Pivot Point Indicates Bullish Stocks: $MMM $CVS $SPGI

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3m Releases Its Q2 2020 Financials, Signs Patent License Agreement With Mitsubishi Paper Mills


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3M Co (NYSE:MMM) stock price has been trading above its pivot point 154.22, thus highlighting overall bullish performance.

The company recently announced its Q2 2020 financials, revealing that it achieved $7.2 billion in sales during the quarter which was down by 12.2% on a year-on-year basis. It also experienced a 13.1% year-on-year drop in its organic local currency sales. The company reported its GAAP EPS at $2.22 and its adjusted EPS for the quarter at $1.78 and both had taken a bit of a hit due to the economic impact of the coronavirus pandemic. 3M also reported its operating cash flow for the quarter at $1.9 billion higher than the Q2 2019 operating cash flow by 15%.

Despite the quarterly performance, analysts are still optimistic because business has been improving ever since the government removed some of the restrictions that had been placed to curb the spread of COVID-19. Also on the positive side of things, 3M announced on Wednesday that it signed a patent license agreement through which it will lease its metal mesh technology to Mitsubishi Paper Mills. This adds to the list of customers and thus expanding 3M's revenue streams.

CVS Health Releases Q2 2020 Earnings


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CVS Health Corp (NYSE:CVS) is performing well above its pivot point 63.10, thus highlighting upward momentum.

The bullish outlook comes just after CVS Health released its Q2 2020 earnings revealing positive performance during the quarter. The company's total revenues in Q2 were $65.3 billion after a 3.0% year-over-year gain. It also reported its GAAP operating income for the quarter was $4.7 billion after an impressive 40.5% gain compared to Q2 2019. CVS Health announced its adjusted EPS for the quarter at $2.64 while its GAAP diluted EPS was $2.26.

The company also recently revealed that its profit increased by 55% in June courtesy of lower benefit costs causing a delay in elective surgeries due to the coronavirus. The surgeries were delayed to avoid the risk of infection.

CVS Health CEO Larry Merlo stated that the performance highlights the company's solid strategy, as well as its diversified strategy.

S&P Global To Digitize Commodities Market Through Fundamental Data APIs


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S&P Global Inc (NYSE:SPGI) is trading above its pivot point 346.31, thus creating a bullish outlook.

S&P Global recently announced the rollout of its fundamental data APIs for the oil industry as part of its plan for a more digitized approach to the commodities market. The new APIs were rolled out in the refreshed S&P Global Platts Developer Portal which is designed to provide customers with access to data from the commodities market. The new offering is particularly aimed at providing tools that will allow market participants to quickly react to changing market dynamics.

S&P Global Ratings also recently stated that it expects the COVID-19 pandemic to act as a catalyst for disruption for the global vaccine market. Growth in the market has mainly been stable with pharmaceutical industry juggernauts leading the charge as far as opportunities are concerned. However, the coronavirus will not only create revenue-generating opportunities for the pharmaceutical industry but it will also speed up the rate of innovation in the industry. Intense competition and pressure will force companies to come up with new and innovative approaches to combat diseases. CVS therefore expects significant breakthroughs in vaccine technology in the next few years. Industry participants will also enjoy strong profits especially with the barriers to entry preventing industry saturation.

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