Mike Khouw's 3M Company (MMM) Trade

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.