11/14/09 Sat. Disney's Earnings Beat Expectations

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Post #211 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 Saturday's 11/14/09 print editions of: 11/14 - 11/15/09 Wall St. Journal, New York Times, Atlanta Journal Constitution, 11/14 - 11/15 issue of Financial Times, 11/16/09 (Monday) issue of Investor's Business Daily & 11/23/09 issue of Business Week 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 Wednesday's closing price and related data:

Dow: The Dow Jones Industrial Average closed Friday at 10,270.47 up 73 or 0.72% from Thursday's close of 10,197.47. For the year to date the Dow Jones is up 17.02%. For the week the Dow was up 247.05 or 2.46% from last Friday's close of 10,023.42. Of the 30 Dow Companies: 6 declined, one was unchanged (Pfizer) and 23 gained. The biggest gainer dollar-wise and percentage-wise was Disney DIS $30.47 +1.42 4.89% 26,972,933 NYSE. The biggest decliner dollar-wise and percentage-wise was JPMorgan Chase JPM $42.77 -0.53 1.22% 33,337,720 NYSE NYSE.

WSJ pB1 "Stocks Rise As Earnings Lift Spirits" by Peter A. McKay says strong earnings and an analyst upgrade in the consumer sector lifted stocks Friday while gold resumed its march higher to hit another record. The Dow is 20 points below its closing high for the year of 10,291.26 hit Wed. Most of the week's gains came Mon, when the Dow rose 204 points, driven by the continued flow of cheap money from the Fed. Reserve. Corporate news returned tot he fore Friday, with some promising signs for the holiday shopping seasons, which makes or breaks many retailers. Walt Disney was up 4.8% after reporting earnings that beat analysts' estimates. Volume on NYSE listed stocks was 3.9 bil shares, the third lowest level of the year. Gold settled at $1,116.10 an exchange record. Friday's gains came despite a weaker than expected reading of consumer sentiment for Nov. Separately, the gov reported that the US trade balance widened more than expected in Sept. The dollar was down for the day and the week. Oil fell to $76.35 a barrel, down 1.4% on the week.

WSJ pB3 "Disney Advances; Retailers Split" by Anjali Cordeiro says stocks climbed amid some better than expected earnings reports, with Walt Disney propelling the Dow Jones Industrial Average higher and retailer J.C. Penney getting a boost from investors. The gains in the stock market came despite reports showing a decline in US consumer sentiment in Nov. and a widening of the trade deficit in September. Also, investors have begun hoping for a pickup in mergers and acquisitions amid a spurt of deal making in the tech sector. Disney gained 6.6% on the week.

WSJ pB6 "A Week in the Life of the DJIA" ranks all Dow Jones 30 components by how well they did the past week and American Express's shares increased the most at 8.44% followed by Disney at 6.8%, BofA (6.18), Home Depot at 4.83% and fifth place was Intel at 4.70%. The last 5 were Chevron up 0.53%, Kraft up 0.49%, Exxon Mobil down 0.15%, Cisco was down 0.46% and in the basement was JPMorgan Chase down 1.33% for the week.

WSJ pB9 "Most Active Stocks" lists the weeks 12 most active stocks and at 3 was Bank of America and tenth was GE.

NYT pB7 "Wall Sreet Rebounds as Dow Goes 4 for 5 on the Week" by AP says encouraging earnings news from major retailers and the Walt Disney Company drew investors back into the stock market on Friday, one day after a big drop. Disney said late Thursday that higher revenue at its cable, broadcast and movie studio divisions had helped produce an 18% increase in its 4Q profit. The market briefly stumbled in morning trading after a report found that the mood of consumers had darkened.

Fin Times p16 "Disney helps offset dip in consumer confidence" by Samantha Pearson says encouraging results from Walt Disney and Abercrombie & Fitch helped Wall St. edge higher yesterday, offsetting data showing a surprise drop in US consumer confidence. US stocks hit fresh highs for the year this week afer assurances from he Fed. Res. over low interest rates lured in more investors. Shares in Walt Disney rose 4.8% after the world's largest media and entertainment group reported an 18% jump in 4Q profit.

As of the open of the market Friday morning, the current divisor for the Dow found at today's page B4 of The Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 17.78 up from yesterday's 17.67 (year ago it was 17.75), the P/E estimate is 15.82 up from Friday's 15.57 (year ago it was 10.35) and the current dividend yield is 2.71 down from yesterday's 2.73 (it was 3.80 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1358.98 up 9.66 from Thursday's closing Dow numerator of 1349.32. 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 9.66 for Friday by the divisor you get the increase in Friday's Dow close of 73.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 45.30 up 0.32 from Thursday's Dow Jones Industrial Average closing price of $44.98. The median closing price of Thursday's Dow Jones Industrial Average was $41.54 up 0.36 from Thursday's Dow Jones median closing price of $41.18. The lowest volume Thursday was 3M MMM $77.32 +0.11 0.14% 2,209,896E NYSE and the highest volume again was Bank of Am BAC $15.98 -0.08 0.5% 117,843,375 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 made $960.
($135,900- $134,940)

Friday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./MarketT $26.34 0.41 1.58% 23,628,385 NYSE

AT&T T $26.2883 -0.0017 0.01% 17,817,856 NYSE: IBD pA4 profiles Architect Philip Johnson who died in 2005. He designed the AT&T (now Sony) building in NY.

Alco AA $13.16 -0.04 0.3% 16,587,706 NYSE: No mentions found.

American Express AXP $40.31 0.81 +2.05% 14,433,975 NYSE: No mentions found.

Bank of America BAC $15.98 -0.08 0.5% 117,843,375 NYSE: WSJ pB1 "BofA Hits Pay Snag in Its CEO Hunt" by Dan Fitzpatrick says a senior vice chairman at PNC Financial Services Group Inc. spurned a feeler last week from a recruiter for the CEO job at BofA because of concerns that BofA would get criticized by Obama admin's pay czar Kenneth Feinberg if BofA were to compensate the exec for stock options he would be leaving behind.

IBD pA6 in a stroy by Marilyn Alva profiles Seattle-based F5 Networks that specializes in the "Cloud" that is enabling on demand network access to a shared pool of networks, servers, storage and other computing resources in order to save firms money. F5 just got a $35 mil order and the article implies the order if from Bank of Amaerica.

Boeing BA $50.71 +0.43 0.86% 3,304,391 NYSE: No mentions found.

Caterpillar CAT $58.72 +0.15 0.26% 6,043,374 NYSE: No mentions found.

Chevron CVX $77.9 +0.48 0.62% 7,050,329 NYSE: No mentions found.

Cisco CSCO $23.71 +0.31 1.32% 35,223,676 NASDAQ-GS: No mentions found.

Coca-Cola KO $56.52 +0.58 1.04% 7,127,122 NYSE: No mentions found.

Disney DIS $30.47 +1.42 4.89% 26,972,933 NYSE: WSJ pB1 "Stocks Rise As Earnings Lift Spirits" by Peter A. McKay says strong earnings and an analyst upgrade in the consumer sector lifted stocks Friday while gold resumed its march higher to hit another record. The Dow is 20 points below its closing high for the year of 10,291.26 hit Wed. Most of the week's gains came Mon, when the Dow rose 204 points, driven by the continued flow of cheap money from the Fed. Reserve. Corporate news returned tot he fore Friday, with some promising signs for the holiday shopping seasons, which makes or breaks many retailers. Walt Disney was up 4.8% after reporting earnings that beat analysts' estimates. Volume on NYSE listed stocks was 3.9 bil shares, the third lowest level of the year. Gold settled at $1,116.10 an exchange record. Friday's gains came despite a weaker than expected reading of consumer sentiment for Nov. Separately, the gov reported that the US trade balance widened more than expected in Sept. The dollar was down for the day and the week. Oil fell to $76.35 a barrel, down 1.4% on the week.

WSJ pB3 "Disney Advances; Retailers Split" by Anjali Cordeiro says stocks climbed amid some better than expected earnings reports, with Walt Disney propelling the Dow Jones Industrial Average higher and retailer J.C. Penney getting a boost from investors. The gains in the stock market came despite reports showing a decline in US consumer sentiment in Nov. and a widening of the trade deficit in September. Also, investors have begun hoping for a pickup in mergers and acquisitions amid a spurt of deal making in the tech sector. Disney gained 6.6% on the week.

WSJ pW6 "The Finicky Traveler - Beating Florida's Theme-Park Hordes" by Laura Landro says she stayed a the Contemporary Resort in Fla's Disney World which was opened in 1971 the same day as the theme park as an example of then modern architecture. The Contemporary is a "deluxe" resort but has a dated, white elephant look outside and an airline terminal feel inside. But updated rooms and the service on its two club level floors pleasantly surprised the writer although she said the train running through the lobby was noisy but convenient.

NYT pB7 "Wall Sreet Rebounds as Dow Goes 4 for 5 on the Week" by AP says encouraging earnings news from major retailers and the Walt Disney Company drew investors back into the stock market on Friday, one day after a big drop. Disney said late Thursday that higher revenue at its cable, broadcast and movie studio divisions had helped produce an 18% increase in its 4Q profit. The market briefly stumbled in morning trading after a report found that the mood of consumers had darkened.

Fin Times p16 "Disney helps offset dip in consumer confidence" by Samantha Pearson says encouraging results from Walt Disney and Abercrombie & Fitch helped Wall St. edge higher yesterday, offsetting data showing a surprise drop in US consumer confidence. US stocks hit fresh highs for the year this week afer assurances from he Fed. Res. over low interest rates lured in more investors. Shares in Walt Disney rose 4.8% after the world's largest media and entertainment group reported an 18% jump in 4Q profit.

DuPont DD $34.32 +0.45 1.33% 5,781,990 NYSE: No mentions found.

Exxon Mobil XOM $72.525 +0.625 0.87% 12,522,621 NYSE: Inv. Bus. Daily pA2 says the weakening greenback has added $20-$25 a barrel to the price of oil, creating a disconnect between the price and supply and demand levels, Exxon Mobil CEO Rex Tillerson said. He said oil demand in the US has remained sluggish despite an economic recovery.

GE $15.65 -0.10 0.63% 61,492,766 NYSE: In. Bus. Daily pA1 "ech Trade Deficit With China Swells While Europe Gains" by Reinhardt Krause says the rade deficit with China for high tech goods keeps climbing but bucking the trend is Milford, Mass based Waters Corp., a maker of scientific instruments whose sales to China was $100 mil and growing 20% a year. China's demand for medical equipment is projected to grow 15% annually. Chinese orders for GE Medical, part of Ge, are up 15% to 20% so far in 2009.

BW p7 says Comcast, the cable goliath and GE appear to be nearing the finish line. a Comcast deal for NBC Univesal may be announced in comming days. They are trying to work out a formula that values he network, its cable channels, Unnivesal studio, and theme parks and it looks like the number is $30 bil. Comcast would merge its channels with NBC owning 51% of the new firm and kicking in as much as $6 bil. GE would still need to acquire the 20% stake that French firm Vivendi owns.

Hewlett-Packard HPQ $49.93 +0.23 0.46% 12,926,867 NYSE: BW p6 says deal mania is in the air. The bid daddy deal at present is Kraft Food's Nov. 9 $16.4 bil hostile bid for Cadbury. Kraftt has a month to win over shareholders. On Nov. 11 Hewlett-Packard said it's planning to buy networking-equipment maker 3Com for $2.7 bil including debt.

Home Depot HD $27.34 +0.10 0.37% 13,247,462 NYSE: No mentions found.

Intel INTC $19.82 +0.14 0.71% 42,927,122 NASDAQ-GS: No mentions found.

IBM $127.08 +0.82 0.65% 4,504,453 NYSE: No mentions found.

J.P.Morgan Chase JPM $42.77 -0.53 1.22% 33,337,720 NYSE: NYTimes pB3 "JPMorgan Faces New Suit In Alaama County's Woes" by Mary Williams Walsh says even after a $700 mil settlement with the fed. gov. JPMorgan Chase still faces troubles in Ala. On Fri., Jefferson County sued JPM, seeking additional relief on $3.2 bil in county sewer bonds the bank helped underwrite. Under the previous settlement, the county will receive $50 mil and will not have to repay the bank $650 mil in fees. But the county says it needs more help to get out from under the huge debt that remains. This was also reported at IBD pA2.

Bus Week "Glimmers of Hope For US Corporate Profits" by Tara Kalwarski, chars by David Foser says JPMMorgan is second on a list of S&P 500 firms with the biggest earnings upton with $3.6 bil net income up 581% so far through 3Q 2009.

Johnson & Johnson JNJ $61.48 +0.33 0.54% 9,056,411 NYSE: BW p34 "10 Ways to Cut Health Care Costs Right Now" by Catherine Armst says method #2 is to develop a healthy workforce and says Johnson & Johnson CEO William C. Weldon met with Pres. Obama over the summer to communicate a key message that prevention pays. JNJ has been offering wellness programs o its 100,000 employees since '95 and in the 4 years ended '02, JNJ saved $225 per employee.

Kraft KFT $26.92 +0.08 0.3% 6,528,366 NYSE: BW p6 says deal mania is in the air. The bid daddy deal at present is Kraft Food's Nov. 9 $16.4 bil hostile bid for Cadbury. Kraftt has a month to win over shareholders. On Nov. 11 Hewlett-Packard said it's planning to buy networking-equipment maker 3Com for $2.7 bil including debt.

BS p26 "M&A Goes Hostile" by Jessica Silver-Greenberg profiles unfriendly bids and discusses Kraft's bid for Cadbury with a picture of Kraft CEO Rosenfeld wih he capion saying she has been playing hardball with Cadbury. Photo has her collar turned up in a nice photo but it has her looking downward which is not a good pose but she compensates somewhat with an intense, intelligent look.

McDonald's MCD $63.59 +1.42 2.28% 8,839,331 NYSE: BW p32 "What's Eating McDonald's" by Matthew Boyle says McDonald's strength through the recession was much ballyhooed, but now sales are slipping as shares of MCD are flat in '09 during one of the most dramatic stock rallies in history. While MCD keeps growing overseas, same store sales in he US where MCD generaes half its operating profits, dipped 0.1% in Oct. and are likely to stay weak for the rest of '09. In response, McDonald's will soon launch a dollar breakfast menu and add smoothies to its lineup. The problem is that rising unemployment, particularly among men 18 to 35, has slowed customer traffic.

Merck MRK $33.11 +0.13 0.39% 13,330,041 NYSE: No mentions found.

Microsoft MSFT $29.63 +0.27 0.92% 52,305,193 NASDAQ-GS: No mentions found.

Pfizer PFE $17.62 unch unch 33,475,491 NYSE: No mentions found.

Procter & Gamble PG $61.62 +0.32 0.52% 10,715,898 NYSE: Inv. Bus. Daily "Kimberly-Clark's Dividend Comes With a Caveat" by Patrick Cain says Kimberly-Clear pays a dividend that currently yields 3.8% but says this may stop soon because of rising costs of commodities such as pulp and plastic resins and a price war with Procter & Gamble. Kimberly-Clark's Huggies and Luvs diapers face aggessive pricing from PG and others.

3M MMM $77.32 +0.11 0.14% 2,209,896 NYSE: No mentions found.

Travelers TRV $53.3 +0.16 0.3% 3,259,920 NYSE: No mentions found.

United Technologies UTX $68.06 +1.36 2.04% 4,606,545 NYSE: No mentions found.

Verizon VZ $30.1299 -0.0301 0.1% 11,078,081 NYSE: WSJ p10 "Sprint Stays in the Clear on Clearwire" by Martin Peers says Sprint Nextel Corp. said it would invest $1.2 bil in Clearwire lifting its voting stake in the wireless broadband start-up to 56.6%. The enlarged stake is close to Verizon Communication's 55% stake in Verizon Wireless. As is comonly he case when firms own a majority of a business, Verizon Communications consolidates the results of Verizon wireless. Because Verizon's fully owned wireline business has been declining, consolidation of all the profit from its highly lucrative wireless business buffs up Verizon's overall results. It is the opposite at Sprint because Clearwire is still building out its 4G wireless nnetworking using $1.1 bil in cash in the first nine months of the year.

WalMart WMT $53.27 +0.03 0.06% 16,885,593 NYSE: WSJ pB4 "Wal-Mart Program Will Aid Suppliers" by Vanessa O'Connell says Wal-Mart stores Inc. is seeking to leverage its scale and its AA credit rating to offer about 1,000 suppliers an alternative to their traditional means of financing deliveries to the retailer. The move could give the world's largest retailer by revenue mmore power over its suppliers in the wake of the bankruptcy filing by lender CIT Group Inc. WalMart informed its suppliers in a recent letter of its new Supplier Alliance Program in which eligible supplies can get payment for their orders in 1 days or less within its receipt of goods, compared with the more typical 60 to 90 days. under the program suppliers can sell their WalMart invoices to the retailer's partner banks, including WElls Fargo and Citigroup at interest rates based partly on WMT's credit rating. In traditional factoring, lenders give manufacturers cash for the receivables and collect payments on those invoices. WMT's move comes after CIT a lender to nearly a million smaller businesses, filed for Chapter 11 bankruptcy. CIT's factoring unit finances 2,000 manufacturers and importers. Walmart has about 60,000 suppliers.

Also reported at IBD pA2 and AJC pA8.
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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.