In the present paper we apply geometric methods, and in particular the reduced energy-momentum (REM) method, to the analysis of stability of planar rotationally invariant relative equilibria of three-point-mass systems. We analyse two examples in detail: equilateral relative equilibria for the three-body problem, and isosceles triatomic molecules. We discuss some open problems to which the method is applicable, including roto-translational motion in the full three-body problem.