CNBC Options Action's Mike Khouw said on the show that 3M Company MMM has been growing pretty consistently, but its valuation at this point might be a little bit toward the upper end. He thinks that the stock is near an important technical level if it drops below $94.
Mike Khouw wants to buy a put spread in 3M Company (MMM). Specifically, he wants to buy the August 92.5 put for $1.80, and sell the August 87.5 put for $0.70. This trade would cost him $1.10, and it would break even at $91.40.
3M Company (MMM) fell 1.26% today, and it closed at $94.98.
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Posted In: CNBCShort IdeasOptionsMediaTrading IdeasIndustrial ConglomeratesIndustrialsMike KhouwOptions Action
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