In premarket trading, 3M (MMM) shares rose as much as 5% after beating on the top- and bottom-line. After briefly surpassing $140, MMM reversed before stabilizing around the 50-day SMA.

Back to the quarter: management offered more details on the restructuring. While a few business units are being considered for sale, none are significant enough to materially impact revenue. In short, the turnaround story remains straightforward, which is positive. Despite the price reversal, I don’t feel any urgency to abandon my $175-$180 exit target.

I’ll remain long on the stock, but defending the 50-day SMA will be crucial. Weakness begets weakness: violating this level could attract more sellers to the stock.