8/6/09 am CSCO Profit Falls 46%

Post #40 The following is brought to you by Intellivest Securities Research, Inc. The following is not intended as advertising by a broker-dealer and is not a research report.

A read of Thursday's 8/6/09 print editions of: Wall Street Journal, Investors Business Daily, Financial Times, and Atl Journal Const yielded the following stories about Dow Jones 30 component companies:

The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged.

NYT PB3 "Cisco Profit Falls 46%, but Chief Sees Signs of Hope," WSJ pB1 "Seeking Growth, Cisco Reroutes Decisions" (& AJC p A14) says CSCO Cisco Systems Inc. earnings fell 46% in 2Q but CSCO beat analyst expectations and CEO John Chambers said CSCO may have seen the bottom of the downturn. CSCO had a profit of $1.1 bil or 0.19 a share down from @ bil or 0.22 a share last year. Sales fell 18% to $8.5 bill. CSCO closed 22.17 down 0.27. Front page of INv Bus. DailypA1 "Cisco Systems' Q4 Revenue drops 18%, But CEO Says That May Be Tipping Point - EPS Falls 22%, Beats Views." Same theme at USA Today p1B "Cisco beats profit forecasts, is upbeat about future."

NYT pB4 "Schering And Merck Are Settling Vytorin Suits" (also at WSJ pB4 & AJC pA14) says MRK and Schering agreed Wed to pay $41.5 mil to settle class action lawsuits that accused them of withholding unfavorable results of a clinical trial of the cholesterol drugs Vytorin and Zetia. Two two drug cos. released, allegedly a study two years after it was done. The study released in Jan '08 showed the medicines, the product of their joint venture, were no more effective in unclogging arteies that less expensive and previously available drug. MRK closed Wed 29.61 down 0.23.

AJC pA14 "Decline in P&G earnings expected to continue" says PG's 4Q profit fell 18% and PG expects more declines as households keep cutting spending. Earnings were $2.5 bil or 0.19 a share down from $2 bil or 0.33 a share from same period last yer. Sales fell 18% to $8.5 bil. "P&G Gamble on Beauty Turns Ugly" at WSJ pC14 says PG is being weighted down by its heavy reliance on premium products. PG's 4Q results showed a decline in sales confirmed how much less defensive the company's business has become. "Tide Turns "Basic" For P&G in Slump" WSJ pA1 says P&G has quietly rolled out a version of Tide detergent that the company freely admits isn't new and improved. "Procter & Gamble loses sales volume as consumer demand drops" has same theme at Fin Times p17. Inv. Bus Daily at pA1 "P&G Falls on Weak Q4 Sales."

NYT pB9 "Stocks and Bonds" say INTC and Oracle pulled Nasdaq down 18.26 points to1,993.05. WSJ pC1 "Wednesday's Markets" says BAC Boam gained 6.5% after Morgan Stanley analysts put it on their list of "top picks." Also at "Lage Stock Focus" WSJ pC6 said earnings report from PG Procter & Gamble helped cause the dow to close down and also says financials led by BAC were up.

"Wall Street" story at FT p24 says KFT Kraft showed resilience in the food sector after it beat analysts' expectations and raised its full year profit outlook. (KFT makes Oreo cookies). Story also says PG gave more negative signs on customer spending and also notes BAC BofAm rising 6.5% to 16.66.

USA Today p1B "Problems pile up on Boeing - Last year it looked solid; this year it's a mess" says every aircraft and every defense program BA Boeing is involved in is having probelms. Story says this is quite a turnaround for BA which is US's largest exporter. A year ago the company was doing well trading at a 52 week high of 68.75. BA closed yesterday at 44.03 up 0.29

WSJ pC1 "AmEX Write-Offs Fall But CEO Stays Wary" says AXP said credit trends among its cardholders are showing signs of improvement for the first time in 18 months, although the most creditworthy customers still are not spending. AXP said it will write off 9.2% of its US credit card loans in July down from 10% in 2Q. Similar theme at USA Today p1B "AmEx's card defaults fall, shares soar.

WSJ pC1 "Behind BofA's Silence on Merrill - Emails Show Higher Loss Views, But Bank Officers saw them as Not material" says BAC's loss projections for Merrill Lynch increaed by nearly $2 bil two days before shareholders aproved the takeover, but bank execs thought the losses weren't severe enough to disclose publicly.

USA Today p1B says PepsiCo lost its argument in a dispute about an ad campaign by KO Coke, which claimed that Pepsi's Gatorade was missing crucial electrolytes, A US judge ruled against Pepsi's Stokely-Ban Camp.

THE FOLLOWING APPEARED IN WEDNESDAY AFTERNOON'S BLOG:

The Dow Jones Industrial Average closed Wednesday at 9280.97 down 39.22 or 0.42% from Tuesday's close of 9320.19. Of the 30 Dow Companies: 9 gained and 21 declined with the biggest loser being PG Procter & Gamble $53.91 -1.55 2.79% 21,315,518 NYSE and the biggest gainer being AXP American Express $30.36 +1.65 5.75% 23,262,790 NYSE.

The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged.

Wednesday's Dow Jones Industrial Average closing numerator was 1228.05 down 5.19 from Tuesday's closing Dow numerator of 1233.24. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor.

Now, if you divide the Dow numerator decrease for today of 5.19 by the divisor you get 39.22, the decrease in Tuesday's Dow close.

The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 40.94 down 0.17 from Tuesday's Dow Jones Industrial Average closing price of 41.11. The median closing price of Wednesday's Dow Jones Industrial Average was $36.93 up 0.76 from Tuesday's Dow Jones median closing price of 36.17.

The highest closing price Wednesday again was IBM $118.47 -1.13 0.94% 5,026,291 NYSE and the lowest closing price Wednesday again was Alcoa AA $13.28 +0.44 3.43% 44,270,040 NYSE.

The lowest volume Tuesday was MMM $ $72.03 -0.11 0.15% 4,763,518 NYSE and the highest volume again was BAC BofAm $$15.649 +0.329 2.15% 352,702,429 NYSE.

If Wednsday morning before the market opened you had purchased $100 of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs) and sold at the close you would have lost $520 ($123,324 - $122,820).

Wednesday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market

T $25.73 -0.54 2.06% 42,979,735 NYSE
AA $13.28 +0.44 3.43% 44,270,040 NYSE
AXP $30.36 +1.65 5.75% 23,262,790 NYSE
BAC $16.66 +1.02 6.52% 488,503,706 NYSE
BA $44.03 -0.13 0.29% 7,129,795 NYSE
CAT $46.64 -1.25 2.61% 15,598,551 NYSE
CVX $69.79 -0.62 0.88% 9,231,314 NYSE
CSCO $22.17 -0.27 1.2% 79,003,196 NASDAQ-GS
KO $49.17 -0.33 0.67% 7,504,969 NYSE
DIS $25.27 -0.37 1.44% 12,043,303 NYSE
DD $32.08 -0.06 0.19% 5,799,204 NYSE
XOM $70.03 -0.57 0.81% 20,349,049 NYSE
GE $13.99 +0.17 1.23% 99,715,558 NYSE
HPQ $43.26 -0.16 0.37% 13,490,206 NYSE
HD $26.33 +0.04 0.15% 9,997,054 NYSE
INTC $18.86 -0.32 1.67% 60,034,938 NASDAQ-GS
IBM $118.47 -1.13 0.94% 5,026,291 NYSE
JPM $41.78 +1.57 3.9% 63,334,044 NYSE
JNJ$60.45 -0.61 1% 8,575,133NYSE
KFT $28.33 -0.01 0.04% 11,607,773 NYSE
MCD $55.09 +0.08 0.15% 9,426,441 NYSE
MRK $29.61 -0.23 0.77% 12,762,478 NYSE
MSFT $23.81 +0.04 0.17% 53,310,241 NASDAQ-GS
PFE $15.87 -0.20 1.24% 58,711,502 NYSE
PG $53.91 -1.55 2.79% 21,315,518 NYSE
MMM $71.83 -0.20 0.28% 4,526,773 NYSE
TRV $46.58 +0.32 0.69% 4,914,195 NYSE
UTX $54.22 -0.57 1.04% 4,436,115 NYSE
VZ $31.27 -0.59 1.85% 17,410,457 NYSE
WMT $49.2 -0.65 1.3% 17,720,564 NYSE

The following is a ranking of all Dow Jones Industrial Average 30 Companies based on the value of their outstanding shares as of close of the Dow on Thursday July 30, 2009 with the market value rounded to the nearest billion.

Rank/Dow Company Symbol & Name Value of Float in Billions # of Shares Outstanding

1. XOM Exxon Mobil $345 Billion 4,879,710,000
2. MSFT Microsfot $212 Billion 8,899,720,000
3. WMT Wal-Mart $195 Billion 3,896,618,000
4. JNJ Johnson & Jo $170 Billion 2,755,566,000
5. PG Procter & Gam $164 Billion 2,914,702,000
6. IBM $158 Billion 1,341,678,000
7. T AT&T $155 Billion 5,900,000,000
8. JPM JP Morgan Chas $145 Billion 3,759,160,000
9. GE $139 Billion 10,589,575,000
10. CVX Chevron $136 Billion 2,004,672,000
11. CSCO Cisco $127 Billion 5,767,881,000
12. KO Coke $115 Billion 2,314,998,000
13. INTC Intel $108 Billion 5,585,000,000
14. PFE Pfizer $108 Billion 6,747,979,000
15. HPQ Hewlett-Packa $102 Billion 2,386,262,000
16. VZ Verizon $92 Billion 2,840,574,000
17. BAC Bank of Ameri $89 Billion 6,402,966,000
18. MRK Merck $63 Billion 2,108,669,000
19. MCD McDonald's $61 Billion 1,103,243,000
20. UTX United Techn $51 Billion 941,273,000
21. DIS Walt Disney $49 Billion 1,856,752,000
22. MMM 3M $49 Billion 694,384,000
23. HD Home Depot $44 Billion 1,703,395,000
24. KFT Kraft $42 Billion 1,472,743,000
25. AXP American Exp. $33 Billion 1,167,625,000
26. BA Boeing $31 Billion 726,432,000
27. DD DuPont $28 Billion 903,608,000
28. CAT Caterpillar $26 Billion 601,752,000
29. TRV Travelers $25 Billion 585,430,000
30. AA Alcoa $11 Billion 974,276,000
Here are the latest SEC filings as of 7/15/09 other than ownership filings and, except for certain cases, I do not include third party shareholder proposals:

Symbol & Co. Name/Date of Filing/Form Filed/ Comments

T AT&T 6/30/09 11K Annual Report of Employee Stock Purchase Plan
AA Alcoa 7/13/09 8K 2nd Quarter Earnings Results
AXP 6/30/08 8K Settlement w/FDIC re: convenience checks
BAC Bank of Am 7/1/09 8A Regis. of Securities
BA Boeing 7/7/09 8K Acquisition of Vought Aircraft
CAT Caterpiller 6/23/09 11K Annual Report of Employee Stock Purchase Plan
CSCO Cisco 6/2/08 S8 Regis. of securities to employees
KO Coke 6/25/09 11K Annual Report of Employee Stock Purchase Plan
DIS Disney 6/26/09 11K Annual Report of Employee Stock Purchase Plan
DD DuPont 6/29/09 11K Annual Report of Employee Stock Purchase Plan
XOM Exxon 6/24/09 11K Annual Report of Employee Stock Purchase Plan
GE 6/25/09 11K Annual Report of Employee Stock Purchase Plan
HPQ Hewlett-Pack 6/30/09 11K Annual Report of Employee Stock Purchase Plan
HD Home Depot 6/29/09 11K Annual Report of Employee Stock Purchase Plan
INTC Intel 7/14/09 8K Financial results 3rd quarter
IBM 6/29/09 11K Annual Report of Employee Stock Purchase Plan
JPM JPMorgan 7/14/09 Freewriting Prospectus
JNJ Johnson 6/28/09 8K Press release re: financial results
KFT Kraft 6/22/09 8K re: personnel changes
MCD McDonalds 6/22/09 Prospectus
MRK Merck 7/1/09 8K Closing of sale of notes
MSFT Microsoft 6.29.09 11K Annual Report of Employee Stock Purchase Plan
PFE Pfizer 6/29/09 11K Annual Report of Employee Stock Purchase Plan
PG Procter Gam 7/13/09 8K re: 0.44 dividend
MMM 3M 7/7/09 8K settlement of shareholder derivative suit
TRV Travelers 6/24/09 11K Annual Report of Employee Stock Purchase Plan.
UTX United Tech 6/26/09 11K Annual Report of Employee Stock Purchase Plan
VZ Verizon 6/29 11K Annual Report of Employee Stock Purchase Plan
WMT Wal-Mart 6/5/09 10Q

Here are the CEOs of the Dow 30 Companies:

T Randall L. Stephenson
AA Klaus Kleinfeld
AXP Kenneth I. Chenault
BAC Kenneth D. Lewis
BA W. James McNerney, Jr.
CAT James W. Owens
CVX David O'Reilly
CSCO John Chambers
KO Muhtar Kent
DIS Rogert Iger
DD Ellen Kullman
XOM Rex W. Tillerson
GE Jeffrey R. Immelt
HPQ Mark Hurd
HD Frank Blake
INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPM Jamie Dimon
JNJ William C. Weldon
KFT Irene Rosenfeld
MCD Jim Skinner
MRK Robert Clark
MSFT Steve Ballmer
PFE Jeffrey Kindler
PG Bob McDonald
MMM George W. Buckley
TRV Jay S. Fishman
UTX Louis Chenevert
VZ Ivan Seidenberg
WMT Mike Duke