12/18/09 Fri. am Bank of America's Choice for CEO is Criticized

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Post #268 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 Friday's 12/18/09 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 Thurssday's closing price and related data:

Dow: The Dow Jones Industrial Average closed Thursday at 10,308.26 down 132.8 or 1.27% from Wednesday's close of 10,441.12. Year to date the sow is up 17.5%. Of the 30 Dow Companies: 2 gained and 28 declined. The biggest gainers dollar-wise were the two stocks that went up and both went up .10 GE $15.79 +0.10 0.64% 68,208,911 NYSE and Verizon VZ $32.81 +0.10 0.31% 16,765,008 NYSE and percentage-wise was GE NYSE. The biggest decliner dollar-wise was Coke KO $56.98 -1.44 2.46% 12,735,531 NYSE and percentage-wise was Bank of America BAC $14.86 -0.42 2.75% 268,043,109 NYSE.

WSJ pC6 "FedEx Delivers a Fall But PNC Bucks Trend" by Donna Kardos Yesalavich says stocks fell as global credit concerns pulled down commodities prices, sending DuPont and Chevron lower, while a low priced follow share offering for Citigroup weighed on the financial sector. Bank of America fell 2.8% and JPMorgan dropped 2.6%.

WSJ pC1 "Dollar Surge Upends Stocks, Metals" by Joanna Slater, Alex Frangos says the dollar powered to levels unseen in months as investors digested fresh warnings on Europe and a slightly rosier outlook from the Fed. reserve. Worries about the state of European economies, and some speculation that the Fed is preparing the market for higher interest rates in US, also weighed on stocks, and some commodities.

Fin Times p28 "Sharp stock falls follow downbeat outlook from FedEx" by Samantha Pearson says US stocks fell sharply yesterday after a disappointing outlook from FedEx added to concerns over unemployment. Futures had dipped further after data showed an unexpected rise in the number of Americans filing fresh claims for unemployment benefits.

NYT pB8 "Dow Slips fro a Third Day, but the Dollar Strengthens" by Javier C. Hernandez says Wall St. investors sold off on Thurs. as light trading amplified concerns about foreign debt and a weaker than expected report on he labor market. As traders turned away from the risks of the stok market, the dollar strengthened, hitting a 3 month high against the Euro.

As of the open 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 17.88 down from Thurssday's 18.11 (year ago it was 17.97) the P/E estimate is 16.19 unchanged from Thurs.s 16.19 (year ago it was 10.32) and the current dividend yield is 2.69 up from Thurs's 2.66 (it was 3.65 a year ago).

Thursday's Dow Jones Industrial Average closing numerator was 1363.98 down 17.58 from Wedneday's closing Dow numerator of 1381.56. 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 17.58 for Thursday by the divisor you get the decrease in Thursday's Dow close of 132.8.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 45.47 down 0.58 from Wednesday's Dow Jones Industrial Average closing price of $46.05. The median closing price of Thursday's Dow Jones Industrial Average was 40.37 down0.95 from Wednesday's $41.32. The lowest volume Thursday was United Technologies UTX $69.58 0.67 0.95% 3,718,732 NYSE and the highest volume again was Bank of Am BAC $14.86 -0.42 2.75% 268,043,109 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 $1,752 ($138,150 - $136,398).

AT&T T $27.22 -0.30 1.09% 26,445,525 NYSE: No mentions found.

Alcoa AA $14.5 -0.40 2.68% 20,362,801 NYSE: No mentions found.

American Express AXP $40.45 -0.82 1.99% 8,147,422 NYSE: Fin Times p19 "Activist targets CEO succession" by Francesco Guerrera, Joanna Chung says US firms including BofA, American express and Whole Foods are to be targeted by activist shareholders over plans to replace their ceos in a further sign of investors' increasing power. The Laborers' Int'l of N. America, whose pension funds manage about $30 bil, said it had filed proposals with 14 firms asking them to detail succession planning policies and put them to a voe in their annual meeting. The need for an orderly CEO succession was highlighted by BofA's long and tortuous search for a ceo, which ended on Wed with the appointment of Brian Moynihan afer several external candidates had turned the job down.

Bank of America BAC $14.86 -0.42 2.75% 268,043,109 NYSE: Fin Times p18 says BofA's choice for CEO, Brian Moynihan, is an uninspiring one. It is more of the same and suggess a lack of ambition and creativity. It is not clear that Mr. Moynihan, a lawyer who has most of his experience in wealth management, with only a brief stint running investment baking, is the natural choice to develop BofA's Merrill Lynch unit. Mr. Moynihan's elevation is a safe but prosaic compromise.

Fin Times p19 "Activist targets CEO succession" by Francesco Guerrera, Joanna Chung says US firms including BofA, American express and Whole Foods are to be targeted by activist shareholders over plans to replace their ceos in a further sign of investors' increasing power. The Laborers' Int'l of N. America, whose pension funds manage about $30 bil, said it had filed proposals with 14 firms asking them to detail succession planning policies and put them to a voe in their annual meeting. The need for an orderly CEO succession was highlighted by BofA's long and tortuous search for a ceo, which ended on Wed with the appointment of Brian Moynihan afer several external candidates had turned the job down.

Fin Times p20 "Moynihan has tough brief at helm of BofA" & "New chief assures headquarters will not relocated" both by Greg Farrell says the new boss of BofA faces many tests, including merging Merrill Lynch. There is a picture of Moynihan looking a lot like the comedian Robin Williams.

NYT pB1 "At Bank of America, a Chief Steps In Where Few Can" by Louise Story says Brian T. Moynihan who will become BofA's ceo on Jan 1 has had a career of falling into bigger jobs at the bank when execs were fired or shunted aside. Now he faces his toughest challenge in rebuilding the bank's image after a year marred by he stigma of a taxpayer bailout, lawsuits by shareholders unhappy with its marriage to Merrill Lynch, and a clutch of investigations into the bank's failure to disclose losses at Merrill Lynch and billions in bonuses it paid out just before the deal.

WSJ pC1 "Last Days of BofA's Hunt For a CEO: Pay, Politics" by Dan Fitzpatrick, Deborah Solomon says Bank of America directors decided to hire Brian T. Moynihan as ceo after the US gov raised concerns about the potential political impact of the compensation package proposed by an outside candidate, Bank of NY Mellon's CEO Robert Kelly. The gov was heavily involved in the 11 week CEO search.

AJC pA25 "Bank of America tall task for CEO" by Leva M. Augtums, AP says new leader must face regulators, low morale, and loan risks.

WSJ pA8 says Bank of America Corp. will place a moratorium on foreclosure sales and evictions between Monday and Jan 3. as will Fannie Mae, Freddie Mac, and Citgroup. Except for Bank of America, there are all gov controlled firms.

WSJ pC3 "Taylor Jumps into Blind Pool" by Robin Sidel says, Gene Taylor, a former top exec at Bank of America, has raised $55 mil for a blind pool that will invest in the US banking industry.

WSJ pC6 "FedEx Delivers a Fall But PNC Bucks Trend" by Donna Kardos Yesalavich says stocks fell as global credit concerns pulled down commodities prices, sending DuPont and Chevron lower, while a low priced follow share offering for Citigroup weighed on the financial sector. Bank of America fell 2.8% and JPMorgan dropped 2.6%.

WSJ pC12 "Bright Lights, Transparent Citi" by Peter Eavis says Citigroup shareholders got blindsided by a dilutive, mishandled capital raising to repay $20 bil of Tarp funds. Citigrop should start to give more disclosure on their moves to get the bank out of the doldrums. Citi is trading at an estimated 20% below its tangible common equity, compared with an estimated 30% premium for Bank of America. Citi only gives skimpy balance sheet data for its securities and banking segment and JPMorgan Chase gives the same skimpy treatment but Citi need sto go further than JPMorgan to win back investors.

Boing BA $54.47 -0.66 1.2% 5,824,166 NYSE: No mentions found.

Caterpillar CAT $57.53 -0.70 1.2% 5,698,383 NYSE: No mentions found.

Chevron CVX $76.78 -1.11 1.43% 8,997,422 NYSE: WSJ pC6 "FedEx Delivers a Fall But PNC Bucks Trend" by Donna Kardos Yesalavich says stocks fell as global credit concerns pulled down commodities prices, sending DuPont and Chevron lower, while a low priced follow share offering for Citigroup weighed on the financial sector. Bank of America fell 2.8% and JPMorgan dropped 2.6%.

Cisco CSCO $23.18 -0.27 1.15% 33,415,924 NASDAQ-GS: No mentions found.

Coca-Cola KO $56.98 -1.44 2.46% 12,735,531 NYSE: AJC pA23 "Coke bottler predicts '10 gains" by Jeremiah McWilliams says Coca-Cola Enterprises, a partially owned subsidiary of KO, is navigating through a recession in N. America that has sliced into consumers' beverage budgets. But the Atlanta based bottler says its financial situation is strengthening and touts the resilience of the beverage business an the Coke brands. CCE said it will buy back $600 mil of its shares, about 6% of the firm's market value, by the end of '10.

Disney DIS $31.93 -0.50 1.54% 14,592,431 NYSE: No mentions found.

DuPont DD $32.01 -0.65 1.99% 5,727,274 NYSE: WSJ pC6 "FedEx Delivers a Fall But PNC Bucks Trend" by Donna Kardos Yesalavich says stocks fell as global credit concerns pulled down commodities prices, sending DuPont and Chevron lower, while a low priced follow share offering for Citigroup weighed on the financial sector. Bank of America fell 2.8% and JPMorgan dropped 2.6%.

ExxonMobil XOM $68.22 -0.21 0.31% 46,606,423 NYSE: Fin Times says the US energy industry has a big fracking problem because this technology has ushered in a renaissance in US natural gas production, spurring ExxonMobil to offer $ 31 bil to buy XTO Energy, but it may be polluting drinking water.

NYT pB2 "Merger Lessons In the Oil Patch" by Christopher Swann, Nicholas Paisner says investors wiped out almost $20 bil off ExxonMobil's market capitalization since it agreed to buy XTO Energy for $31 bil because investors are worried that it will be similar to when ConocooPhillips bet big on gas with the $36 bil purchase of Burlington resources in '05 just as gas prices dropped.

GE $15.79 +0.10 0.64% 68,208,911 NYSE: No mentions found.

Hewlett-Packard HPQ $50.56 -0.80 1.56% 14,024,793 NYSE: No mentions found.

Home Depot HD $28.8 -0.16 0.55% 11,472,244 NYSE: No mentions found.

Intel INTC $19.07 -0.31 1.6% 52,242,534 NASDAQ-GS: WSJ pB7 "Intel Seeks to Extend Grip" by Don Clark says when Microsoft combined one software product with another in the 90;s, some competitors complained, Intel is about to try a similar strategy but ths time rivals are more likely to follow suit. Intel is preparing two new families of microprocessors, the basic calculating engines in PCs, that add circuitry now found on separate chips that manage 3 dimensional graphics and video on display screens. Squeezing such functions onto fewer chips tends to bring snappier performance at a lower price as well as longer battery life in laptops. On Mon, Intel plans to announce Pineview, its code name for a new version of tis low end Atom microprocessor that comes with built in graphics. A the Consumer Electronics Shown next month, Intel will announce 17 chips in its Westmere family for mainstream laptops and desktop PCs that uses a similar approach to boost graphic performance.

IBM $127.4 -1.31 1.02% 5,909,454 NYSE: No mentions found.

JPMorgan Chase JPM $40.27 -1.09 2.64% 44,234,869 NYSE: WSJ pC1 "Finra Probes Wall Street's Trade Huddles" by Susanne Craig says FINRA has launched a broad inquiry into how Wall St. firms disseminate stock ratings and research. FINRA recently sought info from JPMorgan Chase, Citigroup, & Morgan Sanley and other firms, including details of any meetings where unpublished research opinions or trading ideas were disclosed to nonresearch employees or clients. The probe follows an an article in the Wall Street Jrnl in Aug. about gatherings at Goldman Sachs known inside Goldman as "trading huddles" during which analysts gave short term tips to traders, followed by big clients. The tips sometimes differed from Goldman's long term research. Now 10 firms are being looked at as well.

WSJ pC6 "FedEx Delivers a Fall But PNC Bucks Trend" by Donna Kardos Yesalavich says stocks fell as global credit concerns pulled down commodities prices, sending DuPont and Chevron lower, while a low priced follow share offering for Citigroup weighed on the financial sector. Bank of America fell 2.8% and JPMorgan dropped 2.6%.

WSJ pC12 "Bright Lights, Transparent Citi" by Peter Eavis says Citigroup shareholders got blindsided by a dilutive, mishandled capital raising to repay $20 bil of Tarp funds. Citigrop should start to give more disclosure on their moves to get the bank out of the doldrums. Citi is trading at an estimated 20% below its tangible common equity, cmopared with an estimated 30% premium for Bank of America. Citi only gives skimpy balance sheet data for its securities and banking segment and JPMorgan Chase gives the same skimpy treatment but Citi need sto go further than JPMorgan to win back investors.

NYT pB1 "A Break at the GAs Pump" by Clifford Krauss, Jad Mouawad" says JPMorgan analysts says oil prices will turn around by the end of the first quarter next year and oil will rise to $120 a barrel by '13.

Johnson & Johnson JNJ $64.47 -0.33 0.51% 10,069,473 NYSE: No mentions found.

Kraft KFT $26.88 -0.27 0.99% 9,555,760 NYSE: No mentions found.

McDonald's MCD $61.92 -0.50 0.8% 5,417,962 NYSE: No mentions found.

Merck MRK $37.28 -0.47 1.25% 18,505,664 NYSE: No mentions found.

Microsoft MSFT $29.6 -0.50 1.66% 43,644,942 NASDAQ-GS: WSJ pB7 "Intel Seeks to Extend Grip" by Don Clark says when Microsoft combined one software product with another in the 90;s, some competitors complained, Intel is about to try a similar strategy but this time rivals are more likely to follow suit. Intel is preparing two new families of microprocessors, the basic calculating engines in PCs, that add circuitry now found on separate chips that manage 3 dimensional graphics and video on display screens. Squeezing such functions onto fewer chips tends to bring snappier performance at a lower price as well as longer battery life in laptops. On Mon, Intel plans to announce Pineview, its code name for a new version of tis low end Atom microprocessor that comes with built in graphics. A the Consumer Electronics Shown next month, Intel will announce 17 chips in its Westmere family for mainstream laptops and desktop PCs that uses a similar approach to boost graphic performance.

Pfizer PFE $18.22 -0.19 1.03% 44,293,130 NYSE: No mentions found.

Procter & Gamble PG $61.59 -0.57 0.92% 10,896,002 NYSE: Fin Times p12 "Tumble cycle" by Jonathan Birchal is a full page interview with Procter & Gamble's CEO Bob McDonald saying recession is forcing he world's biggest consumer products grop to forgo growth in earnings so it can rebuild market share. The interview was at PG's headquarters in Cincinnati, Ohio.

Fin Times p22 "P&G warns over growth of global protectionism" by Jonathan Birchall is another story from the interview featured at p12 of CEO Bob McDonald.

3M MMM $80.47 -1.25 1.53% 3,841,648 NYSE: No mentions found.

Travelers TRV $48.38 -1.32 2.66% 5,762,095 NYSE: No mentions found.

United Technologies UTX $69.58 0.67 0.95% 3,718,732 NYSE: No mentions found.

Verizon VZ $32.81 +0.10 0.31% 16,765,008 NYSE: No mentions found.

WalMart WMT $52.76 -0.56 1.05% 15,640,255 NYSE: WSJ pB1 "Chain Stores Still Avoid Deep Holiday Discounts" by Elizabeth Holmes, Rachel Dodes say big retailers are sticking to their guns going into the final weekend before Xmas, betting that deal seeking procrastinators will settle for lower levels of discounting as the season enters its final stretch. Super Saturday is the last Sat. before Xmas. Walmart has slashed rices to $8 on a selection of toys, including Barbie Fashionista dolls and Neft-n-Force Swrd.
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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
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.