10/17/09 Sat. IBM & Intel Execs Arrested for Insider Trading

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Post #164 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 a list of the Dow 30 CEO's, a ranking of the Dow 30 by market capitalization as of close of 10/12/09 and an update of the Dow 30's most recent SEC filings as of 10/12/09.

A read of Saturday's 10/17/09 print editions of: Wall Street Journal, Financial Times, New York Times and Atlanta Journal Constitution 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 Monday's closing price and related data:

Dow:: WSJ pB1 "Dow Fisishes Week Below 10000 Level" by Peter A. McKay says stocks snapped a 3 day winning streak and the Dow Jones Industrial Average slipped back below 10000 as disappointing earnings reports made investors cautious after big gains this past week. IBM led the decline Fri. after reporting earnings that beat expectations but also a drop in rev. The 5% slide in IBM's share price on Fri. accounted for more than half of the decline in the Dow average.

WSJ pB3 "Stocks - IBM, BofA and GE Drop to End a Spirited Week" by Geofrey Rogow says the Dow Jones Industrial Average failed to close the week above 10000, as disappointing quarterly reports from IB< Bank of America, and GE weighed on stocks. Capping a 7 month surge in stocks, a slate of improved earnings reports from Intel, J.P. Morgan Chase and others this past week lifted the Dow above 10000 on Wed for the first time in a year. Some of that exuberance wanted on Fri. The Dow's leading advancer on Fri. was Boeing up 2.8% as the aerospace company reiterated that it expects its long delayed 787 Dreamliner to take its first flight by year end.

Fin Times p14 "Investor sentiment shifts as earnings season unfolds" by Michael Mackenzie says US equities rose to fresh 12 month highs this week, only to trim gains yesterday as the 3Q earnings season sparked a shift in sentiment. The Dow breaking 1000 is also discussed at Fin times p16.

NyT pB7 "Dow Slips Back Below 10000 After Earnings Reports disappoint" by Jack Healy ays a blockbuster profit at JPMorgan chase sent the Dow Jones industrial average on Wed above 1000 for the first time in a year but on Fri. a loss at the struggling Bank of america yanked investors back to earth. Stocks fell broadly and the dollar and safe haven gov. bonds regained some of the ground they had lost earlier in he week. Bofa disappointed investors by reporting a loss of $1 bil in 3Q before accounting for dividends to preferred shareholders.

The Dow Jones Industrial Average closed Friday at 9995.91 down 67.03 or 0.67% from Thursday's close of 10,062. for the week the Dow Jones was up 130.97 or 1.33%. Of the 30 Dow Companies: 17 declined and 13 gained. The biggest gainer dollar-wise and percentage-wise was Boeing BA $53.19 +1.43 2.76% 7,398,105 NYSE and the biggest decliner dollar-wise and percentage-wise was IBM $121.64 -6.34 4.95% 18,542,370 NYSE.

The current divisor for the Dow found at today's page B4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of Sat. the Dow's trailing P/E ratio is 16.06 down from yesterday's 16.11, the P/E estimate is 16.02, and the dividends yield is 2.80.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 44.09 down 0.29 from Thursday's Dow Jones Industrial Average closing price of 44.38. The median closing price of Friday's Dow Jones Industrial Average was 40.51 0.34 from Thursday's Dow Jones median closing price of 40.85. The highest closing price Friday again was IBM $121.64 -6.34 4.95% 18,542,370 NYSE and the lowest closing price Friday again was Alcoa AA $14.04 -0.32 2.23% 29,403,677NYSE.

The lowest volume Friday again was 3M MMM $76.02 +0.75 0.98% 3,313,938 NYSE and the highest volume again was Bank of Am BAC $17.26 -0.84 4.64% 333,015,187 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 $883.
($133,153 - 132,270)

T $25.7 -0.21 0.81% 34,807,358 NYSE

AA $14.04 -0.32 2.23% 29,403,677 NYSE: No mentions found.

AXP $34.95 -0.59 1.66% 14,266,126 NYSE: No mentions found.

Bank of America BAC $17.26 -0.84 4.64% 333,015,187 NYSE: WSJ pB3 "BofA Posts a Loss of $1 Bil, Discloses more on Merrill Deal" by Dan Fitzpatrick says Bank of America released docs Fri. showing more about its decision making during the Merrill Lynch takeover, while reporting a $1 bil net loss that revealed continued exposure to bad loans and a weak US consumer. The worse than expected 3Q results, down from an its profit of $1.18 bil a year earlier, clarified that many challenges still facing the nation's largest bank by assets and marred Kenneth Lewis's last earnings conference call as chief exec. officer. Credit losses for BofA soared to $9.6 bil, from $4.3 bil, as loans continue to go bad across all sectors. Lewis's statements were more optimistic than those offered by JPMorgan Chase earlier this week.

Also reported at Fin times p10 "BofA racks up $1bn loss for 3Q revenues hit by restructuring costs" by Greg Farrell, NYTimes pB3 "Credit Card Defaults Push Bank of Ameica to a Loss by Jack Healy, Louise Story, & AJC pA12 by Leva M. Augstums of AP.

WSJ pB4 "The Buzz" says a $1.8 bil write down that helped push BofA to its 3Q loss is the mirror image of the accounting alchemy that helped BofA notch its surprise 1Q profit of $4.2 bil. and discusses the mark to market accounting guidelines that tell banks that the price tags they slap on assets and debts, including hard to value bonds, should reflect market prices.

WJ B12 Heard on Street" says BofA's shares skidded Fri on earnings that were not so bad because Wall Street was hoping for strong preprovision earnings, a measure of income that strips out the expense of beefing up the bad loan reserve. The thinking goes that when credit losses subside, the provision expense, currently huge, will shrink, and earnings will take off. But BofA's results betrayed just enough signs to suggest that it could still end up as a lender that persistently struggles in a sluggish economic environment.

Fin times p16 "BofA constricted" talks about BofA paying too much for Merrill and Kewis's legacy at Bofa.

BA $53.19 +1.43 2.76% 7,398,105 NYSE: No mentions found.

CAT $54.57 -0.20 0.37% 8,789,941 NYSE: No mentions found.

CVX $76.81 +0.12 0.16% 9,587,098 NYSE: No mentions found.

CSCO $24.02 -0.346 1.42% 37,883,143 NASDAQ-GS: No mentions found.

KO $55.01 +0.09 0.16% 10,754,082 NYSE: No mentions found.

DIS $29.4 +0.17 0.58% 12,014,394 NYSE: No mentions found.

DD $34.1 -0.47 1.36% 6,342,647 NYSE: No mentions found.

XOM $73.12 +0.18 0.25% 22,960,082 NYSE: No mentions found.

GE $16.08 -0.71 4.23% 181,319,744 NYSE; WSJ pB5 "GE Points to Recovery Despite Profit Decline - Earnings Drop 42% as Shrinking Finance Unit Continues to Weigh on Results; Commercial Real Estate Creates Concerns" by Paul Glader says GE reported signs of a slow global economic recovery, even as it posted a 42% 3Q earnings decline driven by lower than expected rev and more write downs at its finance unit. GE posted net income of $2.49 bil, or 23 cents a share, down from $4.31 bil or 43 cents a share a year ago. Rev fell 20% to $37.8 bil from 447.2 bil on declining orders for industrial equipment and the ongoing shrinkage of GE Capital. Earnings at GE capital fell 87% to $263 mil amid rising delinquencies and write-downs at its consumer, business-loan and commercial real estate units. The real estate group swung to a $538 mil loss from a $244 mil profit a year ago. delinquencies in the $84 bil real estate portfolio rose to 4.19%, from 0.19 a year ago. GE said delinquency rates in its consumer loan portfolio appeared to ahve leveled off in the 3Q at 4.78% up from 2.74% a year ago. GE shares fell 4.2%. There is a great photo of GE CEO Jeff Immelt looking confident as if he were giving a toast with a fuzzy chandelier in the background appearing as a giant crown about to be bestowed upon him, the king.

Also reported at Fin Times p1 "GE disappoints investors seeking proof of global economic recovery - quarterly sales are lower than expected" by Justin Baer says GE disappointed investors seeking proof of a recovery in the global economy yesterday when the bellwether conglomerate reported lower than expected quarterly sales. a continued fall in earnings at finance arm GE Capital and muted demand for industrial gear hit 3Q results for the group, whose products range from gas turbines to medical imaging equipment.

Also reported at NYT pB3 "$2.5 Bil Profit for GE Hints at Return to Stability" by Steve Lohr with a picture of GE's ceo Jeffrey R. Immelt, chin in hand, looking as if he is an intent listener, and AJC pA13.

Fin Times p9 "Liberty Media might look at NBC Universal" by Kenneth Li, Andrew Edgecliffe-Johnson, says John Malone, chairman of Liberty Media, said he would be interested in looking at GE's NBC Universal, but would not pay as much as Comcast is willing to offer for the group. Also Rupert Murdoch may look at the deal.

Hewlett-Packard HPQ $48.37 +0.37 0.77% 19,404,635 NYSE: Fin Times p9 "Consumers feel their way into the next wave of PCs - Computer makers are hoping their touch screens will win new audiences" by Chris Nuttal says touch screens will take off on PCs next week with the introduction of Microsoft's Windows 7 software but few expect touch tech to match the success among consumers that it has enjoyed on the iPHone. MSFT has made multitouch gestures a big feature of its new operating system and a number of PC makers have announced touch enabled machines to coincide with windows 7 launch. this week Hewlett-Packard announced 2 new versions of its Touchsmart all in one PC.

HD $27.26 -0.04 0.15% 12,004,612 NYSE: No mentions found.

Intel INTC $20.18 -0.49 2.37% 75,411,423 NASDAQ-GSWSJ pA1 Front Page Headline "Sic Charged in Vast Insider-Trading Ring - Billionaire Financier, IBM, McKinsey Execs in Alleged Plot to Profit on Google, Hilton: Echoes of Ivan Boesky" by Jenny Strasburg, Chad Bray says in a case echoing the scandals of the 1980's, fed authorities exposed what they claim is the biggest insider trading ring in a generation, a conspiracy in which a hedge fund kingpin and execs at blue chip firms including IBM and Intel allegedly connived to profit on Google and other big name stocks. At the center was Raj Rajaratnam, founder of Galleon Group, a new York based fund firm that manages $3.7bil. a native of Sri Lanka, he spent years carving a reputation as a meticulous ivnestor in tech stocks, building a fortune estimated at $1.5 bil. Also arrested was Robert Moffat, 54, an exec at IBM in charge of its supply chain, who recently was also given responsibility for its hardware, server and semiconductor business and has been considered a potential future candidate for CEO. Also arrested was Rajiv Goel, 51, an exec in the treasury dept. of Intel Corp. who graduated from U of Penn's Wharton School in '83, the same year as Rajaratnam.

Also reported at NYT pB1 by Michael J. de la Merced and at AJC pA13

IBM $121.64 -6.34 4.95% 18,542,370 NYSE: WSJ pA1 Front Page Headline "Sic Charged in Vast Insider-Trading Ring - Billionaire Financier, IBM, McKinsey Execs in Alleged Plot to Profit on Google, Hilton: Echoes of Ivan Boesky" by Jenny Strasburg, Chad Bray says in a case echoing the scandals of the 1980's, fed authorities exposed what they claim is the biggest insider trading ring in a generation, a conspiracy in which a hedge fund kingpin and execs at blue chip firms including IBM and Intel allegedly connived to profit on Google and other big name stocks. At the center was Raj Rajaratnam, founder of Galleon Group, a new York based fund firm that manages $3.7bil. a native of Sri Lanka, he spent years carving a reputation as a meticulous ivnestor in tech stocks, building a fortune estimated at $1.5 bil. Also arrested was Robert Moffat, 54, an exec at IBM in charge of its supply chain, who recently was also given responsibility for its hardware, server and semiconductor business and has been considered a potential future candidate for CEO. Also arrested was Rajiv Goel, 51, an exec in the treasury dept. of Intel Corp. who graduated from U of Penn's Wharton School in '83, the same year as Rajaratnam.

WSJ pB1 "Dow Finsishes Week Below 10000 Level" by Peter A. McKay says stocks snapped a 3 day winning streak and the Dow Jones Industrial Average slipped back below 10000 as disappointing ernings reports made investors cautious after big gains this past week. IBM led the decline Fri. after reporting earnings that beat expectations but also a drop in rev. The 5% slide in IBM's share price on Fri. accounted for more than half of the decline in the Dow average.

WSJ pB3 "Stocks - IBM, BofA and GE Drop to End a Spirited Week" by Geofrey Rogow says the Dow Jones Industrial Average failed to close the week above 10000, as disappointing quarterly reports from IB< Bank of America, and GE weighed on stocks. Capping a 7 month surge in stocks, a slate of improved earnings reports from Intel, J.P. Morgan chase and others this past week lifted the dow above 10000 on Wed for the first time in a year. Some of that exuberance wanted on Fri. The Dow's leading advancer on Fri. was Boeing up 2.8% as the aerospace company reiterated that it expects its long delayed 787 Dreamliner to take its first flight by year end.

JPMorgan Chase JPM $46.06 -1.10 2.33% 35,920,168 NYSE: : WSJ pB3 "BofA Posts a Loss of $1 Bil, Discloses more on Merrill Deal" by Dan Fitzpatrick says Bank of America released docs Fri. showing more about its decision making during the Merrill Lynch takeover, while reporting a $1 bil net loss that revealed continued exposure to bad loans and a weak US consumer. The worse than expected 3Q results, down from an et profit of $1.18 bi a year earlier, clarified that many challenges still facing the nation's largest bank by assets and marred Kenneth Lewis's last earnings conference call as chief exec. officer. Credit losses for BofA soared to $9.6 bil, from $4.3 bil, as loans continue to go bad across all sectors. Lewis's statements were more optimistic than those offered by JPMorgan Chase earlier this week.

NYT pA1 "banks' Revival Largely Fueled By Fed aid - Big Players Find Clear Field to Take Risks" by Graham Bowley says even as the economy continues to struggle, much of Wall Street is minting money and looking forward again to hefty bonuses. Titans like JPMorgan Chase and Goldman Sachs are making fortunes in hot sareas like trading stocks and bonds, rather than in the ho hum biz of lending people money. They are profiting by taking risks that weaker rivals are unable or unwilling to shoulder, a benefit of less competition after the failure of some firms last year.

JNJ $60.46 -0.48 0.79% 13,498,251 NYSE: No mentions found.

KFT $27.03 +0.40 1.5% 18,932,475 NYSE: No mentions found.

MCD $58.78 +0.58 1% 9,941,534 NYSE: No mentions found.

Merck MRK $33.21 -0.09 0.27% 20,250,941 NYSE: NYT pB2 "a Merck Vaccine, Gardasil, Is Approved for New Uses" says fed regulators cleared Gardasil to prevent genital warts in boys and younger men, a new use for a product already approved to prevent cervical cancer in women. Merck, based in Whitehouse Station, NJ, said the drug is approved for males 9 to 26 years old.

Microsoft MSFT $26.5 -0.21 0.79% 56,116,365 NASDAQ-GS: Fin Times p9 "Consumers feel their way into the next wave of PCs - Computer makers are hoping their touch screens will win new audiences" by Chris Nuttal says touch screens will take off on PCs next week with the introduction of Microsoft's Windows 7 software but few expect touch tech to match the success among consumers that it has enjoyed on the iPHone. MSFT has made multitouch gestures a big feature of its new operating system and a number of PC makers have announced touch enabled machines to coincide with windows 7 launch. this week Hewlett-Packard announced 2 new versions of its Touchsmart all in one PC.

PFE $17.77 +0.11 0.62% 66,977,392 NYSE: No mentions found.

PG $57.44 -0.20 0.35% 11,743,941 NYSE: No mentions found.

MMM $76.02 +0.75 0.98% 3,313,938 NYSE: No mentions found.

TRV $48.67 +0.12 0.25% 4,777,815 NYSE: No mentions found.

UTX $64.89 +0.49 0.76% 6,179,561 NYSE: No mentions found.

VZ $28.9 -0.21 0.72% 20,787,216 NYSE: No mentions found.

Wal-Mart WMT $51.22 +0.27 0.53% 16,487,768 NYSE: WSJ pB1 "Amazon, Wal-Mart Cut Deeper In Book Duel" by Jeffrey A. Trachtenberg, Miguel Bustillo says book publishers worried they and retail chains could be caught in the cross fire as Amazon.com and Wal-Mart Stores ratchet up their price war over online book sales. WalMart triggered the online skirmish Thurs. when it began selling its 10 most anticipated hardcovers fro $10 apiece when prereordered on its Web site, amazon matched the offer hours later, and Wal-mart then chopped its price to $9. Friday morning Amazon matched that.

Also reported at Fin Times p9 by Jonathan Birchall and at NYT pC1 by Motoko Rich.

WSJ pB12 "Heard on Street" says Credit Suisse published a report Fri arguing WMT won't make substantial price cuts in the near futures saying it had learned a lessor from Costco's latest price cuts. Bad timing because Walmart just started a price war with amazon.com.

Also reported at AJC pA13
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Here are the CEOs of the Dow 30 Companies:

T Randall L. Stephenson
AA Klaus Kleinfeld
AXP Kenneth I. Chenault
BAC Kenneth D. Lewis (on 10/1 he announced his resignation as of year-end).
BA W. James McNerney, Jr.
CAT James W. Owens
CVX David O'Reilly who will be replaced by John Watson at year end.
CSCO John Chambers
KO Muhtar Kent
DIS Robert 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 10/12/09:

1. Exxon Mobil XOM $337
2. Microsoft MSFT 229
3. WalMart WMT 191
4. JPMorgan Chase 181
5. GE 174
6. Johnson & Johnson JNJ 172
7. Procter & Gamble PG 168
8. IBM 167
9. Bank of Am BAC 156
10. At&t T 151
11. Chevron CVX 148
12. Cisco CSCO 137
13. Coke KO 127
14. Pfizer PFE 115
15. Intel INTC 114
16. Hewlett-Packard HPQ 112
17. Verizon VZ 82
18. Merck MRK 69
19. McDonald's MCD 62
20. United Technologies UTX 58
21. Disney DIS 53
22. 3M MMM 52
23. Home Depot 46
24. American Express AXP 42
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 33
28. DuPont DD 30
29. Traveler's TRV 28
30. Alcoa AA 14

Here are the latest SEC filings as of 10/12/09 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: 10/2/09 11K Annual Report of employee stock purchase plan.

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 AT&T redeemed certain long-term debt issues as of September 28, 2009.

Alcoa AA: 10/8/09 announcing financial results for the third quarter.

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: 10/2/09 8K announcing departure of Alfred F. Kelly, Jr., as Pesident and head of AXP Global Consumer Group as of 4/10/09.

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: 10/9/09 several free writing prospectus regarding issuance of securities.

Boeing BA: 10/9/09 8K announcing the election to the Board and Audit & Fin. Committee of retired Admiral Edmund P. Giambastiani, Jr. former Vice-Chair of Joint Chiefs of Staff '05- '07.

10/6/09 8K announcing a charge to third quarter earnings in connection with delays in the 747-8 program.

9/15/09 8K 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: 10/5/09 8K announcing price changes on most machines worldwide effective Jan. '10.

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 up 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 Manufacturers to 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.

Chevron CVX: 10/8/09 8K announcing third quarter interim financial results.

9/30/09 8K announcing the retirement of CEO David J. OReilly who is being replaced by John S. Watson and the election to the Board as Vice-Chairman of George L. Kirkland.

8/6/09 10Q

Cisco CSCO: 10/5/09 8K announcing its offer to buy the Norwegian fimr Tandberg ASA for $3 bil.

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.

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; Willaim 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: 10/7/09 8K regulation FD disclosure regarding comments made by Executive Vice President Mark Vergnano who said DuPont would return to its level of '08 profitability in 2 and a half years.

9/29/09 and 8/13/09 8Ks announcing Nicholas C. Fanandakis, age 53, Senior Vice President & Chief Financial Officer effective September 1, 2009 with an increase in annual salary from $387,708 to $500,000 and target short-term incentive award for 2009 will increase from $328,500 to $464,100. Mr. Fanandakis was named to his current position, Group Vice President- Applied BioSciences, in January 2008. Prior to that, he was vice president and general manager- DuPont Chemical Solutions Enterprise from September 2003 through September 2006 and vice president- Corporate Plans from October 2006 through December 2007. Jeffrey L. Keefer, EVP and Chief Financial Officer, will remain EVP and transition from the position of Chief Financial Officer to assume leadership responsibility for the DD's Performance Coatings business, corporate strategy development, Information Technology and overall cost and working capital productivity efforts effective November 1, 2009. Richard R. Goodmanson, EVP and Chief Operating Officer will retire effective September 30, 2009.

ExxonMobil XOM: 8/5/09 10Q

GE: 8/4/09 8K GE reached a settlement with the SEC & consented to a judgment of a fine of $50 million relating to four accounting matters arising in 2002 - 2003: the application of SFAS 133 to GE’s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception; a change in accounting for profits on spare parts in the commercial aviation engine business; and certain year-end transactions in the rail business.

Hewlett-Packard HPQ: 9/24/09 8K saying at its Securities Analyst Meeting, HPQ addressed how it is uniquely positioned to grow and expand in the global information technology market. “We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market,” said Mark Hurd, CEO.

9/17/09 8K announcing the election of 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

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: 10/8/09 amended the 9/21/09 tender offer regarding exchange of some of its stock options with its employees.

9/15/09 8K Intel announcing Intel's consolidation of 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.

IBM: 9/8/09 8K announcing that IBM representatives will be meeting with a number of institutional investors through mid-September.

7/28/09 10Q

JPMorganChase JPM: 10/9/09 Various free writing prospectus re: issuance of securities.

Johnson & Johnson JNJ: 8/4/09 10Q

Kraft KFT: 10/6/09 8K announcing the promotion of Kim H. Jones, 49, to VP & Corp. Controller.

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: 9/25/09 8K announcing a quarterly cash dividend of .55 cents per share payable 12/15/09.

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 50percent 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: 10/6/09 Proxy Statement regarding the Shareholders Annual Meeting to be held in Bellevue, Washington on 11/19/09.

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 8K announcing the expansion of the Board to 14 members pursuant to the agreement to merge with Wyeth and electing two Wyeth directors to the newly expanded Board: Frances D. Fergusson and John P. Mascotte.

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: 11K Annual Report of Employee Stock Purchase Plan.

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.
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