Monday, October 5, 2009

10/5/09 pm Mon. Dow Closes at 9599.75 up 112.08 or 1.18%

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

Post #143 The following is brought to you by Intellivest Securities Research, Inc. The following is not intended as advertising by a broker-dealer and is not a research report. Towards the end of this Blog is an update of the Dow 30's most recent SEC filings as of 9/25/09, a list of the Dow 30 CEO's and a ranking of the Dow 30 by market capitalization.

The Dow Jones Industrial Average closed Monday at 9599.75 up 112.08 or 1.18% from Friday's close of 9487.67. Of the 30 Dow Companies: 6 gained and 24 declined. The biggest loser dollar-wise and percentage-wise was Microsoft MSFT $24.64 -0.32 1.28% 56,469,767 NASDAQ-GS NYSE. The biggest gainer dollar-wise was JPMorgan Chase JPM $43.8 +1.94 4.63% 34,039,054 NYSE NYSE and percentage-wise was Alcoa AA $13.42 +0.60 4.68% 31,979,916 NYSE NYSE.

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 open today the Dow's trailing P/E ratio is 15.31, its P/E estimate is 15.32 and its Dividend yield is 2.94.

Monday's Dow Jones Industrial Average closing numerator was 1270.23 up 14.83 from Friay's closing Dow numerator of 1255.40. 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 increase for today of 14.83 by the divisor you get 112.08, the increase in Monday's Dow close.

The average closing price (the closing numerator divided by 30) of Monday's Dow Jones Industrial Average was 42.34 up 0.41 from Friday's Dow Jones Industrial Average closing price of 41.93. The median closing price of Monday's Dow Jones Industrial Average was 38.51 up 1.35 from Friday's Dow Jones median closing price of 37.16.

The highest closing price Monday again was IBM $119.75 +0.73 0.61% 5,624,626 NYSE NYSE and the lowest closing price Monday again was Alcoa AA $13.42 +0.60 4.68% 31,979,916 NYSE.

The lowest volume Monday again was 3M MMM $73.02 +1.09 1.52% 2,620,644 NYSE and the highest volume again was Bank of Am BAC $16.96 +0.62 3.79% 153,708,709 NYSE.

If Monday 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 made $1,230.
($127,020 - $125,790)

Monday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market

T $26.76 +0.24 0.9% 22,898,547 NYSE
AA $13.42 +0.60 4.68% 31,979,916 NYSE
AXP $33.22 +0.73 2.25% 9,378,672 NYSE
BAC $16.96 +0.62 3.79% 153,708,709 NYSE
BA $52.28 +0.88 1.71% 3,067,370 NYSE
CVX $69.39 +1.25 1.83% 9,545,195 NYSE
CSCO $22.94 +0.27 1.19% 37,773,718 NASDAQ-GS
KO $53.8 -0.07 0.13% 7,481,483 NYSE
DIS $27.67 +0.46 1.69% 10,220,866 NYSE
DD $31.36 +0.82 2.69% 5,266,248 NYSE
XOM $67.58 +1 1.5% 21,481,943 NYSE
GE $15.83 +0.47 3.06% 73,636,966 NYSE
HPQ $46.07 +0.79 1.74% 14,510,014 NYSE
HD $26.15 +0.12 0.46% 10,116,228 NYSE
INTC $19.1 +0.13 0.69% 56,297,868 NASDAQ-GS
IBM $119.75 +0.73 0.61% 5,624,626 NYSE
JPM $43.8 +1.94 4.63% 34,039,054 NYSE
JNJ $59.82 +0.09 0.15% 7,060,023 NYSE
KFT $26.02 +0.07 0.27% 8,636,375 NYSE
MCD $56.61 -0.10 0.18% 8,008,810 NYSE
MRK $31.77 +0.12 0.38% 17,426,252 NYSE
MSFT $24.64 -0.32 1.28% 56,469,767 NASDAQ-GS
PFE $16.4 +0.25 1.55% 41,062,069 NYSE
PG $56.68 -0.07 0.12% 10,471,479 NYSE
MMM $73.02 +1.09 1.52% 2,620,644 NYSE
TRV $48.99 -0.05 0.1% 4,222,036 NYSE
UTX $60.43 +0.80 1.34% 3,543,326 NYSE
VZ $29.96 +0.07 0.23% 13,457,081 NYSE
WMT $49.06 -0.02 0.04% 14,079,617 NYSE


Here are the latest SEC filings as of 9/25/09 other than ownership filings and, except for certain cases, I do not include third party shareholder proposals:

Symbol & Co. Name/Date of Filing/Form Filed/ Comments

T AT&T: 8/28/09 two 8K's, one: announcing it had reached agreement with the Communications Workers of America (on a new, three-year contract covering approximately 7,000 wireline employees (located across the U.S.) under the CWA Communications and Technologies contract, subject to approval by these employees. The second 8K said two subsidiaries of T provided redeemed certain long-term debt issues as of September 28, 2009.

Alcoa AA: 7/29/09 8K announcing that Alain J. P. Belda, executive Chairman of the Board of Directors of AA retired as an executive officer but is staying on as a director until April 23, 2010.

American Express AXP: 9/15/09 8K annoucing delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended June 30, July 31 and August 31, 2009.

9/2/09 10Q;

Bank of Am BAC: 9/24/09 several free writing prospectus regarding issuance of securities.

Boeing BA: 9/15/09 announcing that pursuant to a 1978 SEC settlement, BA informed the SEC of a change in its policy re the appointment of foreign consultants and to whom they report.

8/31/09 8K announcing the retirement of Scott E. Carson, Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes, effective January 1, 2010. Effective September 1, 2009, Mr. Carson will leave his current position and assume the role of Executive Vice President. Carson will be replaced by James F. Albaugh.

8/27/09 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.

Caterpiller CAT: 9/23/09 8K announcing a new credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., that provides for an unsecured aggregate revolving credit facility to $2.38 billion that serves as an alternative source of funds, if necessary, for CAT's commercial paper programs.

9/21/09 8K furnishing supplemental information concerning deliveries to users for its Machinery and Engines lines of business. Caterpillar sells the majority of its machinery and engines to independently owned and operated dealers and Original Equipment Manufacturersto meet the demands of their customers, the end users. Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year were down significantlly.

9/15/09 8K announcing CAT and Navistar International Corporation (NYSE: NAV)formed a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial truck market to be based in Chicago.

8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.

Chevron CVX: 8/6/09 10Q

Cisco CSCO: 9/23/09 Proxy Statement in connection with its Annual Meeting to be held 11/12/09.

9/11/09 10K

9/9/09 8K Cisco appointed Arun Sarin, former CEO of Vodafone Group Plc, to its Board of Directors. He will a $75,000 annual retainer, $2,000 per committee meeting attended, and 16,666 shares.

9/4/09 8K annoucing bonus payments for '09 fiscal year to: John T. Chambers, Chairman and Chief Executive Officer, $2,031,000; Frank A. Calderoni, Executive Vice President, Chief Financial Officer, $900,000; Wim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000; Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000; and Richard J. Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.

Coke KO: 7/30/09 10Q

Disney DIS: 9/22/09 Form S-4 Proxy and 9/16/09 Prospectus related to the takeover of Marvel.

8/31/09 8K announcing a merger between its subsidiary, Maverick Acquisition Sub, Inc., and its subsidiary, Maverick Merger Sub, LLC, a single member Delaware limited liability company and Marvel Entertainment, Inc.. As a result of the Merger, Marvel will become a wholly owned subsidiary of Disney. Each share of Marvel common stock will be converted into $30 in cash and 0.7452 shares of Disney common stock.

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

ExxonMobil XOM: 8/5/09 10Q

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

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

9/17/09 8K On 9/17/09 HPQ elected Marc L. Andreessen as a dierctor and chair of the Technology Committee of the Board. Andreessen is a co-founder and general partner of Andreessen Horowitz, a venture capital firm, and a co-founder and chairman of Ning, Inc., an online platform for people to create their own social networks. Andreessen co-founded Opsware Inc. & served as chief technology officer of America Online, Inc. and was a co-founder of Netscape Communications Corporation. Andreessen gets an retainer of $100,000, an annual equity retainer of $150,000, and $2,000 in cash for each Board meeting attended in excess of six per year. Mr. Andreessen also will be eligible to participate in the product matching portion of the HP Employee Giving Program under which each non-employee director may contribute up to $100,000 worth of HP products each year to a qualified charity by paying 25% of the list price of those products, with HP paying the remaining 75%. In addition, Mr. Andreessen will receive an annual retainer of $10,000 for service as the chair of the Technology Committee. HPQ also increased the number of HPQ directors from ten to eleven.

9/8/09 10-QA

9/4/09 10-Q

Home Depot HD: 9/3/09 10-Q

8/26/09 8K announcing amendments to their By-Laws dealing with resignations of directors.

Intel INTC: 9/21/09 A tender offer regarding exchange of some of its stock options with its employees.

9/16/09 An intranet article re the Stock Option Exchange Program.

9/15/09 8K Intel is consolidating all of its major product divisions into the newly formed Intel Architecture Group, which will be co-managed by Sean Maloney and David (Dadi) Perlmutter, executive vice presidents. Maloney will be responsible for business and operations while Perlmutter will lead product development and architecture. Paul Otellini, CEO, will devote more time to corporate strategy and driving the company’s growth initiatives. Intel’s global manufacturing organization, the Technology and Manufacturing Group will now report to Andy Bryant, Intel’s chief administrative officer. Pat Gelsinger and Bruce Sewell, General Counsel, will leave INTC.

8/28/09 8K announcing that as a result of stronger than expected demand for microprocessors and chipsets, Intel now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. The company is scheduled to report its third-quarter financial results on Oct. 13.

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

7/28/09 10Q

JPMorganChase JPM: 9/23/09 Various free writing prospectus re: issuance of securities.

9/17/09 prospectus reReverse Exchangeable Notes due December 21, 2009 Linked to Eight Equally Weighted Reference Stocks and in preceding days there were similar prospectuses.

9/2/09 Free Writing Prospectus relating to Core commodity C-IGAR Sigma Long-Short Index

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

Kraft KFT: 9/9/09 prospectus relating to Kraft's bid to take over Cadbury that was announced on 9/7/09.

9/9/09 8K announcing a strategic update, including a review of the company’s successful three-year turnaround plan.

8/5/09 10Q

McDonalds MCD: 9/9/09 8K announcing that global comparable sales rose 2.2% in August and by segment performance was as follows: U.S. up 1.7%; Europe up 3.5%; andAsia/Pacific, Middle East and Africa declined 0.5%.

8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"

Merck MRK: 9/21/09 8K announcing that the acquisition by Sanofi-aventis of Merck’s 50 percent interest in Merial Limited (Merial) has been completed. Sanofi-aventis acquired Merck’s interest in Merial for a cash consideration of $4 billion. Formed in 1997, Merial is a leading animal health company that was a 50/50 joint venture between Merck and sanofi-aventis and is now a wholly-owned subsidiary of sanofi-aventis.

8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough

Microsoft MSFT: 9/11/09 8K James Cash to retire from Board of Directors. The
Harvard Business School professor and senior associate dean emeritus had served on the board since 2001. With Cash’s departure, the Microsoft board will have nine members: Bill Gates, chairman of Microsoft; Steve Ballmer; Dina Dublon, former chief financial officer of JPMorgan Chase; Raymond V. Gilmartin, former chairman, president and chief executive officer of Merck & Co. Inc.; Reed Hastings, founder, chairman and CEO of Netflix Inc.; Maria M. Klawe, president, Harvey Mudd College; David F. Marquardt, general partner at August Capital; Charles H. Noski, former vice chairman of AT&T Corp.; and Dr. Helmut Panke, former chairman of the board of management at BMW AG.

8/24/09 S-8 Securities to be offered to employees in employee benefit plans

Pfizer PFE: 9/24/09 11-K Annual Report of Employee Stock Option Plan.

9/2/09 8K announcing an agreement with the U.S. Department of Justice to settle an investigation regarding off-label promotional practices related to Bextra, which Pfizer withdrew from the market in 2005 and other DOJ investigations involving off-label promotional practices concerning Zyvox, Geodon and Lyrica, and allegations related to payments to healthcare professionals involving these and nine other Pfizer medicines. Pfizer previously disclosed a related $2.3 billion charge to its fourth-quarter and full-year 2008 earnings in connection with the DOJ agreement in principle on January 26, 2009. PFE has reached agreements with attorneys general in 432 states to settle state civil consumer protection allegations regarding promotional practices concerning Geodon. PFE will pay a total of $33 million to the settling states.

Procter & Gamble PG: 9/10/09 8K confirmed its fiscal year 2010 and July – September quarter outlook for organic sales growth. The company also stated it expects to return to organic sales growth in the October – December quarter compared to prior year levels, following two quarters of organic sales declines. P&G also updated earnings per share guidance to include the anticipated impacts from the Pharmaceutical divestiture, which was announced on August 24, 2009. For fiscal year 2010, P&G confirmed previous guidance for organic sales growth of one to three percent. P&G expects net sales in the range of flat to up three percent versus prior year levels, which includes a foreign exchange impact of zero to minus one percent. P&G now expects fiscal 2010 earnings per share in the range of $3.99 to $4.12 per share. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.

8/28/09 S-8 Securities to employees and 8/28 8K annoucning public offering of $500,000,000 aggregate principal amount of 3.150% Notes due 2015.
Also a PG subsidiary, Procter & Gamble International Funding SCA issued $1,000,000,000 aggregate principal amount of 1.350% Notes due 2011.

3M MMM: 8/5/09 3M contributed 8,329,862 shares of its common stock with a corresponding dollar value of approximately $600 million to its defined benefit pension plan, the 3M Employee Retirement Income Plan, made from treasury stock.

Travelers TRV: 8/5/09 10Q/A Amended 10Q

United Technologies UTX: 7/24/09 10Q

Verizon Communications Inc. VZ: 8K 9/11/09 8K announcing VZ's cash flow and balance sheet are strong, and VZ recently increased its dividend for the third consecutive year. VZ is not planning for any economic improvements in the second half of 2009. Verizon expects that economic conditions will continue to pressure revenues and margins in the second half of 2009, particularly in its Wireline segment. VZ expects to add one million wireless customers per quarter for the next several quarters.
o The company expects to achieve its stated Alltel cost synergy targets & greater cash flow from operations in the second half of 2009 compared to the first half of 2009.

9/4/09 8K VZ raised its quarterly dividend 3.3% to 47.5 Cents per Share. This is the third consecutive year that VZ has approved a quarterly dividend increase in September.

9/4/09 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc.

Wal-Mart WMT: 8K 9/18 Pricing agreement re: the 9/16 filed prospectus relating to $1 bil of Euro Note Offering at 4.875%

9/14/09 Prospectus re debt securities of $364,600,000

9/9/09 10Q

8/13/09 8K re 7/31/09 2Q report of earnings

Here are the CEOs of the Dow 30 Companies:

T Randall L. Stephenson
AA Klaus Kleinfeld
AXP Kenneth I. Chenault
BAC Kenneth D. Lewis (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 9/25/09:

1. Exxon Mobil XOM $331
2. Microsoft MSFT 231
3. WalMart WMT 196
4. GE 176
5. Procter & Gamble PG 169
6. JPMorgan Chase 167
7. Johnson & Johnson JNJ 167
8. IBM 162
9. At&t T 159
10. Chevron CVX 142
11. Cisco CSCO 131
12. Coke KO 121
13. Hewlett-Packard HPQ 112
14. Pfizer PFE 111
15. Intel INTC 109
16. Bank of Am BAC 109
17. Verizon VZ 86
18. Merck MRK 65
19. McDonald's MCD 61
20. United Technologies UTX 59
21. Disney DIS 52
22. 3M MMM 52
23. Home Depot 46
24. American Express AXP 40
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 32
28. DuPont DD 29
29. Traveler's TRV 27
30. Alcoa AA 13