11/15/09 Sun. Barron's Cover Story says ExxonMobil is a Buy

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Post #212 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 Sunday's 11/15/09 print issues of: New York Times, 11/13 - 19/09 issue of Atlanta Business Chronicle, 11/15 issue Atlanta Journal Constitution, 11/16/09 issue of Barron's, 11/9-13/09 issue of Investment News & Nov. '09 issue of Traders Magazine 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.

NYT Bus p6 "10 Years later, a Much Less Expensive Dow 10,000" by Paul J. Lim says investors may take some comfort now that the Dow Jones industrial average is back above 10,000 after slipping to around 9,700 at end of Oct. But the return to 10,000 also serves as a bitter reminder that stocks have gone virtually nowhere, on balance, for more than a decade. It was in March '99 that the Dow first climbed above 10,000 before soaring as high as 14,164 two years ago and plummeting as low as 6,547 this past March. The Dow gauges only stocks in the US and a narrow band of the market at that. While domestic shares have appeared to run in circles for more than a decade many global stock markets have prospered. A majority of sectors have actually had positive returns since the end of '99. Shares of consumer staples companies such as Procter & Gamble and others that sell necessities have gained nearly 65%.

As of the close of the market Friday, the current divisor for the Dow found at Saturday's page B4 of The Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 17.78 up from Friday'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 Friday'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 Friday'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 Friday 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)

AT&T T $26.2883 -0.0017 0.01% 17,817,856 NYSE: NYT Bus p2 "Is There a Method in Cellphone Madness? by Saul Hansell says not even economists understand that cell phone firms' labyrinthine price plans, with their ever more intricate arrays of minutes, messages and megabytes. Barry Nalebuff, an economics prof. at Yale School of Management summed it up by saying you pay $60 to make your first phone call, the next 1,000 minutes are free then the minute after that costs 35 cents. The cellphone companies are trying to trick people into getting people to overbuy and then you get hit with an overage fee. When Apple and AT&T started offering the iPHone for $199, plus $30 a month for Internet access, sales shot up, even through the previous deal - $399 for the phone and $20 a month - cost less over a year contract. Carriers put great stock in a measure called average revenue per user or ARPU. A climbing ARPU makes for happy phone companies and happy investors. But total ARPU has been declining slightly, a result of competition. But unlike the airlines, the two largest cellphone carriers - Verizon Wireless & AT&T - have healthy profit margins. The distant third and foourh, Sprint and T-Mobile, have had a harder time keeping up. The cellphone companies want to avoid the sort of price wars that occurred a decade earlier in the long distance market. So they decided to compete by offering distinctive goodies hat cost little, yet had a lot of custoemr appeal. Verizon Wireless offered free calls to other Verizon customers. T-MMobile, concocted the My Faves plan, which gave users fee calling to any five numbers, whatever carrier they used. In '04 Cingular Wirelss (now AT&T) introduced what it called rollover minutes that would allow unused minutes to be used in the following months. The biggest boon to the wireless carrier has been Apple's iPhone which increased interest in using a mobile phone to surf the web. All the carriers sell heavily susidized smartphones but make up for it on the monthly access fees. The growth of smartphones has especially benefited AT&T, which has the iPhHone, and Verizon, which is seen as having the best network.

Alcoa 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 Am BAC $15.98 -0.08 0.5% 117,843,375 NYSE: BRN's p13 says a BofA exec who could succeed Ken Lewis as CEO testifies before the House Oversight Committee on its Merrill takeover but Barron's doesn't identify who that person is.

Atl. Bus. Chron. p34A "Charlotte ponders effects of BofA move" by Adam O'Daniel says Bank of America has simply grown too big and complex for Charlotte. BofA will probably relocate to New York.

Reg. Rep. Mag. p45 has an interview with Bob McCann who is recently freed from his non-compete with Bank of America and will now take the reins of UBS' wealth managementunitin the US.

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: Barron's Cover Story "4 Reasons To Buy ExxonMobil - What a Gusher" by Andrew Bary says with the best management, best reserves, best balance sheet and best returns, ExxonMobil is the energy industry's best long-term bet. Exxon shares have trailed those of flashier rivals in '09. But when it comes to future gains, they could shine. XOM is the world's largest company based on its stock market share of $345 bil, $80 bil more than No. 2 Microsoft. Exxon has been a laggard in this year's rally, even though it boasts the energy industry's best management, etc. Its shares at around 72 are down 10% despite a doubling of oil prices in '09. Exxon is the only member of the supermajor group of energy producers whose stock is down this year and it is the second worst performer in the Dow Jones Industrial Average, behind Verizon Communications. As the leading energy company with the most diversified revenue base, Exxon is the most defensive play in its group which include BP, Chevron, ConocoPhillips and Royal Dutch Shell. Exxon trades for 18 times projected '09 profit of about $4 a share, and under 13 times estimated '10 profit of $5.82. Since '77 Exxon has returned 15% annually, including reinvested dividends, versus 11% for the S&P. Among the few firms with comparable or better returns are Wal-Mart, Berkshire Hathaway and Altria. Exxon's return on invested capital was an impressive 34% last year compared with 26% at Chevron, 21% at BP and 17% at Royal Dutch. Exxon communicates little with the investment community. CEO Rex Tillerson doesn't participate in conference calls. A sticking point for many investors is Exxon's relatively low dividend yield of 2.3%, below Chevron's and Conoco's and less than half of BP and Royal Dutch. But the dividend has doubled in the past 10 years and could rise another 5% or more in '10. Exxon favors share repurchases over dividends for the past 5 years. Exxon's total outstanding shares has fallen by 25% to 4.7 bil at the end of third quarter. Exxon has softened its image since Rex Tillerson succeeded the combative Lee Raymond as CEO in '06.

Cisco CSCO $23.71 +0.31 1.32% 35,223,676 NASDAQ-GS: BRN's p1 Hewlett-packard will buy struggling networking gear maker 3Com for $3bil. The move puts HP on Cisco Systems' turf.

BRN's p13 says on Wed. 11/18 Cisco Systems' offer for Tandberg expires.

BRN's pM11 "Current Yield Capital Markets" by Randall W. Forsyth says clue chip firms such as Cisco can bring $5 bil of debt securities to market and have the offering over subscribed several times over as Cisco did last week. But credit conditions continue to be tightening although at a slower rae according to the Fed. reserve.

Coca-Cola KO $56.52 +0.58 1.04% 7,127,122 NYSE: BRN's p13 says Coca-Cola will meet with investors on Monday 11/16.

ATl Bus Chron. p8A item by Maria Saporta says KO will host a unique stakeholders conference in Atlanta on Nov. 16 & 17. On Mon. afternoon there will be a presentation by CEO Muhtar Kent and cfo Gary Fayard. 230 attendees are expected including journalists and bloggers.

Disney DIS $30.47 +1.42 4.89% 26,972,933 NYSE: BRN's pM1 says Walt Disney beat earnings estimates on Friday. Also at BRN's pM6 Disney is charted saying that just after disclosing a management shakeup, Dis said that fiscal 4Q profit rose 18%, fueled by strength in its cable business.

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

ExxonMobil XOM $72.525 +0.625 0.87% 12,522,621 NYSE: Barron's Cover Story "4 Reasons To Buy ExxonMobil - What a Gusher" by Andrew Bary says with the best management, best reserves, best balance sheet and best returns, ExxonMobil is the energy industry's best long-term bet. Exxon shares have trailed those of flashier rivals in '09. But when it comes to future gains, they could shine. XOM is the world's largest company based on its stock market share of $345 bil, $80 bil more than No. 2 Microsoft. Exxon has been a laggard in this year's rally, even though it boasts the energy industry's best management, etc. Its shares at around 72 are down 10% despite a doubling of oil prices in '09. Exxon is the only member of the supermajor group of energy producers whose stock is down this year and it is the second worst performer in the Dow Jones Industrial Average, behind Verizon Communications. As the leading energy company with the most diversified revenue base, Exxon is the most defensive play in its group which include BP, Chevron, ConocoPhillips and Royal Dutch Shell. Exxon trades for 18 times projected '09 profit of about $4 a share, and under 13 times estimated '10 profit of $5.82. Since '77 Exxon has returned 15% annually, including reinvested dividends, versus 11% for the S&P. Among the few firms with comparable or better returns are Wal-Mart, Berkshire Hathaway and Altria. Exxon's return on invested capital was an impressive 34% last year compared with 26% at Chevron, 21% at BP and 17% at Royal Dutch. Exxon communicates little with the investment community. CEO Rex Tillerson doesn't participate in conference calls. A sticking point for many investors is Exxon's relatively low dividend yield of 2.3%, below Chevron's and Conoco's and less than half of BP and Royal Dutch. But the dividend has doubled in the past 10 years and could rise another 5% or more in '10. Exxon favors share repurchases over dividends for the past 5 years. Exxon's total outstanding shares has fallen by 25% to 4.7 bil at the end of third quarter. Exxon has softened its image since Rex Tillerson succeeded the combative Lee Raymond as CEO in '06.

GE $15.65 -0.10 0.63% 61,492,766 NYSE: No mentions found.

Hewlett-Parckard HPQ $49.93 +0.23 0.46% 12,926,867 NYSE: BRN's p14 "Follow-Up - More Good News on the Way at HP" by Mark Veverka says everyone expected Hewlett-Packard to buy a networking-gear maker, but no one thought it would be 3Com but it is a smart strategic move. It won't be financially material to HP shares for several years. HP shares are up about 60% since Feb. 23 and some believe the shares could run still further as the economy improves. The shares now around 50 could hit 56 according to Toni Sacconaghi of Bernstein Reserch.

BRN's p1 Hewlett-Packard will buy struggling networking gear maker 3Com for $3bil. The move puts HP on Cisco Systems' turf.

BRN's p27 "A Long Last, Love for 3Com" by Mark Veverka says he had never heard of 3Com before the firm bought the naming rights for San Fran's Candlestick Park in '95 for $500,000. 3Com devleoped much of the plumbing, called Ethernet technology, that gave rise to the Internet. Unti another firm called Cisco Systems started to eat its lunch. 3Com got little notice for much of this decade until last when when Hewlett-Packard bought it for $7.90 a share a 39% premium to its predeal price.

Atl Bus. Chron p1A "Resilient data centers to add $150M in space" by Urvaksh Karkaria says 2 data center operators plan to invest more than $150 combined to add new capacity in Atlanta which is considered a data center magnet. Several firms, including E*Trade, Google, Hewlett-Packard and IBM have data center operations in the region.

Home Depot HD $27.34 +0.10 0.37% 13,247,462 NYSE: BRN's p13 says Home Depot will report results on Tues. 11/17.

Intel INTC $19.82 +0.14 0.71% 42,927,122 NASDAQ-GS: BRN's p26 "As Applied Materials Diversifies, Chips Emerge From Dip" by EricJ. Savitz says Intel last week agreed to pay Advanced Micro Devices $1.25 bil in a deal that settles all the pending antitrust and patent litigation between the 2 firms. The agreement also includes a new cross-licensing pact and a vow from Intel not to engage in anticompetitive moves like cutting prices to PC makers that agree not to use AMD chips.

BRN's p34 is an interview with Brian McMahon, CEO Thornburg Investment Management by Tom Sullivan where McMahon says he likes Intel because it has an interesting yield and also Dell and Microsoft. He also likes McDonald's because its earnings multiple is lower than he market's and it gets a pretty good benefit from nondollar earnings overseas. McDonald's has a yeild of 3% and it benefits from a weaker dollar overseas.

IBM $127.08 +0.82 0.65% 4,504,453 NYSE: Atl Bus. Chron p1A "Resilient data centers to add $150M in space" by Urvaksh Karkaria says 2 data center operators plan to invest more than $150 combined to add new capacity in Atlanta which is considered a data center magnet. Several firms, including E*Trade, Google, Hewlett-Packard and IBM have data center operations in the region.

J.P.Morgan Chase JPM $42.77 -0.53 1.22% 33,337,720 NYSE: BRN's pM9 "The Striking Price - Options" by Jon Najarian says Treasury Secretary Hank Paulson is not a good trader because when the Wall St. giants had their backs to the wall, he gave them billions of taxpayer dollars for a pittance. In Oct. '08, Bank of America got $25 bil as did JPMorgan Chase while Morgan Stanley & Goldman got $10 bil; Citigroup got $25 bil.

ATl. Bus Chron. p18A item by Kent Hoover says JPMorgan Chase announced plans to increase its lending to small businesses by up to $4 bil next year.

Johnson & Johnson JNJ $61.48 +0.33 0.54% 9,056,411 NYSE: No mentions found.

Kraft KFT $26.92 +0.08 0.3% 6,528,366 NYSE: BRN's p12 says Kraft Foods went hostile in its attempt to buy Cadbury, after the British confectioner rejected Kraft's $16.3bil offer Mon. as "derisory." Kraft hasn't ruled out making a higher bid.

McDonald's MCD $63.59 +1.42 2.28% 8,839,331 NYSE: BRN's p33 "Sam Zell: Too Soon for Dancing" by Jonathan R. Laing profiles Chicago real estate magnate Sam Zell. He spoke at aconference where hedge fund manager Steve Mandel of Lone Pine Capital said he thought McDonald's was under-valued.

BRN's p34 is an interview with Brian McMahon, CEO Thornburg Investment Management by Tom Sullivan where McMahon says he likes Intel because it has an interesting yield and also Dell and Microsoft. He also likes McDonald's because its earnings multiple is lower than he market's and it gets a pretty good benefit from nondollar earnings overseas. McDonald's has a yeild of 3% and it benefits from a weaker dollar overseas.

Merck MRK $33.11 +0.13 0.39% 13,330,041 NYSE: NYT Bus p4 "Seeking a Shorter Path To New Drugs" by Natasha Singer says developing new drugs that are biopharmaceuticals fashioned from living cells can cost $1.2 bil. Drug companies are trying to cut that cost by working together according to Mervyn Turner, the chief strategy officer at Merck. Also quoted is Thomas Unger, exec. dir. of research and development at Pfizer. The drug companies are collaborating on drug innovation. For example, 2 years ago, Merck established a virtual lab, called External Basic Research, where company scientists can collaborate with outside researchers on identifying novel "targets" the disease pathways in the body that medicines are intended to treat.

BRN's p13 says results of a clinical trial comparing heart drugs from Merck and Abbbot Labs will be presented at the American Heart Assoc.

Microsoft MSFT $29.63 +0.27 0.92% 52,305,193 NASDAQ-GS: NYT Bus p4 "Apple Wouldn't Risk Its Cool Over a Gimmick, would It" by Randall Stross says in an application filed last year and made public last month, Apple is seeking a patent for technology that displays advertising on almost anything that has a screen of some kind. Microsoft is also working on placing advertising where they have not been before. Next year, Microsoft will offer Office Start 2010, a free version of Office preinstalled on some PCs. It will include a small Microsoft display ad in the lower right corner of the screen. Microsoft is not seeking revenue from advertising and is going to use the ads only to promote the full featured commercial versions of Office.

BRN's p34 is an interview with Brian McMahon, CEO Thornburg Investment Management by Tom Sullivan where McMahon says he likes Intel because it has an interesting yield and also Dell and Microsoft. He also likes McDonald's because its earnings multiple is lower than he market's and it gets a pretty good benefit from nondollar earnings overseas. McDonald's has a yeild of 3% and it benefits from a weaker dollar overseas.

Pfizer PFE $17.62 unch unch 33,475,491 NYSE: NYT Bus p4 "Seeking a Shorter Path To New Drugs" by Natasha Singer says developing new drugs that are biopharmaceuticals fashioned from living cells can cost $1.2 bil. Drug companies are trying to cut that cost by working together according to Mervyn Turner, the chief strategy officer at Merck. Also quoted is Thomas Unger, exec. dir. of research and development at Pfizer. The drug companies are collaborating on drug innovation. For example, 2 years ago, Merck established a virtual lab, called External Basic Research, whre company scientists can collaborate with outside researchers on identifying novel "targets" the disease pathways in the body that medicines are intended to treat.

Procter & Gamble PG $61.62 +0.32 0.52% 10,715,898 NYSE: NYT Bus p6 "10 Years later, a Much Less Epensive Dow 10,000" by Paul J. Lim says investors may take some comfort now that the Dow Jones industrial average is back above 10,000 afer slipping to around 9,700 at end of Oct. But the return to 10,000 also serves as a bitter reminder that stocks have gone virtually nowhere, on balance, for more than a decade. It was in March '99 that the Dow first climbed above 10,000 before soaring as high as 14,164 two years ago and plummeting as low as 6,547 this past March. The Dow gauges only stocks in the US and a narrow band of the market at that. While domestic shares have appeared to run in circles for more than a decade many global stock markets have prospered. A majority of sectors have actually had positive returns since the end of '99. Shares of consumer staples companies such as Procter & Gamble and others that sell necessities have gained nearly 65%.

In "News of tthe Weird" by Chuck Shepherd a syndicated feature that I read in the 11/11/09 issue of Creative Loafing says Procter & Gamble siad in Oct. it will once again create and host a public restroom for the holiday season IN New York's Times Square as a romotion for Charmin tissue and will hire five bloggers called Charmin Ambassadors to interact with the bathroom guests. PG is calling the campaign "Enjoy the Go."

Atl Bus Chron p16A by Douglas Sams says Procter & Gamble will move 500,000 square feet of its warehouse and distribution operations into a new building on Atlanta's south side. PG makes everything from Pampers to Prilosec, primarily uses its Atlanta operations for its soap products.

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 NYS: NYT Bus p2 "Is There a Method in Cellphone Madness? by Saul Hansell says not even economists understand that cell phone firms' labyrinthine price plans, with their ever more intricate arrays of minutes, messages and megabytes. Barry Nalebuff, an economics prof. at Yale School of Management summed it up by saying you pay $60 to make your first phone call, the next 1,000 minutes are free then the minute after that costs 35 cents. The cellphone companies are trying to trick people into getting people to overbuy and then you get hit with an overage fee. When Apple and AT&T started offering the iPHone for $199, plus $30 a month for Internet access, sales shot up, even through the previous deal - $399 for the phone and $20 a month - cost less over a year contract. Carriers put great stock in a measure called average revenue per user or ARPU. A climbing ARPU makes for happy phone companies and happy investors. But total ARPU has been declining slightly, a result of competition. But unlike the airlines, the two largest cellphone carriers - Verizon Wireless & AT&T - have healthy profit margins. The distant third and foourh, Sprint and T-Mobile, have had a harder time keeping up. The cellphone companies want to avoid the sort of price wars that occurred a decade earlier in the long distance market. So they decided to compete by offering distinctive goodies hat cost little, yet had a lot of custoemr appeal. Verizon Wireless offered free calls to other Verizon customers. T-MMobile, concocted the My Faves plan, which gave users fee calling to any five numbers, whatever carrier they used. In '04 Cingular Wirelss (now AT&T) introduced what it called rollover minutes that would allow unused minutes to be used in the following months. The biggest boon to the wireless carrier has been Apple's iPhone which increased interest in using a mobile phone to surf the web. All the carriers sell heavily susidized smartphones but make up for it on the monthly access fees. The growth of smartphones has especially benefited AT&T, which has the iPhHone, and Verizon, which is seen as having the best network.

Barron's Cover Story "4 Reasons To Buy ExxonMobil - What a Gusher" by Andrew Bary says with the best management, best reserves, best balance sheet and best returns, ExxonMobil is the energy industry's best long-term bet. Exxon shares have trailed those of flashier rivals in '09. But when it comes to future gains, they could shine. XOM is the world's largest company based on its stock market share of $345 bil, $80 bil more than No. 2 Microsoft. Exxon has been a laggard in this year's rally, even though it boasts the energy industry's best management, etc. Its shares at around 72 are down 10% despite a doubling of oil prices in '09. Exxon is the only member of the supermajor group of energy producers whose stock is down this year and it is the second worst performer in the Dow Jones Industrial Average, behind Verizon Communications. As the leading energy company with the most diversified revenue base, Exxon is the most defensive play in its group which include BP, Chevron, ConocoPhillips and Royal Dutch Shell. Exxon trades for 18 times projected '09 profit of about $4 a share, and under 13 times estimated '10 profit of $5.82. Since '77 Exxon has returned 15% annually, including reinvested dividends, versus 11% for the S&P. Among the few firms with comparable or better returns are Wal-Mart, Berkshire Hathaway and Altria. Exxon's return on invested capital was an impressive 34% last year compared with 26% at Chevron, 21% at BP and 17% at Royal Dutch. Exxon communicates little with the investment community. CEO Rex Tillerson doesn't participate in conference calls. A sticking point for many investors is Exxon's relatively low dividend yield of 2.3%, below Chevron's and Conoco's and less than half of BP and Royal Dutch. But the dividend has doubled in the past 10 years and could rise another 5% or more in '10. Exxon favors share repurchases over dividends for the past 5 years. Exxon's total outstanding shares has fallen by 25% to 4.7 bil at the end of third quarter. Exxon has softened its image since Rex Tillerson succeeded the combative Lee Raymond as CEO in '06.

Wal-Mart WMT $53.27 +0.03 0.06% 16,885,593 NYSE: BRN's p23 "A Jollier Season fro Retail Shares" by Robin Goldwyn Blumenthal says retailers are entering the holiday period with better inventory controls and sharper cost management. That bodes well for their results, and their investors. WalMart has done a great job in consummer electronics in the past year, there is less overlap with Best Buys product offerings.

BRN's pM6 charts WMT saying although its 3Q profits rose, WMT forecast a flat final quarter for US same store sales.

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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.