12/1/09 Tues. am GE & Vivendi Agree But GE Loses for Areva

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Post #238 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 11/30/09 and an update of the Dow 30's most recent SEC filings as of 11/30/09.

A read of Tuesday's 12/1/09 print editions of: Wall St. Journal, Financial Times, New York Times, Investor's Business Daily, USA Today, Atlanta Journal Constitution, & Daily Report (Ga) 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 Monday's closing price and related data:

Dow:: The Dow Jones Industrial Average closed Monday at 10,344.84 up 34.92 or 0.34% from Friday's close of 10,309.92. Year to date the Dow is up 17.87%. Of the 30 Dow Companies: 16 gained and 14 declined. The biggest decliner dollar-wise was McDonald's MCD $63.25 -0.35 0.55% 6,365,466 NYSE and percentage-wise was Alcoa AA $12.52 -0.14 1.11% 24,211,974 NYSE. The biggest gainer dollar-wise and percentage-wise was J.P.Morgan Chase JPM $42.49 +1.16 2.81% 36,931,348 NYSE.

WSJ pC5 "AIG Declines 15% On Analyst's Report" by Geoffrey Rogow says financial sector stocks, including JPMorgan Chase, Bank of America and American Express, paced a late session rally for stocks after a statement from Dubai World eased concerns about the magnitude of the debt problems that roiled markets last week. Still, some Black Friday jitters weighed on Macy's and other retailers, keeping the stock market gains muted.

Fin Times p26 "Equities shrug off retail weakness to finish in the black" by Samantha Pearson says US stocks turned positive in lae trading yesterday after Dubai World sought to reassure investors over its future. Dubai World, the state owned bank, said it was in talks with banks on restructuring $26 bil of its debt. Stocks had spent most of the day in the red following discouraging results from the retail sector.

Inv. Bus. Daily pA1 "Stocks Rally Late to Close Higher As Volume Swells" by Slan R. Elliott & pB3 "Stocks End Strong As NYSE Volume Finally Shows Up" says a positive reversal in the final hour of trading left stocks up for Monday's session. Financials led the late rebound on hopes that impact from the Dubai debt situation would be limited. The S&P 00 gained 0.4%, the Dow, Nasdaq and NYSE composite each added 0.3%. Current outlook: market uptrend under pressure.

NYT pB9 "Markets Rise, With Spending and Dubai WeighingIn"by Javier C.Hernandez, Matthew Saltmarsh says Wall St. spent Mon. trading in a narrow range but managed to push higher at the close. Investors spent much of the session gauging the fallout from Dubai's debt crisis and weighed results from the first weekend of holiday shopping.

"Stocks rise as Dubai debt fears subside" by Matt Krantz says stocks ended Mon. with moderate gains as investors expressed relief for debt porblems in Dubai don't appear to present the risk of a financial contagion.

As of the open of the market today, the current divisor for the Dow found at page C4 of Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 17.95 up from Monday's 17.89 (year ago it was 17.02) the P/E estimate is 16.04 unchanged (year ago it was 10.27) and the current dividend yield is 2.70 down from Monday's 2.71 (it was 3.88 a year ago).

Monday's Dow Jones Industrial Average closing numerator was 1368.82 up 4.62 from Friday's closing Dow numerator of 1364.20. 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 4.62 for Monday by the divisor you get the increase in Monday's Dow close of 34.92.

The average closing price (the closing numerator divided by 30) of Monday's Dow Jones Industrial Average was 45.63 up 0.16 from Friday's Dow Jones Industrial Average closing price of $45.47. The median closing price of Monday's Dow Jones Industrial Average was $42.16. The lowest volume Monday was again 3M MMM $77.44 +0.69 0.9% 3,815,520 NYSE and the highest volume again was Bank of Am BAC $15.85 +0.38 2.46% 126,803,835 NYSE.

If Monday 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 made $480 ($136,890 - $136,410).

AT&T T $26.94 -0.05 0.19% 31,161,213 NYSE: No mentions found.

Alcoa AA $12.52 -0.14 1.11% 24,211,974 NYSE: No mentions found.

American Express AXP $41.83 +0.99 2.42% 13,786,562 NYSE: WSJ pC5 "AIG Declines 15% On Analyst's Report" by Geoffrey Rogow says financial sector stocks, including JPMorgan Chase, Bank of America and American Express, paced a late session rally for stocks after a statement from Dubai World eased concerns about the magnitude of the debt problems that roiled markets last week. Still, some Black Friday jitters weighed on Macy's and other retailers, keeping the stock market gains muted.

Bank of America BAC $15.85 +0.38 2.46% 126,803,835 NYSE: WSJ pC1 "SEC Faces Questions on Inside-Trader Settlement" by Kara Scannell says the SEC will face questions from a US judge Tues. over its proposed settlement with an alleged inside trader, the latest sign of judicial resistance to how the SEC handles probes. The case involved accused trader Khaled Mohammed Sharif Al Sayed Al Hashemi and the judge wants move info re: Hashemi's agreement to pay a settlement of $875,000. The article says in Sept. in the same courthouse, another judge, Jed Rakoff, threw out the SEC's proposed $33 mil fine levied on Bank of America over its disclosure of bonuses to Merrill Lynch employees.

WSJ pC5 "AIG Declines 15% On Analyst's Report" by Geoffrey Rogow says financial sector stocks, including JPMorgan Chase, Bank of America and American Express, paced a late session rally for stocks after a statement from Dubai World eased concerns about the magnitude of the debt problems that roiled markets last week. Still, some Black Friday jitters weighed on Macy's and other retailers, keeping the stock market gains muted.

Daily Report p6 "Feinberg takes heat for BofA, Wall St. ills" by Julianna Goldman, Bloomberg says Kenneth Feinberg, the Obama admin's special master for exec. pay has taken the blame for Bofa's protracted search for a new leader and for putting at risk Wall St.'s ability to lure top talent. Bank of America, the biggest US bank by assets objected to Feinberg's order in Oct. cutting an average of 50% the pay for the top 25 execs at Citigroup and BofA. BofA received $45 bil of gov bailout funds last year.

Caterpillar CAT $58.39 +0.94 1.64% 9,510,410 NYSE: WSJ pB5 "Caterpillar's Purchase of Parts Maker To Aid Global Expansion" says CAT will buy a South Korean firm, Jinsung T.E.C. that makes parts for its construction equipment. CAT is the world's largest maker of earth moving and mining equipment by sales and did the deal to expand in Asia and strengthen its supply chain there.

Chevron CVX $78.04 -0.13 0.17% 9,101,949 NYSE: No mentions found.

Cisco CSCO $23.4 +0.02 0.09% 33,595,107 NASDAQ-GS: No mentions found.

Coca-Cola KO $57.2 +0.02 0.03% 9,229,809 NYSE: No mentions found.

Disney DIS $30.22 -0.13 0.43% 10,180,007 NYSE: No mentions found.

DuPont DD $34.58 +0.18 0.52% 5,046,173 NYSE: No mentions found.

ExxonMobil XOM $75.07 +0.20 0.27% 21,000,633 NYSE: No mentions found.

GE $16.02 +0.08 0.5% 68,841,835 NYSE: WSJ pB1 "GE, Vivendi in a Deal on NBC Stake" by Jeffrey McCracken, Sam Schechner, NYT pA1 "With Deal, GE Clears Path to Sale of NBC" by Tim Arango, Bill Carter, USA Today p1B "GE, vivendi reach deal about NBC, AJC pA10 "Deal helps Comcast bid for a stake in NBC" by Deborah Yao, AP & IBD pA4 "Comcast-GE Deal For NBC Hinges On Vivendi's Stake" by Reinhardt Krause say GE has reached a tentative agreement to buy partner Vivendi SA's minority stake in NBC Universal for $5.8 bil. GE, which owns 80% of NBC Universal, reached the agreement after its CEO, Jeffrey Immelt, negotiated in Paris with Vivendi CEO Jean-Bernard Levy last week. This will clear the final obstacle to a deal GE worked out weeks ago to give US cable firm Comcast control over NBC Universal which would create one of the world's largest media firms. The Comcast deal would value the existing NBC Universal at $30 bil. It will be a few days before a Comcast-GE deal is announced.

WSJ pB1 "Areva SA Sets Talks On Unit" by Adam Mitchell & NYT pB2 "Areva Limits a Sales Process to the French by Reuters say French state controlled nuclear group Areva SA picked a consortium of Alstom SA and Schneider Electric SA to buy its power transmission and distribution business, opting for an all French buyer over int'l competitors GE and Toshiba Corp.

Hewlett-Packard HPQ $49.06 -0.01 0.02% 16,115,396 NYSE: IBD pA4 "3com Will Add to HP One Stop Shop Plan" by J. Bonasia says 3Com will be acquired by Hewlett-Packard in a deal valued at $2.7 bil as previously announced. 3Com stands for computers, communications, and compatability. The article interviews Ron Sege Pres. and CEO of 3Com.

IBD pA6 "Business Software Company Rides In On China's Telecom Wave" profiles Linkage Technologies's IPO. Linkage is a Chinese firm that makes software for telecom firms and competes wtih Amdocs, Convergys, Hewlett-Packard and IBM all who operate in China.

Home Depot HD $27.36 -0.25 0.91% 16,574,079 NYSE: No mentions found.

Intel INTC $19.2 +0.09 0.47% 47,517,961 NASDAQ-GS: No mentions found.

IBM $126.35 +0.65 0.52% 6,133,529 NYSE: IBD pA2 "IBM buys database security firm" says IBM bought Guardium, a privately held firm specializing in database monitoring in a bid to help its business clients protect their databases from hacking and fraud for what is believed to be around $225 mil.

WSJ pB2 "China's Big Brands Tackle Web Sales" by Aaron Back says sportswear maker Li Ning is trying to compete with Nike and Adidas by embracing the Web after years of ceding electronic commerce to Internet upstarts. Li Ning Co is China's leading sportswear frim and has hired IBM to build a new site, expected to launch in March.

IBD pA6 "Business Software Company Rides In On China's Telecom Wave" profiles Linkage Technologies's IPO. Linkage is a Chinese firm that makes software for telecom firms and competes wtih Amdocs, Convergys, Hewlett-Packard and IBM all who operate in China.

J.P.Morgan Chase JPM $42.49 +1.16 2.81% 36,931,348 NYSE: WSJ pC5 "AIG Declines 15% On Analyst's Report" by Geoffrey Rogow says financial sector stocks, including JPMorgan Chase, Bank of America and American Express, paced a late session rally for stocks after a statement from Dubai World eased concerns about the magnitude of the debt problems that roiled markets last week. Still, some Black Friday jitters weighed on Macy's and other retailers, keeping the stock market gains muted.

Johnson & Johnson JNJ $62.84 -0.05 0.08% 10,578,847 NYSE: Fin Times p18 "Drugs groups face increases in tax rates" by Andrew Jack says pharmaceutical firms are set to face significant increases in tax rates in the coming decade, as their businesses evolve and govs want to clamp down on tax avoidance. There is a chart showing the average tax rate for the top pharma firms over the past five years and it says Merck's rate is 23.2% and Pfizer's is 18.2% with the highest being Bayer, Germany at 29.3% and the lowest is Novartis, Switzerland at 14.4%. Johnson & Johnson is 25%. Wyeth before it merged with Pfizer was 26.3% and Schering-Plough before it merged with Merck was 25.8%.

Kraft KFT $26.58 -0.06 0.23% 7,443,534 NYSE: No mentions found.

McDonald's MCD $63.25 -0.35 0.55% 6,365,466 NYSE: No mentions found.

Merck MRK $36.21 -0.08 0.22% 17,946,368 NYSE: WSJ pB5 "Justices Skeptical in Merck Case" by Brent Kendall, IBD pA2 "Court hears Merck's Vioxx appeal & AJC pA10 says Merck asks Sup. Ct. to bar Vioxx investors suit" claiming the statute of limitations has run on a class action suit against Merck over claims that Merck pulled Vioxx off the market too late. It knew earlier that Vioxx doubled the risks of heart attack, stroke and death. Vioxx was a painkiller.

Fin Times p18 "Drugs groups face increases in tax rates" by Andrew Jack says pharmaceutical firms are set to face significant increases in tax rates in the coming decade, as their businesses evolve and govs want to clamp down on tax avoidance. There is a chart showing the average tax rate for the top pharma firms over the past five years and it says Merck's rate is 23.2% and Pfizer's is 18.2% with the highest being Bayer, Germany at 29.3% and the lowest is Novartis, Switzerland at 14.4%. Johnson & Johnson is 25%. Wyeth before it merged with Pfizer was 26.3% and Schering-Plough before it merged with Merck was 25.8%.

Microsoft MSFT $29.41 +0.19 0.65% 42,872,571 NASDAQ-GS: No mentions found.

Pfizer PFE $18.17 +0.08 0.44% 58,517,173 NYSE: Fin Times p18 "Drugs groups face increases in tax rates" by Andrew Jack says pharmaceutical firms are set to face significant increases in tax rates in the coming decade, as their businesses evolve and govs want to clamp down on tax avoidance. There is a chart showing the average tax rate for the top pharma firms over the past five years and it says Merck's rate is 23.2% and Pfizer's is 18.2% with the highest being Bayer, Germany at 29.3% and the lowest is Novartis, Switzerland at 14.4%. Johnson & Johnson is 25%. Wyeth before it merged with Pfizer was 26.3% and Schering-Plough before it merged with Merck was 25.8%.

Procter & Gamble PG $62.35 -0.13 0.21% 12,047,855 NYSE: No mentions found.

3M MMM $77.44 +0.69 0.9% 3,815,520 NYSE: No mentions found.

Travelers TRV $52.39 +0.74 1.43% 4,878,864 NYSE: No mentions found.

United Technologies UTX $67.24 +0.04 0.06% 4,259,720 NYSE: No mentions found.

Verizon VZ $31.46 -0.17 0.54% 19,400,643 NYSE: No mentions found.

WalMart WMT $54.55 -0.08 0.15% 11,805,466 NYSE: No mentions found.
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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
11/30/09 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $360 [5]
2. Microsoft MSFT 260 [9]
3. WalMart WMT 211 [4]
4. Chevron CVX 191 [2.5]
5. Procter & Gamble PG 183 [3]
6. Johnson & Johnson JNJ 174 [3]
7. GE 170 [10.5]
8. IBM 165 [1.5]
9. JPMorgan Chase 163 [4]
10. AT&T 159 [6]
11. Pfizer PFE 147 [8]
12. Cisco CSCO 134 [6]
13. BAC 134 [6.5]
14. Coke KO 132 [2]
15. Hewlett-Packard HPQ 116 [2]
16. Intel INTC 107 [5.5]
17. McDonald's MCD 106 [1]
18. Verizon VZ 90 [3]
19. Merck MRK 77 [2]
20. United Technologies UTX 63 [1]
21. Disney DIS 56 [2]
22. 3M MMM 54 [.5]
23. American Express AXP 49 [1]
24. Home Depot 47 [2]
25. Kraft KFT 39 [1.5]
26. Boeing BA 38 [1]
27. Caterpillar CAT 36 [.5]
28. DuPont DD 31 [1]
29. Travelers 28 [.5]
30. Alcoa AA 12 [1]

Here are the latest SEC filings as of 11/30/09 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 re:the acquisition of Centennial Communications Corp. a regional provider of wireless and wired communications services for $945 million in cash.

Alcoa AA: 11/20/09 8K re: that it will temporarily idle 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: 11/18/09 8K re: acquisition of Revolution Money, a Revolution LLC company which was launched by AOL Co-founder Steve Case's Revolution LLC in '07 & provides secure payments through an internet based platform. No names or account numbers appear on Revolution cards and transactions are authorized by using a PIN number. Their online person-to-person payment accounts are FDIC insured and suited for social and instant messaging networks.

Bank of Am BAC: 11/27/09 8K re: the Board approved amendments to the 2009 compensation arrangements for Joe L. Price, Chief Financial Officer, & Barbara J. Desoer, President, Bank of America Mortgage, Home Equity and Insurance Services.

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: 11/19/09 8K disclosing supplemental information concerning deliveries to users for its Machinery and Engines lines of business.

Chevron CVX: 11/5/09 10Q

Cisco CSCO: 11/24/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopted a pre-arranged stock trading plan to exercise Cisco stock options originally granted in 2001 and set to expire in February 2010 and sell the acquired shares of Cisco stock for up to 80,000 shares of Cisco stock.

Coke KO: 10/29/09 10QA

Disney DIS: 11/13/09 8K re: effective January 1, 2010, Thomas O. Staggs, currently Sr. Exec. VP & CFO, will become Chairman, Walt Disney Parks & Resorts, & James A. Rasulo, currently Chairman, Walt Disney Parks & Resorts, will become Sr. Exec. VP & CFO.

11/19/09 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 1/15 & $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: 11/23/09 8K re: financial results for its 4Q ended 10/31/09, with net rev of $30.8 billion, down 8% from a year earlier.

Home Depot HD: 11/17/09 8K re: 3Q of fiscal 2009 net earnings of $689 million, or $0.41 per diluted share, compared with net earnings of $756 million, or $0.45 per diluted share, in the same period in fiscal 2008.

Intel INTC: 11/16/09 8K re: board of directors approved a 12.5 percent increase in the quarterly cash dividend to 15.75 cents per share (63 cents per share on an annual basis), beginning with the dividend that will be declared in the first quarter of 2010.

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: 11/20/09 re: Cazenove Group Limited (Cazenove) and J.P. Morgan have agreed a transaction under which their joint venture, J.P. Morgan Cazenove, will become a wholly owned part of J.P. Morgan.

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

Kraft KFT: 11/9/09 8K re: pursuant to Rule 2.5 of the U.K. City Code on Takeovers and Mergers Kraft disclosed its intention to make an offer to acquire each outstanding ordinary share of Cadbury plc.

11/9/09 8K re: an acquisition and refinancing bridge credit agreement for a 364-day senior unsecured term loan facility with the lenders led by Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc., as joint bookrunners, and Citibank, N.A. and Deutsche Bank AG Cayman Islands Branch, as co-administrative agents for loans up to £5.5 billion with a maturity date of 364 days.

McDonalds MCD: 11/12/09 8K re: CEO Jim Skinner outlined MCD’s priorities to continue to drive growth in sales, market share and returns through a strategic focus on its customers and restaurants under the successful Plan to Win. This includes plans to open about 1,000 new restaurants and reimage 2,300 existing locations worldwide in 2010.

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: 11/24/09 8K re: Chris Liddell's departure as CFO to be replaced by Peter Klein.

Pfizer PFE: 11/5/09 10Q

Procter & Gamble PG: 10/29/09 10Q

3M MMM: 11/24/09 8K re: an amendment to its VIP Excess Plan that offers eligible highly compensated employees with the opportunity to defer the receipt of a portion of their current cash compensation on a tax-favored basis.

Travelers TRV: 11/10/09 8K re: the resignation of Robert I. Lipp from the Board.

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:/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: 11/12/09 8K re: diluted earnings per share from continuing operations for 3Q of fiscal year 2010 of $0.84, exceeding WMT’s guidance of $0.78 to $0.82. Walmart earned $0.77 per share from continuing operations in the third quarter last year.