10/31/09 Sat. Chevron's Results Slip But Beat Expectations

WE CAN ALSO BE FOUND AT WWW.DOWJONESMONITOR.COM

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

Post #188 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 10/28/09 and an update of the Dow 30's most recent SEC filings as of 10/12/09.

A read of Saturday's 10/31/09 print editions of: Wall Street Journal, New York Times, Atlanta Journal Constitution &11/2/09 issue of Investors Business Daily, 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 Friday's closing price and related data:

Dow: The Dow Jones Industrial Average closed Friday at 9712.73 down 249.85 or 2.51% from Thursday's close of 9962.58. For the week the Dow was down 2.6% from last Friday's closing of 9972.18. Of the 30 Dow Companies: all 30 declined. The biggest decliner dollar-wise and percentage-wise was J.P. Morgan Chase JPM $41.77 -2.58 5.82% 56,824,000 NYSE.

NYT pB1 "Markets Fall Back to Eath, and Hard" by Javier C. Hernandez the Dow Jones industrial average plunged nearly 250 points or 2.5%, in its sharpest sell-off since July. The sudden decline, coming only days after the Dow was flying above 10,000, raises the question as to whether the stock market is finally running out of steam. The day began with unsettling news from the Commerce Dept. regarding a report on consumer spending that showed the largest drop in 9 months that reinforced the notion that the recovery of the US economy would be slow and halting. The decline was tied to the end of the gov's cash-for-clunkers program. Overall spending fell 0.5% in Sept. and personal income levels remained flat because of higher unemployment rates and decreases in wages.

Fin Times p14 "Thrifty consumers and mixed data dent optimism" by David Oakley says US stocks dropped sharply Fri. as the markets fell for a second successive week on mixed economic numbers that dented optimism. Analysts insisted that the rally can continue into the new year, with the S&P 500 and the Dow Jones Industrial Aveage seeing an eighth consecutive month of gains. Stocks of American Express, Home Depot and DuPont saws shares fall too. Chevron, the second largest US energy group, fell 2.03% in spite of 3Q profits beating expectations. Some of the biggest falls were among the financials, such as Bank of America which fell 7.18%.

WSJ pB1 "Volatile Week Ends With 249 Point Drop" by E.S. Browning says after seeming to dissipate on Thurs, investors' economic worries came roaring back, amid concerns that the economy may not be strong enough to support a significant new leg up for stocks. The catalyst for the moves was the gov's report that consumer spending sank in Sept. as the cash for clunkers program ran out, together with news that The Reuters/Univ. of Michigan consumer confidence index fell in Oct. Consumer spending accounts for 70% of economic activity, and its continuing weakness, depsite months of gov aid, makes investors worry about what will support stocks once the aid wanes.

wSJ pB3 "BofA, J.P. Morgan Lead Dow's Slide" by Donna Kardos Yesalavich says BofA, JPM and Alcoa led stocks lower on Fri.

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 16.74 down from Friday's 16.75 (year ago was nil), the P/E estimate is 15.68 down from yesterday's 16.03 (1 year ago it was 10.97), and the dividend yield is 2.88 up from Friday's 2.81 (a year ago it was 3.45).

Friday's Dow Jones Industrial Average closing numerator was 1285.18 down 33.06 from Thursday's closing Dow numerator of 1318.24. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator decrease of 33.06 for Friday by the divisor you get the decrease of 249.85 in Friday's Dow close.

The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was $42.84 down $1.10 from Thursday's Dow Jones Industrial Average closing price of $43.94. The median closing price of Friday's Dow Jones Industrial Average was $38.31 down $2.09 from Thursday's Dow Jones median closing price of $40.40. The lowest volume Friday was 3M MMM $73.57 -1.91 2.53% 4,441,052 NYSE and the highest volume again was Bank of Am BAC $14.58 -1.15 7.31% 303,096,826 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 $3,300.
($131,820 - $128,520)

AT&T T $25.67 -0.56 2.13% 40,634,805 NYSE: No mentions found.

Alcoa AA $12.42 -0.58 4.46% 45,728,545 NYSE: wSJ pB3 "BofA, J.P. Morgan Lead Dow's Slide" by Donna Kardos Yesalavich says BofA, JPM and Alcoa led stocks lower on Fri.

American Express AXP $34.84 -1.60 4.39% 12,940,869 NYSE: Fin Times p14 "Thrifty consumers and mixed data dent optimism" by David Oakley says US stocks dropped sharply Fri. as the markets fell for a second successive week on mixed economic numbers that dented optimism. Analysts insisted that the rally can continue into the new year, with the S&P 500 and the Dow Jones Industrial Aveage seeing an eighth consecutive month of gains. Stocks of American Express, Home Depot and DuPont saws shares fall too.

Bank of America BAC $14.58 -1.15 7.31% 303,096,826 NYSE: Fin Times p14 "Thrifty consumers and mixed data dent optimism" by David Oakley says US stocks dropped sharply Fri. as the markets fell for a second successive week on mixed economic numbers that dented optimism. Analysts insisted that the rally can continue into the new year, with the S&P 500 and the Dow Jones Industrial Aveage seeing an eighth consecutive month of gains. Some of the biggest falls were among the financials, such as Bank of America which fell 7.18%.

IBD pA10 "Wall Street's Winding Road - A year after Lehman collapsed, some see hints of a gradual recovery" says investment banks don't ususally hold deposits for clients or engage in checks and other consumer services performed by full service banks like Bank of America or Citigroup.

wSJ pB3 "BofA, J.P. Morgan Lead Dow's Slide" by Donna Kardos Yesalavich says BofA, JPM and Alcoa led stocks lower on Fri.

Boeing BA $47.8 -1.01 2.07% 8,610,433 NYSE: No mentions found.

Caterpillar CAT $55.06 -2.19 3.83% 11,906,442 NYSE: No mentions found.

Chevron CVX $76.54 1.41 1.81% 19,335,340 NYSE: NYT pB9 "Low Oil Prices and Poor Margins At Refineries Weigh on Chevron" by Reuters says Chevron posted a 51% decline in quarterly profit on Fri., becoming the latest major oil company to be hit by the steep decline in oil and natural gas prices and anemic margins at refineries. Chevron's profit fell to $3.83 bil or $1.92 a share, from $7.89 bil or $3.85 a year earlier. Excluding $400 mil in gains from asset sales and other items, it earned $1.72 a share, topping the $1.47 a share analysts had forecast. Rev fell 41% to $46.6 bil, from 478.9 bil, falling short of the $47 bil analysts had forecast. Chev's earnings from oil production fell 4%, as an increase in output helped reduce the effect of the drop in oil prices which reached a record in the period a year earlier.

Also reported at Fin Times p10 where it says Chevron reported nearly 11% growth in net oil equivalent production, a rise far above that of its peers and reported at IBD pA2.

Fin Times p14 "Thrifty consumers and mixed data dent optimism" by David Oakley says US stocks dropped sharply Fri. as the markets fell for a second successive week on mixed economic numbers that dented optimism. Analysts insisted that the rally can continue into the new year, with the S&P 500 and the Dow Jones Industrial Aveage seeing an eighth consecutive month of gains. Chevron, the second largest US energy group, fell 2.03% in spite of 3Q profits beating expectations.

Cisco CSCO $22.81 -0.71 3.02% 58,690,614 NASDAQ-GS: No mentions found.

Coca-Cola KO $53.31 -0.78 1.44% 10,541,293 NYSE: No mentions found.

Disney DIS $27.37 -0.77 2.74% 12,704,394 NYSE: NYT pB5 "President Is Stepping Down From a Shrunken Miramax" by Brooks Barnes says the Walt Disney Company said Daniel Battsek would step down as Pres. of Miramax Films at the end of the year. On Oct. 2, Dis eliminated 50 jobs fromt the art house unit, leaving only about 20 people, including Mr. Battsek and reduced the number of films it released each year by half to 3. Dis recently outsted Dick Cook as chariman of the studio.

DuPont DD $31.82 -1.15 3.49% 10,300,450 NYSE: Fin Times p14 "Thrifty consumers and mixed data dent optimism" by David Oakley says US stocks dropped sharply Fri. as the markets fell for a second successive week on mixed economic numbers that dented optimism. Analysts insisted that the rally can continue into the new year, with the S&P 500 and the Dow Jones Industrial Aveage seeing an eighth consecutive month of gains. Stocks of American Express, Home Depot and DuPont saws sahres fall too.

Exxon Mobil XOM $71.67 -2.29 3.1% 31,338,416 NYSE: No mentions found.

GE $14.26 -0.61 4.1% 128,128,557 NYSE: WSJ pB2 "SEC, Finance Firms in Mni Talks" by Kara Scannell says several large financial firms are in settlement talks with the SEC to resolve investigations into the awarding of muni investment contracts. UbS AG, Bank of America and GE Funding Capital Market Services aare negotiating settlements. GE Funding disclosed in SEC filings that it received a Wells notice in connection with the bidding for various financial instruments associated with muni securities by certain former employees.

WSJ pB5 "Comcast, GE Move Closer" by Sam Schechner, Jeffrey McCracken says Comcast Corp. and GE are wrestling over the value of NBC Universal in neogtitation that would give Comcast control of GE's tv and movie company and an agreement could come within the next 3 weeks. Meanwhile, GE is exploring other options for NBC Universal. GE and media company News Corp. are in talks about an alternative NBC Universal deal.

Related story at WSJ pB10 "Taking Heed of Comcat's NBCU Envy" by Martin Peers.

Hewlett-Packard HPQ $47.46 -0.89 1.84% 16,342,611 NYSE: No mentions found.

Home Depot HD $25.09 -0.82 3.16% 19,108,101 NYSE: Fin Times p14 "Thrifty consumers and mixed data dent optimism" by David Oakley says US stocks dropped sharply Fri. as the markets fell for a second successive week on mixed economic numbers that dented optimism. Analysts insisted that the rally can continue into the new year, with the S&P 500 and the Dow Jones Industrial Aveage seeing an eighth consecutive month of gains. Stocks of American Express, Home Depot and DuPont saws sahres fall too.

Intel INTC $19.11 -0.11 0.57% 89,931,251 NASDAQ-GS: No mentions found.

IBM $120.61 -2.26 1.84% 7,468,911 NYSE: Fin Times p2 "IBM exec in insider case quits" says that Robert Moffat, the IBM senior exec charged with illegally passing on inside info, resigned in the wake of the Galleon hedge fund insider trading scandal.

Also reported at WSJ pB4 by William M. Bulkeley.

J.P. Morgan Chase JPM $41.77 -2.58 5.82% 56,824,000 NYSE: wSJ pB3 "BofA, J.P. Morgan Lead Dow's Slide" by Donna Kardos Yesalavich says BofA, JPM and Alcoa led stocks lower on Fri.

Johnson & Johnson JNJ $59.05 -0.81 1.35% 20,502,496 NYSE: No mentions found.

Kraft KFT $27.52 -0.03 0.11% 16,662,555 NYSE: No mentions found.

McDonald's MCD $58.61 -0.53 0.9% 9,648,162 NYSE: No mentions found.

Merck MRK $30.93 -0.38 1.21% 38,398,628 NYSE: IBD pB9 says Priceline is replacing Schering-Plough on the S&P 500 because of its merger with Merck.

Microsoft MSFT $27.73 -0.49 1.74% 70,068,128 NASDAQ-GS: NYT pB5 Joe Nocera's last column before taking a sabbatical to write a book asks if Google is a monopolist and disucsses Ken Auletta, the New York writer, who wrote a book about Google that compares Google to Microsoft in the late 1990's when Bill Gates simply couldn't believe that anybod would view his company as monopolistic.

Pfizer PFE $17.03 -0.52 2.96% 64,136,185 NYSE: IBD pA2 "Cholesterol drugs may fight flu" says people who were taking cholesterol lowering statins like Pfizer's Lipitor when they got the seasonal flu and had to be hospitalized were twice as likely to survive as those who weren't on such drugs.

Procter & Gamble PG $58 1.54 -2.59% 20,806,433 NYSE: No mentions found.

3M MMM $73.57 -1.91 2.53% 4,441,052 NYSE: No mentions found.

Travelers TRV $49.79 -2.12 4.08% 8,448,998 NYSE: No mentions found.

United Technology UTX $61.45 -2.13 3.35% 7,806,407 NYSE: No mentions found.

Verizon VZ $29.59 -0.45 1.5% 24,037,315 NYSE: No mentions found.

Wal-Mart WMT $49.68 -0.72 1.43% 17,244,801 NYSE: No mentions found.
********************************************************

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
10/28/09:
1. Exxon Mobil XOM $355
2. Microsoft MSFT 250
3. WalMart WMT 192
4. JPMorgan Chase 168
5. Procter & Gamble PG 167
6. Johnson & Johnson JNJ 164
7. IBM 159
8. At&t T 154
9. GE 153
10. Chevron CVX 152
11. Cisco CSCO 133
12. BAC 130
13. Coke KO 124
14. Pfizer PFE 116
15. Hewlett-Packard HPQ 111
16. Intel INTC 107
17. Verizon VZ 85
18. Merck MRK 68
19. McDonald's MCD 64
20. United Technologies UTX 59
21. 3M MMM 52
22. Disney DIS 51
23. Home Depot 43
24. American Express AXP 41
25. Kraft KFT 40
26. Boeing BA 34
27. Caterpillar CAT 34
28. DuPont DD 29
29. Travelers TRV 28
30. Alcoa AA 12

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