The following is not intended as advertising by a broker-dealer and is not a research report.
Post #135 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. Towards the end of this Blog is an update of the Dow 30's most recent SEC filings as of 9/25/09, a list of the Dow 30 CEO's and a ranking of the Dow 30 by market capitalization.
The Dow Jones Industrial Average closed Wednesday at 9712.28 down 29.92 or 0.31% from Tuesday's close of 9742.2. Of the 30 Dow Companies: 8 gained and 22 declined. The biggest loser dollar-wise and percentage-wise was J.P. Morgan Chase (JPM $43.82 -1.06 2.36% 39,644,296 NYSE) and the biggest gainer dollar-wise was IBM (IBM $119.61 +0.80 0.67% 7,400,399 NYSE) and the biggest gainer percentage-wise was Cisco (CSCO $23.54 +0.24 1.03% 63,297,245 NASDAQ-GS).
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 1285.12 down 3.96 from Tuesday's closing Dow numerator of 1289.08. 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 3.96 by the divisor you get 29.92, the decrease in Wednesday's Dow close.
The average closing price (the closing numerator divided by 30) of Wednesay's Dow Jones Industrial Average was 42.84 down 0.87 from Tuesday's Dow Jones Industrial Average closing price of 42.97. The median closing price of Wednesday's Dow Jones Industrial Average was 38.86 down 0.58 from Tuesday's Dow Jones median closing price of 39.44.
The highest closing price Wednesday again was IBM $119.61 +0.80 0.67% 7,400,399 NYSE and the lowest closing price Wednesday again was Alcoa AA $13.12 -0.19 1.43% 31,621,534 NYSE.
The lowest volume Wednesday again was 3M MMM $73.8 -0.14 0.19% 4,474,501 NYSE and the highest volume again was Bank of Am BAC $16.92 -0.24 1.4% 179,061,027 NYSE.
If Wednesday 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 $390.
($128,910 - 128,520)
Wedneday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market
T $27.01 -0.19 0.7% 37,331,537 NYSE
AA $13.12 -0.19 1.43% 31,621,534 NYSE
AXP $33.9 -0.09 0.26% 14,831,082 NYSE
BAC $16.92 -0.24 1.4% 179,061,027 NYSE
BA $54.15 -0.47 0.86% 5,807,843 NYSE
CAT $51.33 -0.27 0.52% 10,512,643 NYSE
CVX $70.43 -0.48 0.68% 13,451,804 NYSE
CSCO $23.54 +0.24 1.03% 63,297,245 NASDAQ-GS
KO $53.7 +0.39 0.73% 13,744,431 NYSE
DIS $27.46 -0.48 1.72% 18,370,582 NYSE
DD $32.14 -0.38 1.17% 8,098,117 NYSE
XOM $68.61 -0.46 0.67% 26,222,562 NYSE
GE $16.42 -0.29 1.74% 118,738,661 NYSE
HPQ $47.21 -0.23 0.48% 20,718,819 NYSE
HD $26.64 -0.19 0.71% 16,215,021 NYSE
INTC $19.57 +0.09 0.46% 62,451,989 NASDAQ-GS
IBM $119.61 +0.80 0.67% 7,400,399 NYSE
JPM $43.82 -1.06 2.36% 39,644,296 NYSE
JNJ $60.89 -0.04 0.07% 10,609,512 NYSE
KFT $26.27 +0.25 0.96% 12,622,747 NYSE
MCD $57.07 -0.10 0.17% 9,614,998 NYSE
MRK $31.63 -0.22 0.69% 19,868,629 NYSE
MSFT $25.72 -0.03 0.12% 61,919,625 NASDAQ-GS
PFE $16.55 +0.22 1.31% 60,279,478 NYSE
PG $57.92 -0.01 0.02% 13,597,731 NYSE
MMM $73.8 -0.14 0.19% 4,474,501 NYSE
TRV $49.23 +0.27 0.55% 5,262,040 NYSE
UTX $60.93 -0.38 0.62% 6,352,617 NYSE
VZ $30.27 +0.11 0.36% 17,573,025 NYSE
WMT $49.09 -0.14 0.28% 21,718,747 NYSE
************** ***************** *******************
Here are the latest SEC filings as of 9/25/09 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: 8/28/09 two 8K's, one: announcing it had reached agreement with the Communications Workers of America (on a new, three-year contract covering approximately 7,000 wireline employees (located across the U.S.) under the CWA Communications and Technologies contract, subject to approval by these employees. The second 8K said two subsidiaries of T provided redeemed certain long-term debt issues as of September 28, 2009.
Alcoa AA: 7/29/09 8K announcing that Alain J. P. Belda, executive Chairman of the Board of Directors of AA retired as an executive officer but is staying on as a director until April 23, 2010.
American Express AXP: 9/15/09 8K annoucing delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended June 30, July 31 and August 31, 2009.
9/2/09 10Q;
Bank of Am BAC: 9/24/09 several free writing prospectus regarding issuance of securities.
Boeing BA: 9/15/09 announcing that pursuant to a 1978 SEC settlement, BA informed the SEC of a change in its policy re the appointment of foreign consultants and to whom they report.
8/31/09 8K announcing the retirement of Scott E. Carson, Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes, effective January 1, 2010. Effective September 1, 2009, Mr. Carson will leave his current position and assume the role of Executive Vice President. Carson will be replaced by James F. Albaugh.
8/27/09 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.
Caterpiller CAT: 9/23/09 8K announcing a new credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., that provides for an unsecured aggregate revolving credit facility to $2.38 billion that serves as an alternative source of funds, if necessary, for CAT's commercial paper programs.
9/21/09 8K furnishing supplemental information concerning deliveries to users for its Machinery and Engines lines of business. Caterpillar sells the majority of its machinery and engines to independently owned and operated dealers and Original Equipment Manufacturersto meet the demands of their customers, the end users. Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year were down significantlly.
9/15/09 8K announcing CAT and Navistar International Corporation (NYSE: NAV)formed a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial truck market to be based in Chicago.
8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.
Chevron CVX: 8/6/09 10Q
Cisco CSCO: 9/23/09 Proxy Statement in connection with its Annual Meeting to be held 11/12/09.
9/11/09 10K
9/9/09 8K Cisco appointed Arun Sarin, former CEO of Vodafone Group Plc, to its Board of Directors. He will a $75,000 annual retainer, $2,000 per committee meeting attended, and 16,666 shares.
9/4/09 8K annoucing bonus payments for '09 fiscal year to: John T. Chambers, Chairman and Chief Executive Officer, $2,031,000; Frank A. Calderoni, Executive Vice President, Chief Financial Officer, $900,000; Wim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000; Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000; and Richard J. Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.
Coke KO: 7/30/09 10Q
Disney DIS: 9/22/09 Form S-4 Proxy and 9/16/09 Prospectus related to the takeover of Marvel.
8/31/09 8K announcing a merger between its subsidiary, Maverick Acquisition Sub, Inc., and its subsidiary, Maverick Merger Sub, LLC, a single member Delaware limited liability company and Marvel Entertainment, Inc.. As a result of the Merger, Marvel will become a wholly owned subsidiary of Disney. Each share of Marvel common stock will be converted into $30 in cash and 0.7452 shares of Disney common stock.
DuPont DD: 8/13/09 8K announcing Nicholas C. Fanandakis, age 53, Senior Vice President & Chief Financial Officer effective September 1, 2009 with an increase in annual salary from $387,708 to $500,000 and target short-term incentive award for 2009 will increase from $328,500 to $464,100. Mr. Fanandakis was named to his current position, Group Vice President- Applied BioSciences, in January 2008. Prior to that, he was vice president and general manager- DuPont Chemical Solutions Enterprise from September 2003 through September 2006 and vice president- Corporate Plans from October 2006 through December 2007. Jeffrey L. Keefer, EVP and Chief Financial Officer, will remain EVP and transition from the position of Chief Financial Officer to assume leadership responsibility for the DD's Performance Coatings business, corporate strategy development, Information Technology and overall cost and working capital productivity efforts effective November 1, 2009. Richard R. Goodmanson, EVP and Chief Operating Officer will retire effective September 30, 2009.
ExxonMobil XOM: 8/5/09 10Q
GE: 8/4/09 8K GE reached a settlement with the SEC & consented to a judgment of a fine of $50 million relating to four accounting matters arising in 2002 - 2003: the application of SFAS 133 to GE’s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception; a change in accounting for profits on spare parts in the commercial aviation engine business; and certain year-end transactions in the Rail business.
Hewlett-Packard HPQ: 9/24/09 8K saying at its Securities Analyst Meeting, HPQ addressed how it is uniquely positioned to grow and expand in the global information technology market. “We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market,” said Mark Hurd, CEO.
9/17/09 8K On 9/17/09 HPQ elected Marc L. Andreessen as a dierctor and chair of the Technology Committee of the Board. Andreessen is a co-founder and general partner of Andreessen Horowitz, a venture capital firm, and a co-founder and chairman of Ning, Inc., an online platform for people to create their own social networks. Andreessen co-founded Opsware Inc. & served as chief technology officer of America Online, Inc. and was a co-founder of Netscape Communications Corporation. Andreessen gets an retainer of $100,000, an annual equity retainer of $150,000, and $2,000 in cash for each Board meeting attended in excess of six per year. Mr. Andreessen also will be eligible to participate in the product matching portion of the HP Employee Giving Program under which each non-employee director may contribute up to $100,000 worth of HP products each year to a qualified charity by paying 25% of the list price of those products, with HP paying the remaining 75%. In addition, Mr. Andreessen will receive an annual retainer of $10,000 for service as the chair of the Technology Committee. HPQ also increased the number of HPQ directors from ten to eleven.
9/8/09 10-QA
9/4/09 10-Q
Home Depot HD: 9/3/09 10-Q
8/26/09 8K announcing amendments to their By-Laws dealing with resignations of directors.
Intel INTC: 9/21/09 A tender offer regarding exchange of some of its stock options with its employees.
9/16/09 An intranet article re the Stock Option Exchange Program.
9/15/09 8K Intel is consolidating all of its major product divisions into the newly formed Intel Architecture Group, which will be co-managed by Sean Maloney and David (Dadi) Perlmutter, executive vice presidents. Maloney will be responsible for business and operations while Perlmutter will lead product development and architecture. Paul Otellini, CEO, will devote more time to corporate strategy and driving the company’s growth initiatives. Intel’s global manufacturing organization, the Technology and Manufacturing Group will now report to Andy Bryant, Intel’s chief administrative officer. Pat Gelsinger and Bruce Sewell, General Counsel, will leave INTC.
8/28/09 8K announcing that as a result of stronger than expected demand for microprocessors and chipsets, Intel now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. The company is scheduled to report its third-quarter financial results on Oct. 13.
IBM: 9/8/09 8K IBM representatives will be meeting with a number of institutional investors through mid-September.
7/28/09 10Q
JPMorganChase JPM: 9/23/09 Various free writing prospectus re: issuance of securities.
9/17/09 prospectus reReverse Exchangeable Notes due December 21, 2009 Linked to Eight Equally Weighted Reference Stocks and in preceding days there were similar prospectuses.
9/2/09 Free Writing Prospectus relating to Core commodity C-IGAR Sigma Long-Short Index
Johnson & Johnson JNJ: 8/4/09 10Q
Kraft KFT: 9/9/09 prospectus relating to Kraft's bid to take over Cadbury that was announced on 9/7/09.
9/9/09 8K announcing a strategic update, including a review of the company’s successful three-year turnaround plan.
8/5/09 10Q
McDonalds MCD: 9/9/09 8K announcing that global comparable sales rose 2.2% in August and by segment performance was as follows: U.S. up 1.7%; Europe up 3.5%; andAsia/Pacific, Middle East and Africa declined 0.5%.
8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"
Merck MRK: 9/21/09 8K announcing that the acquisition by Sanofi-aventis of Merck’s 50 percent interest in Merial Limited (Merial) has been completed. Sanofi-aventis acquired Merck’s interest in Merial for a cash consideration of $4 billion. Formed in 1997, Merial is a leading animal health company that was a 50/50 joint venture between Merck and sanofi-aventis and is now a wholly-owned subsidiary of sanofi-aventis.
8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough
Microsoft MSFT: 9/11/09 8K James Cash to retire from Board of Directors. The
Harvard Business School professor and senior associate dean emeritus had served on the board since 2001. With Cash’s departure, the Microsoft board will have nine members: Bill Gates, chairman of Microsoft; Steve Ballmer; Dina Dublon, former chief financial officer of JPMorgan Chase; Raymond V. Gilmartin, former chairman, president and chief executive officer of Merck & Co. Inc.; Reed Hastings, founder, chairman and CEO of Netflix Inc.; Maria M. Klawe, president, Harvey Mudd College; David F. Marquardt, general partner at August Capital; Charles H. Noski, former vice chairman of AT&T Corp.; and Dr. Helmut Panke, former chairman of the board of management at BMW AG.
8/24/09 S-8 Securities to be offered to employees in employee benefit plans
Pfizer PFE: 9/24/09 11-K Annual Report of Employee Stock Option Plan.
9/2/09 8K announcing an agreement with the U.S. Department of Justice to settle an investigation regarding off-label promotional practices related to Bextra, which Pfizer withdrew from the market in 2005 and other DOJ investigations involving off-label promotional practices concerning Zyvox, Geodon and Lyrica, and allegations related to payments to healthcare professionals involving these and nine other Pfizer medicines. Pfizer previously disclosed a related $2.3 billion charge to its fourth-quarter and full-year 2008 earnings in connection with the DOJ agreement in principle on January 26, 2009. PFE has reached agreements with attorneys general in 432 states to settle state civil consumer protection allegations regarding promotional practices concerning Geodon. PFE will pay a total of $33 million to the settling states.
Procter & Gamble PG: 9/10/09 8K confirmed its fiscal year 2010 and July – September quarter outlook for organic sales growth. The company also stated it expects to return to organic sales growth in the October – December quarter compared to prior year levels, following two quarters of organic sales declines. P&G also updated earnings per share guidance to include the anticipated impacts from the Pharmaceutical divestiture, which was announced on August 24, 2009. For fiscal year 2010, P&G confirmed previous guidance for organic sales growth of one to three percent. P&G expects net sales in the range of flat to up three percent versus prior year levels, which includes a foreign exchange impact of zero to minus one percent. P&G now expects fiscal 2010 earnings per share in the range of $3.99 to $4.12 per share. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.
8/28/09 S-8 Securities to employees and 8/28 8K annoucning public offering of $500,000,000 aggregate principal amount of 3.150% Notes due 2015.
Also a PG subsidiary, Procter & Gamble International Funding SCA issued $1,000,000,000 aggregate principal amount of 1.350% Notes due 2011.
3M MMM: 8/5/09 3M contributed 8,329,862 shares of its common stock with a corresponding dollar value of approximately $600 million to its defined benefit pension plan, the 3M Employee Retirement Income Plan, made from treasury stock.
Travelers TRV: 8/5/09 10Q/A Amended 10Q
United Technologies UTX: 7/24/09 10Q
Verizon Communications Inc. VZ: 8K 9/11/09 8K announcing VZ's cash flow and balance sheet are strong, and VZ recently increased its dividend for the third consecutive year. VZ is not planning for any economic improvements in the second half of 2009. Verizon expects that economic conditions will continue to pressure revenues and margins in the second half of 2009, particularly in its Wireline segment. VZ expects to add one million wireless customers per quarter for the next several quarters.
o The company expects to achieve its stated Alltel cost synergy targets & greater cash flow from operations in the second half of 2009 compared to the first half of 2009.
9/4/09 8K VZ raised its quarterly dividend 3.3% to 47.5 Cents per Share. This is the third consecutive year that VZ has approved a quarterly dividend increase in September.
9/4/09 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc.
Wal-Mart WMT: 8K 9/18 Pricing agreement re: the 9/16 filed prospectus relating to $1 bil of Euro Note Offering at 4.875%
9/14/09 Prospectus re debt securities of $364,600,000
9/9/09 10Q
8/13/09 8K re 7/31/09 2Q report of earnings
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
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 9/25/09:
1. Exxon Mobil XOM $331
2. Microsoft MSFT 231
3. WalMart WMT 196
4. GE 176
5. Procter & Gamble PG 169
6. JPMorgan Chase 167
7. Johnson & Johnson JNJ 167
8. IBM 162
9. T 159
10. Chevron CVX 142
11. Cisco CSCO 131
12. Coke KO 121
13. Hewlett-Packard HPQ 112
14. Pfizer PFE 111
15. Intel INTC 109
16. Bank of Am BAC 109
17. Verizon VZ 86
18. Merck MRK 65
19. McDonald's MCD 61
20. United Technologies UTX 59
21. Disney DIS 52
22. 3M MMM 52
23. Home Depot 46
24. American Express AXP 40
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 32
28. DuPont DD 29
29. Traveler's TRV 27
30. Alcoa AA 13
Wednesday, September 30, 2009
9/30/09 am Wed. JPMorgan Shuffles Execs
The following is not intended as advertising by a broker-dealer and is not a research report.
Post #134 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. Towards the end of this Blog is an update of the Dow 30's most recent SEC filings as of 9/25/09, a list of the Dow 30 CEO's and a ranking of the Dow 30 by market capitalization.
A read of Wednesday's 9/30/09 print editions of: Wall Street Journal, Financial Times, Investors Business Daily, New York Times, Atl Journal Const, & USA Today yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by symbol and Friday's closing price and related data:
Dow: WSJ pC1 "Dow Falls 47; Big Quarter Ends Today" by Peter A. McKay says stocks fell on Tuesday after weak consumer confidence data rekindled worries that the economic recovery will be patch. The Dow Jones Industrial Average gave back more than a third of the previous session's solid gain. Dow components Cisco Systems and Intel both declined 1.3%, leading tech stocks lower.
WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, including Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
Fin Times Mkts p22 "Energy leads retreat as ExxonMobil and Chevron slide" by Samantha Pearson says stocks edged lower in choppy trading yesterday after data on the housing market and consumer sentiment gave investors mixed signals about the state of the economy. Energy stocks dragged the market downward yesterday after oil prices sunk lower on a weak demand outlook. Chevron fell 1.1% while ExxonMobil lost 0.8%.
NYT pB10 "A Day of Wandering Ends Lower" by Jack Healy says stocks wandered lower on Tues. as investors balanced an improvement in housing prices agaisnt a decline in consumer confidence - indicators that painted a muddled picture of the economic recovery.
USA Today p4B "Consumer confidence slips, trips stocks" says a surprise drop in consumer confidence Tues. tripped up investors a day after a steep rally. Stocks fell after the Conference Board said its consumer confidence index fell to 53.1 in Sept., down from 54.5 in August and lower than the reading of 57 that economists had been expecting.
The Dow Jones Industrial Average closed Tuesday at 9742.2 down 47.17 or 0.48% from Monday's close of 9789.36. Of the 30 Dow Companies: 4 gained, 25 declined and 1 was unchanged (MCD $57.17 unch unch 7,485,517 NYSE). The biggest loser dollar-wise was 3M MMM $73.94 -1.07 1.43% 3,182,833 NYSE and percentage-wise was Home Depot HD $26.83 -0.43 1.58% 13,567,045 NYSE and the biggest gainer dollar-wise (again) and percentage-wise was Boeing BA $BA $54.62 +1.55 2.92% 7,219,508 NYSE.
The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of today the Dow's trailing P/E ratio is 15.72, its P/E estimate is 15.48 and its Dividend yield is 2.89.
Tuesday's Dow Jones Industrial Average closing numerator was 1289.08 down 6.24 from Monday's closing Dow numerator of 1295.32. 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 6.24 by the divisor you get 47.16, the decrease in Tuesday's Dow close.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 42.97 down 0.21 from Monday's Dow Jones Industrial Average closing price of 43.18. The median closing price of Tuesday's Dow Jones Industrial Average was 39.44 down 0.17 Monday's Dow Jones median closing price of 39.61. The highest closing price Tuesday again was IBM $118.81 -0.52 0.44% 6,683,954 NYSE and the lowest closing price Tuesday again was Alcoa AA $13.31 -0.12 0.89% 22,545,177 NYSE. The lowest volume Tuesday again was 3M MMM $73.94 -1.07 1.43% 3,182,833 NYSE and the highest volume again was Bank of Am BAC $17.16 -0.06 0.35% 123,461,185 NYSE.
If Tuesday 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 $630.
($129,540 - 128,910)
AT&T T $27.2 -0.23 0.84% 27,831,242 NYSE: WSJ pB6 "Wireless Networks Tap New Growth Sources" by Jeffry Bartash says wireless networks aren't just for cellphones and laptops anymore. AT&T and Verison Wirelss have struck deals to supply Internet access for electronic book readers, spurred by Sprint Next Corp.s pioneering deal with Amazon.com. AT&T and Garmin Ltd. this week unveiled a product that aims to marry the core functions of a mobile phone and a navigation device.
AJC pA12 "AT&T says FCC delay discourages acquisitions" says AT&T's CEO Randall Stephenson said longer gov review of deals likes its proposed purchase of Centennial Communications Corp. may lead to fewer acquisitions in the telecommunications industry.
AA $13.31 -0.12 0.89% 22,545,177 NYSE: No mentions found.
AXP $33.99 -0.42 1.22% 9,216,440 NYSE: No mentions found.
Bank of America BAC $17.16 -0.06 0.35% 123,461,185 NYSE: WSJ pC1 "J.P> Morgan Shuffles Executives - Winters, a Potential Successor to Dimon, Won't Get the Job and Is Leaving" says JPM changed the management of its investment bank, pushing out a longtime exec and igniting a contest to succeed James Dimon at the helm. JPM is emerging from the financial crisis as the industry's premier bank, named 52 year old Jes Staley as ceo of its investment banking arm. The investment bank is the most prestigious part of JPM's banking operation, generating a record $16 bil in revenues in the first half of the year. Responsible for more than one third of JPM's $2 trillion in assets, it houses units for trading, securities underwriting, mergers advisory work and large corporate loans. JPM has avoided the top level managerial dramas that have dogged Bank of America and Citigroup. There is a photo of James Dimon with a caption that he has fans on Wall Street and Washington.
WSJ pC6 has a story by Linling Wei, Kris Hudson about Starwood trying to get control of the bankruptcy of Extended Stay Inc. whose largest creditors include BofA.
Fin Times Co. & Mkts. p14 "lists US and European banks' balance sheet strength in a story by Patrick Jenkins, Megan Murphy that has JPM 12th and BofA 15th.
Boeing BA $54.62 +1.55 2.92% 7,219,508 NYSE: WSJ pB4 "Northrop Presses for Boeing Data" by Ann Keeton says early on in a rematch with Boeing to vie for a $40 bil military air tanker contract, Northrop Grumman is pressing a complaint that the US Defense Dept. has failed to provide it with critical information. Northrop wants pricing info on Boeing's failed tanker bid from last year because Boeing was given prices on the bid Northrop made in partnership with Airbus. Also reported at AJC pA12.
WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, including Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
CAT $51.6 -0.58 1.11% 7,506,646 NYSE: No mentions found.
Chevron CVX $70.91 -0.79 1.1% 7,749,736 NYSE: Fin Times Mkts p22 "Energy leads retreat as ExxonMobil and Chevron slide" by Samantha Pearson says stocks edged lower in choppy trading yesterday after data on the housing market and consumer sentiment gave investors mixed signals about the state of the economy. Energy stocks dragged the market downward yesterday after oil prices sunk lower on a weak demand outlook. Chevron fell 1.1% while ExxonMobil lost 0.8%.
Cisco CSCO $23.3 -0.31 1.31% 39,333,440 NASDAQ-GS: WSJ pC1 "Dow Falls 47; Big Quarter Ends Today" by Peter A. McKay says stocks fell on Tuesday after weak consumer confidence data rekindled worries that the economic recovery will be patch. The Dow Jones Industrial Average gave back more than a third of the previous session's solid gain. Dow components Cisco Systems and Intel both declined 1.3%, leading tech stocks lower.
Coke KO $53.31 +0.18 0.34% 8,566,374 NYSE: AJC pA11 "coke battles to bar new tax - pre-emptive ad drive in 7 cities will emphasize consumers' choice" by Henry Unger, Joe guy Collier says concerned about a possible soda tax to help finance health care changes, KO and its biggest bottler, Coca-cola Enterprises, are teaming up on a pr offensive by launching a print and digital campaign in 7 cities: DC, NY, LA, Chicago, SF, Boston and Miami.
AJC pA11 "Pilot test possible for high-tech dispenser" by Joe Guy Collier says KO said it cold begin pilot production next year of its Freestyle beverage dispenser and expand availability of the machine to 50 markets. Its fountain of the future can dispense more than 100 different beverages in the same space as an eight valve fountain dispenser.
DIS $27.94 -0.29 1.03% 7,991,164 NYSE: No mentions found.
DD $32.52 -0.16 0.49% 4,104,141 NYSE: No mentions found.
ExxonMobil XOM $69.07 -0.52 0.75% 14,401,450 NYSE: Fin Times Mkts p22 "Energy leads retreat as ExxonMobil and Chevron slide" by Samantha Pearson says stocks edged lower in choppy trading yesterday after data on the housing market and consumer sentiment gave investors mixed signals about the state of the economy. Energy stocks dragged the market downward yesterday after oil prices sunk lower on a weak demand outlook. Chevron fell 1.1% while ExxonMobil lost 0.8%.
GE $16.71 -0.05 0.3% 80,321,938 NYSE: WSJ pB8 in a story by Jeffrey A. Trachtenberg says former pres. of iVillage an online unit of GE's NBC Universal Deborah Fine was named CEO of Direct Brands Inc., a direct marketer of books, DVDs and recorded music who owns the Book of the Month Club.
Hewlett-Packard HPQ $47.44 0.44 0.92% 19,542,840 NYSE: WSJ pB1 "H-P Plans to Fuse Printer, PC Units - Move Would Mark Reversal of Fortune as Once-Laggard PC Division now is the Company's Rising Star" by Justin Scheck says HPQ CEO Mark Hurd, in what would be one of his biggest moves yet to overhaul HP's inner workings, is finalizing a plan to combine HP's printer and pc businessses into one unit under current PC chief Todd Bradley. The plan shows how much HPs businesses have shifted since Hurd became CEO 4 years ago. At the time, the printer business was a cash cow and the PC unit was struggling. in '04 printers and ink accounted for more than 70% of HP profits, while PCs were less than 5% There is a picture of Mark Hurd, tieless, looking like he won the lottery.
WSJ pD3 "Countertrend: HP Says Please Print Often" by Katherine Boehret says the $399 HP Photosmart Premium All in One with Touch Smart Web will print, copy, fax and scan but also connects to the Internet using built in WiFi and displays customized Web applications.
Home Depot HD $26.83 -0.43 1.58% 13,567,045 NYS: WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, inclduing Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
Intel INTC $19.48 -0.26 1.32% 41,211,319 NASDAQ-GS: WSJ pC1 "Dow Falls 47; Big Quarter Ends Today" by Peter A. McKay says stocks fell on Tuesday after weak consumer confidence data rekindled worries that the economic recovery will be patch. The dow Jones Industrial Average gave back more than a third of the previous session's solid gain. Dow components Cisco Systems and Intel both declined 1.3%, leading tech stocks lower.
WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, including Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
IBM $118.81 -0.52 0.44% 6,683,954 NYSE: WSJ pB5 "Airline Industry Gets Smarter With Bags - Carriers, Airports use Scanners, Radio Tags and Software to Improve Tracking of Luggage" by Daniel Michaels says IBM's aviation services is working with partners including Motorola Inc. and Vanderlande Industries BV, a Dutch company, to get the aviation industry tagging bags with radio frequency id or RFID.
JPMorgan JPM $44.88 +0.07 0.16% 23,404,903 NYSE: WSJ pC1 "J.P> Morgan Shuffles Executives - Winters, a Potential Successor to Dimon, Won't Get the Job and Is Leaving" says JPM changed the management of its investment bank, pushing out a longtime exec and igniting a contest to succeed James Dimon at the helm. JPM is emerging from the financial crisis as the industry's premier bank, named 52 year old Jes Staley as ceo of its investment banking arm. The investment bank is the most prestigious part of JPM's banking operation, generating a record $16 bil in revenues in the first half of the year. Responsible for more than one third of JPM's $2 trillion in assets, it houses units for trading, securities underwriting, mergers advisory work and large corporate loans. JPM has avoided the top level managerial dramas that have dogged Bank of America and Citigroup. There is a photo of James Dimon with a caption that he has fans on Wall Street and Washington.
This was also the front page story of Fin Times "Dimon shakes p JPMorgan top team - Staley to take over as investment bank chief" by Francesco Guerrera, Megan Murphy. Related stories at Fin Times Comp. & Mkts p14 "Bold JPMorgan shake-up blows Winters away" by Francesco Guerrera and Saskia Scholtes. that profiles the 52 year old Jes Staley & p14 "Dimon's reshuffle captures the mood of the times" byGillian Tett.
Related story at NYT pB4 "JPMorgan Picks Staley To Run Investment Unit" by Eric Dash.
Fin Times Co. & Mkts. p14 lists US and European banks' balance sheet strength in a story by Patrick Jenkins, Megan Murphy that has JPM 12th and BofA 15th.
WSJ pA2 Bank Bailout Fund Faces Years in Red as Failures Jolt System" by Damian Paletta, Michael R. Crittenden says the fund that protects consumer bank deposits has fallen into the red and will remain there until 2012 as banks continue to fail at a high rate. The FDIC which runs the fund proposed the unprecedented step of having the banking industry preay $45 bil in fees by the end of this year. JPMorgan CEO Jamie Dimon praised the plan as elegant.
Johnson & Johnson JNJ $60.93 -0.34 0.55% 7,397,074 NYSE: WSJ pB1 "Firms Warn Of Delays From FDA Scrutiny" by Alicia Mundy says JNJ and other medical device makers are warning of delays in device approvals after the FDA said there would be a major review of the process that has allowed quick clearance for thousands of products - the process known as 510k.
WSJ pB2 "Boston Scientific, J&J Settle Stent Suit" by Keith J. Winstein says Boston Scientific Corp. agreed to pay $716 mil to JNJ to settle 14 lawsuits over conflicting patent claims, including one that had resulted in a verdict in favor of JNJ that Boston Scientific had appealed. Also reported at AJC pA12.
WSJ pB6 has a story about replacement joint maker Zimmer Holdings regaining its balance after a couple of tough years by Jan Kamp who notes that JNJ and Stryker Corp. are Zimmer's biggest rivals.
Kraft KFT $26.02 -0.15 0.57% 10,358,179 NYSE: WSJ pA11 "Labor Crisis in Argentina Fuels Economic Worries - Kraft Workers' Case Prompts Protests . . ." by Taos Turner, Matt Moffett says a labor battle at a Kraft Foods Inc. factory is causing disruption on the streets of Buenos Aires. Protesting what they call wrong dismissals by Northfield, Ill. based Kraft, a group of Kraft workers had occupied the plant in a suburb of Buenos Airies for 3 weeks until police kicked them out per a court order. Kraft brought criminal charges against and fired 156 employees.
WSJ pB1 "A jar of New Vegemite, a Window Into Kraft" by Ilan Brat says the recipe for Vegemite, a salty brown yeast spread famous in Australia, remained unchanged for more than 80 years but CEO Irene Rosenfeld decentralized decision making and the result was this summer in Australia a milder version of the spread appeared in Australia.
MCD $57.17 unch unch 7,485,517 NYSE: No mentions found.
MRK $31.85 -0.18 0.56% 13,926,680 NYSE: No mentions found.
Microsoft MSFT $25.75 -0.08 0.31% 38,544,801 NASDAQ-GS: WSJ pB5 "Microsoft's Ballmer Preaches Savings" says MSFT CEO Steve Ballmer gave a speech Tues in London saying that the Windows 7 software, which goes on sale next month, will save businesses $90 to $160 per computer annually because it won't cost as much to support as earlier versions. There is a photo of Ballmer, tieless, hands up and spread apart as if he were a preacher.
WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, including Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
PFE $16.77 +0.20 1.21% 65,760,211 NYSE: No mentions found.
PG $57.91 -0.25 0.43% 7,571,035 NYSE: No mentions found.
MMM $73.94 -1.07 1.43% 3,182,833 NYSE: No mentions found.
TRV $48.96 -0.20 0.41% 3,599,756 NYSE: No mentions found.
UTX $61.31 -0.33 0.54% 4,023,600 NYSE: No mentions found.
VZ $30.16 -0.19 0.63% 12,970,452 NYSE: No mentions found.
WMT $49.23 -0.27 0.55% 17,030,768 NYSE: No mentions found.
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Here are the latest SEC filings as of 9/25/09 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: 8/28/09 two 8K's, one: announcing it had reached agreement with the Communications Workers of America (on a new, three-year contract covering approximately 7,000 wireline employees (located across the U.S.) under the CWA Communications and Technologies contract, subject to approval by these employees. The second 8K said two subsidiaries of T provided redeemed certain long-term debt issues as of September 28, 2009.
Alcoa AA: 7/29/09 8K announcing that Alain J. P. Belda, executive Chairman of the Board of Directors of AA retired as an executive officer but is staying on as a director until April 23, 2010.
American Express AXP: 9/15/09 8K annoucing delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended June 30, July 31 and August 31, 2009.
9/2/09 10Q;
Bank of Am BAC: 9/24/09 several free writing prospectus regarding issuance of securities.
Boeing BA: 9/15/09 announcing that pursuant to a 1978 SEC settlement, BA informed the SEC of a change in its policy re the appointment of foreign consultants and to whom they report.
8/31/09 8K announcing the retirement of Scott E. Carson, Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes, effective January 1, 2010. Effective September 1, 2009, Mr. Carson will leave his current position and assume the role of Executive Vice President. Carson will be replaced by James F. Albaugh.
8/27/09 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.
Caterpiller CAT: 9/23/09 8K announcing a new credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., that provides for an unsecured aggregate revolving credit facility to $2.38 billion that serves as an alternative source of funds, if necessary, for CAT's commercial paper programs.
9/21/09 8K furnishing supplemental information concerning deliveries to users for its Machinery and Engines lines of business. Caterpillar sells the majority of its machinery and engines to independently owned and operated dealers and Original Equipment Manufacturersto meet the demands of their customers, the end users. Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year were down significantlly.
9/15/09 8K announcing CAT and Navistar International Corporation (NYSE: NAV)formed a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial truck market to be based in Chicago.
8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.
Chevron CVX: 8/6/09 10Q
Cisco CSCO: 9/23/09 Proxy Statement in connection with its Annual Meeting to be held 11/12/09.
9/11/09 10K
9/9/09 8K Cisco appointed Arun Sarin, former CEO of Vodafone Group Plc, to its Board of Directors. He will a $75,000 annual retainer, $2,000 per committee meeting attended, and 16,666 shares.
9/4/09 8K annoucing bonus payments for '09 fiscal year to: John T. Chambers, Chairman and Chief Executive Officer, $2,031,000; Frank A. Calderoni, Executive Vice President, Chief Financial Officer, $900,000; Wim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000; Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000; and Richard J. Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.
Coke KO: 7/30/09 10Q
Disney DIS: 9/22/09 Form S-4 Proxy and 9/16/09 Prospectus related to the takeover of Marvel.
8/31/09 8K announcing a merger between its subsidiary, Maverick Acquisition Sub, Inc., and its subsidiary, Maverick Merger Sub, LLC, a single member Delaware limited liability company and Marvel Entertainment, Inc.. As a result of the Merger, Marvel will become a wholly owned subsidiary of Disney. Each share of Marvel common stock will be converted into $30 in cash and 0.7452 shares of Disney common stock.
DuPont DD: 8/13/09 8K announcing Nicholas C. Fanandakis, age 53, Senior Vice President & Chief Financial Officer & Chief Executive effective September 1, 2009 with an increase in annual salary from $387,708 to $500,000 and target short-term incentive award for 2009 will increase from $328,500 to $464,100. Mr. Fanandakis was named to his current position, Group Vice President- Applied BioSciences, in January 2008. Prior to that, he was vice president and general manager- DuPont Chemical Solutions Enterprise from September 2003 through September 2006 and vice president- Corporate Plans from October 2006 through December 2007. Jeffrey L. Keefer, EVP and Chief Financial Officer, will remain EVP and transition from the position of Chief Financial Officer to assume leadership responsibility for the DD's Performance Coatings business, corporate strategy development, Information Technology and overall cost and working capital productivity efforts effective November 1, 2009. Richard R. Goodmanson, EVP and Chief Operating Officer will retire effective September 30, 2009.
ExxonMobil XOM: 8/5/09 10Q
GE: 8/4/09 8K GE reached a settlement with the SEC & consented to a judgment of a fine of $50 million relating to four accounting matters arising in 2002 - 2003: the application of SFAS 133 to GE’s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception; a change in accounting for profits on spare parts in the commercial aviation engine business; and certain year-end transactions in the Rail business.
Hewlett-Packard HPQ: 9/24/09 8K saying at its Securities Analyst Meeting, HPQ addressed how it is uniquely positioned to grow and expand in the global information technology market. “We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market,” said Mark Hurd, CEO.
9/17/09 8K On 9/17/09 HPQ elected Marc L. Andreessen as a dierctor and chair of the Technology Committee of the Board. Andreessen is a co-founder and general partner of Andreessen Horowitz, a venture capital firm, and a co-founder and chairman of Ning, Inc., an online platform for people to create their own social networks. Andreessen co-founded Opsware Inc. & served as chief technology officer of America Online, Inc. and was a co-founder of Netscape Communications Corporation. Andreessen gets an retainer of $100,000, an annual equity retainer of $150,000, and $2,000 in cash for each Board meeting attended in excess of six per year. Mr. Andreessen also will be eligible to participate in the product matching portion of the HP Employee Giving Program under which each non-employee director may contribute up to $100,000 worth of HP products each year to a qualified charity by paying 25% of the list price of those products, with HP paying the remaining 75%. In addition, Mr. Andreessen will receive an annual retainer of $10,000 for service as the chair of the Technology Committee. HPQ also increased the number of HPQ directors from ten to eleven.
9/8/09 10-QA
9/4/09 10-Q
Home Depot HD: 9/3/09 10-Q
8/26/09 8K announcing amendments to their By-Laws dealing with resignations of directors.
Intel INTC: 9/21/09 A tender offer regarding exchange of some of its stock options with its employees.
9/16/09 An intranet article re the Stock Option Exchange Program.
9/15/09 8K Intel is consolidating all of its major product divisions into the newly formed Intel Architecture Group, which will be co-managed by Sean Maloney and David (Dadi) Perlmutter, executive vice presidents. Maloney will be responsible for business and operations while Perlmutter will lead product development and architecture. Paul Otellini, CEO, will devote more time to corporate strategy and driving the company’s growth initiatives. Intel’s global manufacturing organization, the Technology and Manufacturing Group will now report to Andy Bryant, Intel’s chief administrative officer. Pat Gelsinger and Bruce Sewell, General Counsel, will leave INTC.
8/28/09 8K announcing that as a result of stronger than expected demand for microprocessors and chipsets, Intel now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. The company is scheduled to report its third-quarter financial results on Oct. 13.
IBM: 9/8/09 8K IBM representatives will be meeting with a number of institutional investors through mid-September.
7/28/09 10Q
JPMorganChase JPM: 9/23/09 Various free writing prospectus re: issuance of securities.
9/17/09 prospectus reReverse Exchangeable Notes due December 21, 2009 Linked to Eight Equally Weighted Reference Stocks and in preceding days there were similar prospectuses.
9/2/09 Free Writing Prospectus relating to Core commodity C-IGAR Sigma Long-Short Index
Johnson & Johnson JNJ: 8/4/09 10Q
Kraft KFT: 9/9/09 prospectus relating to Kraft's bid to take over Cadbury that was announced on 9/7/09.
9/9/09 8K announcing a strategic update, including a review of the company’s successful three-year turnaround plan.
8/5/09 10Q
McDonalds MCD: 9/9/09 8K announcing that global comparable sales rose 2.2% in August and by segment performance was as follows: U.S. up 1.7%; Europe up 3.5%; andAsia/Pacific, Middle East and Africa declined 0.5%.
8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"
Merck MRK: 9/21/09 8K announcing that the acquisition by Sanofi-aventis of Merck’s 50 percent interest in Merial Limited (Merial) has been completed. Sanofi-aventis acquired Merck’s interest in Merial for a cash consideration of $4 billion. Formed in 1997, Merial is a leading animal health company that was a 50/50 joint venture between Merck and sanofi-aventis and is now a wholly-owned subsidiary of sanofi-aventis.
8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough
Microsoft MSFT: 9/11/09 8K James Cash to retire from Board of Directors. The
Harvard Business School professor and senior associate dean emeritus had served on the board since 2001. With Cash’s departure, the Microsoft board will have nine members: Bill Gates, chairman of Microsoft; Steve Ballmer; Dina Dublon, former chief financial officer of JPMorgan Chase; Raymond V. Gilmartin, former chairman, president and chief executive officer of Merck & Co. Inc.; Reed Hastings, founder, chairman and CEO of Netflix Inc.; Maria M. Klawe, president, Harvey Mudd College; David F. Marquardt, general partner at August Capital; Charles H. Noski, former vice chairman of AT&T Corp.; and Dr. Helmut Panke, former chairman of the board of management at BMW AG.
8/24/09 S-8 Securities to be offered to employees in employee benefit plans
Pfizer PFE: 9/24/09 11-K Annual Report of Employee Stock Option Plan.
9/2/09 8K announcing an agreement with the U.S. Department of Justice to settle an investigation regarding off-label promotional practices related to Bextra, which Pfizer withdrew from the market in 2005 and other DOJ investigations involving off-label promotional practices concerning Zyvox, Geodon and Lyrica, and allegations related to payments to healthcare professionals involving these and nine other Pfizer medicines. Pfizer previously disclosed a related $2.3 billion charge to its fourth-quarter and full-year 2008 earnings in connection with the DOJ agreement in principle on January 26, 2009. PFE has reached agreements with attorneys general in 432 states to settle state civil consumer protection allegations regarding promotional practices concerning Geodon. PFE will pay a total of $33 million to the settling states.
Procter & Gamble PG: 9/10/09 8K confirmed its fiscal year 2010 and July – September quarter outlook for organic sales growth. The company also stated it expects to return to organic sales growth in the October – December quarter compared to prior year levels, following two quarters of organic sales declines. P&G also updated earnings per share guidance to include the anticipated impacts from the Pharmaceutical divestiture, which was announced on August 24, 2009. For fiscal year 2010, P&G confirmed previous guidance for organic sales growth of one to three percent. P&G expects net sales in the range of flat to up three percent versus prior year levels, which includes a foreign exchange impact of zero to minus one percent. P&G now expects fiscal 2010 earnings per share in the range of $3.99 to $4.12 per share. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.
8/28/09 S-8 Securities to employees and 8/28 8K annoucning public offering of $500,000,000 aggregate principal amount of 3.150% Notes due 2015.
Also a PG subsidiary, Procter & Gamble International Funding SCA issued $1,000,000,000 aggregate principal amount of 1.350% Notes due 2011.
3M MMM: 8/5/09 3M contributed 8,329,862 shares of its common stock with a corresponding dollar value of approximately $600 million to its defined benefit pension plan, the 3M Employee Retirement Income Plan, made from treasury stock.
Travelers TRV: 8/5/09 10Q/A Amended 10Q
United Technologies UTX: 7/24/09 10Q
Verizon Communications Inc. VZ: 8K 9/11/09 8K announcing VZ's cash flow and balance sheet are strong, and VZ recently increased its dividend for the third consecutive year. VZ is not planning for any economic improvements in the second half of 2009. Verizon expects that economic conditions will continue to pressure revenues and margins in the second half of 2009, particularly in its Wireline segment. VZ expects to add one million wireless customers per quarter for the next several quarters.
o The company expects to achieve its stated Alltel cost synergy targets & greater cash flow from operations in the second half of 2009 compared to the first half of 2009.
9/4/09 8K VZ raised its quarterly dividend 3.3% to 47.5 Cents per Share. This is the third consecutive year that VZ has approved a quarterly dividend increase in September.
9/4/09 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc.
Wal-Mart WMT: 8K 9/18 Pricing agreement re: the 9/16 filed prospectus relating to $1 bil of Euro Note Offering at 4.875%
9/14/09 Prospectus re debt securities of $364,600,000
9/9/09 10Q
8/13/09 8K re 7/31/09 2Q report of earnings
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
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 9/25/09:
1. Exxon Mobil XOM $331
2. Microsoft MSFT 231
3. WalMart WMT 196
4. GE 176
5. Procter & Gamble PG 169
6. JPMorgan Chase 167
7. Johnson & Johnson JNJ 167
8. IBM 162
9. T 159
10. Chevron CVX 142
11. Cisco CSCO 131
12. Coke KO 121
13. Hewlett-Packard HPQ 112
14. Pfizer PFE 111
15. Intel INTC 109
16. Bank of Am BAC 109
17. Verizon VZ 86
18. Merck MRK 65
19. McDonald's MCD 61
20. United Technologies UTX 59
21. Disney DIS 52
22. 3M MMM 52
23. Home Depot 46
24. American Express AXP 40
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 32
28. DuPont DD 29
29. Traveler's TRV 27
30. Alcoa AA 13
Post #134 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. Towards the end of this Blog is an update of the Dow 30's most recent SEC filings as of 9/25/09, a list of the Dow 30 CEO's and a ranking of the Dow 30 by market capitalization.
A read of Wednesday's 9/30/09 print editions of: Wall Street Journal, Financial Times, Investors Business Daily, New York Times, Atl Journal Const, & USA Today yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by symbol and Friday's closing price and related data:
Dow: WSJ pC1 "Dow Falls 47; Big Quarter Ends Today" by Peter A. McKay says stocks fell on Tuesday after weak consumer confidence data rekindled worries that the economic recovery will be patch. The Dow Jones Industrial Average gave back more than a third of the previous session's solid gain. Dow components Cisco Systems and Intel both declined 1.3%, leading tech stocks lower.
WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, including Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
Fin Times Mkts p22 "Energy leads retreat as ExxonMobil and Chevron slide" by Samantha Pearson says stocks edged lower in choppy trading yesterday after data on the housing market and consumer sentiment gave investors mixed signals about the state of the economy. Energy stocks dragged the market downward yesterday after oil prices sunk lower on a weak demand outlook. Chevron fell 1.1% while ExxonMobil lost 0.8%.
NYT pB10 "A Day of Wandering Ends Lower" by Jack Healy says stocks wandered lower on Tues. as investors balanced an improvement in housing prices agaisnt a decline in consumer confidence - indicators that painted a muddled picture of the economic recovery.
USA Today p4B "Consumer confidence slips, trips stocks" says a surprise drop in consumer confidence Tues. tripped up investors a day after a steep rally. Stocks fell after the Conference Board said its consumer confidence index fell to 53.1 in Sept., down from 54.5 in August and lower than the reading of 57 that economists had been expecting.
The Dow Jones Industrial Average closed Tuesday at 9742.2 down 47.17 or 0.48% from Monday's close of 9789.36. Of the 30 Dow Companies: 4 gained, 25 declined and 1 was unchanged (MCD $57.17 unch unch 7,485,517 NYSE). The biggest loser dollar-wise was 3M MMM $73.94 -1.07 1.43% 3,182,833 NYSE and percentage-wise was Home Depot HD $26.83 -0.43 1.58% 13,567,045 NYSE and the biggest gainer dollar-wise (again) and percentage-wise was Boeing BA $BA $54.62 +1.55 2.92% 7,219,508 NYSE.
The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of today the Dow's trailing P/E ratio is 15.72, its P/E estimate is 15.48 and its Dividend yield is 2.89.
Tuesday's Dow Jones Industrial Average closing numerator was 1289.08 down 6.24 from Monday's closing Dow numerator of 1295.32. 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 6.24 by the divisor you get 47.16, the decrease in Tuesday's Dow close.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 42.97 down 0.21 from Monday's Dow Jones Industrial Average closing price of 43.18. The median closing price of Tuesday's Dow Jones Industrial Average was 39.44 down 0.17 Monday's Dow Jones median closing price of 39.61. The highest closing price Tuesday again was IBM $118.81 -0.52 0.44% 6,683,954 NYSE and the lowest closing price Tuesday again was Alcoa AA $13.31 -0.12 0.89% 22,545,177 NYSE. The lowest volume Tuesday again was 3M MMM $73.94 -1.07 1.43% 3,182,833 NYSE and the highest volume again was Bank of Am BAC $17.16 -0.06 0.35% 123,461,185 NYSE.
If Tuesday 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 $630.
($129,540 - 128,910)
AT&T T $27.2 -0.23 0.84% 27,831,242 NYSE: WSJ pB6 "Wireless Networks Tap New Growth Sources" by Jeffry Bartash says wireless networks aren't just for cellphones and laptops anymore. AT&T and Verison Wirelss have struck deals to supply Internet access for electronic book readers, spurred by Sprint Next Corp.s pioneering deal with Amazon.com. AT&T and Garmin Ltd. this week unveiled a product that aims to marry the core functions of a mobile phone and a navigation device.
AJC pA12 "AT&T says FCC delay discourages acquisitions" says AT&T's CEO Randall Stephenson said longer gov review of deals likes its proposed purchase of Centennial Communications Corp. may lead to fewer acquisitions in the telecommunications industry.
AA $13.31 -0.12 0.89% 22,545,177 NYSE: No mentions found.
AXP $33.99 -0.42 1.22% 9,216,440 NYSE: No mentions found.
Bank of America BAC $17.16 -0.06 0.35% 123,461,185 NYSE: WSJ pC1 "J.P> Morgan Shuffles Executives - Winters, a Potential Successor to Dimon, Won't Get the Job and Is Leaving" says JPM changed the management of its investment bank, pushing out a longtime exec and igniting a contest to succeed James Dimon at the helm. JPM is emerging from the financial crisis as the industry's premier bank, named 52 year old Jes Staley as ceo of its investment banking arm. The investment bank is the most prestigious part of JPM's banking operation, generating a record $16 bil in revenues in the first half of the year. Responsible for more than one third of JPM's $2 trillion in assets, it houses units for trading, securities underwriting, mergers advisory work and large corporate loans. JPM has avoided the top level managerial dramas that have dogged Bank of America and Citigroup. There is a photo of James Dimon with a caption that he has fans on Wall Street and Washington.
WSJ pC6 has a story by Linling Wei, Kris Hudson about Starwood trying to get control of the bankruptcy of Extended Stay Inc. whose largest creditors include BofA.
Fin Times Co. & Mkts. p14 "lists US and European banks' balance sheet strength in a story by Patrick Jenkins, Megan Murphy that has JPM 12th and BofA 15th.
Boeing BA $54.62 +1.55 2.92% 7,219,508 NYSE: WSJ pB4 "Northrop Presses for Boeing Data" by Ann Keeton says early on in a rematch with Boeing to vie for a $40 bil military air tanker contract, Northrop Grumman is pressing a complaint that the US Defense Dept. has failed to provide it with critical information. Northrop wants pricing info on Boeing's failed tanker bid from last year because Boeing was given prices on the bid Northrop made in partnership with Airbus. Also reported at AJC pA12.
WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, including Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
CAT $51.6 -0.58 1.11% 7,506,646 NYSE: No mentions found.
Chevron CVX $70.91 -0.79 1.1% 7,749,736 NYSE: Fin Times Mkts p22 "Energy leads retreat as ExxonMobil and Chevron slide" by Samantha Pearson says stocks edged lower in choppy trading yesterday after data on the housing market and consumer sentiment gave investors mixed signals about the state of the economy. Energy stocks dragged the market downward yesterday after oil prices sunk lower on a weak demand outlook. Chevron fell 1.1% while ExxonMobil lost 0.8%.
Cisco CSCO $23.3 -0.31 1.31% 39,333,440 NASDAQ-GS: WSJ pC1 "Dow Falls 47; Big Quarter Ends Today" by Peter A. McKay says stocks fell on Tuesday after weak consumer confidence data rekindled worries that the economic recovery will be patch. The Dow Jones Industrial Average gave back more than a third of the previous session's solid gain. Dow components Cisco Systems and Intel both declined 1.3%, leading tech stocks lower.
Coke KO $53.31 +0.18 0.34% 8,566,374 NYSE: AJC pA11 "coke battles to bar new tax - pre-emptive ad drive in 7 cities will emphasize consumers' choice" by Henry Unger, Joe guy Collier says concerned about a possible soda tax to help finance health care changes, KO and its biggest bottler, Coca-cola Enterprises, are teaming up on a pr offensive by launching a print and digital campaign in 7 cities: DC, NY, LA, Chicago, SF, Boston and Miami.
AJC pA11 "Pilot test possible for high-tech dispenser" by Joe Guy Collier says KO said it cold begin pilot production next year of its Freestyle beverage dispenser and expand availability of the machine to 50 markets. Its fountain of the future can dispense more than 100 different beverages in the same space as an eight valve fountain dispenser.
DIS $27.94 -0.29 1.03% 7,991,164 NYSE: No mentions found.
DD $32.52 -0.16 0.49% 4,104,141 NYSE: No mentions found.
ExxonMobil XOM $69.07 -0.52 0.75% 14,401,450 NYSE: Fin Times Mkts p22 "Energy leads retreat as ExxonMobil and Chevron slide" by Samantha Pearson says stocks edged lower in choppy trading yesterday after data on the housing market and consumer sentiment gave investors mixed signals about the state of the economy. Energy stocks dragged the market downward yesterday after oil prices sunk lower on a weak demand outlook. Chevron fell 1.1% while ExxonMobil lost 0.8%.
GE $16.71 -0.05 0.3% 80,321,938 NYSE: WSJ pB8 in a story by Jeffrey A. Trachtenberg says former pres. of iVillage an online unit of GE's NBC Universal Deborah Fine was named CEO of Direct Brands Inc., a direct marketer of books, DVDs and recorded music who owns the Book of the Month Club.
Hewlett-Packard HPQ $47.44 0.44 0.92% 19,542,840 NYSE: WSJ pB1 "H-P Plans to Fuse Printer, PC Units - Move Would Mark Reversal of Fortune as Once-Laggard PC Division now is the Company's Rising Star" by Justin Scheck says HPQ CEO Mark Hurd, in what would be one of his biggest moves yet to overhaul HP's inner workings, is finalizing a plan to combine HP's printer and pc businessses into one unit under current PC chief Todd Bradley. The plan shows how much HPs businesses have shifted since Hurd became CEO 4 years ago. At the time, the printer business was a cash cow and the PC unit was struggling. in '04 printers and ink accounted for more than 70% of HP profits, while PCs were less than 5% There is a picture of Mark Hurd, tieless, looking like he won the lottery.
WSJ pD3 "Countertrend: HP Says Please Print Often" by Katherine Boehret says the $399 HP Photosmart Premium All in One with Touch Smart Web will print, copy, fax and scan but also connects to the Internet using built in WiFi and displays customized Web applications.
Home Depot HD $26.83 -0.43 1.58% 13,567,045 NYS: WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, inclduing Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
Intel INTC $19.48 -0.26 1.32% 41,211,319 NASDAQ-GS: WSJ pC1 "Dow Falls 47; Big Quarter Ends Today" by Peter A. McKay says stocks fell on Tuesday after weak consumer confidence data rekindled worries that the economic recovery will be patch. The dow Jones Industrial Average gave back more than a third of the previous session's solid gain. Dow components Cisco Systems and Intel both declined 1.3%, leading tech stocks lower.
WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, including Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
IBM $118.81 -0.52 0.44% 6,683,954 NYSE: WSJ pB5 "Airline Industry Gets Smarter With Bags - Carriers, Airports use Scanners, Radio Tags and Software to Improve Tracking of Luggage" by Daniel Michaels says IBM's aviation services is working with partners including Motorola Inc. and Vanderlande Industries BV, a Dutch company, to get the aviation industry tagging bags with radio frequency id or RFID.
JPMorgan JPM $44.88 +0.07 0.16% 23,404,903 NYSE: WSJ pC1 "J.P> Morgan Shuffles Executives - Winters, a Potential Successor to Dimon, Won't Get the Job and Is Leaving" says JPM changed the management of its investment bank, pushing out a longtime exec and igniting a contest to succeed James Dimon at the helm. JPM is emerging from the financial crisis as the industry's premier bank, named 52 year old Jes Staley as ceo of its investment banking arm. The investment bank is the most prestigious part of JPM's banking operation, generating a record $16 bil in revenues in the first half of the year. Responsible for more than one third of JPM's $2 trillion in assets, it houses units for trading, securities underwriting, mergers advisory work and large corporate loans. JPM has avoided the top level managerial dramas that have dogged Bank of America and Citigroup. There is a photo of James Dimon with a caption that he has fans on Wall Street and Washington.
This was also the front page story of Fin Times "Dimon shakes p JPMorgan top team - Staley to take over as investment bank chief" by Francesco Guerrera, Megan Murphy. Related stories at Fin Times Comp. & Mkts p14 "Bold JPMorgan shake-up blows Winters away" by Francesco Guerrera and Saskia Scholtes. that profiles the 52 year old Jes Staley & p14 "Dimon's reshuffle captures the mood of the times" byGillian Tett.
Related story at NYT pB4 "JPMorgan Picks Staley To Run Investment Unit" by Eric Dash.
Fin Times Co. & Mkts. p14 lists US and European banks' balance sheet strength in a story by Patrick Jenkins, Megan Murphy that has JPM 12th and BofA 15th.
WSJ pA2 Bank Bailout Fund Faces Years in Red as Failures Jolt System" by Damian Paletta, Michael R. Crittenden says the fund that protects consumer bank deposits has fallen into the red and will remain there until 2012 as banks continue to fail at a high rate. The FDIC which runs the fund proposed the unprecedented step of having the banking industry preay $45 bil in fees by the end of this year. JPMorgan CEO Jamie Dimon praised the plan as elegant.
Johnson & Johnson JNJ $60.93 -0.34 0.55% 7,397,074 NYSE: WSJ pB1 "Firms Warn Of Delays From FDA Scrutiny" by Alicia Mundy says JNJ and other medical device makers are warning of delays in device approvals after the FDA said there would be a major review of the process that has allowed quick clearance for thousands of products - the process known as 510k.
WSJ pB2 "Boston Scientific, J&J Settle Stent Suit" by Keith J. Winstein says Boston Scientific Corp. agreed to pay $716 mil to JNJ to settle 14 lawsuits over conflicting patent claims, including one that had resulted in a verdict in favor of JNJ that Boston Scientific had appealed. Also reported at AJC pA12.
WSJ pB6 has a story about replacement joint maker Zimmer Holdings regaining its balance after a couple of tough years by Jan Kamp who notes that JNJ and Stryker Corp. are Zimmer's biggest rivals.
Kraft KFT $26.02 -0.15 0.57% 10,358,179 NYSE: WSJ pA11 "Labor Crisis in Argentina Fuels Economic Worries - Kraft Workers' Case Prompts Protests . . ." by Taos Turner, Matt Moffett says a labor battle at a Kraft Foods Inc. factory is causing disruption on the streets of Buenos Aires. Protesting what they call wrong dismissals by Northfield, Ill. based Kraft, a group of Kraft workers had occupied the plant in a suburb of Buenos Airies for 3 weeks until police kicked them out per a court order. Kraft brought criminal charges against and fired 156 employees.
WSJ pB1 "A jar of New Vegemite, a Window Into Kraft" by Ilan Brat says the recipe for Vegemite, a salty brown yeast spread famous in Australia, remained unchanged for more than 80 years but CEO Irene Rosenfeld decentralized decision making and the result was this summer in Australia a milder version of the spread appeared in Australia.
MCD $57.17 unch unch 7,485,517 NYSE: No mentions found.
MRK $31.85 -0.18 0.56% 13,926,680 NYSE: No mentions found.
Microsoft MSFT $25.75 -0.08 0.31% 38,544,801 NASDAQ-GS: WSJ pB5 "Microsoft's Ballmer Preaches Savings" says MSFT CEO Steve Ballmer gave a speech Tues in London saying that the Windows 7 software, which goes on sale next month, will save businesses $90 to $160 per computer annually because it won't cost as much to support as earlier versions. There is a photo of Ballmer, tieless, hands up and spread apart as if he were a preacher.
WSJ pC5 "Large Stock Focus - Dell and Intel Fall: Walgreen Gains 9.2%" by Geoffrey Rogow says stocks closed lower Tues. on a slide for several tech bellwethers, including Intel and Dell, and as a disappointing reading on consumer confidence pushed Home Depot into the red. Also weighing on tech, Microsoft CEO Stee Ballmer said Tues that corporate info tech budgets will remain at their current relatively low levels. Helping the Dow on Tues, Boeing gained 2.9% as investors seem to be getting some confidence that the bad news about the delayed plagued 787 program is over.
PFE $16.77 +0.20 1.21% 65,760,211 NYSE: No mentions found.
PG $57.91 -0.25 0.43% 7,571,035 NYSE: No mentions found.
MMM $73.94 -1.07 1.43% 3,182,833 NYSE: No mentions found.
TRV $48.96 -0.20 0.41% 3,599,756 NYSE: No mentions found.
UTX $61.31 -0.33 0.54% 4,023,600 NYSE: No mentions found.
VZ $30.16 -0.19 0.63% 12,970,452 NYSE: No mentions found.
WMT $49.23 -0.27 0.55% 17,030,768 NYSE: No mentions found.
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Here are the latest SEC filings as of 9/25/09 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: 8/28/09 two 8K's, one: announcing it had reached agreement with the Communications Workers of America (on a new, three-year contract covering approximately 7,000 wireline employees (located across the U.S.) under the CWA Communications and Technologies contract, subject to approval by these employees. The second 8K said two subsidiaries of T provided redeemed certain long-term debt issues as of September 28, 2009.
Alcoa AA: 7/29/09 8K announcing that Alain J. P. Belda, executive Chairman of the Board of Directors of AA retired as an executive officer but is staying on as a director until April 23, 2010.
American Express AXP: 9/15/09 8K annoucing delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended June 30, July 31 and August 31, 2009.
9/2/09 10Q;
Bank of Am BAC: 9/24/09 several free writing prospectus regarding issuance of securities.
Boeing BA: 9/15/09 announcing that pursuant to a 1978 SEC settlement, BA informed the SEC of a change in its policy re the appointment of foreign consultants and to whom they report.
8/31/09 8K announcing the retirement of Scott E. Carson, Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes, effective January 1, 2010. Effective September 1, 2009, Mr. Carson will leave his current position and assume the role of Executive Vice President. Carson will be replaced by James F. Albaugh.
8/27/09 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.
Caterpiller CAT: 9/23/09 8K announcing a new credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., that provides for an unsecured aggregate revolving credit facility to $2.38 billion that serves as an alternative source of funds, if necessary, for CAT's commercial paper programs.
9/21/09 8K furnishing supplemental information concerning deliveries to users for its Machinery and Engines lines of business. Caterpillar sells the majority of its machinery and engines to independently owned and operated dealers and Original Equipment Manufacturersto meet the demands of their customers, the end users. Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year were down significantlly.
9/15/09 8K announcing CAT and Navistar International Corporation (NYSE: NAV)formed a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial truck market to be based in Chicago.
8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.
Chevron CVX: 8/6/09 10Q
Cisco CSCO: 9/23/09 Proxy Statement in connection with its Annual Meeting to be held 11/12/09.
9/11/09 10K
9/9/09 8K Cisco appointed Arun Sarin, former CEO of Vodafone Group Plc, to its Board of Directors. He will a $75,000 annual retainer, $2,000 per committee meeting attended, and 16,666 shares.
9/4/09 8K annoucing bonus payments for '09 fiscal year to: John T. Chambers, Chairman and Chief Executive Officer, $2,031,000; Frank A. Calderoni, Executive Vice President, Chief Financial Officer, $900,000; Wim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000; Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000; and Richard J. Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.
Coke KO: 7/30/09 10Q
Disney DIS: 9/22/09 Form S-4 Proxy and 9/16/09 Prospectus related to the takeover of Marvel.
8/31/09 8K announcing a merger between its subsidiary, Maverick Acquisition Sub, Inc., and its subsidiary, Maverick Merger Sub, LLC, a single member Delaware limited liability company and Marvel Entertainment, Inc.. As a result of the Merger, Marvel will become a wholly owned subsidiary of Disney. Each share of Marvel common stock will be converted into $30 in cash and 0.7452 shares of Disney common stock.
DuPont DD: 8/13/09 8K announcing Nicholas C. Fanandakis, age 53, Senior Vice President & Chief Financial Officer & Chief Executive effective September 1, 2009 with an increase in annual salary from $387,708 to $500,000 and target short-term incentive award for 2009 will increase from $328,500 to $464,100. Mr. Fanandakis was named to his current position, Group Vice President- Applied BioSciences, in January 2008. Prior to that, he was vice president and general manager- DuPont Chemical Solutions Enterprise from September 2003 through September 2006 and vice president- Corporate Plans from October 2006 through December 2007. Jeffrey L. Keefer, EVP and Chief Financial Officer, will remain EVP and transition from the position of Chief Financial Officer to assume leadership responsibility for the DD's Performance Coatings business, corporate strategy development, Information Technology and overall cost and working capital productivity efforts effective November 1, 2009. Richard R. Goodmanson, EVP and Chief Operating Officer will retire effective September 30, 2009.
ExxonMobil XOM: 8/5/09 10Q
GE: 8/4/09 8K GE reached a settlement with the SEC & consented to a judgment of a fine of $50 million relating to four accounting matters arising in 2002 - 2003: the application of SFAS 133 to GE’s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception; a change in accounting for profits on spare parts in the commercial aviation engine business; and certain year-end transactions in the Rail business.
Hewlett-Packard HPQ: 9/24/09 8K saying at its Securities Analyst Meeting, HPQ addressed how it is uniquely positioned to grow and expand in the global information technology market. “We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market,” said Mark Hurd, CEO.
9/17/09 8K On 9/17/09 HPQ elected Marc L. Andreessen as a dierctor and chair of the Technology Committee of the Board. Andreessen is a co-founder and general partner of Andreessen Horowitz, a venture capital firm, and a co-founder and chairman of Ning, Inc., an online platform for people to create their own social networks. Andreessen co-founded Opsware Inc. & served as chief technology officer of America Online, Inc. and was a co-founder of Netscape Communications Corporation. Andreessen gets an retainer of $100,000, an annual equity retainer of $150,000, and $2,000 in cash for each Board meeting attended in excess of six per year. Mr. Andreessen also will be eligible to participate in the product matching portion of the HP Employee Giving Program under which each non-employee director may contribute up to $100,000 worth of HP products each year to a qualified charity by paying 25% of the list price of those products, with HP paying the remaining 75%. In addition, Mr. Andreessen will receive an annual retainer of $10,000 for service as the chair of the Technology Committee. HPQ also increased the number of HPQ directors from ten to eleven.
9/8/09 10-QA
9/4/09 10-Q
Home Depot HD: 9/3/09 10-Q
8/26/09 8K announcing amendments to their By-Laws dealing with resignations of directors.
Intel INTC: 9/21/09 A tender offer regarding exchange of some of its stock options with its employees.
9/16/09 An intranet article re the Stock Option Exchange Program.
9/15/09 8K Intel is consolidating all of its major product divisions into the newly formed Intel Architecture Group, which will be co-managed by Sean Maloney and David (Dadi) Perlmutter, executive vice presidents. Maloney will be responsible for business and operations while Perlmutter will lead product development and architecture. Paul Otellini, CEO, will devote more time to corporate strategy and driving the company’s growth initiatives. Intel’s global manufacturing organization, the Technology and Manufacturing Group will now report to Andy Bryant, Intel’s chief administrative officer. Pat Gelsinger and Bruce Sewell, General Counsel, will leave INTC.
8/28/09 8K announcing that as a result of stronger than expected demand for microprocessors and chipsets, Intel now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. The company is scheduled to report its third-quarter financial results on Oct. 13.
IBM: 9/8/09 8K IBM representatives will be meeting with a number of institutional investors through mid-September.
7/28/09 10Q
JPMorganChase JPM: 9/23/09 Various free writing prospectus re: issuance of securities.
9/17/09 prospectus reReverse Exchangeable Notes due December 21, 2009 Linked to Eight Equally Weighted Reference Stocks and in preceding days there were similar prospectuses.
9/2/09 Free Writing Prospectus relating to Core commodity C-IGAR Sigma Long-Short Index
Johnson & Johnson JNJ: 8/4/09 10Q
Kraft KFT: 9/9/09 prospectus relating to Kraft's bid to take over Cadbury that was announced on 9/7/09.
9/9/09 8K announcing a strategic update, including a review of the company’s successful three-year turnaround plan.
8/5/09 10Q
McDonalds MCD: 9/9/09 8K announcing that global comparable sales rose 2.2% in August and by segment performance was as follows: U.S. up 1.7%; Europe up 3.5%; andAsia/Pacific, Middle East and Africa declined 0.5%.
8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"
Merck MRK: 9/21/09 8K announcing that the acquisition by Sanofi-aventis of Merck’s 50 percent interest in Merial Limited (Merial) has been completed. Sanofi-aventis acquired Merck’s interest in Merial for a cash consideration of $4 billion. Formed in 1997, Merial is a leading animal health company that was a 50/50 joint venture between Merck and sanofi-aventis and is now a wholly-owned subsidiary of sanofi-aventis.
8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough
Microsoft MSFT: 9/11/09 8K James Cash to retire from Board of Directors. The
Harvard Business School professor and senior associate dean emeritus had served on the board since 2001. With Cash’s departure, the Microsoft board will have nine members: Bill Gates, chairman of Microsoft; Steve Ballmer; Dina Dublon, former chief financial officer of JPMorgan Chase; Raymond V. Gilmartin, former chairman, president and chief executive officer of Merck & Co. Inc.; Reed Hastings, founder, chairman and CEO of Netflix Inc.; Maria M. Klawe, president, Harvey Mudd College; David F. Marquardt, general partner at August Capital; Charles H. Noski, former vice chairman of AT&T Corp.; and Dr. Helmut Panke, former chairman of the board of management at BMW AG.
8/24/09 S-8 Securities to be offered to employees in employee benefit plans
Pfizer PFE: 9/24/09 11-K Annual Report of Employee Stock Option Plan.
9/2/09 8K announcing an agreement with the U.S. Department of Justice to settle an investigation regarding off-label promotional practices related to Bextra, which Pfizer withdrew from the market in 2005 and other DOJ investigations involving off-label promotional practices concerning Zyvox, Geodon and Lyrica, and allegations related to payments to healthcare professionals involving these and nine other Pfizer medicines. Pfizer previously disclosed a related $2.3 billion charge to its fourth-quarter and full-year 2008 earnings in connection with the DOJ agreement in principle on January 26, 2009. PFE has reached agreements with attorneys general in 432 states to settle state civil consumer protection allegations regarding promotional practices concerning Geodon. PFE will pay a total of $33 million to the settling states.
Procter & Gamble PG: 9/10/09 8K confirmed its fiscal year 2010 and July – September quarter outlook for organic sales growth. The company also stated it expects to return to organic sales growth in the October – December quarter compared to prior year levels, following two quarters of organic sales declines. P&G also updated earnings per share guidance to include the anticipated impacts from the Pharmaceutical divestiture, which was announced on August 24, 2009. For fiscal year 2010, P&G confirmed previous guidance for organic sales growth of one to three percent. P&G expects net sales in the range of flat to up three percent versus prior year levels, which includes a foreign exchange impact of zero to minus one percent. P&G now expects fiscal 2010 earnings per share in the range of $3.99 to $4.12 per share. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.
8/28/09 S-8 Securities to employees and 8/28 8K annoucning public offering of $500,000,000 aggregate principal amount of 3.150% Notes due 2015.
Also a PG subsidiary, Procter & Gamble International Funding SCA issued $1,000,000,000 aggregate principal amount of 1.350% Notes due 2011.
3M MMM: 8/5/09 3M contributed 8,329,862 shares of its common stock with a corresponding dollar value of approximately $600 million to its defined benefit pension plan, the 3M Employee Retirement Income Plan, made from treasury stock.
Travelers TRV: 8/5/09 10Q/A Amended 10Q
United Technologies UTX: 7/24/09 10Q
Verizon Communications Inc. VZ: 8K 9/11/09 8K announcing VZ's cash flow and balance sheet are strong, and VZ recently increased its dividend for the third consecutive year. VZ is not planning for any economic improvements in the second half of 2009. Verizon expects that economic conditions will continue to pressure revenues and margins in the second half of 2009, particularly in its Wireline segment. VZ expects to add one million wireless customers per quarter for the next several quarters.
o The company expects to achieve its stated Alltel cost synergy targets & greater cash flow from operations in the second half of 2009 compared to the first half of 2009.
9/4/09 8K VZ raised its quarterly dividend 3.3% to 47.5 Cents per Share. This is the third consecutive year that VZ has approved a quarterly dividend increase in September.
9/4/09 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc.
Wal-Mart WMT: 8K 9/18 Pricing agreement re: the 9/16 filed prospectus relating to $1 bil of Euro Note Offering at 4.875%
9/14/09 Prospectus re debt securities of $364,600,000
9/9/09 10Q
8/13/09 8K re 7/31/09 2Q report of earnings
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
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 9/25/09:
1. Exxon Mobil XOM $331
2. Microsoft MSFT 231
3. WalMart WMT 196
4. GE 176
5. Procter & Gamble PG 169
6. JPMorgan Chase 167
7. Johnson & Johnson JNJ 167
8. IBM 162
9. T 159
10. Chevron CVX 142
11. Cisco CSCO 131
12. Coke KO 121
13. Hewlett-Packard HPQ 112
14. Pfizer PFE 111
15. Intel INTC 109
16. Bank of Am BAC 109
17. Verizon VZ 86
18. Merck MRK 65
19. McDonald's MCD 61
20. United Technologies UTX 59
21. Disney DIS 52
22. 3M MMM 52
23. Home Depot 46
24. American Express AXP 40
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 32
28. DuPont DD 29
29. Traveler's TRV 27
30. Alcoa AA 13
Tuesday, September 29, 2009
9/29/09 pm Tues. Dow Closes 9742.2 down 47.17 or 0.48%
The following is not intended as advertising by a broker-dealer and is not a research report.
Post #133 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. Towards the end of this Blog is an update of the Dow 30's most recent SEC filings as of 9/25/09, a list of the Dow 30 CEO's and a ranking of the Dow 30 by market capitalization.
The Dow Jones Industrial Average closed Tuesday at 9742.2 down 47.17 or 0.48% from Monday's close of 9789.36. Of the 30 Dow Companies: 4 gained, 25 declined and 1 was unchanged (MCD $57.17 unch unch 7,485,517 NYSE). The biggest loser dollar-wise was 3M MMM $73.94 -1.07 1.43% 3,182,833 NYSE and percentage-wise was Home Depot HD $26.83 -0.43 1.58% 13,567,045 NYSE and the biggest gainer dollar-wise (again) and percentage-wise was Boeing BA $BA $54.62 +1.55 2.92% 7,219,508 NYSE.
The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged. Tuesday's Dow Jones Industrial Average closing numerator was 1289.08 down 6.24 from Monday's closing Dow numerator of 1295.32. 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 6.24 by the divisor you get 47.16, the decrease in Tuesday's Dow close.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 42.97 down 0.21 from Monday's Dow Jones Industrial Average closing price of 43.18. The median closing price of Tuesday's Dow Jones Industrial Average was 39.44 down 0.17 Monday's Dow Jones median closing price of 39.61.
The highest closing price Tuesday again was IBM $118.81 -0.52 0.44% 6,683,954 NYSE and the lowest closing price Tuesday again was Alcoa AA $13.31 -0.12 0.89% 22,545,177 NYSE.
The lowest volume Tuesday again was 3M MMM $73.94 -1.07 1.43% 3,182,833 NYSE and the highest volume again was Bank of Am BAC $17.16 -0.06 0.35% 123,461,185 NYSE.
If Tuesday 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 $630.
($129,540 - 128,910)
Tuesday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market
T $27.2 -0.23 0.84% 27,831,242 NYSE
AA $13.31 -0.12 0.89% 22,545,177 NYSE
AXP $33.99 -0.42 1.22% 9,216,440 NYSE
BAC $17.16 -0.06 0.35% 123,461,185 NYSE
BA $54.62 +1.55 2.92% 7,219,508 NYSE
CAT $51.6 -0.58 1.11% 7,506,646 NYSE
CVX $70.91 -0.79 1.1% 7,749,736 NYSE
CSCO $23.3 -0.31 1.31% 39,333,440 NASDAQ-GS
KO $53.31 +0.18 0.34% 8,566,374 NYSE
DIS $27.94 -0.29 1.03% 7,991,164 NYSE
DD $32.52 -0.16 0.49% 4,104,141 NYSE
XOM $69.07 -0.52 0.75% 14,401,450 NYSE
GE $16.71 -0.05 0.3% 80,321,938 NYSE
HPQ $47.44 0.44 0.92% 19,542,840 NYSE
HD $26.83 -0.43 1.58% 13,567,045 NYSE
INTC $19.48 -0.26 1.32% 41,211,319 NASDAQ-GS
IBM $118.81 -0.52 0.44% 6,683,954 NYSE
JPM $44.88 +0.07 0.16% 23,404,903 NYSE
JNJ $60.93 -0.34 0.55% 7,397,074 NYSE
KFT $26.02 -0.15 0.57% 10,358,179 NYSE
MCD $57.17 unch unch 7,485,517 NYSE
MRK $31.85 -0.18 0.56% 13,926,680 NYSE
MSFT $25.75 -0.08 0.31% 38,544,801 NASDAQ-GS
PFE $16.77 +0.20 1.21% 65,760,211 NYSE
PG $57.91 -0.25 0.43% 7,571,035 NYSE
MMM $73.94 -1.07 1.43% 3,182,833 NYSE
TRV $48.96 -0.20 0.41% 3,599,756 NYSE
UTX $61.31 -0.33 0.54% 4,023,600 NYSE
VZ $30.16 -0.19 0.63% 12,970,452 NYSE
WMT $49.23 -0.27 0.55% 17,030,768 NYSE
A read of Tuesday's 9/29/09 print editions of: Wall Street Journal, Financial Times, Investors Business Daily, New York Times, Atl Journal Const, & USA Today yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by symbol and Friday's closing price and related data:
Dow: NYT p1 "The Dow is Creeping Toward 5 Digits Yet Again" by Jack Healty has a chart showing the price change since March 29 of all 30 Dlow components with Caterpillar gaining the most at 120.9% and Pfizer the worst, losing 64.7%.
WSJ pC6 "Large Stock Focus - Cisco and Accenture Rise After Upgrades" by Geoffrey Rogow says another round of corporate mergers and acquisitions renewed investors' appetite for risk and stocks Monday, helping the Dow Jones Industrial Average gain more than 100 pints, while analyst upgrades boosted Cisco, Citigroup and other companies in both the tech and financial sectors. Cisco was up 4.4% after it was raised to "overweight" from "equal weight" by Barclays, which detects a pickup in wireline carrier spending, improving enterprise demand in North ameica and strength in Europe. Merck agreed to sell CSL Ltd's seasonal flu vaccine in the US for a six year period starting next autumn, getting the drug giant into that sector on undisclosed terms. Merck was up 2.5%.
WSJ pC1 "Let's make a Deal: Words to Rally By - Stocks Rise 1.3% on Hopes M&A Drought Is Over; Dow on Pace for Best Quarterly Gain Since 1998" by Peter A. McKay, Michael Corkery says stocks were buoyed by a burst of deal making Monday, raising hopes that a long drought in mergers and acquisitions may finally be over. Almost $30.7 bil of deals were announced on Sun and Mon.: Xerox will buy Affiliated Computer Services for $6.4 bil, Abbot will buy Solvay for $7bil and earlier deals are Disney buying marvel for $4bil, Kraft will buy Cadbury for $16.7 bil and Dell will buy Perot Systems for $3.9 bil.
Similar story at WSJ pC3 "Busy M&A Day . . ." by Dana Cimilluca.
Fin Times Co. & Mkts p26 "Wall Street - Deals from Abbott and Xerox bolster sentiment" by Samantha Pearson says Wall Street yesterday recorded its biggest daily gain for over a month after merger deals lifted investor confidence. JNJ was up 1.1% after it said it bought an 18% stake in Crucell.
Inv. Bus. Daily pA1 "Leaders Outpace market's Big Advance" by Alan R. Elliott says stock on Monday took back a big piece of last week's losses as leading stocks outpaced the broad market.
The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of today the Dow's trailing P/E ratio is 15.59, its P/E estimate is 15.48 and its Dividend yield is 2.91.he following is not intended as advertising by a broker-dealer and is not a research report.
The Dow Jones Industrial Average closed Monday at 9789.36 up 124.17 or 1.28% from Friday's close of 9665.19. Of the 30 Dow Companies: 2 gained and 28 declined. The biggest loser dollar-wise and percentage-wise was IBM $119.33 -1.75 1.45% 8,246,673 NYSE and the biggest gainer dollar-wise was Boeing BA $53.07 +1.55 3.01% 4,920,857 and the biggest gainer percentage-wise was American Experss AXP $34.41 +1.34 4.05% 10,508,398 NYSE.
The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged. Today's Dow trailing P/E ratio is 15.79, the Dow's P/E estimate is 15.48, and the Dow's current dividend yield is 2.88. Monday's Dow Jones Industrial Average closing numerator was 1295.32 up 19.43 from Friday's closing Dow numerator of 1278.89. 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 16.43 by the divisor you get 124.17, the increase in Monday's Dow close.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 43.18 up 0.55 from Friday's Dow Jones Industrial Average closing price of 43.18. The median closing price of Monday's Dow Jones Industrial Average was 39.61 up 1.25 from Friday's Dow Jones median closing price of 38.36. The highest closing price Monday again was IBM $119.33 -1.75 1.45% 8,246,673 NYSE and the lowest closing price Monday again was Alcoa AA $13.43 +0.35 2.68% 20,363,107 NYSE. The lowest volume Monday again was 3M MMM $75.01 +1.21 1.64% 2,390,286 NYSE and the highest volume again was Bank of Am BAC $17.22 +0.62 3.73% 128,564,365 NYSE.
If Monday 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 made $1,650.
($129,540 - 127,890)
AT&T T $27.43 +0.47 1.74% 23,374,979 NYSE: WSJ pB8 "Apple Adds Second iPhone Seller in UK" by Kathy Sandler says France Telecom SA's Orange said Mon that it reached an agreement to sell Apple Inc.s iPhone in the UK later this yer, bringing to an end a two year exclusive contract held by rival Telefonia SA's 02 mobile network. Apple's move away from exclusive deals for the iPhone means that other network operators are likely to be in negotiations to sell the device in the UK, as well as in Germany, where Deutsche Telekom AG holds the exclusive agreement, and in the US where AT&T is the sole supplier.
Similar story at Fin Times Comp. & Mkts Sec. p16 by Justine Lau
AA $13.43 +0.35 2.68% 20,363,107 NYSE: No mentions found.
AXP $34.41 +1.34 4.05% 10,508,398 NYSE: No mentions found.
Bank of America BAC $17.22 +0.62 3.73% 128,564,365 NYSE: WSJ pC3 "BofA Sued by Funds Over Merrill - Suit Claims Bank Hid Widening Losses Before Deal: lewis, Thain named" by marshall Eckblad says Ohio Attorney General Ricard Cordray said Mon. that his office could soon seek billions from Bank of America including CEO Kenneth lewis, over the bank's handling of the purchase of Merrill Lynch. Cordray filed an amended lawsuit in US dist. Ct in NY on behalf of five pension funds, alleging that Bofa , tis directors and four executives concealed widening losses at Merrill before th Dec. shareholder vote to approve the deal.
WSJ pA24 "Letters To The Editor - BofA's Ken lewis: marty or a Very Fortunate Man" has letters from Laura Jereski, Frank Cole Inman, Stanley J. Palder and Richard Greenwald weighing in on both sides of the argument.
Fin Times Mkting & Invstg p 25 "View of the Day" is by Bofa - Merrill's Holger Schmieding who talks about victory for the centre-right in Germany's election being a positive for Germany's equity market.
Boeing BA $53.07 +1.55 3.01% 4,920,857 NYSE: AJc pA8 says Washington's gov is stepping up efforts to court the Boing co, part of a high stakes interstate competition for the second assembly line of BA's long delayed 787 jetliner.
CAT $52.18 +0.98 1.91% 6,038,948 NYSE
CVX $71.7 +1.04 1.47% 6,021,858 NYSE
Cisco CSCO $23.61 +0.99 4.38% 68,716,956 NASDAQ-GS: WSJ pC6 "Large Stock Focus - Cisco and Accenture Rise After Upgrades" by Geoffrey Rogow says another round of corporate mergers and acquisitions renewed investors' appetite for risk and stocks Monday, helping the Dow Jones Industrial Average gain more than 100 pints, while analyst upgrades boosted Cisco, Citigroup and other companies in both the tech and financial sectors. Cisco was up 4.4% after it was raised to "overweight" from "equal weight" by Barclays, which detects a pickup in wireline carrier spending, improving enterprise demand in NorthAameica and strength in Europe. Merck agreed to sell CSL Ltd's seasonal flu vaccine in the US for a six year period starting next autumn, getting the drug giant into that sector on undisclosed terms. Merck was up 2.5%.
WSJ pC6 "Options Report - Tech Sector's Jump Fuels Bets on Cisco and RIM" by Tennille Tracy says options traders rallied around Cisco Systems and other tech companies as stocks in the sector enjoyed gains.
KO $53.13 +0.16 0.3% 7,596,577 NYSE: No mentions found.
Disney DIS $28.23 +0.61 2.21% 8,633,013 NYSE: NYT pB3 "disney Tries to Pull the Storybook Ritual Onto the Web" by Brooks Barnes says Dis hopes an amibitious new digital service it plans to unveil on Tues will transform how children read its storybooks. Dis Publishing plans to introduce a new subscription based Web site for $79.95 a year, families can access electronic replicas for hundreds of Dis books.
WSJ pB1 "Warner Music and YouTube Close to Deal On Licensing" by Ethan Smith, Jessica E. Vascellaro says Warner Music Group Corp. and YouTube are close to an agreement that would return the music company's video clips to Google's videosharing site after a nine month licensing dispute. The agreement would allow Warner to retain the right to sell ads that run next to its videos and keep the bulk of the revenue. YouTube earlier this year struck an advertising based content partnership with Walt Disney co., which is distributing clips of ABC and ESPN shows on the site.
WSJ pC1 "Let's make a Deal: Words to Rally By - Stocks Rise 1.3% on Hopes M&A Drought Is Over; Dow on Pace for Best Quarterly Gain Since 1998" by Peter A. McKay, Michael Corkery says stocks were buoyed by a burst of deal making Monday, raising hopes that a long drought in mergers and acquisitions may finally be over. Almost $30.7 bil of deals were announced on Sun and Mon.: Xerox will buy Affiliated Computer Services for $6.4 bil, Abbot will buy Solvay for $7bil and earlier deals are Disney buying marvel for $4bil, Kraft will buy Cadbury for $16.7 bil and Dell will buy Perot Systems for $3.9 bil.
DD $32.68 +0.94 2.96% 4,488,365 NYSE: No mentions found.
XOM $69.59 +0.89 1.3% 13,300,694 NYSE: No mentions found.
GE $16.76 +0.39 2.38% 73,633,954 NYSE: No mentions found.
Hewlett-Packard HPQ $47.88 +0.86 1.83% 16,676,441 NYSE: WSJ pC12 "Blurred Benefit of Xerox Copy" says IBM and more recently HPQ, have both benefited from offsetting low growth in hardware markets with expansion in IT services. The service business provides both reliably recurring revenue and the opportunity to sell hardware to service clients.
HD $27.26 +0.41 1.53% 6,862,850 NYSE: No mentions found.
INTC $19.74 +0.37 1.91% 37,795,225 NASDAQ-GS: No mentions found.
IBM $119.33 -1.75 1.45% 8,246,673 NYSE: WSJ pB6 "Businesses Take Another Look at Virtual Desktops - More Companies Test Alternative to PCs as Software Develops, but Predictions of Revolution haven't Materialized" by William M. Bulkeley says as companies look for new ways to squeeze costs out of their technology budgets, some are deciding that the next PC they purchase need not be a PC at all. Instead they are buying virtual desktops, a set-up consisting of a screen, keyboard and small connector box that ties into a powerful server in the computer room that has all the software, storage and processing capabilities that each desktop user needs. IBM, whose service arm installs virtual networks for customers, estimates customers get at least 95% savings in the cost of desktop-technology support because technicians need to be sent out less frequently and desk top virtualization also means a 40% drop in electricity use.
WSJ pC12 "Blurred Benefit of Xerox Copy" says IBM and more recently HPQ, have both benefited from offsetting low growth in hardware markets with expansion in IT services. The service business provides both reliably recurring revenue and the opportunity to sell hardware to service clients.
JPMorgan Chase JPM $44.81 +1.16 2.66% 24,194,801 NYSE: WSJ pA5 "JP Morgan Official Resigns From Acorn Housing Board" says Guillermo R. Loaiza, a loan officer for a unit of JPMorgan Chase in Phoenix, resigned from the board of Acorn Housing.
Johnson & Johnson JNJ $61.27 +0.65 1.07% 8,720,712 NYSEWSJ pB1 "US Drug Companies Chase Vaccines - Abbott, J&J and Merck, Through a Spate of Deals, Expand in a Category With Built-In Buyers" by Jonathan D. Rockoff, Peter Loftus says amid rising concerns about the threat of influenza pandemics, Abbott, JNJ & Merck announced deals Mon. that give them rights to new flu vaccines, placing bets on one of the pharmaceutical industry's brightest, but riskiest, segements. The deals reflect the growing conviction among drug execs that vaccines, long an industry stepchild, will become more important to replace aging blockbusters that are about to lose patent protection. JNJ paid $441 mil for an 18% stake in Dutch biotech company Crucell NV, to jointly develop vaccines. Merck & Co bought from Australia's CSL Ltd. for an undisclosed sum the US marketing rights to a seasonal flu vacccine. Abbott will buy a unit of Belgian Solvay SA for 4.5 bil Euros in a deal that includes a vaccine making business. The deals follow Pfizer Inc's accord earlier this year to acquire Wyeth, one of the few big pharma companies known for its vaccine expertise.
WSJ pC6 "Small Stock Focus - Action on the Deals Front Boosts Unisys, Ness Tech" by Donna Kardos Yesalavich, David Benot says JNJ, said it bought an 18% stake in Crucell which fell 6.6%.
Kraft KFT $26.17 -0.36 1.36% 10,169,264 NYSE: WSJ pC1 "Let's make a Deal: Words to Rally By - Stocks Rise 1.3% on Hopes M&A Drought Is Over; Dow on Pace for Best Quarterly Gain Since 1998" by Peter A. McKay, Michael Corkery says stocks were buoyed by a burst of deal making Monday, raising hopes that a long drought in mergers and acquisitions may finally be over. Almost $30.7 bil of deals were announced on Sun and Mon.: Xerox will buy Affiliated Computer Services for $6.4 bil, Abbot will buy Solvay for $7bil and earlier deals are Disney buying marvel for $4bil, Kraft will buy Cadbury for $16.7 bil and Dell will buy Perot Systems for $3.9 bil.
MCD $57.17 +0.22 0.39% 7,782,760 NYSE: No mentions found.
Merck MRK $32.03 +0.78 2.5% 14,318,877 NYSE: WSJ pB1 "US Drug Companies Chase Vaccines - Abbott, J&J and Merck, Through a Spate of Deals, Expand in a Category With Built-In Buyers" by Jonathan D. Rockoff, Peter Loftus says amid rising concerns about the threat of influenza pandemics, Abbott, JNJ & Merck announced deals Mon. that give them rights to new flu vaccines, placing bets on one of the pharmaceutical industry's brightest, but riskiest, segements. The deals reflect the growing conviction among drug execs that vaccines, long an industry stepchild, will become more important to replace aging blockbusters that are about to lose patent protection. JNJ paid $441 mil for an 18% stake in Dutch biotech company Crucell NV, to jointly develop vaccines. Merck & Co bought from Australia's CSL Ltd. for an undisclosed sum the US marketing rights to a seasonal flu vacccine. Abbott will buy a unit of Belgian Solvay SA for 4.5 bil Euros in a deal that includes a vaccine making business. The deals follow Pfizer Inc's accord earlier this year to acquire Wyeth, one of the few big pharma companies known for its vaccine expertise.
Merck's deal with CSL is also noted at Inv. Bus. Daily pA2.
Fin Times Comp. Mkts. p17 by Andrew Jack in a story about Abbott mentions Merck of Germany's purchase of Schering earlier this year.
Microsoft MSFT $25.83 +0.28 1.1% 44,360,085 NASDAQ-GS: WSJ pB1 "Gadget Sellers Brace for Ho-Hum Holiday" by Miguel Bustillo, Bobby White says facing a Christmas without a new blockbuster gadget to excite shoppers, electronics retailers hope they can make up the difference by selling a greater number of smaller, cheaper items. Walmart, Best Buy, Sears and RadioShack are the leading electronics sellers and they are counting on merchandise such as $400 netbook computers, private label speakers and electronic book readers for the frugal customer. Walmart beleives shoppers will buy low priced electronics such as videogame consoles now that Sony, Microsoft Corp. and Nintendo have each cut system prices in recent weeks.
Pfizer PFE $16.57 +0.17 1.04% 29,392,711 NYSEWSJ pB1 "US Drug Companies Chase Vaccines - Abbott, J&J and Merck, Through a Spate of Deals, Expand in a Category With Built-In Buyers" by Jonathan D. Rockoff, Peter Loftus says amid rising concerns about the threat of influenza pandemics, Abbott, JNJ & Merck announced deals Mon. that give them rights to new flu vaccines, placing bets on one of the pharmaceutical industry's brightest, but riskiest, segements. The deals reflect the growing conviction among drug execs that vaccines, long an industry stepchild, will become more important to replace aging blockbusters that are about to lose patent protection. JNJ paid $441 mil for an 18% stake in Dutch biotech company Crucell NV, to jointly develop vaccines. Merck & Co bought from Australia's CSL Ltd. for an undisclosed sum the US marketing rights to a seasonal flu vacccine. Abbott will buy a unit of Belgian Solvay SA for 4.5 bil Euros in a deal that includes a vaccine making business. The deals follow Pfizer Inc's accord earlier this year to acquire Wyeth, one of the few big pharma companies known for its vaccine expertise.
PG $58.16 +0.15 0.26% 9,008,049 NYSE: No mentions found.
MMM $75.01 +1.21 1.64% 2,390,286 NYSE: No mentions found.
TRV $49.16 +1.41 2.95% 4,924,102 NYSE: No mentions found.
UTX $61.64 +0.10 0.16% 5,365,125 NYSE: No mentions found.
Verizon VZ $30.35 +0.41 1.37% 11,628,326 NYSE: WSJ pB5 Fairpont In Talks To Revamp Its Debt by Mike Barris says FairPoint Communications Inc. is in talks with some of its lenders about restructuring its debt, a deal which could lead to a bankruptcy filing, as it announced $42 mil in interest and other payments may not be made Wednesday. FairPoint, a phone company, has been weighed down by its $2.3 bil acquisition in early '08 of Verizon Communications Inc.'s landlines in New England.
WalMart WMT $49.5 +0.03 0.06% 14,788,833 NYSE: WSJ pB1 "Gadget Sellers Brace for Ho-Hum Holiday" by Miguel Bustillo, Bobby White says facing a Christmas without a new blockbuster gadget to excite shoppers, electronics retailers hope they can make up the difference by selling a greater number of smaller, cheaper items. Walmart, Best Buy, Sears and RadioShack are the leading electronics sellers and they are counting on merchandise such as $400 netbook computers, private label speakers and electronic book readers for the frugal customer. Walmart beleives shoppers will buy low priced electronics such as videogame consoles now that Sony, Microsoft Corp. and Nintendo have each cut system prices in recent weeks.
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Here are the latest SEC filings as of 9/25/09 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: 8/28/09 two 8K's, one: announcing it had reached agreement with the Communications Workers of America (on a new, three-year contract covering approximately 7,000 wireline employees (located across the U.S.) under the CWA Communications and Technologies contract, subject to approval by these employees. The second 8K said two subsidiaries of T provided redeemed certain long-term debt issues as of September 28, 2009.
Alcoa AA: 7/29/09 8K announcing that Alain J. P. Belda, executive Chairman of the Board of Directors of AA retired as an executive officer but is staying on as a director until April 23, 2010.
American Express AXP: 9/15/09 8K annoucing delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended June 30, July 31 and August 31, 2009.
9/2/09 10Q;
Bank of Am BAC: 9/24/09 several free writing prospectus regarding issuance of securities.
Boeing BA: 9/15/09 announcing that pursuant to a 1978 SEC settlement, BA informed the SEC of a change in its policy re the appointment of foreign consultants and to whom they report.
8/31/09 8K announcing the retirement of Scott E. Carson, Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes, effective January 1, 2010. Effective September 1, 2009, Mr. Carson will leave his current position and assume the role of Executive Vice President. Carson will be replaced by James F. Albaugh.
8/27/09 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.
Caterpiller CAT: 9/23/09 8K announcing a new credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., that provides for an unsecured aggregate revolving credit facility to $2.38 billion that serves as an alternative source of funds, if necessary, for CAT's commercial paper programs.
9/21/09 8K furnishing supplemental information concerning deliveries to users for its Machinery and Engines lines of business. Caterpillar sells the majority of its machinery and engines to independently owned and operated dealers and Original Equipment Manufacturersto meet the demands of their customers, the end users. Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year were down significantlly.
9/15/09 8K announcing CAT and Navistar International Corporation (NYSE: NAV)formed a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial truck market to be based in Chicago.
8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.
Chevron CVX: 8/6/09 10Q
Cisco CSCO: 9/23/09 Proxy Statement in connection with its Annual Meeting to be held 11/12/09.
9/11/09 10K
9/9/09 8K Cisco appointed Arun Sarin, former CEO of Vodafone Group Plc, to its Board of Directors. He will a $75,000 annual retainer, $2,000 per committee meeting attended, and 16,666 shares.
9/4/09 8K annoucing bonus payments for '09 fiscal year to: John T. Chambers, Chairman and Chief Executive Officer, $2,031,000; Frank A. Calderoni, Executive Vice President, Chief Financial Officer, $900,000; Wim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000; Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000; and Richard J. Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.
Coke KO: 7/30/09 10Q
Disney DIS: 9/22/09 Form S-4 Proxy and 9/16/09 Prospectus related to the takeover of Marvel.
8/31/09 8K announcing a merger between its subsidiary, Maverick Acquisition Sub, Inc., and its subsidiary, Maverick Merger Sub, LLC, a single member Delaware limited liability company and Marvel Entertainment, Inc.. As a result of the Merger, Marvel will become a wholly owned subsidiary of Disney. Each share of Marvel common stock will be converted into $30 in cash and 0.7452 shares of Disney common stock.
DuPont DD: 8/13/09 8K announcing Nicholas C. Fanandakis, age 53, Senior Vice President & Chief Financial Officer & Chief Executive effective September 1, 2009 with an increase in annual salary from $387,708 to $500,000 and target short-term incentive award for 2009 will increase from $328,500 to $464,100. Mr. Fanandakis was named to his current position, Group Vice President- Applied BioSciences, in January 2008. Prior to that, he was vice president and general manager- DuPont Chemical Solutions Enterprise from September 2003 through September 2006 and vice president- Corporate Plans from October 2006 through December 2007. Jeffrey L. Keefer, EVP and Chief Financial Officer, will remain EVP and transition from the position of Chief Financial Officer to assume leadership responsibility for the DD's Performance Coatings business, corporate strategy development, Information Technology and overall cost and working capital productivity efforts effective November 1, 2009. Richard R. Goodmanson, EVP and Chief Operating Officer will retire effective September 30, 2009.
ExxonMobil XOM: 8/5/09 10Q
GE: 8/4/09 8K GE reached a settlement with the SEC & consented to a judgment of a fine of $50 million relating to four accounting matters arising in 2002 - 2003: the application of SFAS 133 to GE’s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception; a change in accounting for profits on spare parts in the commercial aviation engine business; and certain year-end transactions in the Rail business.
Hewlett-Packard HPQ: 9/24/09 8K saying at its Securities Analyst Meeting, HPQ addressed how it is uniquely positioned to grow and expand in the global information technology market. “We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market,” said Mark Hurd, CEO.
9/17/09 8K On 9/17/09 HPQ elected Marc L. Andreessen as a dierctor and chair of the Technology Committee of the Board. Andreessen is a co-founder and general partner of Andreessen Horowitz, a venture capital firm, and a co-founder and chairman of Ning, Inc., an online platform for people to create their own social networks. Andreessen co-founded Opsware Inc. & served as chief technology officer of America Online, Inc. and was a co-founder of Netscape Communications Corporation. Andreessen gets an retainer of $100,000, an annual equity retainer of $150,000, and $2,000 in cash for each Board meeting attended in excess of six per year. Mr. Andreessen also will be eligible to participate in the product matching portion of the HP Employee Giving Program under which each non-employee director may contribute up to $100,000 worth of HP products each year to a qualified charity by paying 25% of the list price of those products, with HP paying the remaining 75%. In addition, Mr. Andreessen will receive an annual retainer of $10,000 for service as the chair of the Technology Committee. HPQ also increased the number of HPQ directors from ten to eleven.
9/8/09 10-QA
9/4/09 10-Q
Home Depot HD: 9/3/09 10-Q
8/26/09 8K announcing amendments to their By-Laws dealing with resignations of directors.
Intel INTC: 9/21/09 A tender offer regarding exchange of some of its stock options with its employees.
9/16/09 An intranet article re the Stock Option Exchange Program.
9/15/09 8K Intel is consolidating all of its major product divisions into the newly formed Intel Architecture Group, which will be co-managed by Sean Maloney and David (Dadi) Perlmutter, executive vice presidents. Maloney will be responsible for business and operations while Perlmutter will lead product development and architecture. Paul Otellini, CEO, will devote more time to corporate strategy and driving the company’s growth initiatives. Intel’s global manufacturing organization, the Technology and Manufacturing Group will now report to Andy Bryant, Intel’s chief administrative officer. Pat Gelsinger and Bruce Sewell, General Counsel, will leave INTC.
8/28/09 8K announcing that as a result of stronger than expected demand for microprocessors and chipsets, Intel now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. The company is scheduled to report its third-quarter financial results on Oct. 13.
IBM: 9/8/09 8K IBM representatives will be meeting with a number of institutional investors through mid-September.
7/28/09 10Q
JPMorganChase JPM: 9/23/09 Various free writing prospectus re: issuance of securities.
9/17/09 prospectus reReverse Exchangeable Notes due December 21, 2009 Linked to Eight Equally Weighted Reference Stocks and in preceding days there were similar prospectuses.
9/2/09 Free Writing Prospectus relating to Core commodity C-IGAR Sigma Long-Short Index
Johnson & Johnson JNJ: 8/4/09 10Q
Kraft KFT: 9/9/09 prospectus relating to Kraft's bid to take over Cadbury that was announced on 9/7/09.
9/9/09 8K announcing a strategic update, including a review of the company’s successful three-year turnaround plan.
8/5/09 10Q
McDonalds MCD: 9/9/09 8K announcing that global comparable sales rose 2.2% in August and by segment performance was as follows: U.S. up 1.7%; Europe up 3.5%; andAsia/Pacific, Middle East and Africa declined 0.5%.
8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"
Merck MRK: 9/21/09 8K announcing that the acquisition by Sanofi-aventis of Merck’s 50 percent interest in Merial Limited (Merial) has been completed. Sanofi-aventis acquired Merck’s interest in Merial for a cash consideration of $4 billion. Formed in 1997, Merial is a leading animal health company that was a 50/50 joint venture between Merck and sanofi-aventis and is now a wholly-owned subsidiary of sanofi-aventis.
8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough
Microsoft MSFT: 9/11/09 8K James Cash to retire from Board of Directors. The
Harvard Business School professor and senior associate dean emeritus had served on the board since 2001. With Cash’s departure, the Microsoft board will have nine members: Bill Gates, chairman of Microsoft; Steve Ballmer; Dina Dublon, former chief financial officer of JPMorgan Chase; Raymond V. Gilmartin, former chairman, president and chief executive officer of Merck & Co. Inc.; Reed Hastings, founder, chairman and CEO of Netflix Inc.; Maria M. Klawe, president, Harvey Mudd College; David F. Marquardt, general partner at August Capital; Charles H. Noski, former vice chairman of AT&T Corp.; and Dr. Helmut Panke, former chairman of the board of management at BMW AG.
8/24/09 S-8 Securities to be offered to employees in employee benefit plans
Pfizer PFE: 9/24/09 11-K Annual Report of Employee Stock Option Plan.
9/2/09 8K announcing an agreement with the U.S. Department of Justice to settle an investigation regarding off-label promotional practices related to Bextra, which Pfizer withdrew from the market in 2005 and other DOJ investigations involving off-label promotional practices concerning Zyvox, Geodon and Lyrica, and allegations related to payments to healthcare professionals involving these and nine other Pfizer medicines. Pfizer previously disclosed a related $2.3 billion charge to its fourth-quarter and full-year 2008 earnings in connection with the DOJ agreement in principle on January 26, 2009. PFE has reached agreements with attorneys general in 432 states to settle state civil consumer protection allegations regarding promotional practices concerning Geodon. PFE will pay a total of $33 million to the settling states.
Procter & Gamble PG: 9/10/09 8K confirmed its fiscal year 2010 and July – September quarter outlook for organic sales growth. The company also stated it expects to return to organic sales growth in the October – December quarter compared to prior year levels, following two quarters of organic sales declines. P&G also updated earnings per share guidance to include the anticipated impacts from the Pharmaceutical divestiture, which was announced on August 24, 2009. For fiscal year 2010, P&G confirmed previous guidance for organic sales growth of one to three percent. P&G expects net sales in the range of flat to up three percent versus prior year levels, which includes a foreign exchange impact of zero to minus one percent. P&G now expects fiscal 2010 earnings per share in the range of $3.99 to $4.12 per share. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.
8/28/09 S-8 Securities to employees and 8/28 8K annoucning public offering of $500,000,000 aggregate principal amount of 3.150% Notes due 2015.
Also a PG subsidiary, Procter & Gamble International Funding SCA issued $1,000,000,000 aggregate principal amount of 1.350% Notes due 2011.
3M MMM: 8/5/09 3M contributed 8,329,862 shares of its common stock with a corresponding dollar value of approximately $600 million to its defined benefit pension plan, the 3M Employee Retirement Income Plan, made from treasury stock.
Travelers TRV: 8/5/09 10Q/A Amended 10Q
United Technologies UTX: 7/24/09 10Q
Verizon Communications Inc. VZ: 8K 9/11/09 8K announcing VZ's cash flow and balance sheet are strong, and VZ recently increased its dividend for the third consecutive year. VZ is not planning for any economic improvements in the second half of 2009. Verizon expects that economic conditions will continue to pressure revenues and margins in the second half of 2009, particularly in its Wireline segment. VZ expects to add one million wireless customers per quarter for the next several quarters.
o The company expects to achieve its stated Alltel cost synergy targets & greater cash flow from operations in the second half of 2009 compared to the first half of 2009.
9/4/09 8K VZ raised its quarterly dividend 3.3% to 47.5 Cents per Share. This is the third consecutive year that VZ has approved a quarterly dividend increase in September.
9/4/09 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc.
Wal-Mart WMT: 8K 9/18 Pricing agreement re: the 9/16 filed prospectus relating to $1 bil of Euro Note Offering at 4.875%
9/14/09 Prospectus re debt securities of $364,600,000
9/9/09 10Q
8/13/09 8K re 7/31/09 2Q report of earnings
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
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 9/25/09:
1. Exxon Mobil XOM $331
2. Microsoft MSFT 231
3. WalMart WMT 196
4. GE 176
5. Procter & Gamble PG 169
6. JPMorgan Chase 167
7. Johnson & Johnson JNJ 167
8. IBM 162
9. T 159
10. Chevron CVX 142
11. Cisco CSCO 131
12. Coke KO 121
13. Hewlett-Packard HPQ 112
14. Pfizer PFE 111
15. Intel INTC 109
16. Bank of Am BAC 109
17. Verizon VZ 86
18. Merck MRK 65
19. McDonald's MCD 61
20. United Technologies UTX 59
21. Disney DIS 52
22. 3M MMM 52
23. Home Depot 46
24. American Express AXP 40
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 32
28. DuPont DD 29
29. Traveler's TRV 27
30. Alcoa AA 13
Post #133 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. Towards the end of this Blog is an update of the Dow 30's most recent SEC filings as of 9/25/09, a list of the Dow 30 CEO's and a ranking of the Dow 30 by market capitalization.
The Dow Jones Industrial Average closed Tuesday at 9742.2 down 47.17 or 0.48% from Monday's close of 9789.36. Of the 30 Dow Companies: 4 gained, 25 declined and 1 was unchanged (MCD $57.17 unch unch 7,485,517 NYSE). The biggest loser dollar-wise was 3M MMM $73.94 -1.07 1.43% 3,182,833 NYSE and percentage-wise was Home Depot HD $26.83 -0.43 1.58% 13,567,045 NYSE and the biggest gainer dollar-wise (again) and percentage-wise was Boeing BA $BA $54.62 +1.55 2.92% 7,219,508 NYSE.
The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged. Tuesday's Dow Jones Industrial Average closing numerator was 1289.08 down 6.24 from Monday's closing Dow numerator of 1295.32. 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 6.24 by the divisor you get 47.16, the decrease in Tuesday's Dow close.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 42.97 down 0.21 from Monday's Dow Jones Industrial Average closing price of 43.18. The median closing price of Tuesday's Dow Jones Industrial Average was 39.44 down 0.17 Monday's Dow Jones median closing price of 39.61.
The highest closing price Tuesday again was IBM $118.81 -0.52 0.44% 6,683,954 NYSE and the lowest closing price Tuesday again was Alcoa AA $13.31 -0.12 0.89% 22,545,177 NYSE.
The lowest volume Tuesday again was 3M MMM $73.94 -1.07 1.43% 3,182,833 NYSE and the highest volume again was Bank of Am BAC $17.16 -0.06 0.35% 123,461,185 NYSE.
If Tuesday 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 $630.
($129,540 - 128,910)
Tuesday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market
T $27.2 -0.23 0.84% 27,831,242 NYSE
AA $13.31 -0.12 0.89% 22,545,177 NYSE
AXP $33.99 -0.42 1.22% 9,216,440 NYSE
BAC $17.16 -0.06 0.35% 123,461,185 NYSE
BA $54.62 +1.55 2.92% 7,219,508 NYSE
CAT $51.6 -0.58 1.11% 7,506,646 NYSE
CVX $70.91 -0.79 1.1% 7,749,736 NYSE
CSCO $23.3 -0.31 1.31% 39,333,440 NASDAQ-GS
KO $53.31 +0.18 0.34% 8,566,374 NYSE
DIS $27.94 -0.29 1.03% 7,991,164 NYSE
DD $32.52 -0.16 0.49% 4,104,141 NYSE
XOM $69.07 -0.52 0.75% 14,401,450 NYSE
GE $16.71 -0.05 0.3% 80,321,938 NYSE
HPQ $47.44 0.44 0.92% 19,542,840 NYSE
HD $26.83 -0.43 1.58% 13,567,045 NYSE
INTC $19.48 -0.26 1.32% 41,211,319 NASDAQ-GS
IBM $118.81 -0.52 0.44% 6,683,954 NYSE
JPM $44.88 +0.07 0.16% 23,404,903 NYSE
JNJ $60.93 -0.34 0.55% 7,397,074 NYSE
KFT $26.02 -0.15 0.57% 10,358,179 NYSE
MCD $57.17 unch unch 7,485,517 NYSE
MRK $31.85 -0.18 0.56% 13,926,680 NYSE
MSFT $25.75 -0.08 0.31% 38,544,801 NASDAQ-GS
PFE $16.77 +0.20 1.21% 65,760,211 NYSE
PG $57.91 -0.25 0.43% 7,571,035 NYSE
MMM $73.94 -1.07 1.43% 3,182,833 NYSE
TRV $48.96 -0.20 0.41% 3,599,756 NYSE
UTX $61.31 -0.33 0.54% 4,023,600 NYSE
VZ $30.16 -0.19 0.63% 12,970,452 NYSE
WMT $49.23 -0.27 0.55% 17,030,768 NYSE
A read of Tuesday's 9/29/09 print editions of: Wall Street Journal, Financial Times, Investors Business Daily, New York Times, Atl Journal Const, & USA Today yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by symbol and Friday's closing price and related data:
Dow: NYT p1 "The Dow is Creeping Toward 5 Digits Yet Again" by Jack Healty has a chart showing the price change since March 29 of all 30 Dlow components with Caterpillar gaining the most at 120.9% and Pfizer the worst, losing 64.7%.
WSJ pC6 "Large Stock Focus - Cisco and Accenture Rise After Upgrades" by Geoffrey Rogow says another round of corporate mergers and acquisitions renewed investors' appetite for risk and stocks Monday, helping the Dow Jones Industrial Average gain more than 100 pints, while analyst upgrades boosted Cisco, Citigroup and other companies in both the tech and financial sectors. Cisco was up 4.4% after it was raised to "overweight" from "equal weight" by Barclays, which detects a pickup in wireline carrier spending, improving enterprise demand in North ameica and strength in Europe. Merck agreed to sell CSL Ltd's seasonal flu vaccine in the US for a six year period starting next autumn, getting the drug giant into that sector on undisclosed terms. Merck was up 2.5%.
WSJ pC1 "Let's make a Deal: Words to Rally By - Stocks Rise 1.3% on Hopes M&A Drought Is Over; Dow on Pace for Best Quarterly Gain Since 1998" by Peter A. McKay, Michael Corkery says stocks were buoyed by a burst of deal making Monday, raising hopes that a long drought in mergers and acquisitions may finally be over. Almost $30.7 bil of deals were announced on Sun and Mon.: Xerox will buy Affiliated Computer Services for $6.4 bil, Abbot will buy Solvay for $7bil and earlier deals are Disney buying marvel for $4bil, Kraft will buy Cadbury for $16.7 bil and Dell will buy Perot Systems for $3.9 bil.
Similar story at WSJ pC3 "Busy M&A Day . . ." by Dana Cimilluca.
Fin Times Co. & Mkts p26 "Wall Street - Deals from Abbott and Xerox bolster sentiment" by Samantha Pearson says Wall Street yesterday recorded its biggest daily gain for over a month after merger deals lifted investor confidence. JNJ was up 1.1% after it said it bought an 18% stake in Crucell.
Inv. Bus. Daily pA1 "Leaders Outpace market's Big Advance" by Alan R. Elliott says stock on Monday took back a big piece of last week's losses as leading stocks outpaced the broad market.
The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of today the Dow's trailing P/E ratio is 15.59, its P/E estimate is 15.48 and its Dividend yield is 2.91.he following is not intended as advertising by a broker-dealer and is not a research report.
The Dow Jones Industrial Average closed Monday at 9789.36 up 124.17 or 1.28% from Friday's close of 9665.19. Of the 30 Dow Companies: 2 gained and 28 declined. The biggest loser dollar-wise and percentage-wise was IBM $119.33 -1.75 1.45% 8,246,673 NYSE and the biggest gainer dollar-wise was Boeing BA $53.07 +1.55 3.01% 4,920,857 and the biggest gainer percentage-wise was American Experss AXP $34.41 +1.34 4.05% 10,508,398 NYSE.
The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged. Today's Dow trailing P/E ratio is 15.79, the Dow's P/E estimate is 15.48, and the Dow's current dividend yield is 2.88. Monday's Dow Jones Industrial Average closing numerator was 1295.32 up 19.43 from Friday's closing Dow numerator of 1278.89. 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 16.43 by the divisor you get 124.17, the increase in Monday's Dow close.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 43.18 up 0.55 from Friday's Dow Jones Industrial Average closing price of 43.18. The median closing price of Monday's Dow Jones Industrial Average was 39.61 up 1.25 from Friday's Dow Jones median closing price of 38.36. The highest closing price Monday again was IBM $119.33 -1.75 1.45% 8,246,673 NYSE and the lowest closing price Monday again was Alcoa AA $13.43 +0.35 2.68% 20,363,107 NYSE. The lowest volume Monday again was 3M MMM $75.01 +1.21 1.64% 2,390,286 NYSE and the highest volume again was Bank of Am BAC $17.22 +0.62 3.73% 128,564,365 NYSE.
If Monday 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 made $1,650.
($129,540 - 127,890)
AT&T T $27.43 +0.47 1.74% 23,374,979 NYSE: WSJ pB8 "Apple Adds Second iPhone Seller in UK" by Kathy Sandler says France Telecom SA's Orange said Mon that it reached an agreement to sell Apple Inc.s iPhone in the UK later this yer, bringing to an end a two year exclusive contract held by rival Telefonia SA's 02 mobile network. Apple's move away from exclusive deals for the iPhone means that other network operators are likely to be in negotiations to sell the device in the UK, as well as in Germany, where Deutsche Telekom AG holds the exclusive agreement, and in the US where AT&T is the sole supplier.
Similar story at Fin Times Comp. & Mkts Sec. p16 by Justine Lau
AA $13.43 +0.35 2.68% 20,363,107 NYSE: No mentions found.
AXP $34.41 +1.34 4.05% 10,508,398 NYSE: No mentions found.
Bank of America BAC $17.22 +0.62 3.73% 128,564,365 NYSE: WSJ pC3 "BofA Sued by Funds Over Merrill - Suit Claims Bank Hid Widening Losses Before Deal: lewis, Thain named" by marshall Eckblad says Ohio Attorney General Ricard Cordray said Mon. that his office could soon seek billions from Bank of America including CEO Kenneth lewis, over the bank's handling of the purchase of Merrill Lynch. Cordray filed an amended lawsuit in US dist. Ct in NY on behalf of five pension funds, alleging that Bofa , tis directors and four executives concealed widening losses at Merrill before th Dec. shareholder vote to approve the deal.
WSJ pA24 "Letters To The Editor - BofA's Ken lewis: marty or a Very Fortunate Man" has letters from Laura Jereski, Frank Cole Inman, Stanley J. Palder and Richard Greenwald weighing in on both sides of the argument.
Fin Times Mkting & Invstg p 25 "View of the Day" is by Bofa - Merrill's Holger Schmieding who talks about victory for the centre-right in Germany's election being a positive for Germany's equity market.
Boeing BA $53.07 +1.55 3.01% 4,920,857 NYSE: AJc pA8 says Washington's gov is stepping up efforts to court the Boing co, part of a high stakes interstate competition for the second assembly line of BA's long delayed 787 jetliner.
CAT $52.18 +0.98 1.91% 6,038,948 NYSE
CVX $71.7 +1.04 1.47% 6,021,858 NYSE
Cisco CSCO $23.61 +0.99 4.38% 68,716,956 NASDAQ-GS: WSJ pC6 "Large Stock Focus - Cisco and Accenture Rise After Upgrades" by Geoffrey Rogow says another round of corporate mergers and acquisitions renewed investors' appetite for risk and stocks Monday, helping the Dow Jones Industrial Average gain more than 100 pints, while analyst upgrades boosted Cisco, Citigroup and other companies in both the tech and financial sectors. Cisco was up 4.4% after it was raised to "overweight" from "equal weight" by Barclays, which detects a pickup in wireline carrier spending, improving enterprise demand in NorthAameica and strength in Europe. Merck agreed to sell CSL Ltd's seasonal flu vaccine in the US for a six year period starting next autumn, getting the drug giant into that sector on undisclosed terms. Merck was up 2.5%.
WSJ pC6 "Options Report - Tech Sector's Jump Fuels Bets on Cisco and RIM" by Tennille Tracy says options traders rallied around Cisco Systems and other tech companies as stocks in the sector enjoyed gains.
KO $53.13 +0.16 0.3% 7,596,577 NYSE: No mentions found.
Disney DIS $28.23 +0.61 2.21% 8,633,013 NYSE: NYT pB3 "disney Tries to Pull the Storybook Ritual Onto the Web" by Brooks Barnes says Dis hopes an amibitious new digital service it plans to unveil on Tues will transform how children read its storybooks. Dis Publishing plans to introduce a new subscription based Web site for $79.95 a year, families can access electronic replicas for hundreds of Dis books.
WSJ pB1 "Warner Music and YouTube Close to Deal On Licensing" by Ethan Smith, Jessica E. Vascellaro says Warner Music Group Corp. and YouTube are close to an agreement that would return the music company's video clips to Google's videosharing site after a nine month licensing dispute. The agreement would allow Warner to retain the right to sell ads that run next to its videos and keep the bulk of the revenue. YouTube earlier this year struck an advertising based content partnership with Walt Disney co., which is distributing clips of ABC and ESPN shows on the site.
WSJ pC1 "Let's make a Deal: Words to Rally By - Stocks Rise 1.3% on Hopes M&A Drought Is Over; Dow on Pace for Best Quarterly Gain Since 1998" by Peter A. McKay, Michael Corkery says stocks were buoyed by a burst of deal making Monday, raising hopes that a long drought in mergers and acquisitions may finally be over. Almost $30.7 bil of deals were announced on Sun and Mon.: Xerox will buy Affiliated Computer Services for $6.4 bil, Abbot will buy Solvay for $7bil and earlier deals are Disney buying marvel for $4bil, Kraft will buy Cadbury for $16.7 bil and Dell will buy Perot Systems for $3.9 bil.
DD $32.68 +0.94 2.96% 4,488,365 NYSE: No mentions found.
XOM $69.59 +0.89 1.3% 13,300,694 NYSE: No mentions found.
GE $16.76 +0.39 2.38% 73,633,954 NYSE: No mentions found.
Hewlett-Packard HPQ $47.88 +0.86 1.83% 16,676,441 NYSE: WSJ pC12 "Blurred Benefit of Xerox Copy" says IBM and more recently HPQ, have both benefited from offsetting low growth in hardware markets with expansion in IT services. The service business provides both reliably recurring revenue and the opportunity to sell hardware to service clients.
HD $27.26 +0.41 1.53% 6,862,850 NYSE: No mentions found.
INTC $19.74 +0.37 1.91% 37,795,225 NASDAQ-GS: No mentions found.
IBM $119.33 -1.75 1.45% 8,246,673 NYSE: WSJ pB6 "Businesses Take Another Look at Virtual Desktops - More Companies Test Alternative to PCs as Software Develops, but Predictions of Revolution haven't Materialized" by William M. Bulkeley says as companies look for new ways to squeeze costs out of their technology budgets, some are deciding that the next PC they purchase need not be a PC at all. Instead they are buying virtual desktops, a set-up consisting of a screen, keyboard and small connector box that ties into a powerful server in the computer room that has all the software, storage and processing capabilities that each desktop user needs. IBM, whose service arm installs virtual networks for customers, estimates customers get at least 95% savings in the cost of desktop-technology support because technicians need to be sent out less frequently and desk top virtualization also means a 40% drop in electricity use.
WSJ pC12 "Blurred Benefit of Xerox Copy" says IBM and more recently HPQ, have both benefited from offsetting low growth in hardware markets with expansion in IT services. The service business provides both reliably recurring revenue and the opportunity to sell hardware to service clients.
JPMorgan Chase JPM $44.81 +1.16 2.66% 24,194,801 NYSE: WSJ pA5 "JP Morgan Official Resigns From Acorn Housing Board" says Guillermo R. Loaiza, a loan officer for a unit of JPMorgan Chase in Phoenix, resigned from the board of Acorn Housing.
Johnson & Johnson JNJ $61.27 +0.65 1.07% 8,720,712 NYSEWSJ pB1 "US Drug Companies Chase Vaccines - Abbott, J&J and Merck, Through a Spate of Deals, Expand in a Category With Built-In Buyers" by Jonathan D. Rockoff, Peter Loftus says amid rising concerns about the threat of influenza pandemics, Abbott, JNJ & Merck announced deals Mon. that give them rights to new flu vaccines, placing bets on one of the pharmaceutical industry's brightest, but riskiest, segements. The deals reflect the growing conviction among drug execs that vaccines, long an industry stepchild, will become more important to replace aging blockbusters that are about to lose patent protection. JNJ paid $441 mil for an 18% stake in Dutch biotech company Crucell NV, to jointly develop vaccines. Merck & Co bought from Australia's CSL Ltd. for an undisclosed sum the US marketing rights to a seasonal flu vacccine. Abbott will buy a unit of Belgian Solvay SA for 4.5 bil Euros in a deal that includes a vaccine making business. The deals follow Pfizer Inc's accord earlier this year to acquire Wyeth, one of the few big pharma companies known for its vaccine expertise.
WSJ pC6 "Small Stock Focus - Action on the Deals Front Boosts Unisys, Ness Tech" by Donna Kardos Yesalavich, David Benot says JNJ, said it bought an 18% stake in Crucell which fell 6.6%.
Kraft KFT $26.17 -0.36 1.36% 10,169,264 NYSE: WSJ pC1 "Let's make a Deal: Words to Rally By - Stocks Rise 1.3% on Hopes M&A Drought Is Over; Dow on Pace for Best Quarterly Gain Since 1998" by Peter A. McKay, Michael Corkery says stocks were buoyed by a burst of deal making Monday, raising hopes that a long drought in mergers and acquisitions may finally be over. Almost $30.7 bil of deals were announced on Sun and Mon.: Xerox will buy Affiliated Computer Services for $6.4 bil, Abbot will buy Solvay for $7bil and earlier deals are Disney buying marvel for $4bil, Kraft will buy Cadbury for $16.7 bil and Dell will buy Perot Systems for $3.9 bil.
MCD $57.17 +0.22 0.39% 7,782,760 NYSE: No mentions found.
Merck MRK $32.03 +0.78 2.5% 14,318,877 NYSE: WSJ pB1 "US Drug Companies Chase Vaccines - Abbott, J&J and Merck, Through a Spate of Deals, Expand in a Category With Built-In Buyers" by Jonathan D. Rockoff, Peter Loftus says amid rising concerns about the threat of influenza pandemics, Abbott, JNJ & Merck announced deals Mon. that give them rights to new flu vaccines, placing bets on one of the pharmaceutical industry's brightest, but riskiest, segements. The deals reflect the growing conviction among drug execs that vaccines, long an industry stepchild, will become more important to replace aging blockbusters that are about to lose patent protection. JNJ paid $441 mil for an 18% stake in Dutch biotech company Crucell NV, to jointly develop vaccines. Merck & Co bought from Australia's CSL Ltd. for an undisclosed sum the US marketing rights to a seasonal flu vacccine. Abbott will buy a unit of Belgian Solvay SA for 4.5 bil Euros in a deal that includes a vaccine making business. The deals follow Pfizer Inc's accord earlier this year to acquire Wyeth, one of the few big pharma companies known for its vaccine expertise.
Merck's deal with CSL is also noted at Inv. Bus. Daily pA2.
Fin Times Comp. Mkts. p17 by Andrew Jack in a story about Abbott mentions Merck of Germany's purchase of Schering earlier this year.
Microsoft MSFT $25.83 +0.28 1.1% 44,360,085 NASDAQ-GS: WSJ pB1 "Gadget Sellers Brace for Ho-Hum Holiday" by Miguel Bustillo, Bobby White says facing a Christmas without a new blockbuster gadget to excite shoppers, electronics retailers hope they can make up the difference by selling a greater number of smaller, cheaper items. Walmart, Best Buy, Sears and RadioShack are the leading electronics sellers and they are counting on merchandise such as $400 netbook computers, private label speakers and electronic book readers for the frugal customer. Walmart beleives shoppers will buy low priced electronics such as videogame consoles now that Sony, Microsoft Corp. and Nintendo have each cut system prices in recent weeks.
Pfizer PFE $16.57 +0.17 1.04% 29,392,711 NYSEWSJ pB1 "US Drug Companies Chase Vaccines - Abbott, J&J and Merck, Through a Spate of Deals, Expand in a Category With Built-In Buyers" by Jonathan D. Rockoff, Peter Loftus says amid rising concerns about the threat of influenza pandemics, Abbott, JNJ & Merck announced deals Mon. that give them rights to new flu vaccines, placing bets on one of the pharmaceutical industry's brightest, but riskiest, segements. The deals reflect the growing conviction among drug execs that vaccines, long an industry stepchild, will become more important to replace aging blockbusters that are about to lose patent protection. JNJ paid $441 mil for an 18% stake in Dutch biotech company Crucell NV, to jointly develop vaccines. Merck & Co bought from Australia's CSL Ltd. for an undisclosed sum the US marketing rights to a seasonal flu vacccine. Abbott will buy a unit of Belgian Solvay SA for 4.5 bil Euros in a deal that includes a vaccine making business. The deals follow Pfizer Inc's accord earlier this year to acquire Wyeth, one of the few big pharma companies known for its vaccine expertise.
PG $58.16 +0.15 0.26% 9,008,049 NYSE: No mentions found.
MMM $75.01 +1.21 1.64% 2,390,286 NYSE: No mentions found.
TRV $49.16 +1.41 2.95% 4,924,102 NYSE: No mentions found.
UTX $61.64 +0.10 0.16% 5,365,125 NYSE: No mentions found.
Verizon VZ $30.35 +0.41 1.37% 11,628,326 NYSE: WSJ pB5 Fairpont In Talks To Revamp Its Debt by Mike Barris says FairPoint Communications Inc. is in talks with some of its lenders about restructuring its debt, a deal which could lead to a bankruptcy filing, as it announced $42 mil in interest and other payments may not be made Wednesday. FairPoint, a phone company, has been weighed down by its $2.3 bil acquisition in early '08 of Verizon Communications Inc.'s landlines in New England.
WalMart WMT $49.5 +0.03 0.06% 14,788,833 NYSE: WSJ pB1 "Gadget Sellers Brace for Ho-Hum Holiday" by Miguel Bustillo, Bobby White says facing a Christmas without a new blockbuster gadget to excite shoppers, electronics retailers hope they can make up the difference by selling a greater number of smaller, cheaper items. Walmart, Best Buy, Sears and RadioShack are the leading electronics sellers and they are counting on merchandise such as $400 netbook computers, private label speakers and electronic book readers for the frugal customer. Walmart beleives shoppers will buy low priced electronics such as videogame consoles now that Sony, Microsoft Corp. and Nintendo have each cut system prices in recent weeks.
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Here are the latest SEC filings as of 9/25/09 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: 8/28/09 two 8K's, one: announcing it had reached agreement with the Communications Workers of America (on a new, three-year contract covering approximately 7,000 wireline employees (located across the U.S.) under the CWA Communications and Technologies contract, subject to approval by these employees. The second 8K said two subsidiaries of T provided redeemed certain long-term debt issues as of September 28, 2009.
Alcoa AA: 7/29/09 8K announcing that Alain J. P. Belda, executive Chairman of the Board of Directors of AA retired as an executive officer but is staying on as a director until April 23, 2010.
American Express AXP: 9/15/09 8K annoucing delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended June 30, July 31 and August 31, 2009.
9/2/09 10Q;
Bank of Am BAC: 9/24/09 several free writing prospectus regarding issuance of securities.
Boeing BA: 9/15/09 announcing that pursuant to a 1978 SEC settlement, BA informed the SEC of a change in its policy re the appointment of foreign consultants and to whom they report.
8/31/09 8K announcing the retirement of Scott E. Carson, Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes, effective January 1, 2010. Effective September 1, 2009, Mr. Carson will leave his current position and assume the role of Executive Vice President. Carson will be replaced by James F. Albaugh.
8/27/09 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.
Caterpiller CAT: 9/23/09 8K announcing a new credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., that provides for an unsecured aggregate revolving credit facility to $2.38 billion that serves as an alternative source of funds, if necessary, for CAT's commercial paper programs.
9/21/09 8K furnishing supplemental information concerning deliveries to users for its Machinery and Engines lines of business. Caterpillar sells the majority of its machinery and engines to independently owned and operated dealers and Original Equipment Manufacturersto meet the demands of their customers, the end users. Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year were down significantlly.
9/15/09 8K announcing CAT and Navistar International Corporation (NYSE: NAV)formed a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial truck market to be based in Chicago.
8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.
Chevron CVX: 8/6/09 10Q
Cisco CSCO: 9/23/09 Proxy Statement in connection with its Annual Meeting to be held 11/12/09.
9/11/09 10K
9/9/09 8K Cisco appointed Arun Sarin, former CEO of Vodafone Group Plc, to its Board of Directors. He will a $75,000 annual retainer, $2,000 per committee meeting attended, and 16,666 shares.
9/4/09 8K annoucing bonus payments for '09 fiscal year to: John T. Chambers, Chairman and Chief Executive Officer, $2,031,000; Frank A. Calderoni, Executive Vice President, Chief Financial Officer, $900,000; Wim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000; Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000; and Richard J. Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.
Coke KO: 7/30/09 10Q
Disney DIS: 9/22/09 Form S-4 Proxy and 9/16/09 Prospectus related to the takeover of Marvel.
8/31/09 8K announcing a merger between its subsidiary, Maverick Acquisition Sub, Inc., and its subsidiary, Maverick Merger Sub, LLC, a single member Delaware limited liability company and Marvel Entertainment, Inc.. As a result of the Merger, Marvel will become a wholly owned subsidiary of Disney. Each share of Marvel common stock will be converted into $30 in cash and 0.7452 shares of Disney common stock.
DuPont DD: 8/13/09 8K announcing Nicholas C. Fanandakis, age 53, Senior Vice President & Chief Financial Officer & Chief Executive effective September 1, 2009 with an increase in annual salary from $387,708 to $500,000 and target short-term incentive award for 2009 will increase from $328,500 to $464,100. Mr. Fanandakis was named to his current position, Group Vice President- Applied BioSciences, in January 2008. Prior to that, he was vice president and general manager- DuPont Chemical Solutions Enterprise from September 2003 through September 2006 and vice president- Corporate Plans from October 2006 through December 2007. Jeffrey L. Keefer, EVP and Chief Financial Officer, will remain EVP and transition from the position of Chief Financial Officer to assume leadership responsibility for the DD's Performance Coatings business, corporate strategy development, Information Technology and overall cost and working capital productivity efforts effective November 1, 2009. Richard R. Goodmanson, EVP and Chief Operating Officer will retire effective September 30, 2009.
ExxonMobil XOM: 8/5/09 10Q
GE: 8/4/09 8K GE reached a settlement with the SEC & consented to a judgment of a fine of $50 million relating to four accounting matters arising in 2002 - 2003: the application of SFAS 133 to GE’s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception; a change in accounting for profits on spare parts in the commercial aviation engine business; and certain year-end transactions in the Rail business.
Hewlett-Packard HPQ: 9/24/09 8K saying at its Securities Analyst Meeting, HPQ addressed how it is uniquely positioned to grow and expand in the global information technology market. “We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market,” said Mark Hurd, CEO.
9/17/09 8K On 9/17/09 HPQ elected Marc L. Andreessen as a dierctor and chair of the Technology Committee of the Board. Andreessen is a co-founder and general partner of Andreessen Horowitz, a venture capital firm, and a co-founder and chairman of Ning, Inc., an online platform for people to create their own social networks. Andreessen co-founded Opsware Inc. & served as chief technology officer of America Online, Inc. and was a co-founder of Netscape Communications Corporation. Andreessen gets an retainer of $100,000, an annual equity retainer of $150,000, and $2,000 in cash for each Board meeting attended in excess of six per year. Mr. Andreessen also will be eligible to participate in the product matching portion of the HP Employee Giving Program under which each non-employee director may contribute up to $100,000 worth of HP products each year to a qualified charity by paying 25% of the list price of those products, with HP paying the remaining 75%. In addition, Mr. Andreessen will receive an annual retainer of $10,000 for service as the chair of the Technology Committee. HPQ also increased the number of HPQ directors from ten to eleven.
9/8/09 10-QA
9/4/09 10-Q
Home Depot HD: 9/3/09 10-Q
8/26/09 8K announcing amendments to their By-Laws dealing with resignations of directors.
Intel INTC: 9/21/09 A tender offer regarding exchange of some of its stock options with its employees.
9/16/09 An intranet article re the Stock Option Exchange Program.
9/15/09 8K Intel is consolidating all of its major product divisions into the newly formed Intel Architecture Group, which will be co-managed by Sean Maloney and David (Dadi) Perlmutter, executive vice presidents. Maloney will be responsible for business and operations while Perlmutter will lead product development and architecture. Paul Otellini, CEO, will devote more time to corporate strategy and driving the company’s growth initiatives. Intel’s global manufacturing organization, the Technology and Manufacturing Group will now report to Andy Bryant, Intel’s chief administrative officer. Pat Gelsinger and Bruce Sewell, General Counsel, will leave INTC.
8/28/09 8K announcing that as a result of stronger than expected demand for microprocessors and chipsets, Intel now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. The company is scheduled to report its third-quarter financial results on Oct. 13.
IBM: 9/8/09 8K IBM representatives will be meeting with a number of institutional investors through mid-September.
7/28/09 10Q
JPMorganChase JPM: 9/23/09 Various free writing prospectus re: issuance of securities.
9/17/09 prospectus reReverse Exchangeable Notes due December 21, 2009 Linked to Eight Equally Weighted Reference Stocks and in preceding days there were similar prospectuses.
9/2/09 Free Writing Prospectus relating to Core commodity C-IGAR Sigma Long-Short Index
Johnson & Johnson JNJ: 8/4/09 10Q
Kraft KFT: 9/9/09 prospectus relating to Kraft's bid to take over Cadbury that was announced on 9/7/09.
9/9/09 8K announcing a strategic update, including a review of the company’s successful three-year turnaround plan.
8/5/09 10Q
McDonalds MCD: 9/9/09 8K announcing that global comparable sales rose 2.2% in August and by segment performance was as follows: U.S. up 1.7%; Europe up 3.5%; andAsia/Pacific, Middle East and Africa declined 0.5%.
8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"
Merck MRK: 9/21/09 8K announcing that the acquisition by Sanofi-aventis of Merck’s 50 percent interest in Merial Limited (Merial) has been completed. Sanofi-aventis acquired Merck’s interest in Merial for a cash consideration of $4 billion. Formed in 1997, Merial is a leading animal health company that was a 50/50 joint venture between Merck and sanofi-aventis and is now a wholly-owned subsidiary of sanofi-aventis.
8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough
Microsoft MSFT: 9/11/09 8K James Cash to retire from Board of Directors. The
Harvard Business School professor and senior associate dean emeritus had served on the board since 2001. With Cash’s departure, the Microsoft board will have nine members: Bill Gates, chairman of Microsoft; Steve Ballmer; Dina Dublon, former chief financial officer of JPMorgan Chase; Raymond V. Gilmartin, former chairman, president and chief executive officer of Merck & Co. Inc.; Reed Hastings, founder, chairman and CEO of Netflix Inc.; Maria M. Klawe, president, Harvey Mudd College; David F. Marquardt, general partner at August Capital; Charles H. Noski, former vice chairman of AT&T Corp.; and Dr. Helmut Panke, former chairman of the board of management at BMW AG.
8/24/09 S-8 Securities to be offered to employees in employee benefit plans
Pfizer PFE: 9/24/09 11-K Annual Report of Employee Stock Option Plan.
9/2/09 8K announcing an agreement with the U.S. Department of Justice to settle an investigation regarding off-label promotional practices related to Bextra, which Pfizer withdrew from the market in 2005 and other DOJ investigations involving off-label promotional practices concerning Zyvox, Geodon and Lyrica, and allegations related to payments to healthcare professionals involving these and nine other Pfizer medicines. Pfizer previously disclosed a related $2.3 billion charge to its fourth-quarter and full-year 2008 earnings in connection with the DOJ agreement in principle on January 26, 2009. PFE has reached agreements with attorneys general in 432 states to settle state civil consumer protection allegations regarding promotional practices concerning Geodon. PFE will pay a total of $33 million to the settling states.
Procter & Gamble PG: 9/10/09 8K confirmed its fiscal year 2010 and July – September quarter outlook for organic sales growth. The company also stated it expects to return to organic sales growth in the October – December quarter compared to prior year levels, following two quarters of organic sales declines. P&G also updated earnings per share guidance to include the anticipated impacts from the Pharmaceutical divestiture, which was announced on August 24, 2009. For fiscal year 2010, P&G confirmed previous guidance for organic sales growth of one to three percent. P&G expects net sales in the range of flat to up three percent versus prior year levels, which includes a foreign exchange impact of zero to minus one percent. P&G now expects fiscal 2010 earnings per share in the range of $3.99 to $4.12 per share. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.
8/28/09 S-8 Securities to employees and 8/28 8K annoucning public offering of $500,000,000 aggregate principal amount of 3.150% Notes due 2015.
Also a PG subsidiary, Procter & Gamble International Funding SCA issued $1,000,000,000 aggregate principal amount of 1.350% Notes due 2011.
3M MMM: 8/5/09 3M contributed 8,329,862 shares of its common stock with a corresponding dollar value of approximately $600 million to its defined benefit pension plan, the 3M Employee Retirement Income Plan, made from treasury stock.
Travelers TRV: 8/5/09 10Q/A Amended 10Q
United Technologies UTX: 7/24/09 10Q
Verizon Communications Inc. VZ: 8K 9/11/09 8K announcing VZ's cash flow and balance sheet are strong, and VZ recently increased its dividend for the third consecutive year. VZ is not planning for any economic improvements in the second half of 2009. Verizon expects that economic conditions will continue to pressure revenues and margins in the second half of 2009, particularly in its Wireline segment. VZ expects to add one million wireless customers per quarter for the next several quarters.
o The company expects to achieve its stated Alltel cost synergy targets & greater cash flow from operations in the second half of 2009 compared to the first half of 2009.
9/4/09 8K VZ raised its quarterly dividend 3.3% to 47.5 Cents per Share. This is the third consecutive year that VZ has approved a quarterly dividend increase in September.
9/4/09 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc.
Wal-Mart WMT: 8K 9/18 Pricing agreement re: the 9/16 filed prospectus relating to $1 bil of Euro Note Offering at 4.875%
9/14/09 Prospectus re debt securities of $364,600,000
9/9/09 10Q
8/13/09 8K re 7/31/09 2Q report of earnings
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
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 9/25/09:
1. Exxon Mobil XOM $331
2. Microsoft MSFT 231
3. WalMart WMT 196
4. GE 176
5. Procter & Gamble PG 169
6. JPMorgan Chase 167
7. Johnson & Johnson JNJ 167
8. IBM 162
9. T 159
10. Chevron CVX 142
11. Cisco CSCO 131
12. Coke KO 121
13. Hewlett-Packard HPQ 112
14. Pfizer PFE 111
15. Intel INTC 109
16. Bank of Am BAC 109
17. Verizon VZ 86
18. Merck MRK 65
19. McDonald's MCD 61
20. United Technologies UTX 59
21. Disney DIS 52
22. 3M MMM 52
23. Home Depot 46
24. American Express AXP 40
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 32
28. DuPont DD 29
29. Traveler's TRV 27
30. Alcoa AA 13
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