11/25/09 Wed am Merck to Repurchase $3 Bil of Its Stock

WE CAN ALSO BE FOUND AT WWW.DOWJONESMONITOR.COM

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Post #229 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 Wednesday's 11/25/09 print editions of: Wall St. Journal, Financial Times, New York Times, Investors Business Daily, USA Today & Atlanta Journal Constitution, 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 Tuesday's closing price and related data:

Dow:: The Dow Jones Industrial Average closed Tuesday at 10433.71 down 17.24 or 0.16% from Monday's close of 10,450.95. Of the 30 Dow Companies: 19 declined and 11 gained. The biggest gainer dollar-wise was and percentage-wise was Verizon VZ $31.87 +0.54 1.72% 25,883,692 NYSE. The biggest decliner dollar-wise was Hewlett-Packard HPQ 50.19 -0.83 1.63% 17,212,089 NYSE and percentage-wise was JPMorgan Chase JPMorgan Chase 42.48 -0.80 1.85% 31,524,799 NYSE.

WSJ p C5 "Merck Plans Buyback But Falls: HP Drops" by Donna Kardos Yesalavich says US stocks fell as concern about a downward revision in third quarter consumer spending estimates and the fallout from possible bank restrictions in China prompted investors to move away from riskier areas of the market, hurting a range of companies, including JPMorgan Chase, Bank of America and Walt Disney.

Fin Times p22 "Warner Music adds to pessimistic tone of economic data" by Samantha Pearson says Wall St. struggled to recover its early losses Tues. as investors evaluated a barrage of economic data and a surprise quarterly loss from Warner Music.

Inv. Bus. Daily pA1 "NASDAQ Takes a Hit, But leaders Silent" by Paul Whitfield says Tuesday's action was down in mixed volume, the current outlook is uptrend under pressure.

NYT pB8 "Markets Edge Down as Consumer Confidence Stays Low" says a disappointing report on consumer confidence and a more somber read on the economy pulled stocks down on Tues. from 13 month highs.


As of the open of the market Wednesday, the current divisor for the Dow found at page C4 of The Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 18.10 unchanged from Tuesday (year ago it was 17.74) the P/E estimate is 16.04 unchanged (year ago it was 8.95) and the current dividend yield is 2.67 unchanged (it was 3.82 a year ago).

Tuesday's Dow Jones Industrial Average closing numerator was 1380.58 down 2.28from Monday's closing Dow numerator of 1382.86. 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 decrease of 2.28 for Tuesday by the divisor you get the decrease in Tuesday's Dow close of 17.24.

The average closing price (the closing numerator divided by 30) of Tuesday's Dow Jones Industrial Average was 46.02 down 0.08 from Monday's Dow Jones Industrial Average closing price of $46.10. The median closing price of Tuesday's Dow Jones Industrial Average was 38.83 down 0.17 from Monday's median closing price of $39. The lowest volume Friday was again 3M MMM $77.61 -0.12 0.15% 2,728,467 NYSE and the highest volume again was Bank of Am BAC $16.1 -0.19 1.17% 115,700,245 NYSE.

If Tuesday morning before the market opened you had purchased 100 shares 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 lost $240 ($138,300 - $138,060).


AT&T T $27.1 +0.32 1.19% 34,438,249 NYSE:

Alcoa AA $12.92 -0.14 1.07% 31,292,406 NYSE:

American Express AXP $41.44 -0.19 0.46% 7,044,890 NYSE:

Bank of America BAC $16.1 -0.19 1.17% 115,700,245 NYSE:

Boeing BA $51.97 -0.66 1.25% 3,220,223 NYSE:

Caterpillar CAT $58 -0.14 0.24% 6,593,800 NYSE:

Chevron CVX $79.03 +0.29 0.37% 8,266,731 NYSE:

Cisco CSCO $23.74 -0.16 0.67% 29,827,442 NASDAQ-GS:

Coca-Cola KO $58.19 -0.05 0.09% 7,772,639 NYSE:

Disney DIS $30.23 -0.25 0.82% 7,795,147 NYSE: WSJ p C5 "Merck Plans Buyback But Falls: HP Drops" by Donna Kardos Yesalavich says US stocks fell as concern about a downward revision in third quarter consumer spending estimates and the fallout from possible bank restrictions in China prompted investors to move away from riskier areas of the market, hurting a range of companies, including JPMorgan Chase, Bank of America and Walt Disney.

DuPont DD $34.67 -0.09 0.26% 4,988,422 NYSE :

Exxon Mobil XOM $75.97 +0.27 0.36% 16,935,588 NYSE:

GE $16.12 +0.10 0.62% 80,242,547 NYSE: WSJ pC5 "GE Draws a Herd of Bulls" by Tennile Tracy says in this Optins Report that the options market played host to some big trades in GE with one bullish investor betting that GE shares will rally above $22.50 in the next year.

Hewlett-Packard HPQ $50.19 -0.83 1.63% 17,212,089 NYSE: WSJ p C5 "Merck Plans Buyback But Falls: HP Drops" by Donna Kardos Yesalavich says US stocks fell as concern about a downward revision in third quarter consumer spending estimates and the fallout from possible bank restrictions in China prompted investors to move away from riskier areas of the market, hurting a range of companies, including JPMorgan Chase, Bank of America and Walt Disney. HPQ weighed on the Dow despite its latest quarterly earnings and rev being in line with prelim results provided earlier this month. Investors had hoped the results would go up.

Home Depot HD $27.56 +0.05 0.18% 11,628,656 NYSE:

Intel INTC $19.39 -0.01 0.05% 52,219,657 NASDAQ-GS:

IBM $127.93 -0.27 0.21% 4,798,827 NYSE: Inv. Bus. Daily "Big Blue Keeps Advancing Despie Difficult Economy" by Paul Whitfield says it's hard to argue with IBM as an income play since historically it's offered a solid mix of capital appreciation with a rising dividend. Over the past 5 years, IBM rose 35% while the S&P slid 6%. The 10 year numbers are IBM up 24% and S&P down 21%. IBM's current performance says it remains on track. It has market share gains in software and hardware as of Oct. 15' conf. call with CFO Mark Loughridge.

JPMorgan Chase JPM $42.48 -0.80 1.85% 31,524,799 NYSE: Fin Times p12 speculates that JPM jamie Dimon is in the running to succeed Timothy Geithner, embattled US Treasury Sec'y.

Johnson & Johnson JNJ $63.18 +0.49 0.78% 9,633,954 NYSE:

Kraft KFT $27.22 -0.12 0.44% 8,769,869 NYSE:

McDonald's MCD $64.22 +0.23 0.36% 8,258,219 NYSE:

Merck MRK $36.22 -0.20 0.55% 21,145,504 NYSE: WSJ p C5 "Merck Plans Buyback But Falls: HP Drops" by Donna Kardos Yesalavich says US stocks fell as concern about a downward revision in third quarter consumer spending estimates and the fallout from possible bank restrictions in China prompted investors to move away from riskier areas of the market, hurting a range of companies, including JPMorgan Chase, Bank of America and Walt Disney. Merck said it would repurchase $3 bil in stock as it looks to begin soaking up the equity issued to pruchase Schering-Plough.

WSJ pB6A "Drug Industry Insiders See Good, Bad, Ugly" by Peter Loftus says Merck's senior dir. of public policy Jane Horvath views are mixed regarding the overhaul of the US health care system.

Microsoft MSFT $29.91 -0.03 0.1% 37,054,667 NASDAQ-GS: WSJ pB2 "Microsoft Officer Resigns" by Nick Wingfield says its cfo Chris Liddell plans to leave by the end of the year to look for a new job and will be succeeded by Peter Klein, the 47 year old cfo of MSFT's bus. div.

Pfizer PFE $18.31 -0.22 1.19% 58,375,587 NYSE: Fin Times p16 "Pfizer takes aim in patent row" by Roel Landingin says Pfizer, the world's biggest pharma firm, says Pfizer is sueing to fend off competition in the Philippines from UniLab's new generic alternative to Lipitor, Pfizer's second best selling drug in the Phillippines.

Procter & Gamble PG $62.8 +0.07 0.11% 9,718,961 NYSE:

3M MMM $77.61 -0.12 0.15% 2,728,467 NYSE:

Travelers TRV $53.09 +0.12 0.23% 3,013,513 NYSE:

United Technologies UTX $68.27 -0.46 0.67% 3,794,076 NYSE:

Verizon VZ $31.87 +0.54 1.72% 25,883,692 NYSE:

WalMart WMT $54.85 +0.17 0.31% 10,455,830 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.