12/31/09 Thurs. pm Dow Closes 10428.05 down 120.46 or 1.14%

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The following paragraph is a personal message and not stock market related: Best wishes for a healthy, happy, and prosperous 2010. These daily reports published every day since July 15, 2009 have helped me learn about the Dow Jones 30 components and I hope you have learned something as well. Based on the increasing hits, I believe that is the case but this Blog is not about the numbers. It is about dispensing with the silly notion that one can predict the future with any certainty and, instead, focuses on studying the facts about one segment of the stock market which, as a side benefit, may better the odds in your favor in the giant casino we call the stock market if you choose to place a bet. So long as this is fun, it will continue. Again, thank you for reading this and thank you for your emails. I try to respond quickly to each one. Be safe. Sorry about the typos. Dan Kolber

Post #290 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 12/20/09 and an update of the Dow 30's most recent SEC filings as of 12/18/09.

The Dow Jones Industrial Average closed Thursday at 10428.05 down 120.46 or 1.14% from Wednesday's close of 10,548.1. For the week, the Dow is down 92.05 from last Thursday's close of 10,520.1. Of the 30 Dow Companies: only JPMorgan Chase gained and 29 declined. The biggest and only gainer dollar-wise and percentage-wise was JPM $41.67 +0.14 0.34% 19,927,935 NYSE. The biggest decliner dollar-wise was IBM $130.9 -1.67 1.26% 4,181,980 NYSE and percentage-wise was Hewlett-Packard HPQ $51.51 -1.42 2.68% 13,784,816 NYSE.

As of the open of the market Thursday, the current divisor for the Dow found at page C4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 18.30 unchanged from Wednesday's 18.30 (year ago it was 18.33) the P/E estimate is 16.00 unchanged from Wednesday (year ago it was 10.62) and the current dividend yield is 2.61 down from Wed.'s 2.62 (it was 3.58 a year ago).

Thursday's Dow Jones Industrial Average closing numerator was 1379.83 down 15.89 from Wednesday's closing Dow numerator of 1395.72. 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 15.89 for Thursday by the divisor you get the decrease in Thursday's Dow close of 120.46.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 46.00 down 0.52 from Wednesday's Dow Jones Industrial Average closing price of $46.52. The median closing price of Thursday's Dow Jones Industrial Average was 40.60 down 0.57 from Wednesday's $41.17. The lowest volume was 3M MMM $82.67 -1.23 1.47% 2,030,297 NYSE and the highest volume again was Bank of Am BAC $15.06 -0.01 0.07% 93,252,274 NYSE.

If Thursday 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 $1,560 ($139,560 - 138,000).

Thursday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market

AT&T T $28.03 -0.29 1.02% 16,027,281 NYSE
Alcoa AA $16.12 -0.18 1.1% 16,376,473 NYSE
American Express AXP $40.52 -0.28 0.69% 3,966,458 NYSE
Bank of America BAC $15.06 -0.01 0.07% 93,252,274 NYSE
Boeing BA $54.13 -0.83 1.51% 2,168,245 NYSE
Caterpillar CAT $56.99 -1.06 1.83% 3,837,532 NYSE
Chevron CVX $76.99 -0.66 0.85% 4,209,024 NYSE
Cisco CSCO $23.94 -0.24 0.99% 23,814,837 NASDAQ-GS
Coca-Cola KO $57 0.68 -1.18% 5,394,423 NYSE
Disney DIS $32.25 -0.03 0.09% 19,597,428 NYSE
DuPont DD $33.67 -0.38 1.12% 4,254,874 NYSE
ExxonMobil XOM $68.19 -0.58 0.84% 18,735,593 NYSE
GE $15.13 -0.22 1.43% 44,264,229 NYSE
Hewlett-Packard HPQ $51.51 -1.42 2.68% 13,784,816 NYSE
Home Depot HD $28.93 -0.20 0.69% 7,397,950 NYSE
Intel INTC $20.4 -0.19 0.92% 24,877,847 NASDAQ-GS
IBM $130.9 -1.67 1.26% 4,181,980 NYSE
J.P.Morgan Chase JPM $41.67 +0.14 0.34% 19,927,935 NYSE
Johnson & Johnson JNJ $64.41 -0.50 0.77% 6,900,157 NYSE
Kraft KFT $27.18 -0.31 1.13% 5,191,146 NYSE
McDonald's MCD $62.44 -0.45 0.72% 4,465,505 NYSE
Microsoft MSFT $30.48 -0.48 1.55% 29,988,546 NASDAQ-GS
Pfizer PFE $18.19 -0.31 1.68% 25,553,774 NYSE
Procter & Gamble PG $60.63 -0.74 1.21% 5,728,499 NYSE
3M MMM $82.67 -1.23 1.47% 2,030,297 NYSE
Travelers TRV $49.86 -0.40 0.8% 2,278,373 NYSE
United Technologies UTX $69.41 -1.08 1.53% 2,623,338 NYSE
Verizon VZ $33.13 -0.29 0.87% 7,462,957 NYSE
WalMart WMT $53.45 -0.85 1.57% 9,726,227 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 who will be replaced on 1/1 by Brian T. Moynihan.
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 12/20/09 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $328 [5]
2. Microsoft MSFT 271 [9]
3. WalMart WMT 201 [4]
4. Chevron CVX 188 [2.5]
5. Procter & Gamble PG 180 [3]
6. Johnson & Johnson JNJ 178 [3]
7. IBM 168 [1.5]
8. GE 166 [10.5]
9. JPMorgan Chase 161 [4]
10. AT&T 161 [6]
11. Pfizer PFE 148 [8]
12. Cisco CSCO 135 [6]
13. BAC 130 [8.6]
14. Coke KO 132 [2]
15. Hewlett-Packard HPQ 122 [2]
16. Intel INTC 110 [5.5]
17. McDonald's MCD 103 [1.5]
18. Verizon VZ 93 [3]
19. Merck MRK 79 [2]
20. United Technologies UTX 65 [1]
21. Disney DIS 60 [2]
22. 3M MMM 57 [.5]
23. Home Depot 49 [2]
24. American Express AXP 48 [1]
25. Kraft KFT 40 [1.5]
26. Boeing BA 39 [1]
27. Caterpillar CAT 36 [.5]
28. DuPont DD 29 [1]
29. Travelers 26 [.5]
30. Alcoa AA 14 [1]

Here are the latest SEC filings as of 12/18/09 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses 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: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.

12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).

Alcoa AA: 11/20/09 8K re: the temporarily idling of production at its two aluminum smelters in Fusina and Portovesme, Italy while appealing a European Commission decision that Italy’s extension of the existing electricity tariff after 2005 did not comply with European Union state aid rules and that a portion of the benefit received by Alcoa must be refunded. The curtailments in Italy will bring Alcoa’s total global smelting system curtailments to approximately 24 percent. Alcoa expects to take a 4Q '09 charge of between $300 million and $500 million, pre-tax, including the temporary curtailment and recovery actions.

American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.

Bank of Am BAC: 12/17/09 re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.

12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.

12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.

12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.

Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.

Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.

12/15/09 8K re: amendments to Bylaws.

Chevron CVX: 12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.

Cisco CSCO: 11/24/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.

Coke KO: 10/29/09 10QA

Disney DIS: 12/2/09 10K

DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020

ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.

12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows


GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.

Hewlett-Packard HPQ: 12/17/09 10K

Home Depot HD: 12/3/09 10Q

Intel INTC: 12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.

IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.

JPMorganChase JPM: 12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.

12/8/09 8K re: a presentation at an U.S. financial services investor conference.

Johnson & Johnson JNJ: 11/4/09 10Q

Kraft KFT: 12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.

12/1/09 8K re: a revolving credit agreement for a three-year senior unsecured revolving credit facility in an aggregate principal amount of $4.5 billion with the lenders named therein and Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc., as joint bookrunners, and Deutsche Bank AG New York Branch and Citibank, N.A., as co-administrative agents.

McDonalds MCD: 12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.

12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.

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: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.

Pfizer PFE: 12/14/09 8K re: amendment of bylaws & change in fiscal year.


Procter & Gamble PG: 12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.

12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.

12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.

3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.

Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.

United Technologies UTX: 11/17/09 8K re: its purchase of the GE Security business from GE for $1.82 billion. The closing is pending regulatory approvals. GE Security, part of GE Technology Infrastructure, supplies security and life safety technologies through a broad product portfolio for commercial and residential applications that include fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. Headquartered in Bradenton, Fla., the business has eight manufacturing facilities and approximately 4,700 employees in 26 countries.

Verizon Communications Inc. VZ: 12/7/09 8K re:amendments to bylaws.

12/1/09 8K re: agreement with Frontier Communications Corporation establishing a separate entity for its local exchange and related business assets in 14 states that will merge into Frontier. (Arizona, California, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia and Wisconsin).