11/12/09 Thurs. am 2 Bear Stearns Execs Not Guilty

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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, Thursday's Blog, is from Basel, Switzerland where later today your 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 #207 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 11/12/09 print editions of: The European edition of the Financial Times, & International Herald Tribune yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by symbol and Monday's closing price and related data:

Dow: The Dow Jones Industrial Average closed Wednesday at 10,291.26 up $44.29 or 0.43% from Tuesday's close of 10,226.97. Of the 30 Dow Companies: 4 declined and 26 gained. The biggest gainer dollar-wise was McDonald's MCD $62.83 +.55 0.88% 6,616,698 NYSE and percentage-wise was Home Depot HD $27.31 +0.49 1.83% 18,698,187 NYSE. The biggest decliner dollar-wise and percentage-wise was Merck MRK $33.22 -0.39 1.16% 17,432,846 NYSE.

Fin Times p32 "Toll Brothers helps blue chips maintain positive ground" by Samantha Pearson says US stocks crept higher Wed after positive surprises from a luxury home builder and an armoured tank manufacturer added to rising investor optimism. Production data from China showing that factory output had hit a 19 month high in Oct. lifted commodity based stocks, pushing US Steel 3.3% higher. Comments from Fed Reserve officials on Tues. about the weakness of the economic recovery also left investors more confident that interst rates would be maintained at their low levels for a longer period.

Int'l Her. Trib p21 "Dollar's decline fuels rise of alternative investments" by Javier C. Hernandez says the chain reaction started by the weakening dollar continued to rock the stock market, the gold market and the oil market Wed. At the center of Wed's movement was the tumbling dollar, which hit a 1 month low overnight before easing below $1.50 against the euro. Persistently low interest rates in the US have meant meager returns leading investors to alternatives. There is a growing belief that wealthy nations like the US will forge ahead with efforts to revive economic growth. This is luring risk averse investors back into the stock markets. But low interst rates have the dollar struggling.

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

Wednesday's Dow Jones Industrial Average closing numerator was 1361.73 up $5.86 from Tuesday's closing Dow numerator of 1355.87. 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 5.86 for Wednesday by the divisor you get the increase in Wednesday's Dow close of 44.29.

The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 45.40 up 0.20 from Tuesday's Dow Jones Industrial Average closing price of $45.20. The median closing price of Wednesday's Dow Jones Industrial Average was $42.19 up 0.26 from Tuesday's Dow Jones median closing price of $41.93. The lowest volume Wednesday was 3M MMM $77.96 +0.03 0.04% 2,866,477 NYSE and the highest volume again was Bank of Am BAC $16.43 +0.40 2.5% 183,486,619 NYSE.

If Wednesday morning before the market opened you had purchased $100 of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs) and sold at the close you would have made $600.
($136,200 - $135,600 )

AT&T T $26.44 +0.08 0.3% 18,328,600 NYSE
Alcoa AA $13.43 -0.04 0.3% 21,223,579 NYSE
American Express AXP $40.05 +0.37 0.93% 13,331,013 NYSE

Bank of America BAC $16.43 +0.40 2.5% 183,486,619 NYSE: Fin Times p16 "Struggle to find successor for Lewis at BofA" by Greg Farrell says Bank of America's board of directors is unlikely to meet its goal of naming a ceo by Thanksgiving reflecting a troubled search process in which the Federal Reserve and a revamped board are struggling to agree on a candidate. Internal and external candidates are still being considered to replace Ken Lewis, the current CEO will will leave on Dec. 31. Lewis resigned on Sept. 30.

Fin Times p16 "Banks gain by going with the flow" by Megan Murphy says another bank earnings season, another round of outrage about bonuses as firms such as Goldman Sachs, JPMorgan Chase and Credit Suisse reort good profits. In spite of the usual seasonal slowdown as bankers decamp to summer hotspots, the top 13 global investment banks raked in $73 bil in net revenues in the third quarter. That is only 4% down on the second quarter and reflects how record levels of corporate financing activity are still more than making up for a sluggish mergers and acquisitions market and lacklustre appetite for syndicated lending. A chart sows the JPMorgan had net revs for the 3Q of $8.1 bil down 6% form 2Q and its share price has decreased 3.3% since 3Q results were released. For Bank of America for 3Q their net revenues were $7.3 bil up 2.1% from 2Q and their shares have declined 11.4% since their 3Q results were announced.

Boeing BA $50.68 +0.36 0.72% 3,533,695 NYSE
Caterpillar CAT $60.06 +0.10 0.17% 7,489,318 NYSE
Chevron CVX $78.51 +0.17 0.22% 7,885,056 NYSE
Cisco CSCO $23.92 +0.27 1.14% 38,700,236 NASDAQ-GS
Coca-Cola KO $56.13 +0.32 0.57% 7,137,027 NYSE
Disney DIS $29.29 +0.17 0.58% 11,465,248 NYSE
DuPont DD $34.11 +0.35 1.04% 4,741,926 NYSE

Exxon Mobil XOM $72.91 +0.30 0.41% 14,366,366 NYSE: Fin Time p19 "Court ruling frees up $1bil insurance claims after decade" by Jane Croft says $1 bil of insurance claims which ground to a halt over a decade ago following a series of legal disputes are now set to be procesessed and paid out following a UK High Court ruling yesterday. The court ruled that Equitas the reinsurance firm created to save the Lloyd's of London insurance market, can now use mathematical modeling to help prove its claims from reinsurance contracts for the Exxon Valdez oil disaster in 1989 and the losses of British Airways and Kuwaiti Airlines aircraft during the first Gulf war. These events triggered huge claims to the Lloyds of London insurance market.

GE $15.83 +0.05 0.32% 70,632,021 NYSE
Hewlett-Packard HPQ $50 +0.04 0.08% 13,123,299 NYSE
Home Depot HD $27.31 +0.49 1.83% 18,698,187 NYSE
Intel INTC $19.84 +0.34 1.74% 60,761,122 NASDAQ-GS
IBM $127.19 +0.28 0.22% 6,499,613 NYSE

J.P.Morgan Chase JPM $44.32 +0.15 0.34% 32,458,232 NYSE: Int'l Herald Trib p17 "Harm but no foul at Bear Stearns" by Zachery Kouwe, Dan Slater says on Tues, two former Bear Stearns hedge fund managers, Matthew M. Tannin and Ralph R. Cioffi were found not guilty of securities fraud in what legal experts called a setback for prosecutors hoping for easy victories in this era of bailouts and foreclosures. The verdict, the first in a major criminal case steming from the current financial crisis, brought to an end a 2 year ordeal for the managers. They had been led away in handcuffs in June '08 and accused of lying to their investors about the precarious state of the funds they oversaw. Bear Stearns collapsed in March 2008 and was taken over by JPMorgan Chase.

Fin Times p16 "Banks gain by going with the flow" by Megan Murphy says another bank earnings season, another round of outrage about bonuses as firms such as Goldman Sachs, JPMorgan Chase and Credit Suisse reort good profits. In spite of the usual seasonal slowdown as bankers decamp to summer hotspots, the top 13 global investment banks raked in $73 bil in net revenues in the third quarter. That is only 4% down on the second quarter and reflects how record levels of corporate financing activity are still more than making up for a sluggish mergers and acquisitions market and lacklustre appetite for syndicated lending. A chart sows the JPMorgan had net revs for the 3Q of $8.1 bil down 6% form 2Q and its share price has decreased 3.3% since 3Q results were released. For Bank of America for 3Q their net revenues were $7.3 bil up 2.1% from 2Q and their shares have declined 11.4% since their 3Q results were announced.

Johnson & Johnson JNJ $60.87 -0.36 0.59% 11,126,109 NYSE

Kraft KFT $26.82 +0.02 0.07% 7,350,608 NYSE: Fin Times p15 "Hedge funds back Kraft to succeed in Cadbury offer" by Lina Saigol, Sam Jones says up to 14% of Cadbury's shares are owned by hedge funds that are betting Kraft's $16.2 bil hostile takeover of the UK confectioner will succeed. Towards the end of the bid battle, merger arbitrageurs could own more than a quarter of Cadbury's stock which could shift the outcome of the deal in Kraft's favor. Hedge funds focused on merer arbitrage have gained an average 9.88% this year.

McDonald's MCD $62.83 +.55 0.88% 6,616,698 NYSE
Merck MRK $33.22 -0.39 1.16% 17,432,846 NYSE
Microsoft MSFT $29.12 +0.11 0.38% 49,234,949 NASDAQ-GS
Pfizer PFE $17.62 +0.06 0.34% 35,095,519 NYSE
Procter & Gamble PG $62.23 +0.37 0.6% 9,738,111 NYSE
3M MMM $77.96 +0.03 0.04% 2,866,477 NYSE
Travelers TRV $54.31 +0.38 0.7% 3,999,000 NYSE
United Technologies UTX $66.97 +0.24 0.36% 3,401,083 NYSE
Verizon VZ $30.36 -0.05 0.16% 12,296,666 NYSE
Walmart WMT $52.97 +0.66 1.26% 23,213,568 NYSE
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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
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.