MMM Chart, page-4

Not only the bad news but also the timing of it. September is commenly known for not the greatest month for stock markets.

In accumulation periodes you need good news/green numbers for a bullish pattern. There was no good news.

and it is a big deal if a big investor losses his 'trust' in a company. That is what i think ppl think, looking negative first.
But it could have another reason, You only sell your shares if you lose trust/see a better investment/hit your target or want to buy back in cheaper.

a well this is my vision on it, i think it will drop further at Around support, then i will buy back in big time because i still think this company will be profitable in the next 3 years.

good Luck!