10/24/09 Sat. MSFT Beats Prof. Outlooks

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Post #176 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 10/24/09 print editions of: Wall Street Journal, New York Times, The Financial Times, Atlanta Journal Constitution, 10/23/- 10/29 issue of Atlanta Business Chronicle, October issue of Institutional Investor, 11/2/09 issue of Business Week, & 11/2/09 issue of Time 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 Friday at 9972.18 down 109.13 or 1.08% from Thursday's close of 10081.31 and down 0.2% for the week. YTD the Dow is up 13.63%. Of the 30 Dow Companies: 28 declined and 2 gained. The biggest gainer dollar-wise and percentage-wise was Microsoft MSFT $28.02 +1.43 5.38% 281,089,053 NASDAQ-GS and the biggest decliner dollar-wise was IBM $120.36 -2.33 1.9% 6,734,737 NYSE and percentage-wise was American Express AXP $34.58 -1.86 5.1% 21,489,992 NYSE.

WSJ pB1 "Stocks Fall 109.13, Led by AmEx" by Donna Kardos Yesalavich, Georffrey Rogow says stocks finished lower Fri., giving back more than a week of gains, as uncertainty about the economy outweighed better than expected earnings and home sales data. American Express led the decliners in percentage terms, down 5.1%. Late Thurs. it reported a 21% decline in 3Q earnings, although that was better than expected. Microsoft jumped 5.4% after reporting a smaller decline in quarterly earnings than analysts expected. Hewlett-Packard rose 0.5% Tech stocks did better than the rest of the market as Amazon.com reported a 69% earnings gain. Sales of existing homes rose amid lower prices. Friday's weakness in stocks came as the dollar rose, with the euro falling below $1.50.

WSJ pB3 "Large Stock Focus" by Donna Kardos Yesalavich says stocks closed lower Fri. as a weak forecast out of railroad Burlington Northern fueled worries about freight demand, a barometer of the wider economy, although tech giants Microsoft and Amazon.com escaped the decline thanks to strong quarterly earnings. American Express was the Dow's biggest decliner, falling 5.1% despite its 3Q profit and rev both beating analysts' expectations. Microsoft, which also posted 3Q earnings and rev above Street estimates surged 5.4%, making it and Hewlett-Packard the only 2 companies finishing up. Microsoft is charted showing its stock rising since Jan.

WSJ pB7 "A Week in the Life of the DJIA" says the Dow lost 23.73 points or 0.24% on the week. To date, a $1,000 investment on 12/31 in each Dow component would have returned $436,238 or a gain of 20.79% gain on the $30,000 investment including reinvested dividends. The worst performer so far is Verizon where a $1,000 would now be worth $904 and the best is Microsoft where the $1,000 investment would be worth $1,469.

Fin Times p14 "Amazon outperforms amid broader blue-chip retreat" by Aline van Duyn says the positive tone in US equities fizzled out yesterday in spite of a robust start to the end of the week from stronger earnings from Microsoft and a surge in Amazon shares to record highs. There were significant drops in energy, reflecting concerns about the direction of oil prices. The sector fell 2% yesterday notching up a fall of more than 1% for the week. ExxonMobil, the largest oil company and biggest stock in the S&P 500 and Dow was down 1.2%.

NYT pB7 "Shares Decline on Worries About Industrial Losses" by Jack Healy says Wall Street tumbled on Fri. even as home sales rebounded in Sept. and 2 tech companies surprised investors with stronger than expected profits. Lat week, a crucial measure of the stock market's value, the ratio of stock prices to corporate earnings, hit its highest level in at least five years. Although corporate profits in the 3Q are largely surpassing expectations, some analysts say stocks are poised to fall as traders try to cash in their gains. Interest rates edged higher as speculation began to build about when the Fed Reserve would have to raise rates. The Treasury's benchmark 10 year note fell to 1/1 32/33 and the yield rose to 3.49% from 3.41% Thurs.

Friday's Dow Jones Industrial Average closing numerator was 1319.51 down 14.44 from Thursday's closing Dow numerator of 1333.95. 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 B4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of market close Friday the Dow's trailing P/E ratio is 16.38 down from yesterday's 16.51 (year ago was nil), the P/E estimate is 16.03 up from 16.02 (1 year ago it was 9.93), and the dividend yield is 2.80 up from yesterday's 2.77 (a year ago it was 3.88).

Now, if you divide the Dow numerator decrease of 14.44 for Friday by the divisor you get the in decrease of 109.13 in Friday's Dow close. The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 43.98 down 0.19 from Thursday's Dow Jones Industrial Average closing price of 43.88. The median closing price of Friday's Dow Jones Industrial Average was from Thursday's Dow Jones median closing price of 39.88.

The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 43.98 down 0.55 from Thursday's Dow Jones Industrial Average closing price of 44.47. The median closing price of Friday's Dow Jones Industrial Average was 39.91 down 0.17 from Thursday's Dow Jones median closing price of 41.08.

The highest closing price Friday again was IBM $120.36 -2.33 1.9% 6,734,737 NYSE and the lowest closing price Friday again was Alcoa AA $13.73 -0.31 2.21% 28,858,938 NYSE. The lowest volume Friday was Travelers TRV $51.3 -0.40 0.77% 4,878,237 NYSE and the highest volume again was Bank of Am BAC $16.22 -0.30 1.82% 180,423,798 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 $1,470.
($133,410 - $131,940)

AT&T $25.73 -0.37 1.42% 36,791,140 NYSE: BW p76 "RIM's More Perfect Storm" by Stephen H. Wildstrom says new touchscreen sensors make a huge difference in usability. It says Research in Motion is not abandoning keyboards anytime soon. There will be one on the newly updated version of the Bold, a flagship product aimed at professional users to be offered by AT&T and t-Mobile in the US.

Alcoa AA $13.73 -0.31 2.21% 28,858,938 NYSE: No mentions found.

American Express AXP $34.58 -1.86 5.1% 21,489,992 NYSE: WSJ pB1 "Stocks Fall 109.13, Led by AmEx" by Donna Kardos Yesalavich, Georffrey Rogow says stocks finished lower Fri., giving back more than a week of gains, as uncertainty about the economy outweighed better than expected earnings and home sales data. American Express led the decliners in percentage terms, down 5.1%. Late Thurs. it reported a 21% decline in 3Q earnings, although that was better than expected. Microsoft jumped 5.4% after reporting a smaller decline in quarterly earnings than analysts expected. Hewlett-Packard rose 0.5% Tech stocks did better than the rest of the market as Amazon.com reported a 69% earnings gain. Sales of existing homes rose amid lower prices. Friday's weakness in stocks came as the dollar rose, with the euro falling below $1.50.

WSJ pB3 "Lage Stock Focus" by Donna Kardos Yesalavich says stocks closed lower Fri. as a weak forecast out of railroad Burlington Northern fueled worries about freight demand, a barometer of the wider economy, although tech giants Microsoft and Amazon.com escaped the decline thanks to strong quarterly earnings. American Express was the Dow's biggest decliner, falling 5.1% despite its 3Q profit and rev both beating analysts' expectations. Microsoft, which also posted 3Q earnings and rev above Street estimates surged 5.4%, making it and Hewlett-Packard the only 2 companies finishing up. Microsoft is charted showing its stock rising since Jan.

Bank of America BAC $16.22 -0.30 1.82% 180,423,798 NYSE: WSJ pA "BofA Repayment To Tarp Hits Snag" by Deborah Solomon, Dan Fitzpatrick says BofA's attempt to repay fed bailout funds and escape the gov's grasp has been snagged over how much additional capital it must raise to satisfy regulators. BAC wants to return the gov's $45 bil investment arguing that it has raised $40 bil of new equity and is able to survive without gov help but some gov regulators say it must raise more.

Inst'l Inv. p21 has a profile on BofA-Merrill Lynch's Stefan Selig who in July became exec vice chairman for global corporate and investment banking. Through 9/23 BofA ranked fourth in fee rev for debt financing and fifth in equity financing and M&A. Merrill gave BofA a strong investment banking presence in Europe and Asia, and its IPO platform complements BofA's legacy high grade and leveraged loan businesses.

Inst'l Inv. p53 "The 2009 All-America Research Team" by Leslie Kramer ranking for top 15 are: 1 Barclays Capital; 2 JP Morgan; 3 BofA Merril Lynch Research; 4 UBS; 5 Credit Suisse; 6 Sanford C. Bernstein; 7 Citi; 8 Goldman, Sachs; 9 morgan Stanley; 10 Deutsche Bank; 11 ISI Group; 12 Wells Fargo Sec; 13 Empirical Research Paratners; 14 Oppenheimer; 15 Strategas Research Partners.

Atl Bus Chron p7A "BofA, regional banks winners in deposit data" by J. Scott Trubey says Charlotte-based Bank of America is the third largest bank by deposits in metro Atlanta, and grew its deposit base by $1.3 bil to $16.2 bil, an 8.7 % year over year increase.

Boeing BA $49.89 -1.18 2.31% 5,820,177 NYSE: BW p65 "When the Laid-Off Are Better Off" by Michelle Conin says victims of Boeing layoffs, researchers found, were less depressed and drank less than those who remained in a research study that followed 3,500 employees at Boeing from '96 to '06. During this time BA's workforce of 234,850 shrunk by 33% to 157,441. Of the original 3,500 who ranged from execs to assembly workers only 525 still work at Boeing.

BW p64 "India's Jet Setters Now Prefer Coach" by Mehul Srivastava says airlines in India are struggling with overcapacity and are cutting post meals and taking out biz class seats. Indian Jet Airways has deferred deliveries of 2 Boeing 777s and 5 737s and Air India may cancel 6 777s.

BW p8 mentions that companies have been reporting good earnings with one big exception, Boeing which lost $1.16 bil.

Caterpillar CAT $57.6 -1.14 1.94% 8,727,613 NYSE: No mentions found.

Chevron CVX $76.68 -0.61 0.79% 8,257,772 NYSE: No mentions found.

Cisco CSCO $24.17 -0.01 0.04% 42,316,065 NASDAQ-GS: No mentions found.

Coke KO $53.24 -0.91 1.68% 10,697,495 NYSE: No mentions found.

Disney DIS $28.89 -0.55 1.87% 9,710,809 NYSE: Time p49 "How Disney Builds Stars" by Belinda Luscome says the movies are tanking, the parks are weak, and ABC is hurting. Bur lDisney is being buoyed by its ability grow teen talent. Disney's show "Wizards of Waverly Place" is helping cable operations which include ESPN hold steady while other Dis businesses sag. Cable networks brought in 2. bil of operating income compared to $458 mil for Consumer products div; $1 bil for parks and resorts div; a loss of $181 mil for interactive media; and gains of $188 mil and $504 mil respectively for studio entertainment div. & broadcasting div. The Disney Teen machine has become a finely tuned profit pump in an industry rife with unpredictability. The result is that Disney's cable networks represent the one slightly solid piece of earth among Disney's sinking properties Disney's teen starts pictures are Miley Cyrus, Selena Gomez, Jonas Brothers, Demi Lovato, and Bridgit Mendler.

NYT pA1 "No Einstein In Your Crib? Get a Refund" by Tamar Lewin says Walt Disney company is offering refunds on the "Baby Einstein" videos that did not make children into genuises. Baby Einstein founded in 1997 was one of the earliest players in what became a huge electronic media market for babies and toddlers. Acquired by Disney in '01, the company expanded to a full line of books, toys, flashcards, and apparel.

DuPont DD $33.23 -0.82 2.41% 7,216,260 NYSE: No mentions found.

Exxon Mobil XOM $73.57 -0.87 1.17% 20,460,208 NYSE: Fin Times p14 "Amazon outperforms amid broader blue-chip retreat" by Aline van Duyn says the positive tone in US equities fizzled out yesterday in spite of a robust start to the end of the week from stronger earnings from Microsoft and a surge in Amazon shares to record highs. There were significant drops in energy, reflecting concerns about the direction of oil prices. The sector fell 2% yesterday notching up a fall of more than 1% for the week. ExxonMobil, the largest oil company and biggest stock in the S&P 500 and Dow was down 1.2%.

GE $15.2 -0.14 0.91% 86,737,008 NYSE: No mentions found.

Hewlett-Packard HPQ $48.56 +0.24 0.5% 13,478,910 NYSE: AJC pA13 item says Hewlett-Packard's complaint seeking to bar imports of certain printer cartridges that it claims use protected technology won review by US trade officials, the US Int'l Trade comm. which said it would investigate the complaint brought by HPQ, the world's largest maker of PCs and printers. HP's patent rights are being violated by 11 companies in US and Asia including Taipei based Acer according to HPQ.

WSJ pB1 "Stocks Fall 109.13, Led by AmEx" by Donna Kardos Yesalavich, Georffrey Rogow says stocks finished lower Fri., giving back more than a week of gains, as uncertainty about the economy outweighed better than expected earnings and home sales dats. American Express led the decliners in percentage terms, down 5.1%. Late Thurs. it reported a 21% decline in 3Q earnings, although that was better than expected. Microsoft jumped 5.4% after reporting a smaller decline in quarterly earnings than analysts expected. Hewlett-Packard rose 0.5% Tech stocks did better than the rest of the market as Amazon.com reported a 69% earnings gain. Sales of existing homes rose amid lower prices. Friday's weakness in stocks came as the dollar rose, with the euro falling below $1.50.

WSJ pB3 "Lage Stock Focus" by Donna Kardos Yesalavich says stocks closed lower Fri. as a weak forecast out of railroad Burlington Northern fueled worries about freight demand, a barometer of the wider economy, although tech giants Microsoft and Amazon.com escaped the decline thanks to strong quarterly earnings. American Express was the Dow's biggest decliner, falling 5.1% despite its 3Q profit and rev both beating analysts' expectations. Microsoft, which also posted 3Q earnings and rev above Street estimates surged 5.4%, making it and Hewlett-Packard the only 2 companies finishing up. Microsoft is charted showing its stock rising since Jan.

Home Depot HD $26.27 -0.45 1.68% 16,248,363 NYSE: Atl Bus. Chron p21 has an item that a Mableton, GA. man is facing time in fed prison for allegedly paying more than $1.4 mil in bribes to a Home Depot employee

Intel INTC $19.78 -0.34 1.69% 82,417,110 NASDAQ-GS: Various stories continue re: the Galleon Group insider case that has resulted in the arrest of an IBM and Intel employee for leaking inside info including WSJ pB1 "Probe Widening in Galleon Case by Susan Pulliam saying prosecutors subpeoned Richard Grodin, a hedge fund manager for SAC Capital Advisors; WSJ pB1 "Rajaratnam: Relentless Pursuit of Data" by Gregory Zuckerman, Robert A. Guth that calls this the most high profile insider trading case in a generation; WSJ pW1 "Learning to Love Insider Trading" by Donald J. Boudreaux who argues that insider trading should not be illegal; BW p9 that says Rajaratnam and five others, including execs at IBM, Intel, and McKinsey were arrested on 10/16; Fin Times p8 "Galleon's reach" by John Gappe says the scandal is causing shock well beyond the world of finance, NYT pB1 "Witness in Galleon Case is Said to have History of Passing Secrets" by Ashlee Vance, Michael J. de la Merced says the central witness in the case has a more than 10 year history of passing on insider info to the fund. She is Roomy Khan, who worked a Intel in '98 and was involved in alleged in faxing confidential sales and pricing info for computer chips by Intel to Galleon in '98.

IBM $120.36 -2.33 1.9% 6,734,737 NYSE: Various stories continue re: the Galleon Group insider case that has resulted in the arrest of an IBM and Intel employee for leaking inside info including WSJ pB1 "Probe Widening in Galleon Case by Susan Pulliam saying prosecutors subpeoned Richard Grodin, a hedge fund manager for SAC Capital Advisors; WSJ pB1 "Rajaratnam: Relentless Pursuit of Data" by Gregory Zuckerman, Robert A. Guth that calls this the most high profile insider trading case in a generation; WSJ pW1 "Learning to Love Insider Trading" by Donald J. Boudreaux who argues that insider trading should not be illegal; BW p9 that says Rajaratnam and five others, including execs at IBM, Intel, and McKinsey were arrested on 10/16; Fin Times p8 "Galleon's reach" by John Gappe says the scandal is causing shock well beyond the world of finance, NYT pB1 "Witness in Galleon Case is Said to have History of Passing Secrets" by Ashlee Vance, Michael J. de la Merced says the central witness in the case has a more than 10 year history of passing on insider info to the fund. She is Roomy Khan, who worked a Intel in '98 and was involved in alleged in faxing confidential sales and pricing info for computer chips by Intel to Galleon in '98.

J.P. Morgan JPM $45.23 -0.48 1.05% 27,496,037 NYSE: Inst'l Inv. p16 "Jamie's Choice JPMorgan CEO Taps Staley for Top Job" says late last month JPM ceo Jamie lDimon tapped Jes Staley, fromer CEO of JP Morgan Asset management to run the bank's lucrative investment banking biz. Bill Winters, the former cohead who navigated the biz through the recent credit crisis is leaving the firm.

Inst'l Inv. p53 "The 2009 All-America Research Team" by Leslie Kramer ranking for top 15 are: 1 Barclays Capital; 2 JP Morgan; 3 BofA Merrill Lynch Research; 4 UBS; 5 Credit Suisse; 6 Sanford C. Bernstein; 7 Citi; 8 Goldman, Sachs; 9 morgan Stanley; 10 Deutsche Bank; 11 ISI Group; 12 Wells Fargo Sec; 13 Empirical Research Paratners; 14 Oppenheimer; 15 Strategic Research Partners

Johnson & Johnson JNJ $60.54 -0.40 0.66% 10,654,010 NYSE: No mentions found.

Kraft KFT $27.05 -0.06 0.22% 10,397,817 NYSE: No mentions found.

McDonald's MCD $59.43 -0.07 0.12% 7,586,233 NYSE: No mentions found.

Merck MRK $32.43 -0.44 1.34% 16,822,041 NYSE: No mentions found.

Microsoft MSFT $28.02 +1.43 5.38% 281,089,053 NASDAQ-GS: WSJ pB5 "Microsoft Feeds Hopes for a Recovery" by Nick Wingield says MSFT's profit dropped 18% but consumer demand mitigated weak business spending" and AJC pA13 item say Microsoft's fiscal 1Q sales fell compared with a year ago, but its moves to cut costs and lay off workers helped it earn a profit that beat analysts' expectations. It had net income of $3.57 bil or 40 cents a share against expectations of 32 cents a share. It deferred $1.47 bil in rev from presales without which it would have earned 52 cents a share. Total rev for 1Q were $12.92 bil, a 14% decline from a year ago.

WSJ pB1 "Stocks Fall 109.13, Led by AmEx" by Donna Kardos Yesalavich, Georffrey Rogow says stocks finished lower Fri., giving back more than a week of gains, as uncertainty about the economy outweighed better than expected earnings and home sales data. American Express led the decliners in percentage terms, down 5.1%. Late Thurs. it reported a 21% decline in 3Q earnings, although that was better than expected. Microsoft jumped 5.4% after reporting a smaller decline in quarterly earnings than analysts expected. Hewlett-Packard rose 0.5% Tech stocks did better than the rest of the market as Amazon.com reported a 69% earnings gain. Sales of existing homes rose amid lower prices. Friday's weakness in stocks came as the dollar rose, with the euro falling below $1.50.

WSJ pB3 "Lage Stock Focus" by Donna Kardos Yesalavich says stocks closed lower Fri. as a weak forecast out of railroad Burlington Northern fueled worries about freight demand, a barometer of the wider economy, although tech giants Microsoft and Amazon.com escaped the decline thanks to strong quarterly earnings. American Express was the Dow's biggest decliner, falling 5.1% despite its 3Q profit and rev both beating analysts' expectations. Microsoft, which also posted 3Q earnings and rev above Street estimates surged 5.4%, making it and Hewlett-Packard the only 2 companies finishing up. Microsoft is charted showing its stock rising since Jan.

BW p45 in an article about applications by Douglas Macillan, Peter Burrows, Spencer E. Ante says apps will help determine tech's next big winners. The success of Apple's iPhone is due in large part to the fact that it can offer more customers more software choices than any rival. Research In Motion, maker of the business oriented BlackBerry has scrambled to catch up and has made progress. But established giants such as Nokia and Microsoft are struggling to get traction, raising questions about their prospects.

BW p28 "What's Holding Back Tech" by Steve Hamm says the surprise surge in demand for PCs and handsets has the industry scrambling to get the supply chain humming. Pc makers have high hopes hat the release of Microsoft's Windows 7 operapating system will stimulate powerful demand for new PCs, but analysts are skeptical that people will buy new PCs just for Windows 7.

Fin Times p9 "Spending rise bolsters Microsoft" by Richard Waters says the first signs of a recovery in consumer spending on PCs, particularly in the US contributed to the stronger than expected earnings at Microsoft pushing their shares to their highest point since the middle of last year.

Fin Times p16 has an item says that netbook buyers appear to be choosing Windows 7 over XP, providing a boost to selling prices. Also, Bing, Microsoft's search engine has increased market share since its recent launch. Howeever, netbooks are still depressing prices and margins for the PC industry and Bing's increased share seems to be coming mainly from Yahoo, whose search function Microsoft has agreed to take over.

NyT pB3 "Despie Slow sales Before Windows 7, Microsoft Beats Investors' Profit Forecast" by Saul Hansell, Jack Healty says Microsoft's operating costs fell by 6,9% in he quarter compared with a year ago. It ut 5,000 employees in Jan and now has 4% fewer employees than last year.

Pfizer PFE $17.25 -0.31 1.77% 59,292,345 NYSE: BW p72 "A Revitalized Pfizer" says PFE, a big laggard last year, has mounted a robust recovery. The steady progress in its share price is partly due to the view that the new Pfizer is gaining from its recent purchase of Wyeth that will bring 44 bil in cost synergies. 20 of 24 analysts who track Pfizer rate it a buy and 4 call it a hold due to Pfizer's low valuation, a 3.8% dividend yield that is expected to rise in Dec. and new products, including one for rheumatoid arthritis. Barbara Ryan of Deutsche Banks foresees earnings of $1.94 in '09 and $2.34 in '10. Her 12 month target is 25.

Procter & Gamble PG $57.64 -0.49 0.84% 10,648,499 NYSE: No mentions found.

3M MMM $77.82 -0.97 1.23% 5,421,000 NYSE: No mentions found.

Travelers TRV $51.3 -0.40 0.77% 4,878,237 NYSE: No mentions found.

United Technologies UTX $65.81 -0.09 0.14% 5,524,665 NYSE: No mentions found.

Verizon VZ $28.85 -0.17 0.59% 19,760,320 NYSE: BW p49 in an item about investment flowing into apps as smartphones reshape the tech world says in Oct., US mobile operator Verizon Wireless announced an initiative to invest $1.3 bil in wireless applications and related technologies.

WSJ pB7 "A Week in the Life of the DJIA" says the Dow lost 23.73 points or 0.24% on the week. To date, a $1,000 investment on 12/31 in each Dow component would have returned $436,238 or a gain of 20.79% gain on the $30,000 investment including reinvested dividends. The worst performer so far is Verizon where a $1,000 would now be worth $904 and the best is Microsoft where the $1,000 investment would be worth $1,469.

Wal-Mart WMT $50.44 -0.04 0.08% 15,047,772 NYSE: "WSJ pB5 "Amazon Shares Hit Record As Profit Triggers Frenzy" by George Stahl, Geoffrey A. Fowler also says Amaon faces renewed competition from major retailers such as Wal-Mart Stores Inc., which can leverage pricing power because of scale and a physical store presence that allows consumers to buy online and pick-up at their convenience.

Similar theme at WSJ pB10 "Overheard."

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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 who will be replaced by Douglas Oberhelman in 2010.
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