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Portfolio Activity - MMM

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The 3M Company (NYSE:MMM) saga continued today with the issue climbing to a 7-month high on the heels of a dividend increase and a fresh upgrade from AG Edwards. Shares of MMM are currently trading near $85.70 and although that's $0.20 above our cost basis, the stock provided a great exit/adjustment opportunity when it retreated below $85 near 10 AM EST.

Traders who had a closing order in place (as we suggested last night) were out of the position with minimal loss. The lowest observed price for the FEB-$85 call was $0.50, however the cost to exit the short option was probably $0.55 or $0.60, and we will list the latter as our closing debit in the MCM portfolio summary.

MCM Staff

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