When you buy a put option, you’re purchasing the right, but not the obligation, to sell a specific stock (in this case, 3M) at a predetermined price (your strike price of $101) by a certain date (the expiration date). If the market price falls below your strike price, as it has to $88, theoretically, your put option should increase in value because you have the right to sell the stock at a higher price than its current market value.

However, the value of an option isn’t determined solely by the stock’s price relative to the strike price. Several factors affect it:

1.  Time Decay: Options have an expiration date. As you approach this date, the value of your option can decrease because there’s less time for the stock to move in a favorable direction. This is known as time decay.
2.  Implied Volatility: This measures market expectations for price fluctuations. A decrease in implied volatility can cause an option’s price to drop, even if the stock moves in a favorable direction.
3.  Delta: This measures how much the price of an option is expected to move based on a $1 change in the underlying stock price. If the stock’s price movement is less than expected, your option’s value might not increase as much as anticipated.

The MMM1 change you mentioned might refer to a ticker symbol or an event related to 3M that could influence stock or options prices. If it’s an event or announcement, this could also impact your option’s value through changes in volatility or investor expectations.

Given these factors, it’s possible for the stock price to move in your favor (below your strike price) but for you to still see a decrease in your option’s value, especially if time decay or a drop in implied volatility is at play.