If you were 1 of the traders that jumped on 3M Company's (MMM: sentiment, chart, options) December 65 put yesterday, you are sitting pretty right at the moment. The stock has fallen more than 3% so far today, after Citigroup downgraded the shares to "sell" from "hold." The brokerage firm also cut its 2009 earnings estimate to $4.95 per share.

"The volatility in currency translation will likely be a greater headwind to fourth-quarter earnings than initially guided," Citigroup stated in a research note accompanying the downgrade.

Returning to the options pits, I detailed a potential put-buying trade on MMM in yesterday's edition of Options Update. A block of 6,063 MMM December 65 puts traded at an ask price of $3.75, placing breakeven for the position at a trade below $61.25. Currently, MMM is hovering near $60.50 per share, with the December 65 put sporting a bid of $5.40; equating to a profit of 44% on this particular trade in less than 24 hours.

The sentiment outlook I detailed yesterday remains bearishly aligned for MMM, despite this morning's downgrade. Specifically, 5 of the 9 analysts covering the shares still rate them a "buy" or better, leaving ample room for more brokerage firms to follow Citigroup's lead. If the 60 level fails to hold as support, watch for a potentially sharp decline in MMM shares during the short-term.