologies, as its next CEO, betting on an outsider to steer the company through a period of slowing sales and the fallout of multiple lawsuits.
The company’s shares jumped nearly 7% on Tuesday. They are down about 14% this year through last close as 3M agreed to pay billions to settle lawsuits related to its earplugs and “forever chemicals” while facing easing demand.
Brown, 61, will succeed Michael Roman on May 1. Roman, a 35-year company veteran, will become the executive chairman of the board on the same day.
“3M has brought in an external CEO, which indicates the desire for change,” said Wolfe Research analyst Nigel Coe in a note, adding it would be seen as a welcome move during “such challenging financial and stock market performance.”
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In January, 3M forecast full-year earnings below Wall Street estimates, citing a “muted” macro environment.
Its electronics business, which makes displays for smartphones and tablets, has been hit particularly hard due to a slowdown in discretionary spending, mainly in China.
“Bill has a reputation for driving margin and working capital efficiency as well as bold strategic moves,” Coe added.
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An industry veteran, Brown was the CEO of aerospace and defense technology major L3Harris from June 2019 to June 2021, and then executive chair for another year.
He was CEO of Harris Corp prior to its merger with L3 and spent 14 years at United Technologies in different leadership roles before that.
To mitigate the impact of a slowdown in demand, 3M has rolled out a major restructuring that includes cutting thousands of jobs and the spinoff of its healthcare business into a listed company.
3M in August agreed to pay $6.01 billion from 2023 to 2029 to settle thousands of lawsuits related to its Combat Arms earplugs, which allegedly caused hearing damage among U.S. military service members.
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In June, the company reached a tentative agreement to pay $10.3 billion to settle water pollution claims tied to “forever chemicals”.
[Fox Business] What are the ‘Magnificent Seven’ stocks? Nvidia, Meta, Apple and other companies part of the group
The “Magnificent Seven” in business are a group of high-performing stocks. These stocks are influential in the U.S. stock market and are heavily driven by innovations in technology, brand equity and financial performance, according to Investopedia.
The companies included in the Magnificent Seven are known around the world and have a strong consumer base that is loyal to the companies and the services they provide.
The Magnificent Seven is a term that replaced FANNG. Jim Cramer from CNBC first came up with FANG acronym to represent the most successful companies in the stock market at the time in 2013, according to US News and Money. These companies were Facebook, Amazon, Netflix and Google.
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Cramer revised the acronym to FAANG in 2017 to include Apple. It wasn’t until 2023 when the Magnificent Seven emerged. Michael Hartnett, a Bank of America analyst, is credited with using this borrowed term from the 1960s movie to describe high-performing stocks, according to U.S. News and Money.
Take a look at the companies that make up the Magnificent Seven.
Microsoft is the world’s largest software company. It is known for Windows software as well as the Xbox game consoles and Microsoft 365 suite. The company is also the producer of several laptops and desktop computers.
In the early days of Microsoft in 1975, creators Bill Gates and Paul Allen created the Altair 8800 computer while students at Harvard University.
Amazon started as an online bookstore in 1994 before becoming one of the world’s largest online retailers.
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Affiliated with Amazon is Amazon Web Services, a cloud computing service. Amazon also houses its own digital streaming service with Prime Video and innovative products like the Kindle e-reader and smart home devices like the Echo.
The massive company had humble beginnings, with Jeff Bezos starting Amazon out of his Seattle garage in 1995.
Meta Platforms, Inc., previously Facebook, Inc., is a technology company that owns and operates social media platforms and messaging software, including Meta, Instagram, WhatsApp and Messenger.
Mark Zuckerberg founded the company in 2004, originally as Facebook. The switch from Facebook to Meta came with the company’s focus on AI, specifically through creating the “metaverse.”
“The metaverse is the next evolution in social connection and the successor to the mobile internet,” according to the company’s website. “Like the internet, the metaverse will help you connect with people when you aren’t physically in the same place and get us even closer to that feeling of being together in person.”
Apple is a leader in technology through the sales of its highly sought after products. Around 50% of Apple’s total revenue comes from iPhones, according to U.S. News and Money.
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The company sells many other popular electronic products, like laptops, desktops, watches and headphones.
In February 2024, Apple released its first wearable virtual reality headset, the Apple Vision Pro. The headset comes with a hefty price tag of $3,499. Since it’s release, many have gone viral for working on subways with their headsets and someone even wearing the device during his wedding.
Alphabet is the parent company of Google. Google was rebranded in 2015 as Alphabet, making the search engine a subsidiary of the company.
Under Google falls Google Search, the AI Gemini, Gmail, Google Calender and more. The video sharing platform YouTube is also owned by Google.
Google also has many products like phones, tablets and watches.
Nvidia is a leader in technology and artifical intelligence. The company is widely known for it’s highly advanced graphics processing units (GPUs).
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The GPUs designed by Nvidia are for professional use, as well as gaming, according to Investopedia. They also design chip systems used for technology, such as vehicles and robotics, according to the source.
Tesla was co-founded by Elon Musk in 2003. The company is known for its production of electric vehicles, battery products and solar energy products.
The Tesla Model Y is a popular choice among consumers. Other models include the Model S, Model 3, Model X and the futuristic Cybertruck.
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