more on 3m's sudden warning. >> reporter: when 3m worries about global growth, the broader market worries, too. so when the manufacturing giant blamed a sluggish global economy for its second guidance cut in as many months, the sell-off was swift. >> it is a surprise. a lot of investors grav fate to 3m thinking that this is a safety stock. and we've always said that 3m has vulnerability at negative inflection points in the economy just like what we're seeing here. >> reporter: 3m is considered a barometer of global economic health thanks to its huge overseas footprint and diverse business lines which make everything from scotch tape to post-its to sandpaper. the company expects to clear growth of 1% down from the previous guidance of 1.5% to %.% 3m isn't sounding all the alarm bells. it expects slow growth to continue in the new year but not a deep global slump. >> we're not seeing anything thatould suggest that the economy is -- and for 3m's businesses are deteriorating to the speed at which you would say it is a recession. it still feels like it is going to it be a low-growth/no-growth

if you get upside -- this is like 3m. 3m at 1.57, i don't know why it was there.verybody knows that apple iphone is weak. when every day someone comes out and says apple iphone weak, i say that's why it's at 1.111, maybe it should go to 108. >> last april barry rosenstein joined me and took a stake in qualcomm. at the time, they said look at a split. didn't endorse the idea, they did get two directors on the board. while this may not be that large of a surprise, something we did not know about is the composition of the special committee of six directors, including the presiding director, tom horton. used to run american airlines. delivered them out of bankruptcy. so, he was one of them. two independent directors, my point is they did do a deliberate look at this. it wasn't as though the board just en masse said forget it. they did take a close look. >> i totally agree with you. >> they seem to think, simply put, these two businesses do derive value from being together. that chips, you know, i.p. comes from the chip business. you get a lot of intellectual property

shares of 3m down sharply today. the maker of posted and scotch tape lowering its forecast, saying it is due to weakening global demand. been kind tonot apple. does tim cook have a plan to revise or turnaround some of those declining shares? the fed is widely expected to raise interest rates tomorrow. analysts are asking is a hike going to fuel a little spending? ♪ betty: good afternoon and welcome back to bloomberg markets. it is a rough day for shares of 3m. slid the most since august after the company cut its 2015 rocket forecast for the second time in as many months. the reason they say is the world economy and sluggish growth. our reporterw is who covers industrial companies. are they being completely upfront? is it all just global growth? rick: i think so. they are showing their own hasness is growing, but 3m so many different products in 70 different markets all over the world that they are very much tied to the global economy. slower,ngs are a little they will be slower for 3m. betty: two thirds of their sale

peter kraus, thanks. 3m, it's down a little.doing -- having some type of analyst conference call, lowering guidance for this year, 2015, seeing organic growth of 1% versus prior to growth of 1.5% to 2%. shares estimated to be 755, and the street's at 7, and a little below that. for next year, and i don't know whether these are new or whether -- how they relate to what they were looking for, but they are looking for 810, 845, increase of 7-12% organic sales growth. >> high end of 840. >> all right. okay. so then that's a low end now. that stock is now down, what, under 2%. peter, thanks, though. >> thanks. >>> when we return, pique sorting day for dhl, u.s. ceo joining us next with a look at the holiday rush for shippers. back in a moment. yeah, a little. you're making money now, are you investing? well, i've been doing some research. let me introduce you to our broker. how much does he charge? i don't know. okay. uh, do you get your fees back if you're not happy? (dad laughs) wow, you're laughing. that's not the way the world wo

tuesday we get an analyst meeting from a total cramer fave, 3m. it surely needs a better world economy than it has right now. i keep it in my travel trust, which you can follow along, it's paid a nice dividend forever and it's constantly redeeming itself. some stocks you have to take for long term gain. they're not many that i believe in like that. 3m is one of them. the fed is poised to raise rates for the first time in nine years. if it's acmpanied by a statement that says we're ghtening, then we can have a reli rally but if it's artfully worded, you'll see selling, because while employment is indeed robust, oddly enough, pretty much everything else isn't. you know me, i follow a gazillion industries. i can't name a single one that's doing better than it was six months ago. w plus we know that weak and emerging markets are weaker still. weakest of all is high yield debt. again, we're worried about mutual fund redemptions of high the selloff we got today will continue, because higher rates hurt emerging markets more than anything else out there.

apple, caterpillar and 3m.ial company, nobody understands when we say that, but make post-it notes to stethoscopes and others, and they're doing it because of the slow global economy. stuart: a big drop, 3%. we hear that one. thanks, nicole. this is a story that fast nights me. neiman marcus, when i was growing up, we used to read those, his and her submarines, i remember that from 1952 or something. [laughter] neiman marcus sales-- >> it was 58, i think. and it's down the first time in years. ashley: i think that a strong dollar has hurt, and that's hurt tourism and people buying. and their website crashed on black friday and it was a terrible, terrible impact on people wanting to buy stuff on their website, that's not good for a company that's still private. wanted to go public back in august, but decided the market was too volatile. >> and wealthy customers, 40% of their business and the dollar so so-- it's not a bargain at all. okay. look at apple, please. morgan stanley, and anybody else. >> j.p. morgan ch

that's down. 3m, they came out and cut their forecast, and they've done this before. this early in the we're, this is how tough industrials are. in august they were talking about 773, not 793 for the year. october they cut into 760 to 775. now 3m's number for the year is 755. that's a substantial cut. this is part of the problem. all the big industrials are having a slower global growth, so it's not just 334 to the down side today. other names like caterpillar and deere and rockwell and eaton and illinois tool works, those stocks, put them up, they're all to the down side today as well. in terms of cross currents. there you see the stocks to the down side in the industrial group not participating in the rally. the market has a lot of cross currents right now. nobody knows what's going to happen the next three days, and i mean nobody. opinions are all over the place. we have tech selling season. he have the end of december strong. movement that everyone is anticipating. we've got a big quadruple -- we have the biggest volume day of the we're. it could happen on wednesd

multinationals think caterpillar, 3m, johnson & johnson, coca-cola. in fact, all s&p profits were down more than 3% overall. and no sector felt the pinch more than commodities and energy. in recent weeks, oil prices hit 11-year lows down more than 65% in a year and a half and an oil glut with no end in sight has worldwide layoffs in the energy patch during a quarter of a million this year a loan u.s. consumers are enjoying those lower gas prices. near $2 a gallon nationally and auto sales retail bright spot, could top a record 17.4 million. set back in 2000. housing improved too, but the economy will be tested as the fed raises rates and mortgages, auto loans and credit cards all get more expensive. retail numbers are okay, but not great. and the future of brick and mortar stores has been questioned with online sales up 15% in the third quarter from a year earlier. mobile sales even stronger, projected to rise almost 39% this year. so there are pockets of strength, but the economy has a whole will be tested now. wages are only barely higher. but the f

here's what's interesting whether or not you follow 3m.talking about janet yellen and her decision tomorrow. 3m is not adjusting their forecast based on anything to do with their company or what they've produced. this is about a global slowdown. this is bad for the global economy. you know who's smiling in dubai is larry summers who has been telling us for a year that growth is over. stephanie: and he has cornered the market in sly smiles. david: we will talk about oil next on bloomberg go. ♪ vonnie: welcome back. samsung has asked the supreme court to overturn a patent infringement award it was ordered to pay apple. an appeals court ruled that samsung had copied iphones design. that entitled apple to a cut of their profits. if the supreme court takes the case it would be its first involving design patents in 120 years. -- is in talks for a deal with a german company. sanofi would be the global market leader in consumer health care. suffered aft just setback in seattle. uber isn't commenting. david: as oil continues to drop below $35 a bar

deal runs between 10 pm and 3m the you have to be heading home. richmond in lexington county's only got the cavs will be all around the midlands. renew the chamber of downtown, in the vista at the corner of lake street and vector. >> one day away from the famously hot new year event were lauryn hill is the south carolina, fans will be there, make insurance as is one of them. >> i'm here with dead 27, opening tomorrow for ms. lauryn hill, welcome, this is trey wallace. >> telmate you are from charleston correct? >> the band is based in charleston, we are originally from scattered parts of south carolina, but the band is big and trust. >> how long have you been performing together? >> 2 or 3 years now? going on 3 1/2. >> you are known for your southern blend of soul and rock. >> right. >> tell me what are you most excited about tomorrow? >> i'm excited to see lauryn hill. miseducation album is one of my all-time favorites. i'm never seen her live before so that is exciting. , so exciting to be back in >> were mostly gamecocks fans, it could be nice

any figure below zero indicates contraction. 3m is lowering its full-year slowngs forecast, citing growthconomy. it anticipates earnings of about seven dollars and $.55 per share. guidance was for earnings in the range of $7.65 a share. have suffered a loss in seattle. they have allowed drivers to form a union. you can get more business news at bloomberg.com. stocks in a rally mode with energy leading the way. how about some of the individual movers? we have more on today's spider sector report. energy is powering higher j. exxon shares up by 4.5%. this is the highest since the start of the month and happening as the price of oil rises today and after house democrats say they are open to lifting the oil export ban. chevron is the second against gainer. what's look at those shares, up a little more than 4%. still negative for the year. a third oft about its value since the start of 2015. 2%,iburton is up by about despite the department of justice not being satisfied with the company's plan to buy baker hughes. says itice department may delay decision until 2016 hasbaker huge's -- acre use

as david said earlier, we heard from 3m, kenna metal. >> dover this morning. new corp as well.not a good outlook there at all for that steelmaker. we know how tough that's been. >> there's the s&p at the bottom of the screen. at the big board today, it's new york cares, highlighting its annual holiday coat drive. at the nasdaq, vontobel, a wealth asset manager for private and institutional clients. here's a fun fact. on the day the fed went to the zero bound, which was december 16, 2008, the dow jumped 4.2%. that's the equivalent of 736 points today. just an indication of the volatility markets have historically gone through. >> it was a different world. >> yes, but the numbers back then, you forget where we were. >> that was a rally, then we bottomed in march of -- three months later in the broader indices. what did we hit on the s&p? what was our low? >> 666. >> 666. it was. sometimes you think that number, that can't be right. yeah. then we have been at zero since. some people focusing on the ris risks. having extraordinary low or no interest rate to speak of. people reachin

i look at the specialty products and i see 3m. i love 3m. material sciences, a low cost producer. a dominant company in the industry. this is an example of what i see in this marketplace. tremendous value creation is being completely ignored. people don't care, david. it's because they don't care because they think it is late. the deals that are being done now are deals that, well, let's just say they should have done them a couple years ago. i think this deal is so terrific and i look at the market reaction and to me it's d disconcerning. >> i would expect in the days, weeks, months ahead, they're going to be pushing on all of the benefits of this. we'll see, jim. it's an early reaction. stocks have been up sharply on wednesday. >> you're right. i just looked at this and said i see the value that ed breen has done in tyco when he splits a company up and motivation liveris had to get this done. i don't think people realize how powerful this combination really is. >> we got "the journal" talking about halliburton and antitrust concerns, you don't think it reflects concerns on this

a warning from 3m and everything happening with oil prices, of course. there's your picture. 1% gain across the board for the markets. i mentioned our all-star cast that we do have today. steve liesman, i would be remiss if i didn't go to you first. it's the beginning of the two-day fed meeting, one in which everybody now expects a hike. is that your thought it? this is a done deal. >> not everyone, so the. our cnbc fed survey has 5% who don't think it's going to happen. >> merely most. entirely everyone. around 95%. this is the expectation. i think the story that -- there's the chart with the results that we brought in case you didn't believe me, scott, that it is indeed 95%. i think you turn to the question, well, what's next? our survey shows that the market is expecting three rate hikes after this in 2016. there's a lot of discouraging. one-third are at 2. one-third are had at 4. one-fifth are at three. that's the median. you can see where everybody else is. there's one or two guys at zero. 42 respondent there. i believe that after tomorrow's press c

shares of 3m tumble after the manufacturing behemoth lowers its earnings forecast blame being the slowing global economy. >>> a dangerous epidemic -- the new problem that's plaguing the american workplace. >>> all that and more tonight on "nightly business report" for tuesday, december 15th. >>> good evening, everyone. i'm sharon epperson in tonight for sue herera. >> welcome. i'm tyler mathison. the two-day federal reserve

going thego to 3m, other way, shares not doing as --l and treating down 4.7% and trading down 4.7%.s year, they said the strong dollar will reduce sales by one percent to 3%. betty: warren buffett is throwing his power behind hillary clinton. the billionaire has long resisted the call to throw his massive power -- behind anyone campaign, but tomorrow he will be front of her at a campaign rally -- campaign rally for the democratic front-runner. we are joined now live from seattle. know it is interesting, we warren buffett has commented often on politics but he is now actually backing a candidate. >> it is really interesting how he has stepped up his involvement. -- just a fewhe days after president obama was reelected, buffett did an interview where he said he wanted to see former secretary of state hillary clinton in the white house in 2016. he said that pretty frequently in media appearances, but will we are starting to see as we go buffettmary season is is stepping up his involvement. to eventso be doing for the candidate in omaha, tomorrow. first is a fundraiser, then he will fol

my girlfriend is in a-3m. did i know that was for me?e to me that you are going through these trays that happen to come from this unit. and you happen to find a note that was from your girlfriend. >> i've been going through a lot of trays. like my job -- >> i understand that. obviously you see what i'm saying. >> sarge, i guess maybe i should have just kept throwing it away. i'll accept accountability. >> your only saving grace in this report and the reason why you probably aren't going to receive much time is because you were charged wrong. if you were charged with possession of contraband, we would have given you the 30 days. >> so i want to say this too. about that note thing, man, i utilize the united states postal service to the fullest. check my mail log. it's on fire. i get a million letters a day from her. so i don't know what, if it was for me, what possessed her to do that because she knows that would jeopardize me. >> all right. thank you, mr. gohr. >> yes, sir. >> after deliberating, the disciplinary committee decides that go

shares of 3m tumble after the manufacturing behemoth lowers its earnings forecast blame being the slowingeconomy. >>> a dangerous epidemic -- the new problem that's plaguing the american workplace. >>> all that and more tonight on "nightly business report" for tuesday, december 15th. >>> good evening, everyone. i'm sharon epperson in tonight for sue herera. >> welcome. i'm tyler mathison. the two-day federal reserve

let's move on to 3m shares sliding, down nearly 5%.hey cut revenue and earnings forecast and they are going sluggish growth around the world. organic sales growth this year will be about 1% in comparison with the previous record of 1.5% to 2%. that was said in a statement this morning. two of the biggest losers this year are getting worse. cliffs natural resources is down by nearly 9.8% on top of a 9% fall. you can actually see that this was a drop around the 11:30 a.m. mark and it lost 25% of its all you to touch below its record. you can see it has since come and coaly so iron core producer is down about 7.8 percent. also, peabody energy shares, downone is worse, it is 94%, including what is happening percent.wn .75 it is the fifth biggest loser in the index this year. alix: thank you. the mantra in the market is, wherever credit goes, they are not far behind. did credit leave equities? goldman sachs found the weakness in high-yield credit was foreshadowed by weakness in the equity market. of companies that carry high yield. it showe

he is scheduled to speak at 7:3m county fair grounds. gates open at 5:00 p.m. can get more news, weather and traffic on good morning washington on news channel 8. >>> it must be a decision that comes from the heart so once i knew this was it might as well say it. >> kobe bryant explaining his retirement decision to robin right there. one of the best players of all time of the big question, is he the greatest? i guess you got into that with him. >> #greatestofalltime. g.o.a.t. is a good thing. >>> the u.s. is stepping up the war on isis, defense secretary ash carter pledging to put more boots on the ground up to 150 special forces will be conducting secret missions inside iraq and syria gathering intelligence and capturing terror leaders. >>> a very happy update on a story we've been following. nfl player devon still says his daughter leah is cancer-free. leah is cancer-free. her latest scans showing no evidence of the disease. i had a chance to spend time with him at the espys. the way he talks about his little girl, i know he's ecstatic. >> what a happy story.

shares of 3m sharply lower now. they cite a slow growing global economy.d stern announced he'll remain with the satellite radio provider. his contract was due to expire at the end of this year. several food stocks entering the all time high club in today's rally including mcdonald's, dr pepper snapple and hormel. >> the month of december has not been kind to apple stock. in fact, there is only one dow component doing worse than apple and that is caterpillar. now apple analysts have been tripping over themselves to cut iphone estimates and since april more than $120 billion in market value has been lost on apple stock. paul has been selling out of the portfolios. you know andy very well. pacific crest is known as a key bank after a deal. welcome to "power lunch." first off, paul, why you have been an apple seller? >> this essential ott second time in the last ten years that i've been negative on apple. the last time was 2012. number one, growth is really slowing. i recognize how much cash they have on the sidelines. however, a company that's going to raise

sustainable earnings power is for the flattening yield curve, we're interested in stocks like apple, 3m, amgen that have generated high double digit three-year dividend growth and are still yielding at or above the market, free cash flow, good management team. we think this is an opportunity and we're telling our clients to get used to volatility. >> what do you think will happen to those dividend pairs as the fed raises rates, though? >> that is always a question and has been and historically i think i've said this to you before, i've been doing this for 30-plus years, not necessarily so strongly correlated, particularly when you are a getting growth in earnings. i'm not talking about the highest yield, there's electric utilities, i'm talking about stocks that are growing their dividends in anticipation of future earnings growth and are still generating significant earnings growth. all three of those stocks are trading at a pretty decent multiple and we think it's an attractive time to be picking away at them. >> what about in the energy space, nancy? >> you know, i'm probably a little