9/2/09 Tues am Disney/Marvel Deal May Revive M&A

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

Post #86 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.

A read of Wednesday's 9/2/09 print editions of: Wall Street Journal, Financial Times, New York Times, Atl Journal Const, & USA Today, (Investors Business Daily was not delivered today to my Buckhead newstand), 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 Wednesday's closing price and related data:

Dow: The Dow Jones Industrial Average closed Tuesday at 9310.6 down 185.68 or 1.96% from Monday's close of 9496.28. Of the 30 Dow Companies: only Wal-Mart gained and 29 declined with the biggest loser being Amex AXP $31.98 -1.84 5.44% 16,525,923 NYSE and the only gainer being WMT $50.97 +0.10 0.2% 16,325,663 NYSE. The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged.

WSJ pC1 "Rally exhausted? Dow Retreats 185.68 Points - Financial Stocks Pace the Stock Pullback; AIG, Which had Been rising, Falls 21%" says stocks started Sept. with a selloff led by financial issues, as ivnestors worried that the summer rally could be facing a correction. Says BAC BofA led the way down falling 6.45 and that only WalMart was up, 0.2%.

WSJ pC5 "Large Stock Focus - BofA, AmEx and citi Join the Broad Decline" says nearly every component was a dog of the Dow on Tues, as BofA, Amex and JPM paced a broad market, financial led pullback that pushed 29 of the Dow Jones Industrial Average's 30 coponents into the red.

FT p22 "S&P 500 back below 1,000 as bank fears offset positive data" says US stocks tumbled yesterday sending the S&P 500 back below 1,000 as worries over the banking sector outweighed the first expansion for manufacturing in 18 months and says JPM was down 4.1%, and that after a brief rally, BAC followed its peers lower after reports that it was planning to repay part of the $45 bil aid package it got from the gov, and that Boeing fell 1.8% whiel Caterpillar, the maker of ining and forest machinery lost 3.2%.

NYT pB7 "Investors Lose Appetite for financial Saahres" say for weeks, pessimistic voices on wall Street ahve been warning that stock prices were becoming oo expensive. On Tues, investors starated to listen and sell.

USA Today p4b "Stocks dive as investors get more jittery" says it didn't take long for Sept. to live up to its reputation as the stock makrets most dismal month.

Tuesday's Dow Jones Industrial Average closing numerator was 1231.97 down 24.57 from Monday's closing Dow numerator of 1256.54. 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 24.57 by the divisor you get 185.68, the decrease in Tuesday's Dow close.

The average closing price (the closing numerator divided by 30) of Tuesday's Dow Jones Industrial Average was 41.07 down 0.81 from Monday's Dow Jones Industrial Average closing price of 41.88. The median closing price of Tuesday's Dow Jones Industrial Average was 36.83 down 1.81 from Monday's Dow Jones median closing price of 38.64.

The highest closing price Tuesday again was IBM $116.69 -1.36 1.15% 6,044,954 NYSE and the lowest closing price Tuesday again was Alcoa AA $11.59 -0.46 3.82% 32,744,236 NYSE. The lowest volume Tuesday again was MMM $70.12 -1.98 2.75% 5,710,361 NYSE and the highest volume again was BAC $16.46 -1.13 6.42% 330,049,697 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 $2,430
($125,640 - $123,210)

T $25.36 -0.69 2.65% 31,291,207 NYSE: No mentions found.

AA $11.59 -0.46 3.82% 32,744,236 NYSE: No mentions found.

Amex AXP $31.98 -1.84 5.44% 16,525,923 NYSE: WSJ pC5 "Large Stock Focus - BofA, AmEx and citi Join the Broad Decline" says nearly every component was a dog of the Dow on Tues, as BofA, Amex and JPM paced a broad market, financial led pullback

BofA BAC $16.46 -1.13 6.42% 330,049,697 NYSE: WSJ pC1 "Rally exhausted? Dow Retreats 185.68 Points - Financial Stocks Pace the Stock Pullback; AIG, Which had Been rising, Falls 21%" says stocks started Sept. with a selloff led by financial issues, as ivnestors worried that the summer rally could be facing a correction. Says BAC BofA led the way down falling 6.45 and that only WalMart was up, 0.2%.

WSJ pC1 "Mexican Family Faces Problems in US" says the Cababie family of Mexico's well known Grup Gicsa development company is on the hook for hundreds of millions of dollars as a result of epsonal guarantees they made on loans used to finance 2 major US real estate projects in Miami and Southern Cal. The Miami project is in default on a $256 mil BAC loan and the Cal. lender is Arden Realy, a unit of GE's GE Real Estate.

WSJ pC2 "Citi's sale In Japan Draws Bids" says Citigroup Inc.'s sale of a Japanese call center has attracted interest from deal starved private equity firms in Japan in the first round of an auction that closed on Tues. The buisness could sell for more than $1 bil.. KKR is trying to get the business and is being advised by BAC, Permira who is also competing with bids is being advised by JPM.

WSJ pC4 "Wells to Return $25 Bil To US Without Stock Sale" says only BAC, Wells and Citigroup have yet to repay the bailout money out of the original 9 banks. Similar story at AJC pA15.

WSJ pC5 "Large Stock Focus - BofA, AmEx and citi Join the Broad Decline" says nearly every component was a dog of the Dow on Tues, as BofA, Amex and JPM paced a broad market, financial led pullback.

FT p22 "S&P 500 back below 1,000 as bank fears offset positive data" says US stocks tumbled yesterday sending the S&P 500 back below 1,000 as worries over the banking sector outweighed the first expansion for manufacturing in 18 months and says JPM was down 4.1%, and that after a brief rally, BAC followed its peers lower after reports that it was planning to repay part of the $45 bil aid package it got from the gov, and that Boeing fell 1.8% whiel Caterpillar, the maker of ining and forest machinery lost 3.2%.

Boeing BA $48.77 -0.90 1.81% 8,091,312 NYSE: FT p17 "Beoing shakes up Dreamliner team leadership" as reported yesterday Scottt Carson, head of BA's commercial airplanes division is retiring.

FT p22 "S&P 500 back below 1,000 as bank fears offset positive data" says US stocks tumbled yesterday sending the S&P 500 back below 1,000 as worries over the banking sector outweighed the first expansion for manufacturing in 18 months and says JPM was down 4.1%, and that after a brief rally, BAC followed its peers lower after reports that it was planning to repay part of the $45 bil aid package it got from the gov, and that Boeing fell 1.8% whiel Caterpillar, the maker of ining and forest machinery lost 3.2%.

Caterpillar CAT $43.84 -1.47 3.24% 13,726,830 NYSE: FT p22 "S&P 500 back below 1,000 as bank fears offset positive data" says US stocks tumbled yesterday sending the S&P 500 back below 1,000 as worries over the banking sector outweighed the first expansion for manufacturing in 18 months and says JPM was down 4.1%, and that after a brief rally, BAC followed its peers lower after reports that it was planning to repay part of the $45 bil aid package it got from the gov, and that Boeing fell 1.8% whiel Caterpillar, the maker of ining and forest machinery lost 3.2%.

CVX $68.48 -1.46 2.09% 11,290,224 NYSE: No mentions found.

CSCO $21.17 -0.43 1.99% 47,780,824 NASDAQ-GS: No mentions found.

Coke KO $48.58 -0.19 0.39% 9,594,863 NYSE: AJC pA16 an item says that Coke invested $15 Million in Zico, A Cal maker of coconut water beverages.

DD $31.04 -0.89 2.79% 8,745,777 NYSE: No mentions found.

Disney DIS $25.68 -0.36 1.38% 25,773,969 NYSE: WSJ pC1 "M&A Revival Seen in Three Recent deals" says a small flurry of deal announcements and financings suggests that the mergers and acquisitions markets, dead for 12 months, may be vottoming and cites Dis's announcement to buy Marvel for $4 bil; Baker Hughes purchase of BJ Services for $5.5 Bil and eBay announcing the sale of a 65% stake in Skype Internet phone biz. Similar theme at NYT pB2 "Fantastic Skeptics."

Fin Tim p16 "Marvel's illusive Ike is a key character" says Isaac "Ike" Perlmutter, Manhattan's newest billionaire was keeping a low profile yesterday in the wake of Dis' $4 bil deal to buy Marvel. He will make more than $1.4 bil from the deal because he controls Marvel. Robert Iger, Dis' ceo has expressed willingness to let Marvel function as a semiautonomous unit.

WSJ pB3 "HomebodiesBoost Vivendi Profit - Pay-TV, Videogames Add to Company's Bottom Line; Music sales Decline, says Vivendi's CEO say Dis' deal with Marvel wouldn't ahve any major ipact on Vivendi, leaving aside a few games licenses which are insignficant.

WSJ pB4 "Marvel Fans Are Leery About Deal" says unlike Marve's ivnestors which pushed Marvel's shares up, fans have some concern that Dis will soften Marvel's realistic and gritty image because Dis is fantasy and family friendly entertainment - nice drawing of Dis CEO Robert Iger accompanies the story.

XOM $68.41 -0.74 1.07% 23,298,958 NYSE: No mentions found.

GE $13.34 -0.56 4.03% 102,177,662 NYSE: WSJ pC1 "Mexican Family Faces Problems in US" says the Cababie family of Mexico's well known Grup Gicsa development company is on the hook for hundreds of millions of dollars as a result of epsonal guarantees they made on loans used to finance 2 major US real estate projects in Miami and Southern Cal. The Miami project is in default on a $256 mil BAC loan and the Cal. lender is Arden Realy, a unit of GE's GE Real Estate.

WSJ pC3 "Berkshire Offered Aid, For a Price" says Warren Buffett offered to provide financing last year as insureres AIG and XL Capital Ltd. struggled to retain big customers. Story says at the height of the financial crisis last fall, Buffett invested $5 bil in Goldman Sachs and two weeks later bought perpetual preferred shares and warants of GE.

HPQ $43.87 -1.02 2.27% 16,208,739 NYSE: No mentions found.

Home Depot HD $26.74 -0.55 2.02% 15,454,667 NYSE: AJC pA16 in an item says Rooms to Go is buying a former site near Perimeter Mall, Atlanta, from Home Depot Expo for $20 mil.

INTC $19.72 -0.60 2.95% 73,241,067 NASDAQ-GS: No mentions found.

IBM $116.69 -1.36 1.15% 6,044,954 NYSE: No mentions found.

JPMorgan JPM $41.67 -1.79 4.12% 50,332,424 NYSE: WSJ pC2 "Citi's sale In Japan Draws Bids" says Citigroup Inc.'s sale of a Japanese call center has attracted interest from deal starved private equity firms in Japan in the first round of an auction that closed on Tues. The buisness could sell for more than $1 bil.. KKR is trying to get the business and is being advised by BAC, Permira who is also competing with bids is being advised by JPM.

WSJ pC5 "Large Stock Focus - BofA, AmEx and citi Join the Broad Decline" says nearly every component was a dog of the Dow on Tues, as BofA, Amex and JPM paced a broad market, financial led pullback.

WSJ pC10 "Philadelphia Loan" says Phil. has agreed on a $275 loan from JPM in an effort to at least temporarily stem cash flow problems.

FT p22 "S&P 500 back below 1,000 as bank fears offset positive data" says US stocks tumbled yesterday sending the S&P 500 back below 1,000 as worries over the banking sector outweighed the first expansion for manufacturing in 18 months and says JPM was down 4.1%, and that after a brief rally, BAC followed its peers lower after reports that it was planning to repay part of the $45 bil aid package it got from the gov, and that Boeing fell 1.8% whiel Caterpillar, the maker of ining and forest machinery lost 3.2%.

WSJ pB3 "MPublisher Freedom Fiels for Cahpter 11 Protection" says Freedom owes its lenders, led by JPM more than $770 as we reported yesterday.

JNJ $59.94 -0.50 0.83% 11,576,291 NYSE: No mentions found.

KFT $28.07 -0.28 0.99% 9,461,627 NYSE: No mentions found.

MCD $55.64 -0.60 1.07% 7,593,785 NYSE: No mentions found.

MRK $31.79 -0.64 1.97% 15,794,918 NYSE: No mentions found.

MSFT $24 -0.65 2.64% 61,397,398 NASDAQ-GS: No mentions found.

PFE $16.36 -0.34 2.04% 36,074,812 NYSE: No mentions found.

PG $53.02 -1.09 2.01% 14,008,232 NYSE: No mentions found.

MMM $70.12 -1.98 2.75% 5,710,361 NYSE: No mentions found.

TRV $49.26 -1.16 2.3% 7,925,943 NYSE: No mentions found.

UTX $59.06 -0.30 0.51% 6,026,386 NYSE: No mentions found.

VZ $30.37 -0.67 2.16% 15,046,264 NYSE: No mentions found.

WalMart WMT $50.97 +0.10 0.2% 16,325,663 NYSE: WSJ pC1 "Rally exhausted? Dow Retreats 185.68 Points - Financial Stocks Pace the Stock Pullback; AIG, Which had Been rising, Falls 21%" says stocks started Sept. with a selloff led by financial issues, as ivnestors worried that the summer rally could be facing a correction. Says BAC BofA led the way down falling 6.45 and that only WalMart was up, 0.2%.

Here are the latest SEC filings as of 8/24/09 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 8/17/09 8K annoucning a settlement with he Int'l Communications Works (IBEW) for a 3 year contract covering 8.900 employees in Illinois and Indiana subject to members' approval.
AA Alcoa 7/13/09 8K 2nd Quarter Earnings Results
AXP 8/17/09 8K furnishing owned and managed basis delinquency and write-off statistics for the lending portfolio of its U.S. Card Services (“USCS”) operating segment for the months ended May 31, June 30 and July 31, 2009.
BAC Bank of Am in addition to two 424 Prospectuses and a free writing prospectus regarding issuance of notes, on 8/21/09 8K BAC appointed Robert W. Scully to its board of directors and he is expected to serve on the Asset Quality and Compensation and Benefits Committees of the Board.
BA Boeing 7/28/09 8K On July 28, 2009, BA issued $750,000,000 in aggregate principal amount of 3.500% Senior Notes due 2015, $750,000,000 in aggregate principal amount of 4.875% Senior Notes due 2020 and $450,000,000 in aggregate principal amount of 5.875% Senior Notes due 2040.
CAT Caterpiller 8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.
CVX Chevron 8/5/09 10Q
CSCO Cisco 8/5/09 8K CSCO reported its results of operations for its fiscal fourth quarter and fiscal year 2009 ended July 25, 2009.
KO Coke 7/30/09 10Q
DIS Disney 7/30/09 10Q
DD DuPont 8/13/09 8K On 8/11/09 DD named 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 Company’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 has elected to retire from the Company effective September 30, 2009.
XOM Exxon 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.
HPQ Hewlett-Pack 8/18/09 8K re: release of 731/09 3Q results
HD Home Depot 8/18/09 8K re: release of July 31, 2009 3Q results & 8/21 Form ASR automatic shelf registration for debt securities
INTC Intel 8/3/09 10Q
IBM 7/28/09 10Q
JPM JPMorgan 8/25/09 Free Writing Prospectus relating to reverse convertible securities
JNJ Johnson 8/4/09 10Q
KFT Kraft 8/5/09 10Q
MCD McDonalds 8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"
MRK Merck 8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough
MSFT Microsoft 68/24/09 Securities to be offered to employees in employee benefit plans
PFE Pfizer 8/6/09 10Q
PG Procter Gam 8/25/09 424 Prospectus re: Notes due 2015
MMM 3M 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.
TRV Travelers 8/5/09 10Q/A Amended 10Q
UTX United Tech 7/24/09 10Q
VZ Verizon 7/30/09 10Q
WMT Wal-Mart 8/13/09 8K re 7/31/09 2Q report of earnings 0Q

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