9/18/09 am Fri BofAm, JPM & Wells make over 1/2 of all mortgages

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

Post #113 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 9/18/09, a list of the Dow 30 CEO's and a ranking of the Dow 30 by market capitalization.

A read of Friday's 9/18/09 print editions of: Wall Street Journal, Financial Times, Investors Business Daily, New York Times, Atl Journal Const, USA Today, the 9/18 -/9/24 issue of Atlanta Business Chronicle, the Sept. 2009 issue of Institutional Investor and other print magazines 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 Thursday's closing price and related data:

Dow:

The Dow Jones Industrial Average closed Thursday at 9783.92 down 7.79 or 0.08% from Wednesday's close of 9791.71. Of the 30 Dow Companies: 14 gained and 16 declined with the biggest loser being Travelers TRV $47.7 -1.15 2.35% 7,554,956 NYSE and the biggest gainer being Caterpillar CAT $53.89 +1.27 2.41% 15,191,968.

NYSE WSJ pC1 "Reality Saps Enthusiasm: Dow Off 7.79 by Peter A. McKay says stocks slipped after a three day rally as disappointing earnings reports and mixed economic news reminded investors that recovery from recession will take time. The losses were small but broad based. .

WSJ pC5 "Large Stock Focus - Verizon Declines 3%, But AMR Rises 20%" by Geoffrey Rogow says a sliding telecom sector, including Verizon, and a mixed bag of economic data had stocks breaking a 3 day winning streak, though Caterpillar and Citigroup continued their recent stretch as market leaders.

Fin Times p24 "Wall Street - Equities pause for breath in spite of encouraging data" by Samantha Pearson says Wall Street's rally shuddered to a halt yesterday in spite of encouraging jobs data as investors grew concerned about a pullback. The number of Americans filing fresh claims for unemployment benefits dropped to 545,000 froma revised 557,000 in the previous week. Analysts had expected initial jobless claims to rise. Homebuilders rallied after data showed new US residential building rose in August to a 9 month high. Optimism about economic recovery lifted Bank of Am shares 2.1% and JPM 0.7%.

NYT pB6 "Stocks & Bonds - After an 11-Month High, markets Take a Breather - FedEx and Oracle Miss Expectations" says stocks fell slightly Thurs., pulling benchmark indexes down from 11 month highs on concern the rally outpaced prospects for earnings growth. This same story from Bloomberg ran at USA Today p4B under the headline, "Markets Thursday - Stocks fall as investors question rally."

Before getting into articles about the Dow 30 here is some info about yesterday's closing Dow numbers.

The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged. Thursday's Dow Jones Industrial Average closing numerator was 1294.60 down 1.03 from Wednesday's closing Dow numerator of 1295.63. 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 1.03 by the divisor you get 7.79, the decrease in Thursday's Dow close.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 43.15 down 0.04 from Wednesday's Dow Jones Industrial Average closing price of 43.19. The median closing price of Thursday's Dow Jones Industrial Average was 39.98 down 0.27 from Wednesday's Dow Jones median closing price of 40.25.

The highest closing price Thursday again was IBM $121.88 +0.06 0.05% 8,196,886 NYSE and the lowest closing price Thursday again was Alcoa AA $14.05 -0.42 2.9% 40,114,012 NYSE. The lowest volume Thursday again was 3M MMM $74.89 -0.49 0.65% 3,348,771 NYSE and the highest volume again was Bank of Am BAC $17.61 +0.36 2.09% 210,166,299 NYSE.

If Thursday 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 $120
($129,570 - $129,450)

AT&T T $26.37 -0.17 0.64% 24,372,639 NYSE: WSJ pB5 "Telecom Chiefs See A Turn to Stability" by Roger Cheng says top US telecom execs gave a mixed outlook on the economy saying business conditions have stabilized but they don't see signs of a quick recovery. The telecom industry has been shielded from the worst effects of the downturn due to the growing need for wireless and Internet services but have been hurt by continued landline losses. Stabilization was the key buzzword for the heads of AT&T, Verizon Communications, Sprint Nextel and Qwest who spoke yesterday at a Goldman Sachs conference. T CEO Randall Stephenson is pictured looking crisp and confident.

WSJ pB6 "FCC Braces for Push on Web Rules" by Fawn Johnson says the FCC may do more to stop Internet providers from playing favorites among content providers as a "net neutrality" bill is introduced that would bar Internet service providers from blocking or prioritizing legal content on the Web. The push for rules to require that all Internet applications and services are treated alike is a top priority for advocacy groups that supported Pres. Obama. Cable and telecom providers such as AT&T, Verizon and Comcast Corp. oppose such rules and want the flexibility to manage traffic on their networks and limit applications like video streaming that use up bandwidth and slow service.

AA $14.05 -0.42 2.9% 40,114,012 NYS: No mentions found.

AXP $35 -0.84 2.34% 12,042,013 NYSE: No mentions found.

Bank of Am BAC $17.61 +0.36 2.09% 210,166,299 NYSE: Inst'l Inv. p104 "Research & Rankings" has JPM research analysts ranked high across all categories including fixed income at p112, Latin America p125, and Brazil p132 and usually ranks BofA's Merrill Lynch high as well but not as high as JPM. Barclays Capital often outranks both.

WSJ pA1 "As Wall St. Riches Fade, So Does Finance's Allure as a Career" by Lisa Bannon offers anecdotes including a side bar "Where They Are Going" regarding people who lost their jobs on Wall Street including John Servin, a former Merrill Lynch exec.

WSJ pC12 "Uncle Sam Bets the House on Mortgages" says more than half of US residential mortgages are being made by just three large banks: Wells Fargo, BofAm and JPMorgan Chase.

Fin times p17 "Citi poaches merrill banker" says Cigroup has grabbed one of BAC Merrill's top China investment bankers, Rodney Tsang to join Citi as cohead of China investment banking after 3 years at Merrill.

NYT pB1 "The Go-Go Years, Revisited" by Floyd Norris says its been four decades since the go-go years of the late 1960's when hot mutual funds captured the imagination of investors by reporting performances that were too good to be true. In a case now pending involving hedge fund fraud, Bofam has told a fed judge that it was its standard practice to allow funds to value investments in the same ways that were discredited back then. The case involves the Lancer funds run by Michael Lauer which collapsed in '03 and invested in penny stocks including restricted shares that could not be traded. These shares were valued at the same price as freely traded shares.

Fin Times p24 "Wall Street - Equities pause for breath in spite of encouraging data" by Samantha Pearson says Wall Street's rally shuddered to a halt yesterday in spite of encouraging jobs data as investors grew concerned about a pullback. The number of Americans filing fresh claims for unemployment benefits dropped to 545,000 froma revised 557,000 in the previous week. Analysts had expected initial jobless claims to rise. Homebuilders rallied after data showed new US residential building rose in August to a 9 month high. Optimism about economic recovery lifted Bank of Am shares 2.1% and JPM 0.7%.


ABC p10A items says Milton Jones will retire as preisdent of ank of America, Georgia, and will be replaced by Geri Thomas, vp human resources and global diversity and inclusion.

Inv Bus Daily pA6 "Commercial Property Loans Probed For Risk" says the Fed reserve is stepping up its scrutiny of commercial real estate loans at smaller banks, where delinquency rates ahve risen sharply. Based on gov stress test results in May Bofam, citgroup and Wells Faro were among 10 banks told they must bost capital by a total of $75 bil to cover potential losses.

Boeing BA $52.88 +0.52 0.99% 4,568,062 NYSE: WSJ pA7 "Lockheed, Raytheon in the Spotlight" by August Cole says the new missile-defense strategy in Eastern Europe puts Lockheed Martin Corp. and Raytheon Co. technologies in the spotlight and reinforces Defense Sec'y Robert Gates' preference for less risk and cheaper technologies. Instead of basing missiles in Poland and placing a special antimissile radar in the Czech Republic to defend against launches from Iran, the Pentagon said it will use an approach that involves sea and land based systems. Boeing had a key role in the Polish site and said it would continue to work on developing its ground based antimissle tech. The story notes BA's shares rose 1% Thurs.

Fin Times p15 "American's deals free up $2.9 bil in cash" by Justin Baer says the airline reached an accord with GE and Citigroup. Also GE Capital Aviation Services agreed to buy Boeing 737 aircraft already ordered and lease them back to American, saving it $1.6 bil.

Caterpillar CAT $53.89 +1.27 2.41% 15,191,968 NYSE: WSJ pC5 "Large Stock Focus - Verizon Declines 3%, But AMR Rises 20%" by Geoffrey Rogow says a sliding telecom sector, including Verizon, and a mixed bag of economic data had stocks breaking a 3 day winning streak, though Caterpillar and Citigroup continued their recent stretch as market leaders.

CVX $71.97 -0.48 0.66% 8,356,263 NYSE: No mentions found.

Cisco CSCO $23.394 +0.034 0.15% 40,357,542 NASDAQ-GS: IBD pA8 "Fund Gives Its Stocks Time To Grow" by Paul Katzeff profiles Evergreen Large company Growth Fund and says networking kinpin Cisco Systems is a top holding as of the fund's latest disclosuare noting CSCO is up 43% so far this year.

Coke KO $53.42 +0.75 1.42% 13,337,202 NYSE: ABC p34A "Muhtar Kent: Massive global trends will shape business" reprints KO's CEO's speech before the Rotary Club of Atlanta on 9/14/09 that received national attention because of his opposition to a tax on beverages with sugar.

DIS $28.46 +0.09 0.32% 13,667,958 NYSE: No mentions found.

DD $33.69 -0.21 0.62% 7,158,933 NYSE: No mentions found.

XOM $69.84 -0.50 0.71% 20,321,258 NYSE: No mentions found.

GE $16.66 -0.34 2% 252,560,541 NYSE: WSJ pC1 "Media Rules Complicate Restructurings" by Mike Spector & Sarah McBride says lenders are tripping over fed media ownership rule as they find themselves the unexpected owners of distressed radio, tv and newspaper companies. Story focuses on Citadel Broadacsting, one of the US's largest radio broadcasters who has offered senior lenders over $2 bil, including JPM and GE Capital and Ing Groep NV in a deal that would exchange debt for equity. The FCC must approve such media sales and has specific rules limiting ownership of multiple media outlets in individual markets even when shareholder stakes are small. The FCC caps foreign ownership at 20% of a US broadcaster.

Fin Times p15 "American's deals free up $2.9 bil in cash" by Justin Baer says the airline reached an accord with GE and Citigroup. Also GE Capital Aviation Services agreed to buy Boeing 737 aircraft already ordered and lease them back to American, saving it $1.6 bil.

Hewlett-Packard HPQ $45.71 +0.07 0.15% 11,845,722 NYSE: WSJ pB6 "Co-Founder Of Netscape Is Named To H-P Board" by John Kell says engineer and entrepreneur Marc Andreessen joined the board of HPQ. This was the subject of a Form 8K filed yesterday by HPQ and you can read more about Andreessen and how much he will be paid at the end of this Blog under SEC updates which I posted last evening (and which scooped the WSJ.)

Fin Times p14 "Oracle/Sun" says Larry Ellison should have sought European Union approval earlier for Oracle's acquisition of Sun Microsystems because rivals IBM and Hewlett-Packard are grabbing more and more Sun customers.

HD $27.92 -0.14 0.5% 13,173,734 NYSE: ABC p10A "Home Depot CFO Tome named Alanta Fed chair" says the top numbers woman at HD, Carol B. Tome, has been named the chair of he Atlanta Fed for '10.

ABC p10 "Home Depot, Martha Sewart start new line" says HD will work with Martha Stewart Living Omnimedia Inc. to develop a Martha Sewart Living brand of home improvement products in select categories including outdoor living, home organization and home decor.

Intel INTC $19.41 -0.24 1.22% 61,352,914 NASDAQ-GS: WSJ pB6 "Intel Sets Sights on New Markets - Industry Giant Looks Beyond Microprocessors to Systems-on-a Chip" by Don Clark says Intel will soon introduce chips based on a new manufacturing technology it hopes will help the company attack potentially tough new markets & boost computer performance. It will be the first to offer chips with circuit dimensions measured at 32 nanometers or billionths of a meter, compared with a 45 nanometer process it adopted 2 years ago and has started making the new chips which will be sold to computer makers in the fourth quarter. Intel's rivals include Globalfound, a spinoff of Advanced Micro Devices Inc. who is a member in a tech alliance that includes IBM.

IBM $121.88 +0.06 0.05% 8,196,886 NYSE: Fin Times p14 "Oracle/Sun" says Larry Ellison should have sought European Union approval earlier for Oracle's acquisition of Sun Microsystems because rivals IBM and Hewlett-Packard are grabbing more and more Sun customers.

WSJ pB6 "Intel Sets Sights on New Markets - Industry Giant Looks Beyond Microprocessors to Systems-on-a Chip" by Don Clark says Intel will soon introduce chips based on a new manufacturing technology it hopes will help the company attack potentially tough new markets & boost computer performance. It will be the first to offer chips with circuit dimensions measured at 32 nanometers or billionths of a meter, compared with a 45 nanometer process it adopted 2 years ago and has started making the new chips which will be sold to computer makers in the fourth quarter. Intel's rivals include Globalfound, a spinoff of Advanced Micro Devices Inc. who is a membber in a tech alliance that includes IBM.

JPMorgan Chase JPM $44.96 +0.31 0.69% 35,353,799 NYSE: Inst'l Inv. p104 "Research & Rankings" has JPM research analysts ranked high across all categories including fixed income at p112, Latin America p125, and Brazil p132 and usually ranks BofA's Merrill Lynch high as well but not as high as JPM. Barclays Capital often outranks both.

WSJ pC1 "Media Rules Complicate Restructurings" by Mike Spector & Sarah McBride says lenders are tripping over fed media ownership rule as they find themselves the unexpected owners of distressed radio, tv and newspaper companies. Story focuses on Citadel Broadacsting, one of the US's largest radio broadcasters which has offered senior lenders over $2 bil, including JPM and GE Capital and Ing Groep NV in a deal that would exchange debt for equity. The FCC must approve such media sales and has specific rules limiting ownership of multiple media outlets in individual markets even when shareholder stakes are small. The FCC caps foreign ownership at 20% of a US broadcaster.

WSJ pC12 "Uncle Sam Bets the House on Mortgages" says more than half of US residential mortgages are being made by just three large banks: Wells Fargo, BofAm and JPMorgan Chase.

Fin Times p24 "Wall Street - Equities pause for breath in spite of encouraging data" by Samantha Pearson says Wall Street's rally shuddered to a halt yesterday in spite of encouraging jobs data as investors grew concerned about a pullback. The number of Americans filing fresh claims for unemployment benefits dropped to 545,000 froma revised 557,000 in the previous week. Analysts had expected initial jobless claims to rise. Homebuilders rallied after data showed new US residential building rose in August to a 9 month high. Optimism about economic recovery lifted Bank of Am shares 2.1% and JPM 0.7%.

ABC p3A "Few Ga. banks strong enough to buy rivals" by J. Scott Trubey says of Georgia's 324 banks, only about 10% appear healty enough to acquire failing rivals. Article notes that JPM is looking to expand in georgia since its acquisition of Washington Mutual brought it to Atlanta.

JNJ $60.77 +0.58 0.96% 11,886,157 NYSE: IBD pA2 "J&J gets Elan stake at dscount" says JNJ paid $885 mil for an 18.4% stake in Elan, securing the share for $125 mil less than it had originally agreed upon due to Elan's breach with biogen IDEC. JNJ will acquire all the assets related to Elan's Alzheimer's Immunotherapy Pogram.

Kraft KFT $26.52 +0.25 0.95% 12,884,496 NYSE: WSJ pB6 "Kraft Foods Brings Readers to a Boil" by Dan Brat says Kraft will need to dig up $16.5 bil if it is successful in its bid to buy Cadbury but shouldn't count on revenue from its Food & Family magazine because it recently started charging its 10 million subscribers $13.98 a year for what was formerly free. Angry readers are upset they are paying for something that is an advertisement.

At the same page there is an item that says Avon products' president Elizabeth Smith is leaving and notes she joined Avon '05 after 14 years at Kraft.

Fin Tim p16 "LU helps Kraft see how cookie crumbles" by Jonathan Birchall says Kraft was giving away samples of LU's Petit ecolier biscuits this week at the US Open tennis tournament and New York's Fashion Week. The upmarket campaign marks a contrast with the marketing of Kraft's best known core brands such as Jell-O and Velveeta.

McDonald's MCD $56.46 -0.01 0.02% 9,533,550 NYSE: USA Today p1B "Fast-food joints upscale burgers" by Bruce Horovitz discusses Mcdonald's new Angus Third Poudner burger that at $3.99 is the most expensive burger the chain has solf and could jolt the dynamics of the $566 bil restaurant industry.

Merck MRK $32.01 -0.16 0.5% 14,913,194 NYSE: Fin Times p19 "Merck and Wellcome Trust in vaccine alliance" by Andrew Jack says Merck announced a ground breaking $148.6 mil partnership with the Wellcome Trust to develop vaccines for the developing world that will combine ideas of academic scientists with the technical experience of researchers from pharma companies in an effort to develop affordable and effective vaccines. The MSD Wellcome Trust Hilleman Laboratories will be based in India with 60 staff.

Microsfoft MSFT $25.3 +0.10 0.4% 42,326,867 NASDAQ-G: Fin Times p12 "Zune squares up to iPod" by Paul Taylor says Microsoft's latest pjortable media player, with its focus on video functionality and a nifty web browser, hopes to challenge Apple's dominant position. Unlike previous models, MSFt's Zune HD is a stylish super slim device that features some technology firsts.

PFE $16.32 -0.10 0.61% 41,267,663 NYSE: No mentions found.

PG $55.53 +0.22 0.4% 10,638,306 NYSE: No mentions found.

MMM $74.89 -0.49 0.65% 3,348,771 NYSE: No mentions found.

TRV $47.7 -1.15 2.35% 7,554,956 NYSE: No mentions found.

UTX $62.52 +0.57 0.92% 6,643,889 NYSE: No mentions found.

Verizon VZ $29.51 -0.90 2.96% 39,163,237 NYSE: WSJ pB5 "Telecom Chiefs See A Turn to Stability" by Roger Cheng says top US telecom execs gave a mixed outlook on the economy saying business conditions have stabilized but they don't see signs of a quick recovery. The telecom industry has been shielded from the worst effects of the downturn due to the growing need for wireless and Internet services but have been hurt by continued landline losses. Stabilization was the key buzzword for the heads of AT&T, Verizon Communications, Sprint Nextel and Qwest who spoke yesterday at a Goldman Sachs conference.

WSJ pB6 "FCC Braces for Push on Web Rules" by Fawn Johnson says the FCC may do more to stop Internet providers from playing favorites among content providers as a "net neutrality" bill is introduced that would bar Internet service providers from blocking or prioritizing legal content on the Web. The push for rules to require that all Internet applications and services are treated alike is a top priority for advocacy groups that supported Pres. Obama. Cable and telecom providers such as AT&T, Verizon and Comcast Corp. oppose such rules and want the flexibility to manage traffic on their networks and limit applications like video streaming that use up bandwidth and slow service.

WSJ pC5 "Large Stock Focus - Verizon Declines 3%, But AMR Rises 20%" by Geoffrey Rogow says a sliding telecom sector, including Verizon, and a mixed bag of economic data had stocks breaking a 3 day winning streak, though Caterpillar and Citigroup continued their recent stretch as market leaders.

WMT $49.96 -0.08 0.16% 17,752,833 NYSE: No mentions found.

Here are the latest SEC filings as of 9/17/09 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: 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: 9/15/09 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: 9/16/09 a free writing prospectus regarding issuance of $54 million in debt securities.

Boeing BA: 9/16/09 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: 9/1509 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: 9/11/09 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: 9/16 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: 9/17/09 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: 9/16/09 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: 9/17/09 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: 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: 9/2/09 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: 9/10/09 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: 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 Nicholas C. Fanandakis replaced 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

Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 9/16/09:

1. Exxon Mobil XOM $345
2. Microsoft MSFT 225
3. WalMart WMT 193
4. GE 180
5. JPMorgan Chase 167
6. Johnson & Johnson JNJ 166
7. IBM 163
8. Procter & Gamble PG 161
9. AT&T T 156
10. Chevron CVX 145
11. Cisco CSCO 135
12. Coke KO 122
13. Pfizer PFE 111
14. Intel INTC 110
15. Bank of Am BAC 110
16. Hewlett-Packard HPQ 109
17. Verizon VZ 86
18. Merck MRK 68
19. McDonald's MCD 62
20. United Technologies UTX 58
21. Disney DIS 53
22. 3M MMM 53
23. Home Depot 48
24. American Express AXP 42
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 33
28. DuPont DD 31
29. Traveler's TRV 28
30. Alcoa AA 14