9/13/09 Sun A Year Later Big Banks' Market Cap cut in half from $2 tril to $1 tril since Crisis

The following is not intended as advertising by a broker-dealer and is not a research report.

Post #104 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 9/4/09.

A read of Sunday's 9/13/09 print editions of: New York Times, Atl Journal Const, and the September issue of On Wall Street ,September issue of CFO, September issue of Registered Rep., Third Quarter issue of NYSE, a publication of NYSE Euronext, 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: CFO p6 "Investor Relations - Guidance has its Rewards" says that a new study from investor relations firm Sharon Merrill Associates and research firm event Vestor finds that companies that provide earnings guidance and preannounce earnings surprises realize superior stock price performance compared with firms that don't It noes that many big companies including AT&T have recently pulled back from giving quarterly earnings guidance.

AT&T T $26.66 +0.10 0.38% 23,445,722 NYSE: CFO p6 "Investor Relations - Guidance has its Rewards" says that a new study from investor relations firm Sharon Merrill Associates and research firm event Vestor finds that companies that provide earnings guidance and preannounce earnings surprises realize superior stock price performance compared with firms that don't It noes that many big companies including AT&T have recently pulled back from giving quarterly earnings guidance.

Alcoa AA $12.99 +0.15 1.17% 22,547,935 NYSE: NYT Bus. p1 has a story by Louise Story and Landon Thomas Jr. about Lehman's fall a year ago and udates where the key players ended up and notes that E. Stanley O'Neal the ousted che of Merrill in '07is on several boards including Alcoa.

Amex AXP $34.17 -0.23 0.67% 8,271,404 NYSE: NYT Bus. p1 "Tales From Lehman's Crypt" by Louise Story and Landon Thomas Jr. has a chart showing that on Oct. 9, 2007 the market cap of 29 of the biggest financial firms was $1.86 tril and is now $947 bill and puts BAC at the top of the list with $236 bill, JPM at $161 bil, AXP at $74.8. It notes AXP repaid its TARP ivnestment but its revenue and profits have fallen, a victim of the weak economy. It says AXP's market cap is now $40 bil.

BofAm BAC $16.97 -0.25 1.45% 137,701,264 NYSE: NYT Bus. p1 "Tales From Lehman's Crypt" by Louise Story and Landon Thomas Jr. has a chart showing that on Oct. 9, 2007 the market cap of 29 of the biggest financial firms was $1.86 tril and is now $947 bill and puts BAC at the top of the list with $236 bill, JPM at $161 bil, AXP at $74.8. it says BAC's market cap is now $46. bil.

On Wall St. p12, Editor's Letter by Frances A. McMorris profiles Sallie Krawcheck, the new head of BofAm's Global Wealth Management and Investment management unit, which includes Merrill Lynch. She now head a broker sales force of more than 15,000, producing $5.1 bil in revenue and $800 mil in net income in the six months ended /30/09. Total client assets were $1.3 til as of June 30th.

In a related story at OWS p15 "On Life Support a Year Ago, Merrill Pays for Top Producers" by Helen Kearney it says that BofAm is taking a hands off approach to the Merrill unit.

Reg Rep p11 "The Bigger they Are, The Harder They Fall - Rias and regional broker/dealers are gaining market share in the wealth management game" by Halah Touryalai says wirehouse firms such as BofAm's Merrill, Morgan Stanley Smith Barney, Wells Fargo and UBS are lossing assets to smaller firms with their aggregate assets down 25% last year to $4.2til from $5.7 tril in '07.

BA $51.35 +0.86 1.7% 5,868,210 NYSE: No mentions found.

CAT $48.53 -0.16 0.33% 9,749,625 NYSE: No mentions found.

Chevron CVX $70.75 -0.70 0.98% 9,860,983 NYSE: CFO p51 "Dirty Secrets - Companies may be burying billions more in environmental liabilities than their financial statements show" by Marie Leone & Tim Reason says a new study by Greg Rogers of Advanced Environmental Dimensions of 24 oil, gas, and chemical companies shows that despite spenidng millions each year on cleanup, most of these companies take charges every year to replenish their environmental reserves. Dupont's reserves are $379 mil, Exxonmobil's reserves are $884 mil and Chevron's reserves are $1.8 bi.

CSCO $23.09 +0.08 0.35% 52,906,165 NASDAQ-GS: No mentions found.

KO $51.51 +0.93 1.84% 16,966,199 NYSE: No mentions found.

DIS $28.42 +0.06 0.21% 14,178,642 NYSE: No mentions found.

DuPont DD $31.81 -0.28 0.87% 6,954,581 NYSE: CFO p51 "Dirty Secrets - Companies may be burying billions more in environmental liabilities than their financial statements show" by Marie Leone & Tim Reason says a new study by Greg Rogers of Advanced Environmental Dimensions of 24 oil, gas, and chemical companies shows that despite spenidng millions each year on cleanup, most of these companies take charges every year to replenish their environmental reserves. Dupont's reserves are $379 mil, Exxonmobil's reserves are $884 mil and Chevron's reserves are $1.8 bi.

NYSE Mag has its 5th annual NYSE Euronext CEO Survey and asks Ellen Kullman, former CEO of DuPont (since replaced by Nicholas S. Fanandakis) what is the business case for sustainability? She gives examples of energy efficient cars and homes as what consumers are demanding.

ExxonMobil XOM $69.98 -0.67 0.95% 17,382,548 NYSE: CFO p51 "Dirty Secrets - Companies may be burying billions more in environmental liabilities than their financial statements show" by Marie Leone & Tim Reason says a new study by Greg Rogers of Advanced Environmental Dimensions of 24 oil, gas, and chemical companies shows that despite spenidng millions each year on cleanup, most of these companies take charges every year to replenish their environmental reserves. Dupont's reserves are $379 mil, Exxonmobil's reserves are $884 mil and Chevron's reserves are $1.8 bi.

GE $14.67 -0.13 0.88% 100,517,452 NYSE: NYSE p5 "Monopolizng Mobile Phones" by Rebecca McReynolds says in '08 habro announced a 6 year deal with Universal Pictures, owned by NBC Universal, a unit of GE and Vivendi, to produce at least 4 movies based on hasbro's toys and games and now it will launch versions of its classic games, including Monopoly. on to cell phones.

HPQ $46.1 -0.40 0.86% 12,804,229 NYSE: No mentions found.

HD $27.34 -0.19 0.69% 14,612,289 NYSE: No mentions found.

INTC $19.51 -0.25 1.27% 58,525,895 NASDAQ-GS: No mentions found.

IBM $118.05 +0.38 0.32% 5,875,924 NYSE: CFO p35 "Heard On The Tweet - Consumers ahve embraced Twitter and other social networking sites, but is that reason enough for companies to follow suit?" by Vincent Ryan says IBM' social coputing policy states that employees must post a disclaimer that views expressed are not those of the company but the article quotes a lawyer that says the disclaimer won't help much if it is the company's CFO or other person making a controversial statement.

JPMorgan JPM $42.5 -0.52 1.21% 26,632,296 NYSE: NYT Bus. p1 "Tales From Lehman's Crypt" by Louise Story and Landon Thomas Jr. has a chart showing that on Oct. 9, 2007 the market cap of 29 of the biggest financial firms was $1.86 tril and is now $947 bill and puts BAC at the top of the list with $236 bill, JPM at $161 bil, AXP at $74.8. it says JPM's market cap is now $167 bil.

JNJ $60.42 -0.24 0.4% 8,429,891 NYSE: No mentions found.

KFT $26.1 -0.09 0.34% 17,331,866 NYSE: No mentions found.

McDonalds MCD $54.39 -0.46 0.84% 11,899,878 NYSE: NYSE Mag has its 5th annual NYSE Euronext CEO Survey and asks Jim Skinner, CEO of MCDs his exec copensation strategy and he says it is important to maintain transparency. MCD has '08 revs of $23.5 bil and 32,000 restaurants globally uses a "pay for performance" model for exec cop. With a 6.9% increase in global sales and a 17% increae in operating profits in '08, Skinner's salary increased 5.9%.

NYSE p 7 "Good Catch in China" by Rebecca McReynolds says that more major retailers including WMT and McDonald's are demanding a higher level of environmental certification in the products they buy.

Merck MRK $32.54 +0.58 1.81% 14,383,804 NYSE: NYSE Mag has its 5th annual NYSE Euronext CEO Survey and asks Richard T. Clark, CEO of Merck "How do you rebuild your company's reputation?" He says he is spending more time meeting with customers and key stakeholders. Merck is now voluntarily disclosing payments to US based medical and scientific experts who speak on behalf of Merck and its products.

MSFT $24.86 -0.14 0.56% 53,603,459 NASDAQ-GS: No mentions found.

PFE $16.25 -0.09 0.55% 30,865,027 NYSE: No mentions found.

Procter & Gamble PG $55.64 -0.40 0.71% 12,303,922 NYSE: NYSE Mag has its 5th annual NYSE Euronext CEO Survey and quotes Robert A. McDonald CEO of PG who says that PG's fastest growth will come from expanding its operations in emerging markets such as Brazil, India and China.

CFO p38 interviews Walgreen's CFO & EVP, Wade D. Miquelon who used to work for PG.

MMM $74 -0.39 0.52% 3,299,453 NYSE: No mentions found.

TRV $48.41 -0.11 0.23% 4,089,954 NYSE: No mentions found.

United Technologies UTX $61.99 +0.04 0.06% 4,754,235 NYSE: NYSE p6 "Fight Industrial Fires Fast" by Nikos Valence says Fenwal, part of UtC Fire & Security, a unit of UTX, has breakthrough technology that suppresses explosions in industrial facilities. The technology responds to the initial shock wave from an industrial eplosion within 0.06 seconds or six times as fast as the blink of any eye. It is designed for sugar processing plants or chemical productin factories, where dust accumulatesa nd form combustible clouds.

VZ $31.26 -0.09 0.29% 20,561,699 NYSE: No mentions found.

WalMart WMT $50.72 -0.31 0.61% 16,025,660 NYSE: NYSE p 7 "Good Catch in China" by Rebecca McReynolds says that more major retailers including WMT and McDonald's are demanding a higher level of environmental certification in the products they buy.


Here are the latest SEC filings as of 9/4/09 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: annoucning 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 Tprovided redeemed certain long-term debt issues as of September 28, 2009.

Alcoa AA: 8/29/09 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: 9/2/09 10Q

Bank of Am BAC: a free writing prospectus regarding issuance of $74 million in debt securities.

Boeing BA: 8/31 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 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.

Caterpiller CAT: 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: 8/5/09 8K CSCO reported its results of operations for its fiscal fourth quarter and fiscal year 2009 ended July 25, 2009.

Coke KO: 7/30/09 10Q

Disney DIS: 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: 8/18/09 8K re: release of 731/09 3Q results

Home Depot HD: 8/26 8K announcing amendments to their By-Laws dealing with resignations of directors.

Intel INTC: 9/2/09 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: 7/28/09 10Q

JPMorganChase JPM: 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: 8/5/09 10Q

McDonalds MCD: 8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"

Merck MRK: 8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough

Microsoft MSFT: 8/24/09 S-8 Securities to be offered to employees in employee benefit plans

Pfizer PFE: 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: 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: 9/2/09: 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc. (at end of '09 and also 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.

Wal-Mart WMT: 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 Nicholas C. Fanandakis replaces Ellen Kullman 9/1/09
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