9/26/09 Sat. AT&T Asks For Curbs on Google

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

Post #128 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.

BLOG NEWS: I scooped the Wall Street Journal Thursday night by reporting on Hewlett-Packard's CEO comments that were the subject of an SEC filing Thursday that was also reported at the WSJ pB7 Friday. Also, the 9/25/09 -10/1/09 issue of the Atlanta Business Chronicle at p38A has a commentary I wrote about this Blog and how the method of calculating of the Dow Jones Industrial Average should be changed.

A read of Saturday's 9/26/09 print editions of: Wall Street Journal, Financial Times, Investors Business Daily, New York Times, Atl Journal Const & 10/5 issue of BusinessWeek 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 Friday at 9665.19 down 42.25 or 0.42% from Thursday's close of 9707.44. For the week the Dow was done 155.01 or 1.57%. Of the 30 Dow Companies: 8 gained and 22 declined with the biggest loser dollar-wise being American Express AXP $33.07 -0.78 2.3% 14,981,113 NYSE and the biggest gainer dollar-wise and percentage-wise being McDonald's MCD $56.95 +0.83 1.48% 11,174,074 NYSE. The biggest loser percentage-wise was Alcoa AA $13.08 -0.43 3.18% 29,991,667 NYSE.

WSJ pB3 "Caterpillar Retreats But Is Period's Best" by Geoffrey Rogow says concern that the nearly six month surge in stocks may have overshot the current economic environment spurred selling in some of the best performing companies of the third quarter, including Caterpillar and American Express while Research in Motion paced tech stocks lower. Walmart fell 2.4% reflecting concerns that stocks have outpaced the economic landscape even into 2010. Accompanying the story is a chart "Best Dow Stocks of the Quarter" that says Caterpillar seems to have locked up the No. 1 position for best percentage gain for a Dow Jones Industrial Average stock, up 55% through Friday, as the global economy has bulldozed its way out of the rubble. CAT is charted as is American Express, up 42%, as the second best Dow Stock of the quarter followed by GE up 40%. The laggard among the Dow 30 so far is Verizon, with a 3% drop.

WSJ pB1 "Dow Sheds 42.25 Points, Losing 1.6% on the Week" by Peter A. McKay says stocks declined for a third consecutive day Friday after a new round of disappointing economic data, capping the worst week in more than 2 months. The dollar fell below 90 yen to its lowest level since early Feb. Reports showed a drop in durable goods orders and a smaller than expected rise in new homes sales. Another report showed improved consumer sentiment this month, but that wasn't enough to pull stocks higher. Oil was off 8.95 to 66.02 a barrel amid fears that the global recession will last longer than expected and suppress fuel demand. Although it was the worst week for stocks since early July, it was only the third weekly drop in 11 weeks. The Dow remains up 1.8% for the month and 14% for the third quarter. Alcoa led the declines Friday, down 3.2%.

Fin Times p14 "Industrial sector sell-off jolts investor sentiment" by Samantha Pearson says Wall Street yesterday made its biggest weekly loss since July after a surprise drop in the sale of durable goods prompted a sell off in the industrials sector.

NYT pB7 "Weakness in Housing Puts Investors On Defensive" by Jack Healy says weaker readings on the housing market and manufacturing orders pulled Wall Street lower for a third consecutive session Friday. New orders for aircraft, computers and other durable goods declined.

BW p41 "The Stock Market - Searching For True North - Investing gauges are broken, market signals are mixed, and money manages don't know where to turn. What exactly is the new normal? by Roben Farzad, Tara Kalwarski has a chart of stocks and bonds since 1926 and notes that in 1956 the Dow closes above 500 points, in 1986 Microsoft goes public, and the Dow's 1987 crash when the Dow dropped 23% in one day.

The current divisor for the Dow found at today's page B4 of The Wall St. Jrnl is .132319125 unchanged. The Dow's trailing P/E ratio is 15.59, the P/E estimate is 15.48 and the current dividend yield is 2.91. Friday's Dow Jones Industrial Average closing numerator was 1278.89 down 5.59 from Thursday's closing Dow numerator of 1284.48. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator decrease for today of 5.59 by the divisor you get 42.25, the decrease in Friday's Dow close.

The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 42.63 down 0.19 from Thursday's Dow Jones Industrial Average closing price of 43.82. The median closing price of Friday's Dow Jones Industrial Average was 38.36 down 0.75 from Thursday's Dow Jones median closing price of 39.11. The highest closing price Friday again was IBM $121.08 +0.14 0.12% 5,111,912 NYSE and the lowest closing price Friday again was Alcoa AA $13.08 -0.43 3.18% 29,991,667NYSE. The lowest volume Friday again was 3M MMM $73.8 -0.30 0.4% 3,468,411 NYSE and the highest volume again was Bank of Am BAC $16.6 -0.38 2.24% 160,668,900 NYSE.

If Friday 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 $558.
($128,448 - 127,890)

AT&T T $26.96 -0.07 0.26% 23,262,991 NYSE: WSJ pA5 "AT&T Asks For Cubs On Google" by Amy Schatz says AT&T alleged to the FCC that google's Google Voice service is improperly preventing consumers from calling certain hone numbers, in violation of fed call blocking rules. AT&T also accused Google of violating net neutrality principles, which are designed to ensure consumers can use any legal Internet services they want. Google Voice is an Internet call forwarding system that allows consumers to sign up for a free phone number that rings all of a consumer's phones. Google acknowledged that it restricts outgoing calls to chat lines and conf. call centers that charge high access fees to carriers.

Similar story at AJC pA13 by John Polrie, Sinead Carew.

WSJ pB10 "is a DirecTV Acquisition On the Verizon? says on 9/17 Verizon CEO Ivan Seidenberg talked about his desire to make video the core product for its fixed line business, the phone operations of which are shrinking. The fastest way to do that is to buy an existing TV distributor, and DirectTV is probably the best bet. However, AT&T may buy DirectTV first.

BusWk p8 says top At&T lobbyist James Cicconi says AT&T will resist FCC's efforts to keep it from blocking certain certain apps. The fight pits cable and telecom giants such as Comcast, Verizon, and AT&T against heavy Net users such as Google and Skype.

Alcoa AA $13.08 -0.43 3.18% 29,991,667 NYSE: BusWk p66 "Carbon Curbs: It's Business vs. Business - As some powerful corporate groups fight a US climate bill, others are leading a counterattack" by John Carey says there is a coalition led by Chicago utility Exelon which is supporting a House of Rep bill putting caps on carbon emission. Alcoa and GE are part of this group who believes carbon caps and policies to boost cleaner energy are crucial.

American Express AXP $33.07 -0.78 2.3% 14,981,113 NYSE: WSJ pB3 "Caterpillar Retreats But Is Period's Best" by Geoffrey Rogow says concern that the nearly six month surge in stocks may have overshot the current economic environment spurred selling in some of the best performing companies of the third quarter, including Caterpillar and American Express while Research in Motion paced tech stocks lower. Walmart fell 2.4% reflecting concerns that stocks have outpaced the economic landscape even into 2010. Accompanying the story is a chart "Best Dow Stocks of the Quarter" that says Caterpillar seems to have locked up the No. 1 position for best percentage gain for a Dow Jones Industrial Average stock, up 55% through Friday, as the global economy has bulldozed its way out of the rubble. CAT is charted as is American Express, up 42%, as the second best Dow Stock of the quarter followed by GE up 40%. The laggard among the Dow 30 so far is Verizon, with a 3% drop.

Bank of America BAC $16.6 -0.38 2.24% 160,668,900 NYSE: AJC pA13 "Bank of America seeks dismissal of SEC case" says BAC urged a fed jduge in NY to dismiss the SEC's complaint accusing it of misleading shareholders about bonuses it let Merrill Lynch pay employees before the Jan. 1 merger with BofA.

BusWk p10 says JPMorgan Chase and Bank of America will eliminate fees for small overdrafts, cut the number of fees a customer can be hit with on any given day and allows customers to opt out of overdraft protection.

Boeing BA $51.52 -0.27 0.52% 3,567,898 NYSE: WSJ pA2 in a story by Sara Murry saying that tepid economic data suggests a sluggish recovery, there is a photo of a new Boeing 787 being assembled with a caption that said weak aircraft sales helped drive down durable goods orders 2.4% in August.

Oddly enough, the NYTimes at pB3 runs a story with a similar theme "New Signs That Recovery May Come in Dribs and Drabs" by Jack Healty that also does not mention Boeing in the story but accompanies the story with a photo of a Boeing plane being manufacturer but a different photo than the one that accompanied the WSJ story above.

Caterpillar CAT $51.2 -0.65 1.25% 10,753,194 NYSE: WSJ pB3 "Caterpillar Retreats But Is Period's Best" by Geoffrey Rogow says concern that the nearly six month surge in stocks may have overshot the current economic environment spurred selling in some of the best performing companies of the third quarter, including Caterpillar and American Express while Research in Motion paced tech stocks lower. Walmart fell 2.4% reflecting concerns that stocks have outpaced the economic landscape even into 2010. Accompanying the story is a chart "Best Dow Stocks of the Quarter" that says Caterpillar seems to have locked up the No. 1 position for best percentage gain for a Dow Jones Industrial Average stock, up 55% through Friday, as the global economy has bulldozed its way out of the rubble. CAT is charted as is American Express, up 42%, as the second best Dow Stock of the quarter followed by GE up 40%. The laggard among the Dow 30 so far is Verizon, with a 3% drop.

CVX $70.66 -0.05 0.07% 7,183,985 NYSE: No mentions found.

Cisco CSCO $22.62 -0.03 0.13% 40,816,531 NASDAQ-GS: BusWk p26 in an article about m&a activity in tech says cloud computing will push Cisco or EMC to shop for storage, networking, and systems management tech so that targets could be Brocade, 3PAR, BMC, Riverbed and Blue Coat Systems.

KO $52.97 +0.63 1.2% 10,771,553 NYSE: No mentions found.

DIS $27.62 -0.35 1.25% 13,515,900 NYSE: No mentions found.

DD $31.74 -0.53 1.64% 6,155,857 NYSE: No mentions found.

XOM $68.7 -0.23 0.33% 16,285,740 NYSE: No mentions found.

GE $16.37 -0.21 1.27% 103,076,011 NYSE: BusWk p28 "The Real Estate Drag On GE - Why losses at its commercial property unit could continue even after the market stabilizes" by David Henry says in '08, the first full year of the recession, GE's commercial real estate business made a $1.1 bil profit. Now analysts estimate it could be five years before the unit earns another center. GE is locking in recession era rents to fill vacancies in office buildings, low rates it could be stuck with for 5 to 10 years.

BusWk p12 "The Joys And Perils Of Reverse Innovation" says global companies from GE to Procter & Gamble are adopting the strategy of reverse innovation, turning products created for emerging markets into low cost goods for developed world customers. The new approach is also known as trickle up innovation.

BusWk p66 "Carbon Curbs: It's Business vs. Business - As some powerful corporate groups fight a US climate bill, others are leading a counterattack" by John Carey says there is a coalition led by Chicago utility Exelon which is supporting a House of Rep bill putting caps on carbon emission. Alcoa and GE are part of this group who believes carbon caps and policies to boost cleaner energy are crucial.

Hewlett-Packard HPQ $47.02 +0.15 0.32% 19,752,434 NYSE: BusWk p17 "Mark Hurd of HP Isn't Resting On His laurels" by Maria Bartiromo interviewed HPQ's CEO. The half page photo of Hurd looks like a mug shot.

WSJ pB2 in a story about how fund research analysts are being given more power to pick stocks at various funds its says that shares that have performed well for Putnam Global Financials fund which is up 36% and MFS Research include J.P. Morgan Chase. MFS also holds Hewlett-Packard shares.

BusWks p9 says jsut 16 months after Hewlett-Packard bought a former Perot services company, EDS, Dell says it will buy Perot systems for $3.9 bil.

HD $26.85 -0.19 0.7% 11,751,466 NYSE: No mentions found.

Intel INTC $19.37 -0.17 0.87% 38,980,359 NASDAQ-GS: BusWk p10 says the EU on 9/21 released emails from PC makers and Intel employees that suggest Intel strong armed manufacturers into shunning chips from rival Advanced Micro Devices. This comes as Intel is challenging a record $1.45 bil antitrust fine the EC leveled in May.

IBM $121.08 +0.14 0.12% 5,111,912 NYSE; AJC pA13 "Report cites IBM's role in IT plan for UK spies" says IBM ws the main supplier in a failed project by British intelligence to upgrade its communications system so various organizations and agents in different locations could share info.

JPMorgan Chase JPM $43.65 -0.72 1.62% 30,877,312 NYSE: WSJ pB2 in a story about how fund research analysts are being given more power to pick stocks at various funds its says that shares that have performed well for Putnam Global Financials fund which is up 36% and MFS Research include J.P. Morgan Chase. MFS also holds Hewlett-Packard shares.

BusWk p10 says JPMorgan Chase and Bank of America will eliminate fees for small overdrafts, cut the number of fees a customer can be hit with on any given day and allows customers to opt out of overdraft protection.

Johnson & Johnson JNJ $60.62 -0.10 0.16% 7,810,494 NYSE: AJCpA13 says JNJ's treatment for psoriasis, Stelara, for patients 18 years or older with moderate to severe psoriasis was approved by the US FDA.

Kraft KFT $26.53 +0.15 0.57% 11,542,267 NYSE: WSJ pB10 "Overheard" talks about Kraft's and Cadbury's CEO's spoke about the takeover bid of Cadbury by Kraft at a conference in London held by BofA's Merrill Lynch where Cadbury's CEO said a valuation of his company of 15 times ebidta would be fair.

Similar story at Fin Times p9 by Jenny Wiggin and NYT pB2 by Julia Werdigier.

AJC pA13 "Cadbury clarifies bid makes no strategic sense" says Cadbury's CEO Todd Stitzer said Fri. he did not believe Kraft's offer for the company made strategic sense.

McDonald's MCD $56.95 +0.83 1.48% 11,174,074 NYSE: BusWk p70 "Europe's new McCafe Culture - Low cost expansion is helping McDonald's vie with Starbucks as the Continent's No. 1 coffee chain" by Leona Liu says McDonald's is opening 200 McCafes in Europe this year and by the end of the year hopes to have 1,100 of the coffee cafes across Europe that are located inside existing restaurants but with a separate counter, comfy furnishings and no Big Macs in sight.

MRK $31.25 +0.24 0.77% 20,948,929 NYSE: No mentions found.

Microsoft MSFT $25.55 -0.39 1.5% 49,710,961 NASDAQ-GS: WSJ pB5 "Rivals Knock Microsoft's EU pact - Other Browser Firms Complain, Say Proposed changes Don't Level the Field" by Charles Forelle says Mozilla', the owner of the No. 2 browser, Firefox (created by my nephew, Blake Ross) and other makers of competing Web browsers have complained about a proposal to end the European Union's antitrust investigation of MSFT's Explorer, possible complicating efforts to wrap up one of Microsoft's last remaining tangles with the EU Regulator.

AJC pA13 says former Microsoft executive Maggie Wilderotter is resigning from Yahoo's Board of Directors.

BW p41 "The Stock Market - Searching For True North - Investing gauges are broken, market signals are mixed, and money manages don't know where to turn. What exactly is the new normal? by Roben Farzad, Tara Kalwarski has a chart of stocks and bonds since 1926 and notes that in 1956 the Dow closes above 500 points, in 1986 Microsoft goes public, and the Dow's 1987 crash when the Dow dropped 23% in one day.

PFE $16.4 -0.04 0.24% 36,033,839 NYSE: No mentions found.

Procter & Gamble PG $58.01 +0.17 0.29% 13,407,574 NYSE: BusWk p12 "The Joys And Perils Of Reverse Innovation" says global companies from GE to Procter & Gamble are adopting the strategy of reverse innovation, turning products created for emerging markets into low cost goods for developed world customers. The new approach is also known as trickle up innovation.

MMM $73.8 -0.30 0.4% 3,468,411 NYSE: No mentions found.

TRV $47.75 +0.23 0.48% 4,904,598 NYSE: No mentions found.

UTX $61.54 -0.80 1.28% 4,664,903 NYSE: No mentions found.

Verizon VZ $29.94 -0.21 0.7% 14,613,281 NYSE: WSJ pB10 "is a DirecTV Acquisition On the Verizon? says on 9/17 Verizon CEO Ivan Seidenberg talked about his desire to make video the core product for its fixed line business, the phone operations of which are shrinking. The fastest way to do that is to buy an existing TV distributor, and DirectTV is probably the best bet. However, AT&T may buy DirectTV first.

WSJ pB3 "Caterpillar Retreats But Is Period's Best" by Geoffrey Rogow says concern that the nearly six month surge in stocks may have overshot the current economic environment spurred selling in some of the best performing companies of the third quarter, including Caterpillar and American Express while Research in Motion paced tech stocks lower. Walmart fell 2.4% reflecting concerns that stocks have outpaced the economic landscape even into 2010. Accompanying the story is a chart "Best Dow Stocks of the Quarter" that says Caterpillar seems to have locked up the No. 1 position for best percentage gain for a Dow Jones Industrial Average stock, up 55% through Friday, as the global economy has bulldozed its way out of the rubble. CAT is charted as is American Express, up 42%, as the second best Dow Stock of the quarter followed by GE up 40%. The laggard among the Dow 30 so far is Verizon, with a 3% drop.

BusWk p8 says top At&T lobbyist James Cicconi says AT&T will resist FCC's efforts to keep it from blocking certain certain apps. The fight pits cable and telecom giants such as Comcast, Verizon, and AT&T against heavy Net users such as Google and Skype.

Walmart WMT $49.47 -1.23 2.43% 26,193,961 NYSE: WSJ pB3 "Caterpillar Retreats But Is Period's Best" by Geoffrey Rogow says concern that the nearly six month surge in stocks may have overshot the current economic environment spurred selling in some of the best performing companies of the third quarter, including Caterpillar and American Express while Research in Motion paced tech stocks lower. Walmart fell 2.4% reflecting concerns that stocks have outpaced the economic landscape even into 2010. Accompanying the story is a chart "Best Dow Stocks of the Quarter" that says Caterpillar seems to have locked up the No. 1 position for best per centage gain for a Dow Jones Industrial Average stock, up 55% through Friday, as the global economy has bulldozed its way out of the rubble. CAT is charted as is American Express, up 42%, as the second best Dow Stock of the quarter followed by GE up 40%. The laggard among the Dow 30 so far is Verizon, with a 3% drop.

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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