12/14/09 Mon. am Bank of NY Mellon's CEO Robert Kelly is BofA Top Prospect for CEO

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Post #260 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 Monday's 12/14/09 print editions of: The Wall Street Journal, Financial Times, The New York Times, Investors 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 Friday's closing price and related data:

Dow: The Dow Jones Industrial Average closed Friday at 10,471.5 up 65.67 or 0.63% from Thursday's close of 10,405.83. Year to date the Dow is up 19.31%. For the week, the Dow was up 65.67 or 0.63% from last Friday's Dow Close of 10,388.14. Of the 30 Dow Companies: 21 gained and 9 declined. The biggest gainer dollar-wise was United Technologies UTX $69.4 +1.47 2.16% 5,804,817 NYSE and percentage-wise was Alcoa AA $14.61 +1.11 8.22% 75,068,293 NYSE. The biggest decliner dollar-wise and percentage-wise was Merck MRK $37.07 -0.47 1.25% 13,699,009 NYSE.

Inv. Bus. Daily pA1 "Stocks Close Mixed As Volume Once Again Drops" by Paul Whitfield says the major indexes closed mixed Fri,but 2 recent patterns remained intact. First, the low volume trend persisted and second, the Nasdaq once again crossed the 2200 level only to be kicked back down. Friday's action was mixed in slower trade and the current outlook is ptrend under pressure.

WSJ (Sat) pB1 "Consumer Outlook Lifts Dow to 65.67 Point Gain" by Peter A. McKay says stocks and the dollar rose amid signs that consumers are shopping again, pushing the Dow Jones Industrial average to close just shy of a fresh 14 month closing high. It is just 0.08 point from its high on Dec. 1. Strong data on retail sales and consumer sentiment added to other recent data pointing toward economic recovery (there is a typo in the WSJ third paragraph). The US Dollar Index rose 0.6% as the euro slipped to its lowest level in 2 months. The dollar and stocks have risen together in 4 of the last 7 trading days, as investors stepped up bets that stronger economic data will prompt the Fed. reserve to signal the end of ultra low US interest rates sooner than expected. The gain in the dollar weighed on gold, which fell 0.6% to $1,119.40 an ounce, down 4.2% for the week. Oil prices, which have been hampered lately by concerns about weak demand, fell for an 8th consecutive day, the longest losing streak this year.

As of the close of the market Friday, 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 18.17 up from Fri.'s 18.05 (year ago it was 18.02) the P/E estimate is 16.19 up from Fri. 16.05 (year ago it was 10.32) and the current dividend yield is 2.65 down from Fri. morning's 2.67 (it was 3.64 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1385.58 up 8.69 from Thursday's closing Dow numerator of 1376.89. 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 8.69 for Friday by the divisor you get the increase in Friday's Dow close of 65.67.

The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 46.19 up 0.26 from Thursday's Dow Jones Industrial Average closing price of $45.90. The median closing price of Friday's Dow Jones Industrial Average was $40.85 up 0.10 from Thursday's $40.75. The lowest volume Friday was Travelers TRV $50.7 +0.06 0.12% 4,176,091 NYSE and the highest volume again was Bank of Am BAC $15.63 +0.42 2.76% 193,764,733 NYSE.

If Friday 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 $869 ($138,558 - $137,689).

AT&T T $28.01 +0.25 0.9% 19,098,434 NYSE: WSJ pB1 "Accenture Boots Tiger Off Its Team" by Emily Steel, Vanessa O'Connell & NYT pB1 "Big Risk In a Brand Of One Man" by Tim Arango say the consulting firm becomes the first sponsor to cut ties with Woods and his other sponsors, including Procter & Gamble's Gillette, AT&T and Nike are assessing their relationship with the golfer, who rakes in about $90 mil a year in sponsorship fees.

WSJ pA1 "Google Set To Market Own Phone Next Year" by Jessica E. Vascellaro, Niral Sheth & NYT pB1 "Developing Its Own Phone, Google Is Taking On Apple" by Miguel Helft say the phone, called Nexus One, was designed inside Google and will be sold initially without a wireless partner. It is the latest sign of the Google's ever broadening wireless ambitions as Google hunts for ways to expand its Internet services beyond computers. Some US carriers, such as AT&T, allow users to buy their phone service separately from handsets, which typically feature a removable card containing subscriber info that can be moved among devices. Others, such as Verizon, will activate some phones consumers bring to them even if they don't sell them directly. AT&T has exclusive rights to offer Apple's iPhone in the US and has tangled with Google on regulatory issues and does not offer an Android phone.

NYT pB2 "Digital Gridlock Ahead" by Richard Beales, Robert Cyran says AT&T's network is starting to choke from smartphones as AT&T's mobile data traffic has risen more than fiftyfold over the last three phones, mostly from iPhone users. AT&T is the only provider of service for the Apple iPhone in the US and its rev from mobile data is growing at an annual rate of 30%. AT&T is trying to find a way to get the 3% of its customers consuming 40% of the data to reduce or modify their usage.

Alcoa AA $14.61 +1.11 8.22% 75,068,293 NYSE: No mentions found.

American Express AXP $40.73 +0.50 1.24% 8,050,590 NYSE: No mentions found.

Bank of America BAC $15.63 +0.42 2.76% 193,764,733 NYSE: WSJ pA1 Headlines "Pay Worries Slow BofA Search" by Dan Fitzpatrick, Joann S. Lublin says Robert Kelly, the 55 year old ceo of Bank of New York Mellon Corp., has emerged as the front runner to succeed Kenneth Lewis, who will retire at year end.

Fin Times p17 "Chinese listings blow for UBS and BofA" by Sundeep Tucker" says the share prices of almost half the Chinese firms listed in Hong Kong this year involving BS and Bank of America Merrill Lynch fell on their stock marekt debuts. Hong Kong is the biggest center for ipos this year, raising $28 bil.

WSJ pC3 "Citgroup Aims For Capital-Riasing Deal" by David Enrich says Citigroup is nearing an agreement with the US gov that will lay the groundwork for the bank to start untethering itself from the restrictions of TARP by repaying some of the bailout funds. Citigroup's urgency to do so increased when Bank of America recently won fed approval to pay back its $45 bil bailout.

Boeing BA $55.6 +0.59 1.07% 7,354,632 NYSE: WSJ pB3 "Defense Contractors Resist Fixed Price Jobs" by Daniel Michaels, August Cole says the Airbus A400M military transporter finally flew for the first time on Fri., but the delayed European airplane is still weighed down by an issue burdening defense projects on both sides of the Atlantic: an inflexible contract. The plane is being developed under a type of fixed price that the US and the UK, 2 of the world's largest arms buyer, largely abandoned years ago because of repeated cost overruns. Airbus officials in '03 said they could handle the A400M contract using heir experience competing with Boeing but 4 years late EADS said their logic was wrong. EADS is Airbus's parent.

Caterpillar CAT $57.51 +0.57 1% 5,339,383 NYSE: No mentions found.

Chevron CVX $77.76 +0.34 0.44% 6,645,279 NYSE: No mentions found.

Cisco CSCO $23.768 -0.172 0.72% 27,705,365 NASDAQ-GS: NYT pB9 "A Dark Forecast For Microsoft" by Nick Bilton says says Mark Anderson of Strategic News Service says except for gaming, its game over for Microsoft in the consumer market. It's time to declare Microsoft a loser in phones. Anderson says Microsoft is not a place that gets consumers, it gets the enterprise world. In the consumer camp are Apple, Google and most of the Asian hardware makers. The enterprise camp is made up of large firms and gov agencies such as IBM, Dell, Cisco and Microsoft while Hewlett-Packard straddles both worlds.

Coca-Cola KO $59.11 +0.53 0.9% 15,164,789 NYSE: WSJ pC1 "Investors Are Betting On a Rise in Inflation" by Tom Lauricella says even as signs of deflation linger, some investors are moving to protect themselves against in inflation. Inflation isn't good for stocks but some firms such as Coca Cola, have the pricing power to be able to adapt.

Disney DIS $31.7 +0.40 1.28% 15,443,166 NYSE: WSJ pB4 "TV Networks, Local Stations Do Battle Over Cable Fees" by Sam Schechner says the nations biggest broadcast TV networks are battling with local TV stations for a share of viewers' montly cable bills. CBS, Fox's News Corp and ABC owner Disney are asking independently owned TV stations that carry their programming for a cut of the payments the stations get from cable, satellite and tv communications firms, as much as half or more. In the past year, networks including the aforementioned and GE's NBC and Univision have gotten more aggressive about getting pay TV distributors to pay for their programs.

WSJ pB4 "Princess and the Frog Tops US Box Office" by Ethan Smith says this film opened at No 1 in the US box office rankings, taking in $25 mil its first weekend in wide release, amid rave reviews and anticipation about Disney's return to traditional animation techniques for the first time in 6 years.

NYT pB4 "Remodeling ABC News" by Bill Carter describes Disney's ABC News' new morning lineup that includes George Stephanopoulos and Robin Roberts.

DuPont DD $32.23 +0.32 1% 6,646,312 NYSE: No mentions found.

ExxonMobil XOM $72.83 +0.43 0.59% 16,786,473 NYSE: No mentions found.

GE $15.92 +0.31 1.99% 56,344,460 NYSE: WSJ pB4 "TV Networks, Local Stations Do Battle Over Cable Fees" by Sam Schechner says the nations biggest broadcast TV networks are battling with local TV stations for a share of viewers' monthly cable bills. CBS, Fox's News Corp and ABC owner Disney are asking independently owned TV stations that carry their programming for a cut of the payments the stations get from cable, satellite and tv communications firms, as much as half or more. In the past year, networks including the aforementioned and GE's NBC and Univision have gotten more aggressive about getting pay TV distributors to pay for their programs.

Hewlett-Packard HPQ $50.05 -0.09 0.18% 11,618,454 NYSE: NYT pB9 "A Dark Forecast For Microsoft" by Nick Bilton says says Mark Anderson of Strategic News Service says except for gaming, its game over for Microsoft in the consumer market. It's time to declare Microsoft a loser in phones. Anderson says Microsoft is not a place that gets consumers, it gets the enterprise world. In the consumer camp are Apple, Google and most of the Asian hardware makers. The enterprise camp is made up of large firms and gov agencies such as IBM, Dell, Cisco and Microsoft while Hewlett-Packard straddles both worlds.

Home Depot HD $28.49 +0.50 1.79% 16,287,121 NYSE: No mentions found.

Intel INTC $19.9 -0.25 1.24% 38,989,740 NASDAQ-GS: No mentions found.

IBM $129.68 +0.34 0.26% 6,390,889 NYSE: NYT pB9 "A Dark Forecast For Microsoft" by Nick Bilton says says Mark Anderson of Strategic News Service says except for gaming, its game over for Microsoft in the consumer market. It's time to declare Microsoft a loser in phones. Anderson says Microsoft is not a place that gets consumers, it gets the enterprise world. In the consumer camp are Apple, Google and most of the Asian hardware makers. The enterprise camp is made up of large firms and gov agencies such as IBM, Dell, Cisco and Microsoft while Hewlett-Packard straddles both worlds.

J.P.Morgan Chase JPM $40.96 -0.31 0.75% 46,137,972 NYSE: WSJ pC4 "JPMorgan Chase Is Active On Treasury's Warrant Sale - Options Report Column" says options traders rallied around JPMorgan looking for its shares to rally on the same day that the US Treasury said it would collect $936 mil by selling warrants it held in the bank. Trading in JPM options jumped to twice the normal level on Fri, with investors picking up 228,000 calls and 55,000 puts.

Johnson & Johnson JNJ $64.85 +0.08 0.12% 7,150,315 NYSE: No mentions found.

Kraft KFT $26.79 +0.11 0.41% 6,188,729 NYSE: No mentions found.

McDonald's MCD$61.66 +0.61 1% 5,835,670 NYSE: No mentions found.

Merck MRK $37.07 -0.47 1.25% 13,699,009 NYSE: No mentions found.

Microsoft MSFT $29.85 +0.02 0.07% 43,700,640 NASDAQ-GS: NYT pB9 "A Dark Forecast For Microsoft" by Nick Bilton says says Mark Anderson of Strategic News Service says except for gaming, its game over for Microsoft in the consumer market. It's time to declare Microsoft a loser in phones. Anderson says Microsoft is not a place that gets consumers, it gets the enterprise world. In the consumer camp are Apple, Google and most of the Asian hardware makers. The enterprise camp is made up of large firms and gov agencies such as IBM, Dell, Cisco and Microsoft while Hewlett-Packard straddles both worlds.

Pfizer PFE $18.3 -0.02 0.11% 30,796,836 NYSE: No mentions found.

Procter & Gamble PG $62.34 +0.10 0.16% 8,910,139 NYSE: WSJ pB1 "Accenture Boots Tiger Off Its Team" by Emily Steel, Vanessa O'Connell & NYT pB1 "Big Risk In a Brand Of One Man" by Tim Arango say the consulting firm becomes the first sponsor to cut ties with Woods and his other sponsors, including Procter & Gamble's Gillette, AT&T and Nike are assessing their relationship with the golfer, who rakes in about $90 mil a year in sponsorship fees.


3M MMM $81.75 +1.07 1.33% 4,776,933 NYSE: No mentions found.

Travelers TRV $50.7 +0.06 0.12% 4,176,091 NYSE: No mentions found.

United Technologies UTX $69.4 +1.47 2.16% 5,804,817 NYSE:

Verizon VZ $33.73 +0.07 0.21% 10,425,406 NYSE: WSJ pA1 "Google Set To Market Own Phone Next Year" by Jessica E. Vascellaro, Niral Sheth say the phone, called Nexus One, was designed inside Google and will be sold initially without a wireless partner. It is the latest sign of the Google's ever broadening wireless ambitions as Google hunts for ways to expand its Internet services beyond computers. Some US carriers, such as AT&T, allow users to buy their phone service separately from handsets, which typically feature a removable card containing subscriber info that can be moved among devices. Others, such as Verizon, will activate some phones consumers bring to them even if they don't sell them directly. AT&T has exclusive rights to offer Apple's iPhone in the US and has tangled with Google on regulatory issues and does not offer an Android phone.

WalMart WMT $54.65 -0.04 0.07% 11,393,599 NYSE: NYT pB1 "As Prices Fall, Blu-ray Players Are Invited Home" by Erica A. Taub says Blu-ray, a high definition variation of the DVD format introduced 3 years ago, was initially met by a collective shrug from most consumers. But this year, consumers are buying the devices at a faster pace up 112% over last year. WalMart sells a no frills Magnavox Blu-ray player for $78.

Inv Bus Daily pA11 "Tis the Season To Be Frugal" by Amy Reeves says he holiday season hasn't exactly started off with a bank for dept. stores. Although overall retail sales rose 1.3% in NNov, nearly twice as much as expected, same store sales dropped almost universally vs. year ago levels. Big box stores like WalMart and Target are technically department stores but IBD considers them discounters because they focus on price o the near exclusion of everything else. Dept. stores generally charge higher prices in exchange for a warmer ambience and better service.
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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.