11/5/09 Thurs. am NY Sues Intel for Kickbacks to IBM, HPQ et. al.

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 THIS BLOG MAY NOT BE UPDATED NEXT WEEK BUT I WILL DO MY BEST.

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Post #196 The following is brought to you by Intellivest Securities Research, Inc. The following is not intended as advertising by a broker-dealer and is not a research report. 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 10/28/09 and an update of the Dow 30's most recent SEC filings as of 10/12/09.

A read of Thursday's 11/5/09 print editions of: Wall St. Journal, Financial Times, New York Times, Atlanta Journal Constitution, Fulton Daily Report (Bloomberg), & 11/2/09 issue of Investment News 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 Wednesday at 9802.14 up 30.23 or 3.31% from Tuesday's close of 9771.91. Year to date the Dow is up 11.69%. Of the 30 Dow Companies: 12 declined and 18 gained. The biggest decliner dollar-wise and percentage-wise was Kraft KFT $26.67 -0.87 3.16% 28,754,782 NYSE. The biggest gainer dollar-wise and percentage-wise was MRK $32.64 +1.97 6.42% 35,953,512 NYSE NYSE.

WSJ pC1 "Dow Holds On to 30.23 Of Its Rally" by Peter A. McKay, Geoffrey Rogow says stocks tumbled 100 points in the last half hour of trading, wiping out most of a rally that gained strength afeter the Fed Reserve said it wouldn't raise interest rates soon. Gold continued its recent surge, hitting a new high of $1,086.70 an oz. Kraft Foods led the Dow's declines, down 3.2% after it lowered its sales outlook. Merck jumped 6.4% after issuing a strong profit forecasat. After the close, Cisco Systems reported earnings that beat expectations and noted trends incidcating the economy is imporving. Its shares were up 1.7% in regular trading and added 2.7% after hours.

WSJ pC5 "Garmin Gets Lost As Merck Rises 6.4%" by Geoffrey Rogow says a post-Fed Reserve interest rate decision selloff for JPMorgan Chase, Hartford Financial and other financials weighed on stocks though Merck-led gains for health care had shares closing slightly in the green. In another volatile session that saw the Dow Jones Industrial Average swing between a 150 point gain and the flat line in the last hour and a half, much of the conversation and trading centered around the Fed Reserve which kept its key rate target near zero as expected. Weighing on both the Dow and S&P 500, Kraft Foods slid 3.2% as its 3Q profit declined 40%, while rev fell on currency iimpacts. Sales fell short of analysts' expectations. Sidebar charts under "Good News" shows Merck and says Merck predicted annual earnings growth in the high single digit percentages until 2013. Under "Bad News" Kraft is charted and it says that 3Q profit declined as rev fell, and sales fell short of analysts' expections.

NYT pB7 "Cerdit Card Bill Wipes Out Investor Optimism" by Bloomberg News says the Dow Jones industrial average erased almost all of a 156 point rally after the House of Reps passed a bill to curb rate increases on credit cards, touching off concern about bank earnings. The news outweighed investor optimism after the Fed Reserve said its planned to keep interest rates at a record low.

Fin Times p26 "Blue chips cling to positive territory despite late sell-off" by Samantha Pearson says Wall Street gave up early gains yesterday in a late sell-off after the Red. Reserve reaffirmed its intention to keep rates low for an extended period.

The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of market open Thursday the Dow's trailing P/E ratio is 16.98 up from from Wednesday's 16.84 (year ago was nil), the P/E estimate is 15.68 unchanged (1 year ago it was 10.97), and the dividend yield is 2.83 down from Wednesday's 2.86 (a year ago it was 3.53).

Wedneday's Dow Jones Industrial Average closing numerator was 1297.01 up 4 from Tuesday's closing Dow numerator of 1293.01. 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 4 for Wednesday by the divisor you get the increase of 30.23 in Wednesday's Dow close.

The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was $43.23 up 0.13 from Tuesday's Dow Jones Industrial Average closing price of $43.10. The median closing price of Wednesday's Dow Jones Industrial Average was $38.39 down 0.48 from Tuesday's Dow Jones median closing price of $39.37. The lowest volume Wednesday was 3M MMM $74.07 +0.01 0.01% 4,035,833NYSE and the highest volume again was Bank of Am BAC $14.7 -0.10 0.68% 197,659,021 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 $390.
($129,690 - $129,300)

AT&T T $25.53 +0.17 0.67% 24,750,769 NYSE: WSJ pC10 "Blackberry Offers Low-Hanging Fruit" by Martin Peers says Verizon Wireless will launch on Fri its Droid phone a Motorola built handset usisng Google's Android operating system, which signals the opening of a new front in the smart phone war. The Droid may be the strongest competitor to Apple's iPHone so far but it is BlackBerry maker Research in Motion, more than Apple that is vulnerable becuz it has failed to build on the popularity of its email service with a robust Internet browser. This wasn't an issue while the iPHone, available only on AT&T, was the only other game in town. But now the array of competitive smart phones includes the Palm Pre on Sprint Nexttel as well as the Droid.

WSJ pD1 "Motorla's Droid Is Smart Success For Verizon Users" by Waler S. Mossberg says Verizon Wireless customers love its fast 3G network but many gripe about VZ's hhigh end smart phones which haven' matched the cachet and vesatilit of the Apple iPohone sold by AT&T. Soome Verizon customers have switched to AT&T to get an iPhone. This week, Verizon is rolling out a devicd that finally gives it a mroe credible alternative. The new $200 phone is the Motorola Droid and it's the fist Verizon model to run Google's android smart phone operating system.

Alcoa AA $12.51 -0.15 1.18% 31,265,349 NYSE: No mentions found.

American Express AXP $35.96 -0.08 0.22% 11,794,594 NYSE: No mentions found.

Bank of America BAC $14.7 -0.10 0.68% 197,659,021 NYSE: WSJ pC1 J.P. Morgan: Banker, Gym, Publisher . . ." b Mike Spector, Peter Lattman says the "Morganization" is back. At the peak of his influence more than a century ago, John Pierpont Morgan Sr. reorganized or "Morganized" bankrupt railroads and took them over. While not as powerful as Mr. Morgan then, the bank bearing hs name today has canceled big chunks of corporate loans in exchange for stakes in firms it never intended to acquired. Many of these firms have declared bankruptcy and the recession and the bank has been forced to take ownership to salvage its original loan. JPM now owns stakes in dozens of firms employing tens of thousands of employees such as publisher Jounral Register Co, Bally Total Fitness, Sleep Innovations. Bank of America also has taken ownership interests in many of its borrowers but wouldn't comment for this article.

NYT pB3 "Committee Allows a Break On Certain Auditing Rules" by Stephen Labaton says legislation is pending that would provide greate protection to investors as a bill sailed through a House committee. The legislation tries to respond to the outcry over taxpayer bailouts of some of the nation's biggest financial firms such as Bear Stearns, Fannie Mae, Freddie Mack, AIG, Citigroup and Bank of America.

WSJ pC3 in an item about Evercore Partners which is advising Burlington Northern via its transportation banker, George Ackert it says that Ackert came to Evercore in Feb. from Merrill Lynch part of an exodus of M&A bankers following Merrill's $50 bil acquisition by Bank of America.

WSJ pC10 "Overheard" says defeated Gov. Jon Corzine is being whispered about as a dark house candidate to replace Ken Lewis as CEO of Bank of America.

Boeing BA $48.07 -0.03 0.06% 4,991,541 NYSE: WSJ pB1 "Boeing CEO's Bumpy Ride" by Peter Sanders says Boeing has had a difficult year due to the economy and its 787 Dreamliner that is more than 2 years behind schedule. The launch of its revamped 747 jumbo jet also has been delayed. In the 3Q, BA had a $3.5 bil writedown due in part oto the delays and a $1.6 bil loss. Despite a solid backlog of orders for comercial planes, Boeing faces another turbulent year in 2010 including new pressures as the Obama admin. cuts spending on many of the high tech military programs BA has championed. Jim McNerney has led Boeing since June 2005, following stints as 3M's ceo and an exec at GE. He arrived on the heels of a major ethics scandal involving a Boeing bid to build the Air Force a refueling tanker and an inappropriate relationship between the prior CEO and a female exec. It interviewed McNerney who is 60 but is pictured looked younger but with a sidwards glance which is never flattering but, still, a good phot that has him exuding self-confidence.

Caterpillar CAT $56.22 -0.24 0.43% 8,602,981 NYSE: No mentions found.

Chevron CVX $76.28 +0.42 0.55% 10,542,656 NYSE: No mentions found.

Cisco CSCO $23.29 +0.38 1.66% 59,866,510 NASDAQ-GS: WSJ pB3 "Cisco's Net Falls: CEO Is Upbeat" by Ben Worthen, IBD pA1 "Cisco Beats Q1 In Latest Sign Of Tech Bounce" by J. Bonasia & NYT pB2 "Cisco's Results Offer More Hope to Tech Industry" by Steve Lohr says Cisco posted a 19% profit drop and a 13% rev decline for its fiscal 1Q but CEO John Chambers said thej economy was improving. Cisco reported that profit fell to $1.8 bil or 30 cents a share, from $2.2 bil or 37 cents a share for its fiscal first quarter ended Oct. 24. Rev fell to 9 bil from $10.3 bil a eyar earlier. The declines were less severe than in prior quarters and Cisco's rev didn't fall as much as the 15% to 17% the firm had forecast in Aug. This time, Chambers has more company when it comes to calling a rebound. Intel, IBM and Microsoft all exceeded analysts' rev projections. Recently Cisco has spent some of its cash hoard of $35.4 bil by spending more than $6 bil on 4 acquisitions including for video conferencing firm Tandberg ASA and wireless equipment maker Starent Networks. On Tues., Cisco said it was doing a jv with EMC Corp. to assemble and install computer systems.

WSJ pC1 "Dow Holds On to 30.23 Of Its Rally" by Peter A. McKay, Geoffrey Rogow says stocks tumbled 100 points in the last half hour of trading, wiping out most of a rally that gained strength afeter the Fed Reserve said it wouldn't raise interest rates soon. Gold continued its recent surge, hitting a new high of $1,086.70 an oz. Kraft Foods led the Dow's declines, down 3.2% after it lowered its sales outlook. Merck jumped 6.4% after issuing a strong profit forecasat. After the close, Cisco Systems reported earnings that beat expectations and noted trends incidcating the economy is imporving. Its shares were up 1.7% in regular trading and added 2.7% after hours.

Coca-Cola KO $53.49 +0.37 0.7% 6,922,230 NYSE: No mentions found.

Disney DIS $28.03 -0.41 1.48% 12,719,393 NYSE: NYT A1 After Mickey's Makeover Look for a Little Less Mr. Nice Guy" by Brooks Barnes says Disney is remaking Mickey Mouse, created in 1928 for a new video game that will make him more of a darker figure as he was originally created as Steamboat Willy.

Fin times p14 says china has granted disney permission to build a theme park in Shanghai was discussed in yesterday's blog.

DuPont DD $32.19 -0.36 1.11% 7,934,180 NYSE: No mentions found.

ExxonMobil XOM $71.3 -0.44 0.61% 22,505,306 NYSE: No mentions found.

GE $14.19 -0.13 0.91% 79,265,584 NYSE: WSJ pB7 "Comcast net Up 22%; Word on NBC Is Mum" by Nat Worden says Comcast Crop. the largest US cable operator by subscribers posted a 22% increase in quarterly profit, but remained mum on its negotiations with GE about taking a majorit stake in NBC Universal which talks are in the homestretch with an announcement in the next week or two. Comcast would contribute cash and cable networks in return for an initial 51% of the exapnded NbC Universal entity. GE would own 49% and Vivendi SA, which now owns 20%, would be bought out.

WSJ pB1 "Boeing CEO's Bumpy Ride" by Peter Sanders says Boeing has ahd a difficult year due to the economy and its 787 Dreamliner that is mroe than 2 years behind schedule. The launch of its revamped 747 jumbo jet also has been delayed. In the 3Q, BA had a $3.5 bil writedown due in part oto the delays and a $1.6 bil loss. Despite a solid backlog of orders for comercial planes, Boeing faces another turbulent year in 2010 including new pressures as the Obama admin. cuts spending on many of the high tech military programs BA has championed. Jim McNerney has led Boeing since June 2005, following stints as 3M's ceo and an exec at GE. He arrived on the heels of a major ethics scandal involving a Boeing bid to build the Air Force a refueling tanker and an inappropriate relationship between the prior CEO and a female exec. It interviewed McNerney who is 60 but is pictured looked younger but with a sidwards glance which is never flattering but, still, a good phot that has him exuding self-confidence.

Hewlett-Packard HPQ $47.76 +0.25 0.53% 15,424,897 NYSE: WSJ pB1 "New York Hits Intel With Suit" by Don Clark, Liz Rappaport says Intel was slapped with new charges alleging it abused its dominance of the computer chip market according to NY's atty gen'l whose complaint includes a raft of revealing emails between some of the tech industry's most powerful execs. The suit alleges Intel threatened computer makers including Dell, Hewlett-Packard,and IBM and paid billions of dollars in kickbacks to stop them from using a competitor's chips. In one email, Intel CEO Paul Otellini called Dell, which used Intel chips exclusively, "the best friend money can buy," according to the suit.

Home Depot HD $24.96 -0.04 0.16% 18,543,181 NYSE: No mentions found.

Intel INTC $18.59 +0.23 1.25% 85,204,005 NASDAQ-GS: WSJ pB1 "New York Hits Intel With Suit" by Don Clark, Liz Rappaport, also reported at Fin Times p18 by Richard Waters, Fin Times p1 by Chris Nutall, Fin times p14 & at NYT pB1 by Ashlee Vance says Intel was slapped with new charges alleging it abused its dominance of the computer chip market according to NY's atty gen'l whose complaint includes a raft of revealing emails between some of the tech industry's most powerful execs. The suit alleges Intel threatened computer makers including Dell, Hewlett-Packard,and IBM and paid billions of dollars in kickbacks to stop them from using a competitor's chips. In one email, Intel CEO Paul Otellini called Dell, which used Intel chips exclusively, "the best friend money can buy," according to the suit.

WSJ pB3 "Cisco's Net Falls: CEO Is Upbeat" by Ben Worthen says Cisco posted a 19% profit drop and a 13% rev decline for its fiscal 1Q but CEO John Chambers said thej economy was improving. Cisco reported that profit fell to $1.8 bil or 30 cents a share, from $2.2 bil or 37 cents a share for its fiscal first quarter ended Oct. 24. Rev fell to 9 bil from $10.3 bil a eyar earlier. The declines were less severe than in prior quarters and Cisco's rev didn't fall as much as the 15% to 17% the firm had forecast in Aug. This time, Chambers has more company when it comes to calling a rebound. Intel, IBM and Microsoft all exceeded analysts' rev projections. Recently Cisco has spent some of its cash hoard of $35.4 bil by spending more than $6 bil on 4 acquisitions including for video conferencing firm Tandberg ASA and wireless equipment maker Starent Networks. On Tues., Cisco said it was doing a jv with EMC Corp. to assemble and install computer systems.

IBM $121.29 +0.13 0.11% 6,274,927 NYSE: WSJ pB1 "New York Hits Intel With Suit" by Don Clark, Liz Rappaport says Intel was slapped with new charges alleging it abused its dominance of the computer chip market according to NY's atty gen'l whose complaint includes a raft of revealing emails between some of the tech industry's most powerful execs. The suit alleges Intel threatened computer makers including Dell, Hewlett-Packard,and IBM and paid billions of dollars in kickbacks to stop them from using a competitor's chips. In one email, Intel CEO Paul Otellini called Dell, which used Intel chips exclusively, "the best friend money can buy," according to the suit.

WSJ pB3 "Cisco's Net Falls: CEO Is Upbeat" by Ben Worthen says Cisco posted a 19% profit drop and a 13% rev decline for its fiscal 1Q but CEO John Chambers said thej economy was improving. Cisco reported that profit fell to $1.8 bil or 30 cents a share, from $2.2 bil or 37 cents a share for its fiscal first quarter ended Oct. 24. Rev fell to 9 bil from $10.3 bil a eyar earlier. The declines were less severe than in prior quarters and Cisco's rev didn't fall as much as the 15% to 17% the firm had forecast in Aug. This time, Chambers has more company when it comes to calling a rebound. Intel, IBM and Microsoft all exceeded analysts' rev projections. Recently Cisco has spent some of its cash hoard of $35.4 bil by spending more than $6 bil on 4 acquisitions including for video conferencing firm Tandberg ASA and wireless equipment maker Starent Networks. On Tues., Cisco said it was doing a jv with EMC Corp. to assemble and install computer systems.

J.P. Morgan Chase JPM $42.21 -0.49 1.15% 41,590,550 NYSE: WSJ pC8 "J.P. Morgan Settles Alabama Muni Case, NYT pB1 by May William Walsh, Fin Times p15 by Justin Baer & AJC p18 says JPMorgan on Wed settled charges with the SEC for its role in an unlawful payment scheme that enabled them to win business involving muni bond offerings and swap agreement transactions with Jefferson County, Ala. J.P. Morgan Securities, a unit of J.P. Morgan Chase will pay a penalty of $25 mil, make a payment of $50 mil to Jefferson County and forfeit more than $647 mil in claimed termiantion fees.

Investment News P13 "JP Morgan Chief Says Firm Wants More Brokers" By Jed Horowitz says Jamie Dimon, CEO of JPMorgan Chase said he wants to triple his force of retail reps to add to the small number of reps he inherited last year when JPM absorbed Bear Stearns. Dimon says he loves the retail securities biz because his dad and grandfather were both brokers and he remembers the days of orders delivered to stock exchange floors via pneumatic tubes. JPMorgan has 350 retail reps, down from a peak of 450 under Berar Stearns and dimon waisd he would like to have as many as 1,000 reps.

WSJ pC1 J.P. Morgan: Banker, Gym, Publisher . . ." b Mike Spector, Peter Lattman says the "Morganization" is back. At the peak of his influence more than a century ago, John Pierpont Morgan Sr. reorganized or "Morganized" bankrupt railroads and took them over. While not as powerful as Mr. Morgan then, the bank bearing hs name today has canceled big chunks of corporate loans in exchange for stakes in firms it never intended to acquired. Many of these firms have declared bankruptcy and the recession and the bank has been forced to take ownership to salvage its original loan. JPM now owns stakes in dozens of firms employing tens of thousands of employees such as publisher Jounral Register Co, Bally Total Fitness, Sleep Innovations. Bank of America also has taken ownership interests in many of its borrowers but wouldn't comment for this article.

WSJ pC5 "Garmin Gets Lost As Merck Rises 6.4%" by Geoffrey Rogow says a post-Fed Reserve interest rate decision selloff for JPMorgan Chase, Hartford Financial and other financials weighed on stocks though Merck-led gains for health care had shares closing slightly in the green. In another volatile session that saw the Dow Jones Industrial Average swing between a 150 point gain and the flat line in the last hour and a half, much of the conversation and trading centered around the Fed Reserve which kept its key rate target near zero as expected. Weighing on both the Dow and S&P 500, Kraft Foods slid 3.2% as its 3Q profit declined 40%, while rev fell on currency iimpacts. Sales fell short of analysts' expectations. Sidebar charts under "Good News" shows Merck and says Merck predicted annual earnings growth in the high single digit percentages until 2013. Under "Bad News" Kraft is charted and it says that 3Q profit declined as rev fell, and sales fell short of analysts' expections.

WSJ pC10 "Goldman Benefits From Debt Gold Mine" says all banks benefit from the Fed Reserve's zero interest rate policy, but Goldman Sachs is benefiting the most. At 0.92%, Goldman is well below J.P. Morgan Chase's 2.09%. Since J.P. Morgan is funding a markedly different mix of assets from Coldman, the comparison may not be appropriate.

Johnson & Johnson JNJ $59.52 +0.59 1% 13,762,741 NYSE: No mentions found.

Kraft KFT $26.67 -0.87 3.16% 28,754,782 NYSE: WSJ pC10 "Kraft Crumbles, Cadbury Melts" by John Jannarone says investors think that Kraft's lackluster results will affect its bid for Cadbury as Cadbury's shares fell to their lowest level since early Sept, before Kraft's bid. There is no competing bid, and the decrease in Kraft's share price means less ammo to boost its cash and stock bid. The Nov. 9 deadline to submi a formal offer is pressuring Kraft to raise its offer to secure a deal.

Similar item "Chocolate and Cheese" at NYT pB2.

WSJ pC1 "Dow Holds On to 30.23 Of Its Rally" by Peter A. McKay, Geoffrey Rogow says stocks tumbled 100 points in the last half hour of trading, wiping out most of a rally that gained strength afeter the Fed Reserve said it wouldn't raise interest rates soon. Gold continued its recent surge, hitting a new high of $1,086.70 an oz. Kraft Foods led the Dow's declines, down 3.2% after it lowered its sales outlook. Merck jumped 6.4% after issuing a strong profit forecasat. After the close, Cisco Systems reported earnings that beat expectations and noted trends incidcating the economy is imporving. Its shares were up 1.7% in regular trading and added 2.7% after hours.

WSJ pC5 "Garmin Gets Lost As Merck Rises 6.4%" by Geoffrey Rogow says a post-Fed Reserve interest rate decision selloff for JPMorgan Chase, Hartford Financial and other financials weighed on stocks though Merck-led gains for health care had shares closing slightly in the green. In another volatile session that saw the Dow Jones Industrial Average swing between a 150 point gain and the flat line in the last hour and a half, much of the conversation and trading centered around the Fed Reserve which kept its key rate target near zero as expected. Weighing on both the Dow and S&P 500, Kraft Foods slid 3.2% as its 3Q profit declined 40%, while rev fell on currency iimpacts. Sales fell short of analysts' expectations. Sidebar charts under "Good News" shows Merck and says Merck predicted annual earnings growth in the high single digit percentages until 2013. Under "Bad News" Kraft is charted and it says that 3Q profit declined as rev fell, and sales fell short of analysts' expections.

McDonald's MCD $60.29 +1.05 1.77% 12,228,201 NYSE: No mentions found.

Merck MRK $32.64 +1.97 6.42% 35,953,512 NYSE: WSJ pB4 "Merck Hunts for Biotech Deals" by Jonathan D. Rockoff says Merck & co. CEO Richard Clark said his firm is acitvely looking to buy biotech companies in the single digit billions of dollars, but another major takeover of the size of Schering-Plough is off the table right now. A photo of Clark appears as if he is an intent listener. Like its rivals, Merck has been looking for new producs outside its labs after suffering research setbacks. Big drug makers need to find new medicines whose sales can make up for the tens of bils of dollars in rev lost as their top selling drugs face generic competiton. Over the past year, Pfizer bought Wyeth for $68 bil and Roche Holding AG purchased the stake of Genentech its didn'ta lready own for $47 bil.

WSJ pC1 "Dow Holds On to 30.23 Of Its Rally" by Peter A. McKay, Geoffrey Rogow says stocks tumbled 100 points in the last half hour of trading, wiping out most of a rally that gained strength afeter the Fed Reserve said it wouldn't raise interest rates soon. Gold continued its recent surge, hitting a new high of $1,086.70 an oz. Kraft Foods led the Dow's declines, down 3.2% after it lowered its sales outlook. Merck jumped 6.4% after issuing a strong profit forecasat. After the close, Cisco Systems reported earnings that beat expectations and noted trends incidcating the economy is imporving. Its shares were up 1.7% in regular trading and added 2.7% after hours.

WSJ pC5 "Garmin Gets Lost As Merck Rises 6.4%" by Geoffrey Rogow says a post-Fed Reserve interest rate decision selloff for JPMorgan Chase, Hartford Financial and other financials weighed on stocks though Merck-led gains for health care had shares closing slightly in the green. In another volatile session that saw the Dow Jones Industrial Average swing between a 150 point gain and the flat line in the last hour and a half, much of the conversation and trading centered around the Fed Reserve which kept its key rate target near zero as expected. Weighing on both the Dow and S&P 500, Kraft Foods slid 3.2% as its 3Q profit declined 40%, while rev fell on currency iimpacts. Sales fell short of analysts' expectations. Sidebar charts under "Good News" shows Merck and says Merck predicted annual earnings growth in the high single digit percentages until 2013. Under "Bad News" Kraft is charted and it says that 3Q profit declined as rev fell, and sales fell short of analysts' expections.

Microsoft MSFT $28.06 +0.53 1.93% 62,679,501 NASDAQ-GS: WSJ pB3 an item says Microsoft is laying off another 800 employees on top of the 5,000 employees it will cut by 2010. It is the first layoffs in its 34 year history. In total, around 6.3% of the firm's 91,000 staff will have been cut. Microsoft is the worlld's largest software maker and announced its first fiscal eyar of declining sales as a public company this year amid weaker demand for the pcs that drive sales of its flagship windows software program.

WSJ pA17 "The Great Disruption" by Jeremy Philips reviewed the book "Googled" by Ken Auletta sand says Google is the underdog is somep arts of the world and Microsoft remains a formidable competitor in a book about Google which was founded in 1998 by Larry Page and Sergey Bring and has grown into a $22 bil behemoth, but is still in the early stages of a long growth phase.

WSJ pB3 "Cisco's Net Falls: CEO Is Upbeat" by Ben Worthen says Cisco posted a 19% profit drop and a 13% rev decline for its fiscal 1Q but CEO John Chambers said thej economy was improving. Cisco reported that profit fell to $1.8 bil or 30 cents a share, from $2.2 bil or 37 cents a share for its fiscal first quarter ended Oct. 24. Rev fell to 9 bil from $10.3 bil a eyar earlier. The declines were less severe than in prior quarters and Cisco's rev didn't fall as much as the 15% to 17% the firm had forecast in Aug. This time, Chambers has more company when it comes to calling a rebound. Intel, IBM and Microsoft all exceeded analysts' rev projections. Recently Cisco has spent some of its cash hoard of $35.4 bil by spending more than $6 bil on 4 acquisitions including for video conferencing firm Tandberg ASA and wireless equipment maker Starent Networks. On Tues., Cisco said it was doing a jv with EMC Corp. to assemble and install computer systems.

Pfizer PFE $16.93 +0.04 0.24% 51,777,622 NYSE: WSJ pB4 "Merck Hunts for Biotech Deals" by Jonathan D. Rockoff says Merck & co. CEO Richard Clark said his firm is acitvely looking to buy biotech companies in the single digit billions of dollars, but another major takeover of the size of Schering-Plough is off the table right now. A photo of Clark appears as if he is an intent listener. Like its rivals, Merck has been looking for new producs outside its labs after suffering research setbacks. Big drug makers need to find new medicines whose sales can make up for the tens of bils of dollars in rev lost as their top selling drugs face generic competiton. Over the past year, Pfizer bought Wyeth for $68 bil and Roche Holding AG purchased the stake of Genentech its didn'ta lready own for $47 bil.

Procter & Gamble PG $59.03 +0.45 0.77% 13,005,581 NYSE: No mentions found.

3M MMM $74.07 +0.01 0.01% 4,035,833 NYSE: WSJ pB1 "Boeing CEO's Bumpy Ride" by Peter Sanders says Boeing has ahd a difficult year due to the economy and its 787 Dreamliner that is mroe than 2 years behind schedule. The launch of its revamped 747 jumbo jet also has been delayed. In the 3Q, BA had a $3.5 bil writedown due in part oto the delays and a $1.6 bil loss. Despite a solid backlog of orders for comercial planes, Boeing faces another turbulent year in 2010 including new pressures as the Obama admin. cuts spending on many of the high tech military programs BA has championed. Jim McNerney has led Boeing since June 2005, following stints as 3M's ceo and an exec at GE. He arrived on the heels of a major ethics scandal involving a Boeing bid to build the Air Force a refueling tanker and an inappropriate relationship between the prior CEO and a female exec. It interviewed McNerney who is 60 but is pictured looked younger but with a sidwards glance which is never flattering but, still, a good phot that has him exuding self-confidence.

Travlers TRV $50.16 +0.08 0.16% 5,769,265 NYSE: No mentions found.

United Technologies UTX $63.58 +0.38 0.6% 4,392,846 NYSE: No mentions found.

Verizon VZ $29.1 0.+03 0.1% 14,791,467 NYSE: WSJ pC10 "Blackberry Offers Low-Hanging Fruit" by Martin Peers says Verizon Wireless will launch on Fri its Droid phone a Motorola built handset usisng Google's Android operating system, which signals the opening of a new front in the smart phone war. The Droid may be the strongest competitor to Apple's iPHone so far but it is BlackBerry maker Research in Motion, more than Apple that is vulnerable becuz it has failed to build on the popularity of its email service with a robust Internet browser. This wasn't an issue while the iPHone, available only on AT&T, was the only other game in town. But now the array of competitive smart phones includes the Palm Pre on Sprint Nexttel as well as the Droid.

WSJ pD1 "Motorla's Droid Is Smart Success For Verizon Users" by Waler S. Mossberg says Verizon Wireless customers love its fast 3G network but many gripe about VZ's hhigh end smart phones which haven' matched the cachet and vesatilit of the Apple iPohone sold by AT&T. Soome Verizon customers have switched to AT&T to get an iPhone. This week, Verizon is rolling out a devicd that finally gives it a mroe credible alternative. The new $200 phone is the Motorola Droid and it's the fist Verizon model to run Google's android smart phone operating system.

WalMart WMT $50.38 +0.48 0.96% 14,375,564 NYSE: No mentions found.
*****************************************************
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
10/28/09:
1. Exxon Mobil XOM $355
2. Microsoft MSFT 250
3. WalMart WMT 192
4. JPMorgan Chase 168
5. Procter & Gamble PG 167
6. Johnson & Johnson JNJ 164
7. IBM 159
8. At&t T 154
9. GE 153
10. Chevron CVX 152
11. Cisco CSCO 133
12. BAC 130
13. Coke KO 124
14. Pfizer PFE 116
15. Hewlett-Packard HPQ 111
16. Intel INTC 107
17. Verizon VZ 85
18. Merck MRK 68
19. McDonald's MCD 64
20. United Technologies UTX 59
21. 3M MMM 52
22. Disney DIS 51
23. Home Depot 43
24. American Express AXP 41
25. Kraft KFT 40
26. Boeing BA 34
27. Caterpillar CAT 34
28. DuPont DD 29
29. Travelers TRV 28
30. Alcoa AA 12

Here are the latest SEC filings as of 10/12/09 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: 10/2/09 11K Annual Report of employee stock purchase plan.

8/28/09 two 8K's, one announcing it had reached agreement with the Communications Workers of America (on a new, three-year contract covering approximately 7,000 wireline employees (located across the U.S.) under the CWA Communications and Technologies contract, subject to approval by these employees. The second 8K said two subsidiaries of AT&T redeemed certain long-term debt issues as of September 28, 2009.

Alcoa AA: 10/8/09 announcing financial results for the third quarter.

7/29/09 8K announcing that Alain J. P. Belda, executive Chairman of the Board of Directors of AA retired as an executive officer but is staying on as a director until April 23, 2010.

American Express AXP: 10/2/09 8K announcing departure of Alfred F. Kelly, Jr., as Pesident and head of AXP Global Consumer Group as of 4/10/09.

9/15/09 8K annoucing delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended June 30, July 31 and August 31, 2009.

9/2/09 10Q;

Bank of Am BAC: 10/9/09 several free writing prospectus regarding issuance of securities.

Boeing BA: 10/9/09 8K announcing the election to the Board and Audit & Fin. Committee of retired Admiral Edmund P. Giambastiani, Jr. former Vice-Chair of Joint Chiefs of Staff '05- '07.

10/6/09 8K announcing a charge to third quarter earnings in connection with delays in the 747-8 program.

9/15/09 8K announcing that pursuant to a 1978 SEC settlement, BA informed the SEC of a change in its policy re the appointment of foreign consultants and to whom they report.

8/31/09 8K announcing the retirement of Scott E. Carson, Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes, effective January 1, 2010. Effective September 1, 2009, Mr. Carson will leave his current position and assume the role of Executive Vice President. Carson will be replaced by James F. Albaugh.

8/27/09 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.

Caterpiller CAT: 10/5/09 8K announcing price changes on most machines worldwide effective Jan. '10.

9/23/09 8K announcing a new credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., that provides for an unsecured aggregate revolving credit facility up to $2.38 billion that serves as an alternative source of funds, if necessary, for CAT's commercial paper programs.

9/21/09 8K furnishing supplemental information concerning deliveries to users for its Machinery and Engines lines of business. Caterpillar sells the majority of its machinery and engines to independently owned and operated dealers and Original Equipment Manufacturers to meet the demands of their customers, the end users. Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year were down significantlly.

9/15/09 8K announcing CAT and Navistar International Corporation (NYSE: NAV)formed a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial truck market to be based in Chicago.

Chevron CVX: 10/8/09 8K announcing third quarter interim financial results.

9/30/09 8K announcing the retirement of CEO David J. OReilly who is being replaced by John S. Watson and the election to the Board as Vice-Chairman of George L. Kirkland.

8/6/09 10Q

Cisco CSCO: 10/5/09 8K announcing its offer to buy the Norwegian fimr Tandberg ASA for $3 bil.

9/23/09 Proxy Statement in connection with its Annual Meeting to be held 11/12/09.

9/11/09 10K.

9/9/09 8K Cisco appointed Arun Sarin, former CEO of Vodafone Group Plc, to its Board of Directors.

9/4/09 8K annoucing bonus payments for '09 fiscal year to: John T. Chambers, Chairman and Chief Executive Officer, $2,031,000; Frank A. Calderoni, Executive Vice President, Chief Financial Officer, $900,000; Willaim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000; Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000; and Richard J. Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.

Coke KO: 7/30/09 10Q

Disney DIS: 9/22/09 Form S-4 Proxy and 9/16/09 Prospectus related to the takeover of Marvel.

8/31/09 8K announcing a merger between its subsidiary, Maverick Acquisition Sub, Inc., and its subsidiary, Maverick Merger Sub, LLC, a single member Delaware limited liability company and Marvel Entertainment, Inc.. As a result of the Merger, Marvel will become a wholly owned subsidiary of Disney. Each share of Marvel common stock will be converted into $30 in cash and 0.7452 shares of Disney common stock.

DuPont DD: 10/7/09 8K regulation FD disclosure regarding comments made by Executive Vice President Mark Vergnano who said DuPont would return to its level of '08 profitability in 2 and a half years.

9/29/09 and 8/13/09 8Ks announcing Nicholas C. Fanandakis, age 53, Senior Vice President & Chief Financial Officer effective September 1, 2009 with an increase in annual salary from $387,708 to $500,000 and target short-term incentive award for 2009 will increase from $328,500 to $464,100. Mr. Fanandakis was named to his current position, Group Vice President- Applied BioSciences, in January 2008. Prior to that, he was vice president and general manager- DuPont Chemical Solutions Enterprise from September 2003 through September 2006 and vice president- Corporate Plans from October 2006 through December 2007. Jeffrey L. Keefer, EVP and Chief Financial Officer, will remain EVP and transition from the position of Chief Financial Officer to assume leadership responsibility for the DD's Performance Coatings business, corporate strategy development, Information Technology and overall cost and working capital productivity efforts effective November 1, 2009. Richard R. Goodmanson, EVP and Chief Operating Officer will retire effective September 30, 2009.

ExxonMobil XOM: 8/5/09 10Q

GE: 8/4/09 8K GE reached a settlement with the SEC & consented to a judgment of a fine of $50 million relating to four accounting matters arising in 2002 - 2003: the application of SFAS 133 to GE’s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception; a change in accounting for profits on spare parts in the commercial aviation engine business; and certain year-end transactions in the rail business.

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.

9/17/09 8K announcing the election of Marc L. Andreessen as a dierctor and chair of the Technology Committee of the Board. Andreessen is a co-founder and general partner of Andreessen Horowitz, a venture capital firm, and a co-founder and chairman of Ning, Inc., an online platform for people to create their own social networks. Andreessen co-founded Opsware Inc. & served as chief technology officer of America Online, Inc. and was a co-founder of Netscape Communications Corporation. Andreessen gets an retainer of $100,000, an annual equity retainer of $150,000, and $2,000 in cash for each Board meeting attended in excess of six per year. Mr. Andreessen also will be eligible to participate in the product matching portion of the HP Employee Giving Program under which each non-employee director may contribute up to $100,000 worth of HP products each year to a qualified charity by paying 25% of the list price of those products, with HP paying the remaining 75%. In addition, Mr. Andreessen will receive an annual retainer of $10,000 for service as the chair of the Technology Committee. HPQ also increased the number of HPQ directors from ten to eleven.

9/8/09 10-QA

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

8/26/09 8K announcing amendments to their By-Laws dealing with resignations of directors.

Intel INTC: 10/8/09 amended the 9/21/09 tender offer regarding exchange of some of its stock options with its employees.

9/15/09 8K Intel announcing Intel's consolidation of all of its major product divisions into the newly formed Intel Architecture Group, which will be co-managed by Sean Maloney and David (Dadi) Perlmutter, executive vice presidents. Maloney will be responsible for business and operations while Perlmutter will lead product development and architecture. Paul Otellini, CEO, will devote more time to corporate strategy and driving the company’s growth initiatives. Intel’s global manufacturing organization, the Technology and Manufacturing Group will now report to Andy Bryant, Intel’s chief administrative officer. Pat Gelsinger and Bruce Sewell, General Counsel, will leave INTC.

IBM: 9/8/09 8K announcing that IBM representatives will be meeting with a number of institutional investors through mid-September.

7/28/09 10Q

JPMorganChase JPM: 10/9/09 Various free writing prospectus re: issuance of securities.

Johnson & Johnson JNJ: 8/4/09 10Q

Kraft KFT: 10/6/09 8K announcing the promotion of Kim H. Jones, 49, to VP & Corp. Controller.

9/9/09 prospectus relating to Kraft's bid to take over Cadbury that was announced on 9/7/09.

9/9/09 8K announcing a strategic update, including a review of the company’s successful three-year turnaround plan.

8/5/09 10Q

McDonalds MCD: 9/25/09 8K announcing a quarterly cash dividend of .55 cents per share payable 12/15/09.

9/9/09 8K announcing that global comparable sales rose 2.2% in August and by segment performance was as follows: U.S. up 1.7%; Europe up 3.5%; andAsia/Pacific, Middle East and Africa declined 0.5%.

8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"

Merck MRK: 9/21/09 8K announcing that the acquisition by Sanofi-aventis of Merck’s 50percent interest in Merial Limited (Merial) has been completed. Sanofi-aventis acquired Merck’s interest in Merial for a cash consideration of $4 billion. Formed in 1997, Merial is a leading animal health company that was a 50/50 joint venture between Merck and sanofi-aventis and is now a wholly-owned subsidiary of sanofi-aventis.

8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough.

Microsoft MSFT: 10/6/09 Proxy Statement regarding the Shareholders Annual Meeting to be held in Bellevue, Washington on 11/19/09.

9/11/09 8K James Cash to retire from Board of Directors. The
Harvard Business School professor and senior associate dean emeritus had served on the board since 2001. With Cash’s departure, the Microsoft board will have nine members: Bill Gates, chairman of Microsoft; Steve Ballmer; Dina Dublon, former chief financial officer of JPMorgan Chase; Raymond V. Gilmartin, former chairman, president and chief executive officer of Merck & Co. Inc.; Reed Hastings, founder, chairman and CEO of Netflix Inc.; Maria M. Klawe, president, Harvey Mudd College; David F. Marquardt, general partner at August Capital; Charles H. Noski, former vice chairman of AT&T Corp.; and Dr. Helmut Panke, former chairman of the board of management at BMW AG.

8/24/09 S-8 Securities to be offered to employees in employee benefit plans

Pfizer PFE: 9/24/09 8K announcing the expansion of the Board to 14 members pursuant to the agreement to merge with Wyeth and electing two Wyeth directors to the newly expanded Board: Frances D. Fergusson and John P. Mascotte.

9/24/09 11-K Annual Report of Employee Stock Option Plan.

9/2/09 8K announcing an agreement with the U.S. Department of Justice to settle an investigation regarding off-label promotional practices related to Bextra, which Pfizer withdrew from the market in 2005 and other DOJ investigations involving off-label promotional practices concerning Zyvox, Geodon and Lyrica, and allegations related to payments to healthcare professionals involving these and nine other Pfizer medicines. Pfizer previously disclosed a related $2.3 billion charge to its fourth-quarter and full-year 2008 earnings in connection with the DOJ agreement in principle on January 26, 2009. PFE has reached agreements with attorneys general in 432 states to settle state civil consumer protection allegations regarding promotional practices concerning Geodon. PFE will pay a total of $33 million to the settling states.

Procter & Gamble PG: 11K Annual Report of Employee Stock Purchase Plan.

9/10/09 8K confirmed its fiscal year 2010 and July – September quarter outlook for organic sales growth. The company also stated it expects to return to organic sales growth in the October – December quarter compared to prior year levels, following two quarters of organic sales declines. P&G also updated earnings per share guidance to include the anticipated impacts from the Pharmaceutical divestiture, which was announced on August 24, 2009. For fiscal year 2010, P&G confirmed previous guidance for organic sales growth of one to three percent. P&G expects net sales in the range of flat to up three percent versus prior year levels, which includes a foreign exchange impact of zero to minus one percent. P&G now expects fiscal 2010 earnings per share in the range of $3.99 to $4.12 per share. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.

8/28/09 S-8 Securities to employees and 8/28 8K annoucning public offering of $500,000,000 aggregate principal amount of 3.150% Notes due 2015.
Also a PG subsidiary, Procter & Gamble International Funding SCA issued $1,000,000,000 aggregate principal amount of 1.350% Notes due 2011.

3M MMM: 8/5/09 3M contributed 8,329,862 shares of its common stock with a corresponding dollar value of approximately $600 million to its defined benefit pension plan, the 3M Employee Retirement Income Plan, made from treasury stock.

Travelers TRV: 8/5/09 10Q/A Amended 10Q

United Technologies UTX: 7/24/09 10Q

Verizon Communications Inc. VZ: 8K 9/11/09 8K announcing VZ's cash flow and balance sheet are strong, and VZ recently increased its dividend for the third consecutive year. VZ is not planning for any economic improvements in the second half of 2009. Verizon expects that economic conditions will continue to pressure revenues and margins in the second half of 2009, particularly in its Wireline segment. VZ expects to add one million wireless customers per quarter for the next several quarters.
The company expects to achieve its stated Alltel cost synergy targets & greater cash flow from operations in the second half of 2009 compared to the first half of 2009.

9/4/09 8K VZ raised its quarterly dividend 3.3% to 47.5 Cents per Share. This is the third consecutive year that VZ has approved a quarterly dividend increase in September.

9/4/09 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc.

Wal-Mart WMT: 8K 9/18 Pricing agreement re: the 9/16 filed prospectus relating to $1 bil of Euro Note Offering at 4.875%

9/14/09 Prospectus re debt securities of $364,600,000

9/9/09 10Q

8/13/09 8K re 7/31/09 2Q report of earnings