11/11/09 Wed. am Cadbury Rejects Kraft's Offer

WE CAN ALSO BE FOUND AT WWW.DOWJONESMONITOR.COM

YOUR BLOGGER WILL BE IN SWITZERLAND FOR "THINK SWISS FINANCIAL STUDY TRIP" THE WEEK OF 11/9 - 11/13 so our regular aggregation will be modified somewhat. Today, Wednesday's Blog, is from Zurich where later today your primary blogger will have the opportunity to share some of his thoughts about the Dow Jones 30 components with Swiss financial leaders courtesy of the Swiss Program "Presence Switzerland" a program of the Swiss Federal Dept. of Foreign Affairs, Mr. Jan Liechti Patel, General Secretariat.

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

Post #205 The following is brought to you by Intellivest Securities Research, Inc. 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 11/6/09 and an update of the Dow 30's most recent SEC filings as of 11/6/09.

A read of the 11/11/09 print editions of: The European edition of the Financial Times, International Herald Tribune, & International Edition of USA Today 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: Note: As of Wed. 1 a.m. U.S. est. time, the Wednesday morning papers in Zurich where as I write this it is 7:08 am do not have an article with the closing numbers of the Dow Jones Industrial Average. The data included here was posted Tuesday afternoon just after the market closed from data at www.intellivestsecurities.com. Yet, the papers still have articles about the Dow but without the closing prices but the articles are not clear about that. For example, at 7:08 am Wed. 11/11/09 (1:08 Wed am est in New York) I am looking at p17 of the It'l Herald Tribute with the Title "Market Roundup Investors take step back after day of heady gains" by Javier C. Hernandez that says "a day after a spirited rally sent the Dow Jones industrial average to its highest levels since the beginning of the financial crisis, Wall Street seemed ready to take a step back. The major stock averages drifted lower Tues. as the enthusiasm of Monday's rally, which pushed the Dow up more than 200 points, seemed to dissipate. In afternoon trading, the Dow was flat at 10,224.52." In fact, the Dow Dow Jones Industrial Average closed Tuesday at 10,226.97 up 20.03 or 0.2% from Monday's close of 10246.97. Yet, the article doesn't say that it went to print before the final numbers came out. From yesterday's blog: Of the 30 Dow Companies: 10 declined, 1 was unchanged (United Technologies) and 19 gained. The biggest gainer dollar-wise was Chevron CVX $78.32 +0.66 0.85% 9,210,223 NYSE and percentage-wise was Bank of America BAC $16.03 +0.26 1.65% 194,852,496 NYSE. The biggest decliner dollar-wise and percentage-wise was Boeing BA $50.32 -1.03 2.01% 4,671,463 NYSE.

The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged.

Tuesday's Dow Jones Industrial Average closing numerator was 1355.87 up 2.75 from Monday's closing Dow numerator of 1353.12. 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 of 2.75 for Tuesday by the divisor you get the increase in Tuesday's Dow close 20.03.

The average closing price (the closing numerator divided by 30) of Tuesday's Dow Jones Industrial Average was 45.20 up 0.10 from Monday's Dow Jones Industrial Average closing price of $45.10. The median closing price of Tuesday's Dow Jones Industrial Average was $41.93 up $0.23 from Monday's Dow Jones median closing price of $41.70. The lowest volume Tuesday was 3M MMM $77.99 +0.79 1.02% 3,491,464 NYSE and the highest volume again was Bank of Am BAC BAC $16.03 +0.26 1.65% 194,852,496 NYSE.

If Tuesday 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 $300.
($135,600 -$135,300)

AT&T T $26.36 +0.02 0.08% 21,817,549 NYSE: Fin Times p14 in an item about Vodafone which is a co-owner of Verizon Wireless in the US says it has been a year since Vittorio Colao, then recently installed as ceo of Vodafone, announced over $1 bil of cost cuts. Vodafone is under intense pressure to boost revenue. It iss the world's biggest mobile operator by revenues. But Vodafone at the same time it cuts costs has to build up a robust data network in order to allow the next generation of mobile services to browse the internet, for example by using Apple's iPhone which in the US is exclusively used on AT&T;s network.

Alcoa AA $13.48 +0.14 1.05% 24,297,542 NYSE:

American Express AXP $39.68 +0.63 1.61% 13,604,665 NYSE:

Bank of America BAC $16.03 +0.26 1.65% 194,852,496 NYSE: Fin Times p16 "Goldman chief defends level of employees' pay" by Greg Farrell says Goldman Sachs pays its employees more than other financial firms because they are more productive declared Lloyd Blankfein at an annual Merrill Lynch financial services conference. His presentation came directly after a speech by Ken Lewis, Bank of America's chief executive, who is stepping down at the end of this year following a series of regulatory probes into the way he handled the acquisition of Merrill Lynch.

Boeing BA $50.32 -1.03 2.01% 4,671,463 NYSE:

Caterpillar CAT $59.99 -0.01 0.02% 8,695,695 NYSE:

Chevron CVX $78.32 +0.66 0.85% 9,210,223 NYSE:

Cisco CSCO $23.65 -0.34 1.42% 42,841,687 NASDAQ-GS:

Coca-Cola KO $55.81 +0.33 0.59% 8,042,829 NYSE:

Disney DIS $29.12 +0.12 0.41% 16,923,792 NYSE:

DuPont DD $33.76 -0.85 2.46% 8,184,029 NYSE:

ExxonMobil XOM $72.61 -0.24 0.33% 15,674,428 NYSE:

GE $15.78 -0.07 0.44% 73,336,757 NYSE: Fin Times p16 "Defensive logic is propelling the latest M&A revival" by Paul Betts says mergers & acquisitions are making a comeback. This week, AXA said it was raising $3 bil for acquisitions. Kraft formally launched a hostile bid for Cadbury. Areva received 3 competing bids for its power transmission and distribution business. Comcast is proposing to acquire NBC Universal from GE.

Hewlett-PackardHPQ $49.96 -0.03 0.06% 10,577,247 NYSE:

Home Depot HD $26.82 +0.01 0.04% 14,722,040 NYSE:

Intel INTC $19.5 +0.04 0.21% 56,069,472 NASDAQ-GS: Fin Times p7 "Galleon investigation expands to take in tech analysts" by Joseph Menn says that 2 of the cooperating witnesses in the Galleon insider trading investigation that ensnared execs from Intel & IBM, worked as tech industry stock analysts, both for a time at Prudential Financial's now-shuttered equity research arm. The analysts apparently were working for Galleon and were the tippees or recipient allegedly of insider info.

IBM $126.91 +0.91 0.72% 6,403,331 NYSE: Fin Times p7 "Galleon investigation expands to take in tech analysts" by Joseph Menn says that 2 of the cooperating witnesses in the Galleon insider trading investigation that ensnared execs from Intel & IBM, worked as tech industry stock analysts, both for a time at Prudential Financial's now-shuttered equity research arm. The analysts apparently were working for Galleon and were the tippees or recipient allegedly of insider info.

J.P.Morgan ChaseJPM $44.17 -0.18 0.41% 30,855,402 NYSE:

Johnson & Johnson JNJ $61.23 +0.48 0.79% 11,645,006 NYSE:

Kraft KFT $26.82 0.29 1.09% 9,739,665 NYSE: Int'l Herald Trib p18 "Cadbury chief finds himself in unfamiliar role" says Roger Carr, the chairman of Cadbury, was quick to dismiss Kraft's $16.4 bil offer as derisory. Carr was formerly the chairman of Centrica, a natural gas firm, where he oversaw its hostile takeover of the energy company Venture Production and now he is on the other side of the table. Like Centrica, Kraft formalized its bid only shortly before the expiry of a put up or shut up deadline imposed by British regulators. Kraft hasn't ruled out making a higher offer. Since Kraft's shares and the dollar have declined, Cadbury shareholders are now being offered 4% less than they were in Sept. Cadbury trades at a 7% premium to the value of Kraft's offer but there are no competing bidders. Krafts stock could move lower in the absence of an alternative to Kraft's bid; however, Cadbury's shareholders may break ranks as they begin to see the appeal of Kraft's offer.

Fin Times p16 "Defensive logic is propelling the latest M&A revival" by Paul Betts says mergers & acquisitions are making a comeback. This week, AXA said it was raising $3 bil for acquisitions. Kraft formally launched a hostile bid for Cadbury. Areva received 3 competing bids for its power transmission and distribution business. Comcast is proposing to acquire NBC Universal from GE.

McDonald's MCD $62.28 -0.36 0.57% 7,379,323 NYSE:

Merck MRK $33.61 +0.18 0.54% 14,313,516 NYSE:

Microsoft MSFT $29.01 +0.02 0.07% 64,746,256 NASDAQ-GS:

Pfizer PFE $17.56 +0.13 0.75% 48,681,506 NYSE:

Procter & Gamble PG $61.86 +0.01 0.02% 12,745,060 NYSE:

3M MMM $77.99 +0.79 1.02% 3,491,464 NYSE:

Travelers TRV $53.93 +0.33 0.62% 4,800,693 NYSE:

United Technologies UTX $66.73 unch unch 3,501,336 NYSE:

Verizon VZ $30.31 +0.14 0.46% 14,458,780 NYSE: Fin Times p14 in an item about Vodafone which is a co-owner of Verizon Wireless in the US says it has been a year since Vittorio Colao, then recently installed as ceo of Vodafone, announced over $1 bil of cost cuts. Vodafone is under intense pressure to boost revenue. It iss the world's biggest mobile operator by revenues. But Vodafone at the same time it cuts costs has to build up a robust data network in order to allow the next generation of mobile services to browse the internet, for example by using Apple's iPhone which in the US is exclusively used on AT&T;s network.

Wal-Mart WMT $52.31 +0.31 0.6% 16,793,587 NYSE:

*****************************************************
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
11/6/09 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $349 [5]
2. Microsoft MSFT 254 [9]
3. WalMart WMT 198 [4]
4. Procter & Gamble PG 178 [3]
5. JPMorgan Chase 171 [4]
6. Johnson & Johnson JNJ 164 [3]
7. GE 163 [10.5]
8. IBM 162 [1.5]
9. Chevron CVX 155 [2]
10. Cisco CSCO 155 [6]
11. AT&T 153 [6]
12. BAC 130 [6.5]
13. Coke KO 126 [2]
14. Hewlett-Packard HPQ 117 [ 2]
15. Pfizer PFE 116 [7]
16. Intel INTC 106 [5.5]
17. Verizon VZ 69 [3]
18. Merck MRK 69 [2
19. McDonald's MCD 67 [1]
20. United Technologies UTX 61 [1]
21. 3M MMM 53 [.5]
22. Disney DIS 53 [2]
23. Home Depot 44 [2]
24. American Express AXP 44 [1]
25. Kraft KFT 40 [1.5]
26. Caterpillar CAT 36 [.5]
27. Boeing BA 34 [1]
28. DuPont DD 30 [1]
29. Travelers 28 [.5]
30. Alcoa AA 11 [1]

Here are the latest SEC filings as of 11/7/09 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: 11/6/09 8K announced the completion of the acquisition of Centennial Communications Corp. a regional provider of wireless and wired communications services for $945 million in cash.
11/5/09 10-Q

Alcoa AA: 10/23/09 10Q

American Express AXP: 10/30/09 10Q

Bank of Am BAC: 11/6/09 10Q

Boeing BA: 11/5/09 8K to reflect certain adjustments that have been made to prior year consolidated financial statements that were previously filed with the SEC on Form 10-K for the year ended December 31, 2008.

Caterpiller CAT: 10/30/09 10-Q

Chevron CVX: 11/5/09 10Q

Cisco CSCO: 11/4/09 8K On November 4, 2009, Cisco reported its results of operations for its fiscal first quarter 2010 ended October 24, 2009. Advisor, $750,000.

Coke KO: 10/29/09 10QA

Disney DIS: 10/27/09 Amended S-4 related to the takeover of Marvel.

DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due January 15, 2015 & $1,000,000,000 4.625% Notes due January 15, 2020

ExxonMobil XOM: 11/5/09 10Q

GE: 11/6/09 10QA

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.

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

Intel INTC: 11/5/09 8K Regulation FD Disclosure that on November 4, 2009, NY Attorney General Andrew Cuomo filed a lawsuit against Intel in the US Dist. Ct. for the District of Delaware alleging that Intel has violated the federal antitrust laws, the New York Donnelly Act (N.Y. Gen. Bus. Law § 340 et seq.), and § 63(12) of the New York Executive Law. The lawsuit alleges that Intel has engaged in a worldwide campaign of illegal, exclusionary conduct to maintain Intel’s alleged monopoly power and prices in the market for x86 microprocessors. The lawsuit seeks unspecified damages trebled, restitution, disgorgement, an injunction, $1,000,000 for each violation of the Donnelly Act, and attorneys’ fees and costs. Intel strongly disagrees with the plaintiff’s allegations and claims, and intends to conduct a vigorous defense of the lawsuit.

IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities of the Registrant.

JPMorganChase JPM: 11/6/09 Reg. FD disclosure relating to an investor conference.

Johnson & Johnson JNJ: 11/4/09 10Q

Kraft KFT: 11/3/09 10Q

McDonalds MCD: 11//5/09 10Q

Merck MRK: 11/4/09 8K announcing the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.

Microsoft MSFT: 10/23/09 10Q

Pfizer PFE: 11/5/09 10Q

Procter & Gamble PG: 10/29/09 10Q

3M MMM: 10/20/09 10Q

Travelers TRV: 10/22/09 10Q

United Technologies UTX: 10/23/09 10Q

Verizon Communications Inc. VZ:/11/2/09 8K announcing VZ adoption of Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements — an amendment of ARB No. 51 (SFAS No. 160).

Wal-Mart WMT: 8K 9/18/09 pricing agreement relating to a $1 bil Euro Note Offering.