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Today in the Market (4/1/2024)

Good Morning! On Monday, the start of the quarter was mixed, with the S&P 500 decreasing by 0.20% while the Dow Jones fell by 0.60%. The NASDAQ, however, pulled through at the end of the day by 0.11%.

THE SEPARATION IS COMPLETED

The shares of 3M (MMM) closed the day with an increase in value after the successful separation of its healthcare division, now referred to as Solventum (SOVL).

The details. At the market closure on March 18, shareholders of 3M were given one share of Solventum for every four shares of 3M stock they own. Additionally, 3M maintained a 19.9% ownership interest in Solventum, which it said would be converted into cash over the next five years.

But why would 3M do this? The decision to spin off healthcare operations may seem unexpected, given its consistent performance as the top-performing business in 3M over recent quarters. However, it is worth noting that conglomerates have seen a decline in investor interest in recent years. Spin-offs give investors more options on where to invest and promote managerial accountability by making the financial results more transparent.

HAPPY BIRTHDAY GMAIL!

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20 years ago today, Gmail was introduced and with a storage capacity of 1 GB, which was substantial compared to other email services at the time. However, with the launch being on April Fools, many believed Gmail was one of Google’s notorious pranks. It wasn’t!

So how far has Gmail come in the last 20 years? Well, when it first came out, it was invite-only. Fast forward to today and there are around 1.8 Billon users. 

But what made Gmail so special 20 years ago? First was the storage capacity of 1 GB, which enabled customers to retain a total of 13,500 emails.  Next was the ability to search for emails using keywords or names. Lastly, the use of threading discussions resulted in time savings by eliminating the need to bounce between different emails.

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