Jim Cramer Says “Industrials Always Work in Response to a Rate Cut” and Highlights 3M Company

3M Company (NYSE:MMM) is one of the stocks Jim Cramer discussed after the Fed rate cut. Cramer mentioned the company while highlighting the industrials. The Mad Money host commented:

“Industrials always work in response to a rate cut because every hedge fund has been schooled to believe that these stocks go higher when the economy improves. We saw that yesterday with many of the industrials and again today, second one, second day. What I saw go up, I saw 3M go up, DuPont, and Dover, the latter two in the Charitable Trust… These kinds of stocks can all work for a couple more days. They have the wind at their back now.”

Stock market data. Photo by Photo by Alesia Kozik

3M Company (NYSE:MMM) is a conglomerate that provides tech related industrial, electronics, and consumer products. Cramer discussed the company’s latest quarter during the October 21 episode, as he stated:

“The quarter from 3M, it was superb. This company used to be a fount of new products. They got bogged down by all kinds of litigation related to forever chemicals that wrecked groundwater. Now, 3M is back to innovating. 70 new products launched in the third quarter, 196 year to date. The electronics and safety end market, after putting up slow growth for ages,… better than expected.

As CEO Bill Brown, in his tour de force quarter, said, ‘Our third quarter performance gives us confidence we’re on the right track and reflects the culture of excellence we’re building inside the company as we continue to drive the rigor and op tempo necessary to deliver on our strategic priorities.’ Okay, that may sound like authentic Wall Street gibberish, but it isn’t for those who know how low 3M had fallen. It’s all you need to know is why 3M rallied $11 and 86 cents, 7.66% today.”

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Disclosure: None. This article is originally published at Insider Monkey.