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The resurgence of COVID-19 cases and rising concerns over its highly transmissible omicron variant have cast a pall over the global economic recovery. In addition, high inflation is keeping the market volatile. However, the continuing vaccination drive and supportive fiscal and monetary policies have boosted the industrial machinery sector’s growth. Moreover, the $1 trillion infrastructure bill, which was passed on November 15, and increasing innovation in the industry, are expected to help the sector grow significantly in the coming months. So, both ABB and MMM should benefit.
ABB’s stock has gained 34.8% in price over the past year, while MMM has returned 3.8%. Also, ABB’s 29.7% gains year-to-date are significantly higher than MMM’s 1% returns. Furthermore, ABB is the clear winner with 5% gains versus MMM’s negative returns in terms of the past months’ performance.
