10/22/09 Thurs. am MSFT Launches Windows 7 Today

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Post #172 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 Thursday's 10/22/09 print editions of: Wall Street Journal, New York Times, The Financial Times, Investors Business Daily, USA Today, Atlanta Journal Constitution & Daily Report 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: The Dow Jones Industrial Average closed Wednesday at 9949/36 down 92.12 or 0.92% from Tuesday's close of 10041.48. YTD the Dow is up 13.37%. Of the 30 Dow Companies: 24 declined; 5 gained and 2 (Coke and United Technologies) were unchanged. The biggest gainer dollar-wise was Exxon Mobil XOM $73.31 +0.29 0.4% 23,052,002 NYSE and percentage-wise was Microsoft MSFT $26.58 +0.21 0.8% 61,375,481 NASDAQ-GS and the biggest decliner dollar-wise was IBM $120.87 -1.95 1.59% 7,153,404 NYSE and percentage-wise was Bank of America BAC $16.51 -0.50 2.94% 212,156,803 NYSE.

WSJ pC5 "Wells Fargo Leads Stocks Into the Red" by Georfrey Rogow says Wells Fargo led stocks lower after a bearish analyst note triggered a selloff that took down J.P. Morgan Chase and other financial Shares and Bank of America. Wal-Mart fell 2.1% after unveiling a wave of price cuts for the Xmas shopping season.

WSJ pC1 "Dow Sheds 92.12 Points After "Sell" Call on Wells" by Matt Phillips says after trading higher for most of the day, stocks reversed course in a selloff. The move lower came in the final hour of trading after bank analyst Richard Bove of Rochdale Securities cut his rating on Wells Fargo to sell from neutral. Oil rose 2.8% to 81.37 a barrel, the 9th gain in 10 trading days and the highest price in over a year.

WSJ pA2 "Wall Street Soars Above Main Street" by David Wessel says Wall Street is back and the stock market is up 50% from its March lows and JP organ Cahse and Goldman Sachs are emerging even stronger than before the crisis. JP Morgan, BofA and Citigroup are using trading profits to offset losses they're taking inc redit cards and other consumer loans.

Fin Times p24 "Equities are lacklustre in spite of falling dollar" by Jane Chisholm says US crude oil hits fresh high for year and that a tumbling dollar failed to rescue Wall street from the apparent onset of earnings fatigue, with stocks staging a retreat in the last hour of trading in NY following lacklustre seesions in Asia and Europe.

Fin Times p24 "Traders book profits to spark sudden turnaround" by Gregory Meyer says US stocks veered lower yesterday after spending most fo the trading session in postive territory, dragged down by financial stocks despite positive profit surprises.

Inv Bus. Daily pA1 "Sell-Off in Last Hour puts Uptrend Under Pressure" says stocks appeared to be sauntering to moderate gains Wed, but turned sharply lower late in the session. Volume was up across the board. Current outlook is uptrend under pressure.

NYT pB3 "Euro Breaks $1.50, Oil Prices Rise, and Shares Turn Broadly Lower" by Jack Healy says as the dollar fell to 41.50 against the euro on Wed, its lowest level in more than a eyar, concdrns swirled for businesses and policy makers on both sides of the Atlantic. For the US, a weakening currency makes foreign made goods mroe expensive and raises troubling questions about whether the primary of the dollar is being eclipsed by gold, oil and other currencies. For the 16 countires in the euro zone, a stronger euro puts exporters and manufacturers in countries like Spain, Germany and Greece at a disadvantage and could slow the flow of US tourists to Europe. Stocks soldoff broadly on Wall street after a ntoed banking analyst downgraded Wells Fargo to sell. Ont hye flip side, the losses helped to cut some of the dollar's earlier losses. Over the last 7 months the dollar's value has declined more than 15% as fed deficits in the US rose to record levels, stirring fears that the gov's aggressive efforts to combat the recession would weaken the US currency and swamp global markets with T-bonds. Now inflation wary investors have gone hunting for stronger returns by funneling their money into countries where itnerest rates are higher than the record low rates in the US. Interest rates are near zero in the US and are unlikely to budge soon. This is a very strong article and I suggest reading the entire piece.

USA Today p4B "Oil prices, financial stocks ding markets" by Matt Krantz says the stock market's recent downward slide intensified Wed. as ivnestors worried about financial stocks and rising oil prices. Exxon Mobil rose 29 cents making it one of the energy companeis to sidestep the market's down day.

Wednesday's Dow Jones Industrial Average closing numerator was 1316.49 down 12.19 from Tuesday's closing Dow numerator of 1328.68. 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.

The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of market open Thursday the Dow's trailing P/E ratio is 16.80 up from yesterday's 16.29 (year ago was nil), the P/E estimate is 16.02 unchanged (1 year ago it was 10.80), and the dividend yield is 2.81 up from yesterday's 2.78 (a year ago it was 3.82). Now, if you divide the Dow numerator decrease of 12.19 for Wednesday by the divisor you get the decrease of 92.12 in Wednesday's Dow close. The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 43.88 down 0.41 from Tuesday's Dow Jones Industrial Average closing price of 44.29. The median closing price of Wednesday's Dow Jones Industrial Average was 39.88 down 0.85 from Tuesday's Dow Jones median closing price of 40.73.

The highest closing price Wednesday again was IBM $120.87 -1.95 1.59% 7,153,404 NYSE and the lowest closing price Wednesday again was Alcoa AA $13.82 +0.03 0.22% 31,652,671 NYSE. The lowest volume Wednesday was 3M MMM $76.33 -0.38 0.5% 3,531,375 NYSE and the highest volume again was Bank of Am BAC $16.51 -0.50 2.94% 212,156,803 NYSE. If Wednesday 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 $1,230. ($132,870 - 131,640)

AT&T T $25.94 -0.05 0.19% 30,495,488 NYSE: WSJ pB3 "AT&T Sues Asian LCD Makers" by Chad Bray says T sued AU Optronics Corp., LG display Co., Samsung Eelctronics Co. and other liquid crystal dispaly makers alleging price fixing in the LD market. The suit was filed in US Dist. Ct. in San Fran.

NYT pB7 "Another Try for a Windows Phone, but It's Still Clunky" by Bob Tedeschi says the HTC Pure phone uses MSFT's new Web browsers but it is still cumbersome. The HTC Pure phone was compared to an AT&T Windows MObile 6.5 device.

Daily Report p6 "AT&T takes on Google in Internet rules fights" by Todd Shields, Bloomberg News says FCC rules would bar providers led by At&t, Verizona nd Comcastfrom favoring or blocking Web content from companeis such as Google, Amazon and Twitter. The FCC plans to take its first vote today on plans to write so called net neutrality rules governing Intrernet traffic.

Alcoa AA $13.82 +0.03 0.22% 31,652,671 NYSE: No mentions found.

American Express AXP $35.1 -0.32 0.9% 13,226,263 NYSE: No mentions found.

Bank of America BAC $16.51 -0.50 2.94% 212,156,803 NYSE: WSJ pC3 "BofA Sells 1st Republic To Investors" by Peter Lattman, Daniel Fitzpatrick says BofA has agreed to sell First Republic Bank to a group led by private equity firms General Atlantic LLC and Colony Capital for more than $1 bil.

WSJ pC5 "Wells Fargo Leads Stocks Into the Red" by Georfrey Rogow says Wells Fargo led stocks lower after a bearish analyst note triggered a selloff that took down J.P. Morgan Chase and other financial Shares and Bank of America. Wal-Mart fell 2.1% after unveiling a wave of price cuts for the Xmas shopping season.

WSJ pD2 ""Smartmoney.Com Stock Screen" by Jack Hough says BofA's stock price is about 2/3 below where it stood at the end of bubbly '06, but because of a much larger share count, its stock market value is down by a little more than a third.

WSJ pA2 "Wall Street Soars Above Main Street" by David Wessel says Wall Street is back and the stock market is up 50% from its March lows and JP organ Cahse and Goldman Sachs are emerging even stronger than before the crisis. JP Morgan, BofA and Citigroup are using trading profits to offset losses they're taking inc redit cards and other consumer loans.

WSJ pA4 "Wall street Steps Up Political Donations, Lobbying" by Brody Mullins, T.W. Franam says some of the biggest Wall Street firms are making large political donations such as Goldman Sachs, BofA, and Morgan Stanley, while JP Morgan isn't commenting.

NYT pB1 "A New challenge for 2 Ailing Banks' by Eric Dash says BofA and Citigroup are trying to adapt to new pay rules ordered by the Obama admin's plans to slah pay at heavily bailed outfirms.

Boeing BA $50.63 -1.26 2.43% 8,079,505 NYSE: WSJ pB4 Boeing record $3.5 bil in previously announced 3Q charges on its 747-8 and 787 Dreamliner jet programs and slashed its earnings forecast for the year. It had a $1.56 bil loss for the quarter on rev of $16.69 bil, up 9.1% from last year, when a machinists strike hurt sales.

Fin Times p15 "Boeing loses $1.5 bil after flight delays and cost overruns" by Justin Baer says Boeing gave investors a bitter reminder o the price the aerospace company must now pay for its missteps in developing the 787 and 747-8 commercial aircraft programs (except Fin Times spells it "programmes.")

WSJ pB1 "Defense firms Expect Tougher Fight for Profit" by August Cole says the Obama admin's cutbacks in big weapons programs and new Pentagon priorities are challenging defense contractors. Boeing and Northrop Grumman on Wed. posted sound quarterly oeprating results for their defense businesses, but continue to face uncertainty over long term growth in defense spending. BA had a $2.84 bil loss in3Q, its defense busienss reported a profit of $885 mil, up 4%. Defense rev rose 3% to $8.74 bil while commercial airplane revs totaled 7.88 bil, a 13% increase. Overall, Boeing posted a $1.56 bil quarterly loss.

Related story at Inv BusDaily pA2 "787, 747-8 Woes hurt Boeing" saying BA swung to a 3Q loss of 2.23, missing views by 11 cents.

Related story at NYT pB2 "Delays in 2 Jets Are Blamed For Boeing's $1.6 Bil Loss" by Christopher Drew says Boeing still expects to begin flight tests of its 787 Dreamliner before the end of the year and could decide within the next 2 weeks whether to build a second production line for the plane at its plan in Everett, Wash or in North Charleston, S.C.

Caterpillar CAT $58.4 -1.21 2.03% 17,025,437 NYSE: No mentions found.

Chevron CVX $76.97 -0.06 0.08% 8,641,252 NYSE: No mentions found.

Cisco CSCO $23.96 -0.15 0.62% 41,762,652 NASDAQ-GS: No mentions found.

Coca-Cola KO $54.07 unch unch 8,240,067 NYSE: No mentions found.

Disney DIS $29.23 -0.12 0.41% 9,589,990 NYSE: No mentions found.

DuPont DD $33.44 -0.43 1.27% 8,111,866 NYSE: No mentions found.

Exxon Mobil XOM $73.31 +0.29 0.4% 23,052,002 NYSE: USA Today p4B "Oil prices, financial stocks ding markets" by Matt Krantz says the stock market's recent downward slide intensified Wed. as ivnestors worried about financial stocks and rising oil prices. Exxon Mobil rose 29 cents making it one of the energy companeis to sidestep the market's down day.

GE $15.53 -0.05 0.32% 96,402,318 NYSE: AJC p16 item & WSJ pB3 "GE, Lilly to Broaden Cancer-Research Push" by Paul Glader says GE is starting a cancer research fund of $250 mil in partnership with Eli Lilly.

Hewlett-Packard HPQ $48.22 -0.52 1.07% 12,201,082 NYSE: WSJ pD1 ". . .Windows 7 is the Spoiler" by Justin Scheck, Nick Wingfield says cash strapped consumers have been slow to buy personal computers in the recession but with today's launch of MSFT's new Windows 7 opeating system, PC makers are hoping to reverse the trend. Hewlett-Packard, Dell, Toshiba and Acer, among others, are releasing a flood of high end laptops with slim cases and glossy designs, and new one piece touch screen desktops that they hope consumers will be willing to pay a premium for.

Inv. Bus. Daily pA2 "HP, Amazon tie up for e-books" says the PC and printer giant will team up with online retailer Amazon to join the market of recreating digital books as paperbacks. HPQ is providing tech to clean up digital copies of about 500,000 books in the U. of Mich. library before they are republished as paperbacks.

Home Depot HD $26.32 -0.65 2.41% 23,440,722 NYSE: AJC p16 item says that another Home Depot exec was indicted for taking kick-backs from vendors, this time a rug seller.

Intel INTC $19.859 -0.321 1.59% 87,690,522 NASDAQ-GS: Fin Times p1 Lead Story "Galleon to close its hedge funds" by Joana Chung, Sam JOnes says Galleon Group is winding down all its hedge funds after trading allegation sagianst Raj Rajaratnam sparked a wave of ivnestor withdraws. Also charged are an exec at each of IBM and Intel.

Also reported at Inv. Bus Daily pA1.

IBM $120.87 -1.95 1.59% 7,153,404 NYSE: Fin Times p1 Lead Story "Galleon to close its hedge funds" by Joana Chung, Sam JOnes says Galleon Group is winding down all its hedge funds after trading allegation sagianst Raj Rajaratnam sparked a wave of ivnestor withdraws. Also charged are an exec at each of IBM and Intel.

Also reported at Inv. Bus Daily pA1.

Related story at NYT pB1 by Michael J. de la Merced, Jachery Kouwe, Alex Berenson says the major informant had financial problems.

J.P. Morgan Chase JPM $44.65 -1.38 3% 31,729,885 NYSE: WSJ pC5 "Wells Fargo Leads Stocks Into the Red" by Georfrey Rogow says Wells Fargo led stocks lower after a bearish analyst note triggered a selloff that took down J.P. Morgan Chase and other financial Shares and Bank of America. Wal-Mart fell 2.1% after unveiling a wave of price cuts for the Xmas shopping season.

WSJ pC10 "Heard on Street" by Peter Eavis says JP Morgan Chase's earnings are dependent on securities oepations as its investment bank accounted for nearly 60% of the bank's total profits in the frist nine months of the year.

WSJ pA2 "Wall Street Soars Above Main Street" by David Wessel says Wall Street is back and the stock market is up 50% from its March lows and JP organ Cahse and Goldman Sachs are emerging even stronger than before the crisis. JP Morgan, BofA and Citigroup are using trading profits to offset losses they're taking inc redit cards and other consumer loans.

WSJ pA4 "Wall street Steps Up Political Donations, Lobbying" by Brody Mullins, T.W. Franam says some of the biggest Wall Street firms are making large political donations such as Goldman Sachs, BofA, and Morgan Stanley, while JP Morgan isn't commenting.

Johnson & Johnson JNJ $60.31 -0.28 0.46% 12,507,837 NYSE: No mentions found.

Kraft KFT $27.42 +0.19 0.7% 15,774,698 NYSE: WSJ pB1 "Cadbury Sales Gain Bolsters Its Hand" by Cecilie Rohwedder says British Cadbury PLC psoated strong 3Q results that sent a sharp message to Kraft in its takeover bid that it will have to raise its purchase price from its initial offer of $16.7 bil.

Related story at WSJ pC10 "Heard on Street" by Matthew Curtin says Cadbury's 3Q sales rose 7% on a cconstant currenc basis, despite a 3% vall in volume. Question is whether Cadbury's performance is sustainable.

Related story at Fin Times p12 notes Cadbury results also reflected a 10% rise in prices reflecting spiralling cocoa costs that came earlier this year and that Cadbury has not been raising prices in response to Kraft's bid.

Related story at Fin Times p13 "Cadbury increases pressure on Kraft with sweet results" by Jenny Wiggins says some investment banks raised their target price on Cadbury and that Kraft needs to throw more cash in the bid so it is 50/50 cash/stock.

Related story at Fin Times p15 "Cadbury should await a properly Krafted formal offer" by Andrew Hill, Paul Betts has a cute analogy of Kraft's offer being all about air comparing it to Cadbury's chocolate bar, Wispa, that has tiny air bubbles running through it.

Related story at Fin Times by Jenny Wiggins "Weighty issue of Cadbury's product mix" say revenues may have risen bu there are concerns about the wider picture as Cadbury ceo Todd Stitzer tried to calm anxiety over a 3% fall in their sales volumes, which are measured by tonnage rather than units, in 3Q.

McDonald's MCD $58.33 -0.59 1% 9,591,498 NYSE: WSJ pB10 "Will Fast Food Slow? Investors Focus on McDonald's Results as Recession Ebbs" by Julie Jargon says the recession helped McDonald's Corp. more than other restaurant chains as consumers traded down to fast food. But with signs of a recovery emerging, investors are starting to bet that consumers will return to casual dining chains. McDonald's has been posting positive sales at stores open at least a year, while most higher priced, sit down chaings have been experiencing declines. MCD has recently diversified its menus and introduced $3.99 Angus burgers.

Merck MRK $32.68 -1.04 3.08% 24,207,431 NYSE: NYT pA21 "Vaccine Agaisnt Virus in Girls May Be Given to Boys" by Nagtasha Singer says an FDA advisory panel has recommende Gardasil that is already approved for girls against cervical cancer should be allowed to be used for boys against genital warts.

Microsoft MSFT $26.58 +0.21 0.8% 61,375,481 NASDAQ-GS: WSJ pD1 ". . .Windows 7 is the Spoiler" by Justin Scheck, Nick Wingfield says cash straped consumers have been slow to buy personal computers in the recession but with today's launch of MSFT's new Windows 7 opeating system, PC makers are hoping to reverse the trend. Hewlett-Packard, Dell, Toshiba and Acer, among others, are releasing a flood of high end laptops with slim cases and glossy designs, and new one piece touch screen desktops that they hope consumers will be willing to pay a premium for.

WSJ pD6 Walter S. Mossberg's mailbox says the upgrade price for Vista owerns moving to Windows 7 Home Premium is $120 although some retailers might discount it.

Related story at NYT pB1 "Windows 7 Cleans Up A Misstep" by David Pogue says Windows 7 cleans up the 3 year nightmare of Windows Vista.

WSJ pB1 "Google and Microsoft Crank Up Rivalry" by Jessica E. Vascellaro, Ethan Smith says Google will soon let consumers buy & listen to music from its search results page, its latest volley in its escalating war with Microsoft to influence Web users' search habipts. Google plans to package songs from online music providers at the top of tis search page. Listeners will be able to stream a song or eventually buy tracks from services that include Apple Inc's iTunes Store and Amazon.com.

Related story about the advertising campaign for Windows 7 at NYT pB10 "The Billion Designers of Windows &" by Stuart Elliott.

NYT pB7 "Another Try for a Windows Phone, but It's Still Clunky" by Bob Tedeschi says the HTC Pure phone uses MSFT's new Web browsers but it is still cumbersome. The HTC Pure phone was compared to an AT&T Windows Mobile 6.5 device.

Pfizer PFE $17.41 -0.52 2.9% 97,469,291 NYSE: No mentions found.

Procter & Gamble PG $57.49 -0.64 1.1% 11,430,939 NYSE: No mentions found.

3M MMM $76.33 -0.38 0.5% 3,531,375 NYSE: No mentions found.

Traveler's TRV $48.02 -0.44 0.91% 4,357,272 NYSE: No mentions found.

United Technologies UTX $65.4 unch unch 5,823,119 NYSE:No mentions found.

Verizon VZ $29.03 -0.23 0.8% 24,861,828 NYSE: WSJ pB5 "Verizon CEO Slams FCC on Net Plan" by Fawn Johnson says VZ CEO Ivan Seidenberg had harsh words for the FCC, a day ahead of a vote on open Internet rules. He said it would be a big mistake for the FCC to impsoe a burdensome regime of regulation on the Internet, especially if the rules apply only to service providers like Verizon and not Web companies like Google.

Daily Report p6 "AT&T takes on Google in Internet rules fights" by Todd Shields, Bloomberg News saysFCC ruels would bar providers led by At&t, Verizona nd Comcastfrom favoring or blocking Web content from companeis such as Google, Amazon and Twitter. The FCC plans to take its first vote today on plans to write so called net neutrality rules governing Intrernet traffic.

Wal-Mart WMT $50.63 -1.07 2.07% 21,844,533 NYSE: AJC p16 item & WSJ pB3 "Wal-Mart Pledges More Price Cuts" by Miguel Bustillo, Ann Zimmerman says Wal-Mart will continue cutting prices each week up to Christmas and say WMT buys over $300 bil worth of merchandise per year.

Also reported at USA Today p1B.

WSJ pC5 "Wells Fargo Leads Stocks Into the Red" by Georfrey Rogow says Wells Fargo led stocks lower after a bearish analyst note triggered a selloff that took down J.P. Morgan Chase and other financial Shares and Bank of America. Wal-Mart fell 2.1% after unveiling a wave of price cuts for the Xmas shopping season.

Inv Bus Daily pA1 "For Retailers, Holiday Season Has Place to Go But Up" by Marilyn Much discusses the book pricing war between WMT, Amazon and now Target at the jump.
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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