12/15/09 Tues pm Dow Closes 10452 down 49.05 or 0.47%

Contact us for our free Report on BioClinica, Inc.

WE CAN ALSO BE FOUND AT WWW.DOWJONESMONITOR.COM

The following is not intended as advertising by a broker-dealer and is not a research report.

Post #263 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.

As of the open of the market Tuesday, 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 18.22 up from Mon.'s 18.17 (year ago it was 17.89) the P/E estimate is 16.19 unchanged from Mon.s 16.19 (year ago it was 10.32) and the current dividend yield is 2.64 down from Mon. morning's 2.65 (it was 3.67 a year ago).

The Dow Jones Industrial Average closed Tuesday at 10,452 down 49.05 or 0.47% from Monday's close of 10,501.05. Of the 30 Dow Companies: 8 gained and 22 declined. The biggest gainer dollar-wise was MMM $82.7 +0.79 0.96% 4,589,237 NYSE and percentage-wise was Disney DIS $32.18 +0.35 1.1% 15,045,270 NYSE. The biggest decliner dollar-wise was Procter & Gamble PG $62.12 -0.89 1.41% 11,043,588 NYSE and percentage-wise was JPMorgan Chase JPM $40.86 -0.91 2.18% 39,675,813 NYSE.

As of the open of the market Monday, 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).

Tuesday's Dow Jones Industrial Average closing numerator was 1383 down 6.49 from Monday's closing Dow numerator of 1389.49. 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 6.49 for Monday by the divisor you get the decrease in Monday's Dow close of 49.05.

The average closing price (the closing numerator divided by 30) of Monday's Dow Jones Industrial Average was 46.13 down 0.19 from Monday's Dow Jones Industrial Average closing price of $46.32. The median closing price of Monday's Dow Jones Industrial Average was $40.91 down 0.61 from Monday's $41.52. The lowest volume Tuesday was Travelers TRV $50.41 -0.61 1.2% 3,948,566 NYSE and the highest volume again was Bank of Am BAC $ 15.19 -0.44 2.82% 187,134,346 NYSE.

If Tuesday morning before the market opened you had purchased 100 shares of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs) and sold at the close you would have lost $570 ($138,960 - $138,390).

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

AT&T $27.6 -0.45 1.6% 20,752,994 NYSE:
Alcoa AA $14.68 -0.14 0.94% 19,636,822 NYSE:
American ExpressAXP $40.96 0.32 0.78% 10,686,440 NYSE:
Bank of America BAC $15.19 -0.44 2.82% 187,134,346 NYSE:
Boeing BA $55.67 -0.38 0.68% 7,218,538 NYSE:
Caterpillar CAT $58.2 -0.10 0.17% 4,898,307 NYSE:
Chevron CVX $77.37 +0.11 0.14% 10,054,344 NYSE:
Cisco CSCO $23.48 -0.36 1.51% 52,007,636 NASDAQ-GS:
Coca-Cola KO $59.06 +0.02 0.03% 7,451,817 NYSE:
Disney DIS $32.18 +0.35 1.1% 15,045,270 NYSE:
DuPont DD $32.19 -0.51 1.56% 6,126,867 NYSE:
ExxonMobil XOM $69.17 -0.52 0.75% 52,662,050 NYSE:
GE $15.75 -0.20 1.25% 78,163,207 NYSE
Hewlett-Packard HPQ $50.99 +0.31 0.61% 18,238,249 NYSE
Home Depot HD $29.02 +0.15 0.52% 15,323,494 NYSE
Intel INTC $19.8 -0.18 0.9% 42,288,107 NASDAQ-GS
IBM $128.49 -1.44 1.11% 7,762,714 NYSE
JPMorgan Chase JPM $40.86 -0.91 2.18% 39,675,813 NYSE
Johnson & Johnson JNJ $64.74 -0.22 0.34% 10,435,657 NYSE
Kraft KFT $26.83 -0.14 0.52% 6,366,279 NYSE
McDonald's MCD $62 -0.14 0.23% 4,840,960 NYSE
Merck MRK $38 +0.23 0.61% 12,618,111 NYSE
Microsoft MSFT $30.02 -0.09 0.3% 45,281,717 NASDAQ-GS
Pfizer PFE $18.29 -0.11 0.6% 33,836,019 NYSE
Procter & Gamble PG $62.12 -0.89 1.41% 11,043,588 NYSE
3M MMM $82.7 +0.79 0.96% 4,589,237 NYSE
Travelers TRV $50.41 -0.61 1.2% 3,948,566 NYSE
United Technologies UTX $70.25 +0.34 0.49% 5,390,162 NYSE
Verizon VZ $33.01 -0.54 1.61% 20,393,005 NYSE
WalMart WMT $53.98 -0.09 0.17% 14,949,152 NYSE
******************************
The following are excerpts from Tues. morning Blog:

A read of Tuesday's 12/15/09 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 Monday at 10,501.05 up 29.55 or 0.28% from Friday's close of 10,471.5. Year to date the Dow Jones Industrial Average is up 19.65%. Of the 30 Dow Companies: 24 gained, 1 (Bank of America) was unchanged and 5 declined. The biggest gainer dollar-wise was and percentage-wise was JPMorgan Chase JPM $41.77 +0.81 1.98% 32,976,815 NYSE. The biggest decliner dollar-wise and percentage-wise was ExxonMobil XOM $69.53 -3.30 4.53% 87,774,373 NYSE.

WSJ pC1 "Stock Notch Modest Gain; Dow Up 0.3%" by Peter A. McKay says modest gains sent major stock indexes to new 14 month highs, driven by a big acquisition by Exxon Mobil and new moves to resolve Dubai's debt woes. Exxon slid 4.3% after announcing a $31 bil all stock acquisition of XTO Energy which leapt 15%. Exxon's decline dragged on the Dow, but the firm's willingness to purchse a smaller rival helped to boost the market. The dollar and Treasury prices slipped and many commodities prices rose. Dubai received %$10 bil in financing from neighboring Abu Dhabi to pay part of the debt held by Dubai World. Oil fell to $69.51 a barrel.

WSJ pC5 "XTO Energy Climbs; Exxon, Citigroup Fall" by Geoffrey Rogow says stocks pushed to their highest closing point in more than a year as a safety net for Dubai helped Caterpillar and deal activity lifted XTO Energy ,though Exxon Mobil weighed on the dow industrials. Exxon Mobil is charted under "Bad News" saying "Did it overpay? The stock fell after the oil major agreed to acquire XTO Energy for $31 bil.

Fin Times p26 "ExxonMobil bid for rival group pushes S&P to 2009 peak" by Samantha Pearson says a multibillion dollar take over deal by Exxon helped Wall St. hit fresh highs for the year yesterday. Abu Dhabi's announcement that it would provide Dubai with $10 bil in bail out funds also lifted the market from the opening bell. The S&P energy sector gained 0.2% even as the price of oil fell for the 9th session in a row after Exxon announced it would buy XTO energy in an all stock deal valued at $41 bil. It is the 8th largest energy deal ever.

NYT pB8 "Shares Rise as Dubai Bailout Eases Debt Concerns" by AP says easing concerns about debt problems overseas nudged major stock indexes to new highs for the year. The market climbed on Mon. afte the news that Abu Dhabi had extended $10 bil to nearby Dubai to help the emirate make debt payments. Also, Exxon said it would acquire XTO Energy to help it tap into the growing supply of natural gas, a move that could signal more deals in the energy industry.

Monday's Dow Jones Industrial Average closing numerator was 1389.49 up 3.91 from Friday's closing Dow numerator of 1385.58. 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 3.91 for Monday by the divisor you get the increase in Monday's Dow close of 29.55.

The average closing price (the closing numerator divided by 30) of Monday's Dow Jones Industrial Average was 46.32 up 0.13 from Friday's Dow Jones Industrial Average closing price of $46.19. The median closing price of Monday's Dow Jones Industrial Average was $41.52 up 0.67 .from Friday's $40.85. The lowest volume Monday was Travelers TRV $51.02 +0.32 0.63% 3,174,674 NYSE and the highest volume again was Bank of Am BAC $15.63 unch unch 119,952,331 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 $402 ($138,960 - $138,558).

AT&T T $28.05 +0.04 0.14% 21,368,145 NYSE: WSJ pB4 "Google in Talks to Sell Its Coming Cellphone At Discounted Price to T-Mobile Subscribers" by Niraj Sheth, Jessica E. Vascellaro says Google is in discussions with Deutsche Telekom AG's TMobile USA to sell its coming cellphone at a discounted price for people that sign up for the carrier's service. Google is alkking o other wireless carries about similar arrangements. Already Apple does something similar by selling its popular iPhone in its own stores and on its Web site; iPhones are also sold at stores operated by A&T, Apple's wireless partner. T-Mobile has the smallest network footprint among other national carriers and half as many customers as AT&T and Verizon Wireless, a joint venture between Verizon Communications Inc,. and Vodafone Group PlC. It would be much more beneficial for Google to get with a Verizon or an AT&T, or ideally with multiple carriers said Michael Morgan an analyst at ABI Research.

Alcoa AA $14.82 +0.21 1.44% 35,470,374 NYSE: No mentions found.

American Express AXP $41.27 +0.54 1.33% 8,871,598 NYSE: WSJ pA18 Bank CEOs Pledge to Push for Re-Regulation" by Jonathan Weisman says ceos of the largest US banks acknowledged the disconnect between their expressed support for re-regulating financial markets and the work of their lobbyists to weaken any new rules. The execs pledged during a White House meeting with Pres. Obama that they would personally intervene on behalf of the legislation. The gathering permitted Mr. Obama to deliver his criticism of Wall Street directly to execs from American Express, US Bancorp, JPMorgan Chase, Capital One Financial Corp, Bank of NY Mellon, Bank of America, Sate Street, Goldman Sahs, PNC Financial Services Group and Wells Fargo.

Bank of America BAC $15.63 unch unch 119,952,331 NYSE: WSJ pC1 "Bank of America Can't Sign New CEO" by Dan Fizpatrick, Joann S. Lublin says BofA suffered a setback in its 10 week search for a ceo afer alks with the leading ouside candidae ended over pay, forcing the board to reconsider 2 internal conenders. Robert Kelly, the CEO of Bank of NY Mellon, jumped ahead of 2 top BofA execs to become the leading candidate to replace Ken Lewis, who will reire at year end. Even afer BofA paid back the gov's $45 bil bailout, in part to free it from pay limits so it could atract a top notch CEO, Kelley has asked for a pay package of more than $20 mil which was too much for BofA. The 55 year old Kelly also wanted to move BofA's headquarters to NY and become chairman as well as CEO.

Fin Times p1 "Citi plans $20 bil bail-out repayment to break free from extra supervision" by Francesco Guerrera, WSJ pA1 "Citi, Wells to Repay Bailouts" by David Enrich, Deborah Solomon, NYT pB1 "Wells Fargo to Repay US, a Coda to the Bailout Era by Eric Dash,Andrew Martin say these 2 banks won agreements to begin extracting themselves from the US gov's grip by paying back a total of $45 bil in aid. In response to a White House meeting with Pres. Obama Bank of America CEO Ken Lewis said BofA would increase its lending to small and midsize businesses by at least $5 bil in '10. With Wels Fargo announcement late Mon, all 9 of the giant banks that were first to pocket TARP funds last year are on track to repay. JPMorgan, Goldman Sachs and Morgan Stanley paid the gov back in June and last week Bank of America wired its $45 bil repayment to Treasury.

WSJ pA18 Bank CEOs Pledge to Push for Re-Regulation" by Jonathan Weisman says ceos of the largest US banks acknowledged the disconnect between their expressed support for re-regulating financial markets and the work of their lobbyists to weaken any new rules. The execs pledged during a White House meeting with Pres. Obama that they would personally intervene on behalf of the legislation. The gathering permitted Mr. Obama to deliver his criticism of Wall Street directly to execs from American Express, US Bancorp, JPMorgan Chase, Capital One Financial Corp, Bank of NY Mellon, Bank of Ameica, Sate Street, Goldman Sahs, PNC Financial Services Group and Wells Fargo.

Boeing BA $56.068 +0.468 0.84% 4,506,242 NYSE: No mentions found.

Caterpillar CAT $58.26 +0.75 1.3% 4,315,803 NYSE: WSJ pC5 "XTO Energy Climbs; Exxon, Citigroup Fall" by Geoffrey Rogow says stocks pushed to their highest closing point in more than a year as a safety net for Dubai helped Caterpillar and deal activity lifted XTO Energy ,though Exxon Mobil weighed on the dow industrials. Exxon Mobil is charted under "Bad News" saying "Did it overpay? The stock fell after the oil major agreed to acquire XTO Energy for $31 bil.

Chevron CVX $77.2 -0.56 0.72% 7,933,593 NYSE: WSJ pA1 "Exxon Bets Big on Gas With Deal For XTO" by Russell Gold says Exxon MMobil placed a $31 bil bet that naural gas will play a critical role in the world's future energy needs, saying it would buy XTO Energy Inc. in an all stock deal. This wold be first major acquisition for ExxonMobil since it bought Mobil in '99. Exxon is positioning itself to recast the global debate over energy policy. The Exxon-XTO pact marks the latest in a resurgence of mergers and acquisitions, coming on the heels of Comcast's purchase of NBC Universal from GE for $30 bil. Exxon thinks the primacy of petroleum to wane. The deal will turn the smaller XTO into a new business unit focused on the development of natural gas being discovered in dense rock formations around the world. In a table of Gas Giants, XTO Energy is listed third after BP and Anadarko with 2.29 bil of cubic feet per day in the US with Exxon at 9th with 1.24 bil and Chevron at 8th place with 1.39 bil per day.

WSJ pC10 "Exxon's Gas Bet Shows Big Oil Is Sruggling" by Liam Denning says Exxon's shareholders are concerned hat paying any premium for XO raises concerns that Exxon's famed focus on return is slipping. Exxon is scaling up in a business that looks dreadful right now: US natural gas. The purchase price of $41 bil equates to $2.89 per thousand cubic feet equivalent of proven reserves that is double what other US unconventional natural gas reserves have fetched on average this year. Over the past couple of years, Exxon's stock has been beaen by its main rival Chevron which has the best production growth outlook of any of the majors.

Fin Times p16 "ExxonMobil/XTO says as energy prices bubbled higher, Exxon waited paiently, committing just 40% of earnings on capital investment over the past 3 years, compared with between 85 and 100% for BP, Shell and Chevron. Perhaps frustrated over that perod, Exxon shareholders received enough cash to buy all of Conoco twice over. Now, however, Exxon seems to want to get involved. It was the only major to announce big spending increases as prices collapsed earlier this year and XTO is its largest deal in a decade.

Cisco CSCO $23.84 +0.072 0.3% 35,044,245 NASDAQ-GS: No mentions found.

Coca-Cola KO $59.06 -0.05 0.08% 7,285,420 NYSE: No mentions found.

Disney DIS $31.83 +0.13 0.41% 8,502,955 NYSE: No mentions found.

DuPont DD $32.7 +0.47 +1.46% 5,202,918 NYSE: No mentions found.

ExxonMobil XOM $69.53 -3.30 4.53% 87,774,373 NYSE: Fin Times p1 "ExxonMobil shifgts strategy with $41 bil deal for US natural gas" by Sheila McNultry, WSJ pA1 "Exxon Bets Big on Gas With Deal For XTO" by Russell Gold say Exxon MMobil placed a $31 bil bet that naural gas will play a critical role in the world's future energy needs, saying it would buy XTO Energy Inc. in an all stock deal. This wold be first major acquisition for ExxonMobil since it bought Mobil in '99. Exxon is positioning itself to recast the global debate over energy policy. The Exxon-XTO pact marks the latest in a resurgence of mergers and acquisitions, coming on the heels of Comcast's purchase of NBC Universal from GE for $30 bil. Exxon thinks the primacy of petroleum to wane. The deal will turn the smaller XTO into a new business unit focused on the development of natural gas being discovered in dense rock formations around the world. In a table of Gas Giants, XTO Energy is listed third after BP and Anadarko with 2.29 bil of cubic feet per day in the US with Exxon at 9th with 1.24 bil and Chevron at 8th place with 1.39 bil per day. The deal will give XTO much needed acces to capital. Firms like XTO have been the victim of their own success, finding so much natural gas in the US so quickly that production has raced ahead of demand and prices caered this year. There is a map that shows XTO has 9 natural gas fields in the US and Exxxon has 3, with 2 of them overlapping. Oil's dominance as the world's largest since fuel source is slipping from 36% of the world's energy mix in '00 to 34% in '07 while natural gas was remained constant at 21% but demand will grow 1.5% a year. Exxon is paying a 25% premium over XTO's Fri closing price. Besides offering $31 bil in shares, Exxon will assume $10 bil in XTO debt.

Related story at WSJ pA6 "Small Energy Firms Starting to Yield to Int'l Giants" by Ben Casselman says Exxon's acquisition of XTO Energy Inc, is the latest sign of a changing of the guard in the US oil patch, as the small firms are selling out to the giants. XTO based in Forth Worth, Texas was one of dozens of independent producers that pioneered a revolution in the US natural gas industry in recent years. While global firms like Exxon and Chevron largely sayed on the sidelines, independents like XTO, Chesapeake Energy Corp. and Devon Energy Corp. leased mils of acres of land across the US in search of new sources of gas and, to a lesser extent, oil. Last year Chesapeake sold part of 3 of its fields to BP and Statoil ASA for $7 bil and Quicksilver Resources this year sold a stake in one of its fields to Italy's Eni SpA for $280 mil. XTO went on an $11 bil spending spree last year, just before prices fell and although they were good deals, they doubled the firm's debt to $12 bil at the end of '08 leaving XTO with less money to drill. At the same time, XTO and other big independent producers are having a hard time maintaining the growth rates that made them Wall St. favorites.

WSJ pC1 "Stock Notch Modest Gain; Dow Up 0.3%" by Peter A. McKay says modest gains sent major stock indexes to new 14 month highs, driven by a big acquisition by Exxon Mobil and new moves to resolve Dubai's debt woes. Exxon slid 4.3% after announcing a $31 bil all stock acquisition of XGTO Energy which leapt 15%. Exxon's decline dragged on the Dow, but the firm's willingness to purchse a smaller rival helped to boost the mmarket. The dollar and Treasury prices slipped and many commodities prices rose. Dubai received %$10 bil in financing from neighboring Abu Dhabi to pay part of the debt held by Dubai World. Oil fell to $69.51 a barrel.

WSJ pC5 "XTO Energy Climbs; Exxon, Citigroup Fall" by Geoffrey Rogow says stocks pushed to their highest closing point in more than a year as a safety net for Dubai helped Caterpillar and deal activity lifted XTO Energy ,though Exxon Mobil weighed on the dow industrials. Exxon Mobil is charted under "Bad News" saying "Did it overpay? The stock fell after the oil major agreed to acquire XTO Energy for $31 bil.

WSJ pC7 "Exxon Places a Big Bet on Gas" by Christine Bourma says Exxon's ageementto buy XO bolsters confidence in the view that US gas prices will rise modestly and stabilize in the next few years. Exxon's $31 bil valuation of XO implies that Exxon is assuming a long term natural gas price of between $6 and $7.50 per million British thermal units. Natural gas for Jan delivery on the NY Mercantile Exchange settled 16.19 or 3.3% higher, at $5.332/MMBtu, mainly on wintry weather forecasts. That was the highest settlement since Jan. 12. Gas has risen in 2 of the last 4 trading sessions.

Similar story at Fin Times "XTO bid answers questions on Exxon strategy" by Sheila McNulty that says gas resources are set to play a part in Exxon's policy for the next 30 years.

WSJ pC10 "Exxon's Gas Bet Shows Big Oil Is Struggling" by Liam Denning says Exxon's shareholders are concerned hat paying any premium for XO raises concerns that Exxon's famed focus on return is slipping. Exxon is scaling up in a business that looks dreadful right now: US natural gas. The purchase price of $41 bil equates to $2.89 per thousand cubic feet equivalent of proven reserves that is double what other US unconventional natural gas reserves have fetched on average this year. Over the past couple of years, Exxon's stock has been beaen by its main rival Chevron which has the best production growth outlook of any of the majors.

Fin Times p16 "ExxonMobil/XTO says as energy prices bubbled higher, Exxon waited paiently, committing just 40% of earnings on capital investment over the past 3 years, compared with between 85 and 100% for BP, Shell and Chevron. Perhaps frustrated over that perod, Exxon shareholders received enough cash to buy all of Conoco twice over. Now, however, Exxon seems to want to get involved. It was the only major to announce big spending increases as prices collapsed earlier this year and XTO is its largest deal in a decade.

Fin Times p26 "ExxonMobil bid for rival group pushes S&P to 2009 peak" by Samantha Pearson says a multibillion dollar take over deal by Exxon helped Wall St. hit fresh highs for the year yesterday. Abu Dhabi's announcement that it would provide Dubai with $10 bil in bail out funds also lifted the market from the opening bell. The S&P energy sector gained 0.2% even as the price of oil fell for the 9th session in a row after Exxon announced it would buy XTO energy in an all stock deal valued at $41 bil. It is the 8th largest energy deal ever.

GE $15.96 +0.04 0.25% 40,980,465 NYSE: WSJ pB4 "GE Selects Louisville For New Appliances Output" says GE will produce in Louisville a new line of energy efficient washes and dryers in a venture that will add more than 400 jobs to its Appliance Park operation, whose future seemed in jeopardy just a year and half ago. Production will star in '12.

WSJ pB2 "GE's Immelt to Cite Lessons Learned" by Paul Glader says when GE CEO Jeff Immelt takes the Saturday Night Live stage at Rockefeller Center Tues for his annual update for investors, he will aim to persuade them he can guide GE to a new era of growth despite a cloudy forecast for 2010. Recently the 53 year old Immelt has said he is humbler and hungrier because of the recent credit crisis and recession which severely damaged GE. He has also defended his record while stressing that he has learned from his mistakes. In Feb. GE reduced its dividend 68%, the first such cut since 1938. A month later, GE lost its coveted Triple A credit rating, which it had maintained since 1967.

NYT pB2 "Slimming Down At GE Capital" by Agnes Crane says CEO Jeffrey Immelt aims to chop GE Capital's balance sheet down from $631 bil to $360 bil across most areas by the end of 2012. GE's market value has shrunk by more than $240 bil since the credit crisis erupted.

WSJ pA1 "Exxon Bets Big on Gas With Deal For XTO" by Russell Gold says Exxon MMobil placed a $31 bil bet that naural gas will play a critical role in the world's future energy needs, saying it would buy XTO Energy Inc. in an all stock deal. This wold be first major acquisition for ExxonMobil since it bought Mobil in '99. Exxon is positioning itself to recast the global debate over energy policy. The Exxon-XTO pact marks the laest in a resurgence of mergers and acquisitions, coming on the heels of Comcast's purchase of NBC Universal from GE for $30 bil.

Hewlett-Packard HPQ $50.685 +0.635 1.27% 11,600,525 NYSE: No mentions found.

Home Depot HD $28.88 +0.39 1.37% 10,498,036 NYSE: No mentions found.

Intel INTC $19.98 +0.08 0.4% 35,219,528 NASDAQ-GS: No mentions found.

IBM $129.9501 +0.2701 0.21% 4,591,780 NYSE: No mentions found.

JPMorgan Chase JPM $41.77 +0.81 1.98% 32,976,815 NYSE: WSJ pA1 "Citi, Wells to Repay Bailouts" by David Enrich, Deborah Solomon say these 2 banks won agreements to begin extracting themselves from the US gov's grip by paying back a total of $45 bil in aid. In response to a White House meeting with Pres. Obama Bank of America CEO Ken Lewis said BofA would increase its lending to small and midsize businesses by at least $5 bil in '10. With Wels Fargo announcement late Mon, all 9 of the giant banks that were first to pocket TARP funds last year are on track to repay. JPMorgan, Goldman Sachs and Morgan Stanley paid the gov back in June and last week Bank of America wired its $45 bil repayment to Treasury.

WSJ pA18 Bank CEOs Pledge to Push for Re-Regulation" by Jonathan Weisman says ceos of the largest US banks acknowledged the disconnect between their expressed support for re-regulating financial markets and the work of their lobbyists to weaken any new rules. The execs pledged during a White House meeting with Pres. Obama that they would personally intervene on behalf of the legislation. The gathering permitted Mr. Obama to deliver his criticism of Wall Street directly to execs from American Express, US Bancorp, JPMorgan Chase, Capital One Financial Corp, Bank of NY Mellon, Bank of Ameica, Sate Street, Goldman Sahs, PNC Financial Services Group and Wells Fargo.

Johnson & Johnson JNJ $64.95 +0.10 0.15% 7,078,318 NYSE: No mentions found.

Kraft KFT $27 +0.21 0.78% 6,676,774 NYSE: Fin Times 17 "Cadbury attacks Kraft offer" by Jenny Wiggins, Adam Jones, NYT pB8 "Cadbury Moves to Fend Off a Hostile Bid by Kraft Foods" by Julia Werdigier, Fin Times p20 Cadbury chiefs mount bid defence by Jenny Wiggins, WSJ pB1 "Cadbury mounts Impassioned Defense" by Cecilie Rohwedder, Dana Cimilluca & WSJ pC3 "Cadbury's CEO is a Real Paine" by Dana Cimilluca say having reiterated his case for Cadbury's independence so many times in recent months, Todd Stitzer, its CEO decided to take a novel approach Mon. At the end of a conference call to detail is case against Kraft's hostile offer, CEO Stitzer quoted Thoma Paine saying what we obtain too cheap, we esteem too lightly. It is dearness only that gives everything its value. The quote is from "American Crisis" that starts "These are the times that try men's souls". Stitzer said "Kraft is trying to buy Cadbury on the cheap to provide much needed growth to their unattractive low growth conglomerate business model."

WSJ pC10 "Cadbury's Punch Forecasts" says Cadbury hasn't much to defend iself against Kraft's hostile offer other than bluser, because Cadbury has none of the standard M&A defense lays available: no noncore businesses to sell, no obvious acquisitions to make, or spare cash to return. All rivals to Kraft face major financing, indusrial and antitrust hurdles. Cadbury shares currently trade at 8% above the value of Kraft's offer. Cadbury has an uphill task to push Cadbury shares out of reach. Related story at Fin Times "Hard words from Cadbury could have softt centres" by Andrew Hill, Mark Mulligan tha says Cadbury's "Don't let Kraft steal your company" line is straight from the Big Book of M&A Rhetoric, circa 2000.

Fin Times p16 says all listed businesses are for sale and Cadbury is simply negotiating by invoking quotations from Thomas Paine about how Kraft is trying to buy Cadbury on the cheap.
it is inevitable that Kraft must increase its offer to a multiple of at least 16 times earning based on similar valuations.

McDonalds MCD $62.13 +0.47 0.76% 5,051,835 NYSE: No mentions found.

Merck MRK $37.74 +0.67 1.81% 11,009,196 NYSE: No mentions found.

Microsoft MSFT $30.11 +0.26 0.87% 33,891,303 NASDAQ-GS: NYT pB8 "Oracle Makes Concessions in Sun MMicrosystems Bid" by Kevin J. O"Brien says European regulators appeared ready on Mon. to clear the way for Oracle's $7.4 bil acquisition of Sun Microsystems after Oracle agreed to a series of concession to allay antitrust concerns. However, nothing is settled until an the deal is signed. The story talks about another case where Microsoft agreed to give Europeans the right to download competing browses via Windows but after the settlement was announced,by Neelie Kroes, the European competition commissioner, several software rivals objected to Microsoft's offer, causing more negotiations and so far no settlement has been reached.

Pfizer PFE $18.37 +0.07 0.38% 48,475,352 NYSE: WSJ pB4 "Pfizer Adds New Type of Tablet to Sales Calls" by Peter Loftus says Pfizer is equipping its sales reps with new portable computers designed to improve their pitches to doctors and at the same time help the drug maker comply with the law. The NY based firm has been providing its thousands of sales reps with tablet PCs, a type of laptop computer whose screen can swivel and on which reps and doctors can write with a special pen. Pfizer, maker of cholesterol drug Lipitor, believes that PCs, which cost $1,500, will help sales reps provide more through and up to date info about drugs and better ensure that sales reps are appropriately distributing drug samples to doctors or handling doctor requests for medical info. This is critical because Pfizer recently paid a record $2.3 bil fine to settle gov charges that it illegally promoted its former pain drug Bextra for uses not approved by US regulators and improperly marketed other products for off label uses.

Procter & Gamble PG $63.04 +0.70 1.12% 8,659,625 NYSE: No mentions found.

3M MMM $81.92 +0.17 0.21% 4,818,474 NYSE: No mentions found.

Travelers TRV $51.02 +0.32 0.63% 3,174,674 NYSE: No mentions found.

United Technologies UTX $69.91 0.51 0.73% 4,948,647 NYSE: No mentions found.

Verizon VZ $33.55 -0.18 0.53% 11,485,889 NYSE: WSJ pB4 "Google in Talks to Sell Its Coming Cellphone At Discounted Price to T-Mobile Subscribers" by Niraj Sheth, Jessica E. Vascellaro says Google is in discussions with Deutsche Telekom AG's TMobile USA to sell its coming cellphone at a discounted price for people that sign up for the carrier's service. Google is alkking o other wireless carries about similar arrangements. Already Apple does something similar by selling its popular iPhone in its own stores and on its Web site; iPhones are also sold at stores operated by A&T, Apple's wireless partner. T-Mobile has the smallest network footprint among other national carriers and half as many customers as AT&T and Verizon Wireless, a joint venture between Verizon Communications Inc,. and Vodafone Group PlC. It would be much more beneficial for Google to get with a Verizon or an AT&T, or ideally with multiple carriers said Michael Morgan an analyst at ABI Research.

WalMart WMT $54.07 0.58 1.06% 14,778,277 NYSE: WSJ pB1 "WalMart uses Its Stores to Get an Edge Online" by Miguel Bustillo, Geoffrey A. Fowler says for almost a decade, WalMart has been boasting that it will dominate Internet retailing the way it dominates strip malls, toppling Amazon.com as he world's largest online merchant. Every year, those boasts have proved hollow. But this holiday shopping season, WalMart has started aiming at what it sees as Amazon's Achilles' heel: the costs and delays of shipping online purchases to buyers.Customers who buy some of the more than 1.5 million products on Walmart.com can have them shipped free to a local Walmart, where new service desks at the front of some stores make it easier for shoppers to retrieve their stuff.

WSJ pA17 "Remembrances Sol Price: 1916-2009 Developer of Bix Box Stores Supersized the Art of Retail" by Stephen Miller eulogizes Sol Price as a pioneer of big box wholesale clubs who developed the low price merchandising practices that inspired WalMart, Costco and Sam's Club. He died Mon at age 93 and was the founder of Price Club, a San Diego based chain that helped create the model of a members only store that sold giant portions of groceries and other staples at rock bottom prices.

***************************************
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.