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Post #270 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
A read of Sunday's print editions of New York Times and The Miami Herald (where your Blogger ran in the Ing Miami Marathon today) plus a reprint from Sat's Blog of Saturday's print editions of: The Wall Street Journal, The Financial Times, The New York Times & 2/1 issues of Barron's 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: WSJ pB1 "Blue Chips End Jan. Down 3.5%" by Peter A. McKay says declines in Microsoft and Apple sank the tech sector; leading to a decline in the broader stock market as a dismal Jan. drew to a close. The Dow finished Jan down 3.5%, its biggest monthly decline since Feb . '09. Energy stocks were hurt by a 4th straight decline in oil prices which fell to $72.89 a barrel.
WSJ pB3 "CME in Line For Indexes Of Dow Jones" By Jeffrey McCracken says CME Group Inc. is the leading contender to buy Dow Jones & Co.'s index businessses but the talks hit a snag after Dow Jones pressed for new deal terms and a price of $700 mil. News Corp. which bought Dow Jones in '07 has written down half the $5.6 bil it paid for the publisher and a sale of the index group would help recoup some of those losses.
The Dow Jones Industrial Average closed Friday at 10,067.33 down 53.13 or 0.52% from Thursday's close of 10,120.46. For the week the Dow is down 53.13 from last Friday's close of 10,172.98. Of the 30 Dow Companies: 12 gained and 18 declined. The biggest gainer dollar-wise and percentage-wise was Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE. The biggest decliner dollar-wise and percentage-wise was Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected earnings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recent slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
NYT pB7 "Shares Fall for the Day, The Month and the Year" by Javier C. Hernandez says Jan turned out to be the worst month for stocks since the depths of the fin'l crisis last Feb. Concerns emerged about the profitability of several big tech firms as San Disk dropped 11.67% and Microsoft fell 3.36% despite reporting a 60% increase in profit. The the weak the Dow was down 1%.
Fin Times pA14 "Equities unimpressed by positive economic data" by Samantha Pearson says Wall St recorded its worst monthly losses for a year as investors shrugged off a surprise jump in the rate of US economic growth. Analysts had expected gdp to increase about 4.7% during the last 3 months of '09 but the economy expanded 5.7%, the fastest rte of growth for 6 years.
Barron's "Week Review" p14 says the stock market was on track to turn in a dismal Jan. Fears over tighter bank rules, and tighter monetary policy, helped push the Down down 3.46% in the month.
As of the close of the market Friday, the current divisor for the Dow Jones Industrial Average found at page B4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.30 up from Friday morning's 16.266 (year ago it was 19.33) the P/E estimate is 12.99 down from Friday's 13.30 (year ago it was 9.71) and the current dividend yield is 2.72 up from Friday's 2.717 (it was 3.91 a year ago).
Friday's Dow Jones Industrial Average closing numerator was 1,332.1 down 7.03 from Thursday's closing Dow numerator of 1,339.13. 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 dencrease of 7.03 for Friday by the divisor you get the decrease in Friday's Dow close of 53.13.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 44.40 down 0.24 from Thursday's Dow Jones Industrial Average closing price of $44.64. The median closing price of Thursday's Dow Jones Industrial Average was 38.54 up 0.29 from Thurday's $38.25. The lowest volume was 3M MMM $80.49 0.26 0.32% 4,347,174 NYSE and the highest volume again was Bank of Am BAC $15.18 0.19 1.24% 175,139,887 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 lost $720 ($133,920- $133,200).
AT&T T $25.36 0.18 0.7% 38,925,412 NYSE: Sunday Miami Herald p2E "Changing channels" by Bridget Carey discusses how to find the best deals on cable dish. She gives AT&T's U verse TV phone number: 800-288-2020 and its web site www.att.com/u-verse/
Barron's "Plugged In" by Mark Veverka says many analysts were chagrined that Apple didn't offer an iPad data plan from Verizon, which had been rumored. In fact, AT&T's willingness to offer affordable plans without contracts has stirred speculation that Ma Bell isn't ready to give up her Apple exclusivity without a fight.
Alcoa AA $12.73 0.19 1.47% 42,949,823 NYSE: Fin Times pA10 says Silvio Berlusconi, the Italian premier, warned Alcoa that it risked damaging its relations with the Italian gov if it went ahead to shut down 2 smelters.
WSJ pB7 "A Week in the Life of the DJIA" says the best performer this week was Boeing up 4.90" and the worst performer was Alcoa down 5%.
American Express AXP $37.66 0.23 0.61% 14,221,560 NYSE: WSJ pB3 "Capital One, AmEx Set Pay" by Aparajita Saha-Bubna says Capital One Fin'l Corp outlined a pay plan for its CEO comprising stock based compensation valued at $9.l75 mil and American Express CEO's got a 60% increase in base salary and the CEO, Kenneth I. Chenault was laso awarded options for 650,918 shares at $38.10.
Bank of America BAC $15.18 0.19 1.24% 175,139,887 NYSE: NYT pB3 "Fewer Women Betting on Wall St. Careers" by Geraldine Fabrikant focuses this story about women on Wall St. on Sallie Krawcheck who was hired 6 months ago as Pres. of glboal wealth and investment maangement at Bank of America.
WSJ pB1 "Fannie, Freddie Chase Bad Mortgages" by Nick Timiraos says it is payback time for Fannie Mae and Freddie Mac on mortgages sold to the banks by lenders. Stuck with $300 bil in loans to borrowers at least 90 days behind on payments, Fannie and Freddie have sent teams of auditors to sift through mortgage files for proof of underwriting flaws in order to force banks to buy back loans to contain improper documentation about a borrower's income or outright lies. The biggest losers will be Bank of America and JPMorgan who had a lot of loans out when the housing bubble burst.
Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE: WSJ pM2 Charts Boeing says it had better than expected quarterly earnings but a Wedbush report cited gorwing headwinds on the defense biz.
WSJ pB7 "A Week in the Life of the DJIA" says the best performer this week was Boeing up 4.90" and the worst performer was Alcoa down 5%.
Barron's "The Trader" by Kopin Tan says there was no shortage of good news last week, only a dearth of buying in response. 3 out of every 4 firms, a lineup from boeing to Netflix, reported earnings that beat analysts' estimates.
Caterpillar CAT $52.24 0.38 0.73% 13,962,798 NYSE: No mentions found.
Chevron CVX $72.12 1.12 1.53% 15,267,472 NYSE: WSJ pB6 "Chevron Earnings Skid 37%" by Isabel Ordonez, NYT pB4 "Refinery Losses Cut Chevron Profit 37%" by Reuters & Fin Times pA10 "Chevron reports net income fall" say Chevron's 4Q profit fell 37% due to losses in its refining and marketing biz, a segment it said will continue to struggle amid weak demand for fuels. Chevron, the second largest US oil firm by market value after Exxon Mobil posted a profit of $3.07 bi or 1.53 a share, in 4Q down from $4j.9 bil or 2.44 a share a year earlier. Chevron increased production by 9.3% to 2.78 mil barrels a day for the latest quarter and by 6.7% to a daily average of 2.7 mil barrels for the full year.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected ernings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recnt slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
Cisco CSCO $22.47 0.05 0.22% 73,431,860 NASDAQ-GS: Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Coca-Cola KO $54.25 0.07 0.13% 11,074,509 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Disney DIS $29.55 0.20 0.68% 14,508,358 NYSE: No mentions found.
duPont DD $32.61 0.29 0.9% 10,724,234 NYSE: WSJ pM2 Charts DuPont says it beat expectations for 4Q profits and was lifted Fri by an upbeat report on GDP growth.
ExxonMobil XOM $64.43 0.53 0.82% 40,880,436 NYSE: WSJ pB6 "Chevron Earnings Skid 37%" by Isabel Ordonez says Chevron's 4Q profit fell 37% due to losses in its refining and marketing biz, a segment it said will continue to struggle amid weak demand for fuels. Chevron, the second largest US oil firm by market value after Exxon Mobil posted a profit of $3.07 bi or 1.53 a share, in 4Q down from $4j.9 bil or 2.44 a share a year earlier. Chevron increased production by 9.3% to 2.78 mil barrels a day for the latest quarter and by 6.7% to a daily average of 2.7 mil barrels for the full year.
Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
GE $16.08 0.08 0.5% 81,161,558 NYSE: WSJ pA6 "Oversea Consumers to Rescue" by Justin Lahart says US firms are betting on consumers abroad as Americans hold tight to their purse strings. GE, which already makes more money abroad than domestically, isn't selling as many health care scanners and locomotives in the US as it once did so it is focusing efforts in the last 2 years to get large order in foreign markets. CEO Jeffrey Immelt calls India a centerpeice of growth and recently sold, in Jan, 50 Pa. made locomotives to Cosan, a Brazilian sugar processor.
Hewlett-Packard HPQ $47.07 0.72 1.51% 23,487,717 NYSE: Sun NYT p3 "Smart Dust? Not Quite, but We're Getting There" by Sateve Lohr says in computing, the vision always precedes the realtiy by a decade or more. the pattern has held true from the PC to the Internet, as it takes time, brainpower and investment to conquer the scientific and economic obstgacles to nudging a game changing technology toward the mainstream. the same pattern, according to scientists in univesities and corp labs is unfolding in the field of sensor based compuering. Years ago, enthusiass predictged the coming of smart dust, tiny digital sensors strewn aroudn the globe, gathering all sorts of information and communcating with powerful compuer networks to monitor, measure and undersand the physical world in new ways. Smart duest remains a way off but tech's virtuous cycle of smaller, faster and cheaper hasa reached the point that sensors may soon be powerful enough to be the equivalent of tiny computers. Peter Hartwell of Hewlett-Packard is quoted comparing today's computers to brains that are blind to their surroundiings. But development of low cost sensors is closing the gap.
Fin Times pA9 "Samsung beats HP to pole position" by Song Jung-a, Christian Oliver says S. Korea's Samsung Electronics has overtaken Hewlett-Packard as the world's biggest tech firm by sales as it forecast that higher memory chip prices would result in record operating profit in the current quarter. Samsung, the world's largest maker of memory hips had sales for '09 for $117.8 bil pushing it ahead of HP of the US which had sales of $114.6 bil for its fin'l year which ended in Oct.
Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE: No mentions found.
Intel INTC $19.4 0.52 2.61% 96,053,877 NASDAQ-GS: No mentions found.
IBM $122.39 1.36 1.1% 11,572,387 NYSE: No mentions found.
J.P.Morgan Chase JPM $38.94 0.54 1.37% 53,655,197 NYSE: WSJ pB1 "Fannie, Freddie Chase Bad Mortgages" by Nick Timiraos says it is payback time for Fannie Mae and Freddie Mac on mortgages sold to the banks by lenders. Stuck with $300 bil in loans to borrowers at least 90 days behind on payments, Fannie and Freddie have sent teams of auditors to sift through mortgage files for proof of underwriting flaws in order to force banks to buy back loans to contain improper documentation about a borrower's income or outright lies. The biggest losers will be Bank of America and JPMorgan who had a lot of loans out when the housing bubble burst.
Johnson & Johnson JNJ $62.86 0.94 1.47% 17,846,737 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Barron's p36 "5 Drugs With Healthy chances" by Johanna Bennett speaks highly about Xarelto, a blood thinner that Johnson and Johnson and Bayer hope to jointly market.
Kraft KFT $27.66 0.38 1.36% 15,404,664 NYSE: Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
McDonald's MCD $62.43 0.40 0.64% 7,591,260 NYSE: No mentions found.
Merck MRK $38.18 0.21 0.55% 16,120,872 NYSE: Barron's p37 "How the Brokers Stack Up" by Vito J. Racanelli says Goldman Sachs likes the health care sector for '10. A year ago, big pharma firms like Merck and Pfizer "had little going for them" but now they are restructuring.
Microsoft MSFT $28.18 0.98 3.36% 193,888,424 NASDAQ-GS: WSJ pB1 "Blue Chips End Jan. Down 3.5%" by Peter A. McKay says declines in Microsoft and Apple sank the tech sector; leading to a decline in the broader stock market as a dismal Jan. drew to a close. The Dow finished Jan down 3.5%, its biggest monthly decline since Feb . '09. Energy stocks were hurt by a 4th straight decline in oil prices which fell to $72.89 a barrel.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected earnings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recent slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
NYT pB7 "Shares Fall for the Day, The Month and the Year" by Javier C. Hernandez says Jan turned out to be the worst month for stocks since the depths of the fin'l crisis last Feb. Concerns emerged about the profitability of several big tech firms as San Disk dropped 11.67% and Microsoft fell 3.36% despite reporting a 60% increase in profit. The the weak the Dow was down 1%.
Fin Times p3 says Bill Gates, the cofounder of Microsoft will give $10 bil over the next 10 years for the development of vaccines to fight diseases.
Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Pfizer PFE $18.66 0.03 0.16% 56,044,605 NYSE: Barron's p37 "How the Brokers Stack Up" by Vito J. Racanelli says Goldman Sachs likes the health care sector for '10. A year ago, big pharma firms like Merck and Pfizer "had little going for them" but now they are restructuring.
Procter & Gamble PG $61.55 0.13 0.21% 17,067,583 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
3M MMM $80.49 0.26 0.32% 4,347,174 NYSE: No mentions found.
Travelers TRV $50.67 0.40 0.8% 4,484,775 NYSE: No mentions found.
United Technologies UTX $67.48 0.11 0.16% 7,232,057 NYSE: No mentions found.
Verizon VZ $29.42 0.09 0.31% 25,407,773 NYSE: Barron's "Week Review" p14 says Verizon plans to cut 13,000 jobs and Walmart will cut 11,000 jobs at its Sam's Club chain.
Barron's "Plugged In" by Mark Veverka says many analysts were chagrined that Apple didn't offer an iPad data plan from Verizon, which had been rumored. In fact, AT&T's willingness to offer affordable plans without contracts has stirred speculation that Ma Bell isn't ready to give up her Apple exclusivity without a fight.
WalMart WMT $53.43 0.82 1.56% 24,281,225 NYSE: WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected ernings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recnt slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
Barron's "Week Review" p14 says Verizon plans to cut 13,000 jobs and Walmart will cut 11,000 jobs at its Sam's Club chain.
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Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]
Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.
12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).
Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.
American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.
Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.
12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.
12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.
Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.
Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
12/2/09 10K
DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020
ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.
12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows
GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.
12/17/09 10K
Home Depot HD: 12/3/09 10Q
Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.
JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.
12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.
Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.
McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.
12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.
Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.
Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.
United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.
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: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.
12/23/09 8K re: grant of stock options to executives.
12/7/09 8K re:amendments to bylaws.
WalMartWMT: 12/8/09 10Q
Sunday, January 31, 2010
Saturday, January 30, 2010
1/30/10 Sat. Dow Jones Index May be Sold to CME Group
The following is not intended as advertising by a broker-dealer and is not a research report. Any comments by third-parties do not reflect the views of Intellivest Securities Research, Inc. and have not been reviewed by us for completeness or accuracy.
Post #269 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
A read of Saturday's print editions of: The Wall Street Journal, The Financial Times, The New York Times & 2/1 issues of Barron's 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: WSJ pB1 "Blue Chips End Jan. Down 3.5%" by Peter A. McKay says declines in Microsoft and Apple sank the tech sector; leading to a decline in the broader stock market as a dismal Jan. drew to a close. The Dow finished Jan down 3.5%, its biggest monthly decline since Feb . '09. Energy stocks were hurt by a 4th straight decline in oil prices which fell to $72.89 a barrel.
WSJ pB3 "CME in Line For Indexes Of Dow Jones" By Jeffrey McCracken says CME Group Inc. is the leading contender to buy Dow Jones & Co.'s index businessses but the talks hit a snag after Dow Jones pressed for new deal terms and a price of $700 mil. News Corp. which bought Dow Jones in '07 has written down half the $5.6 bil it paid for the publisher and a sale of the index group would help recoup some of those losses.
The Dow Jones Industrial Average closed Friday at 10,067.33 down 53.13 or 0.52% from Thursday's close of 10,120.46. For the week the Dow is down 53.13 from last Friday's close of 10,172.98. Of the 30 Dow Companies: 12 gained and 18 declined. The biggest gainer dollar-wise and percentage-wise was Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE. The biggest decliner dollar-wise and percentage-wise was Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected earnings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recent slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
NYT pB7 "Shares Fall for the Day, The Month and the Year" by Javier C. Hernandez says Jan turned out to be the worst month for stocks since the depths of the fin'l crisis last Feb. Concerns emerged about the profitability of several big tech firms as San Disk dropped 11.67% and Microsoft fell 3.36% despite reporting a 60% increase in profit. The the weak the Dow was down 1%.
Fin Times pA14 "Equities unimpressed by positive economic data" by Samantha Pearson says Wall St recorded its worst monthly losses for a year as investors shrugged off a surprise jump in the rate of US economic growth. Analysts had expected gdp to increase about 4.7% during the last 3 months of '09 but the economy expanded 5.7%, the fastest rte of growth for 6 years.
Barron's "Week Review" p14 says the stock market was on track to turn in a dismal Jan. Fears over tighter bank rules, and tighter monetary policy, helped push the Down down 3.46% in the month.
As of the close of the market Friday, the current divisor for the Dow Jones Industrial Average found at page B4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.30 up from Friday morning's 16.266 (year ago it was 19.33) the P/E estimate is 12.99 down from Friday's 13.30 (year ago it was 9.71) and the current dividend yield is 2.72 up from Friday's 2.717 (it was 3.91 a year ago).
Friday's Dow Jones Industrial Average closing numerator was 1,332.1 down 7.03 from Thursday's closing Dow numerator of 1,339.13. 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 dencrease of 7.03 for Friday by the divisor you get the decrease in Friday's Dow close of 53.13.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 44.40 down 0.24 from Thursday's Dow Jones Industrial Average closing price of $44.64. The median closing price of Thursday's Dow Jones Industrial Average was 38.54 up 0.29 from Thurday's $38.25. The lowest volume was 3M MMM $80.49 0.26 0.32% 4,347,174 NYSE and the highest volume again was Bank of Am BAC $15.18 0.19 1.24% 175,139,887 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 lost $720 ($133,920- $133,200).
AT&T T $25.36 0.18 0.7% 38,925,412 NYSE: Barron's "Plugged In" by Mark Veverka says many analysts were chagrined that Apple didn't offer an iPad data plan from Verizon, which had been rumored. In fact, AT&T's willingness to offer affordable plans without contracts has stirred speculation that Ma Bell isn't ready to give up her Apple exclusivity without a fight.
Alcoa AA $12.73 0.19 1.47% 42,949,823 NYSE: Fin Times pA10 says Silvio Berlusconi, the Italian premier, warned Alcoa that it risked damaging its relations with the Italian gov if it went ahead to shut down 2 smelters.
WSJ pB7 "A Week in the Life of the DJIA" says the best performer this week was Boeing up 4.90" and the worst performer was Alcoa down 5%.
American Express AXP $37.66 0.23 0.61% 14,221,560 NYSE: WSJ pB3 "Capital One, AmEx Set Pay" by Aparajita Saha-Bubna says Capital One Fin'l Corp outlined a pay plan for its CEO comprising stock based compensation valued at $9.l75 mil and American Express CEO's got a 60% increase in base salary and the CEO, Kenneth I. Chenault was laso awarded options for 650,918 shares at $38.10.
Bank of America BAC $15.18 0.19 1.24% 175,139,887 NYSE: NYT pB3 "Fewer Women Betting on Wall St. Careers" by Geraldine Fabrikant focuses this story about women on Wall St. on Sallie Krawcheck who was hired 6 months ago as Pres. of glboal wealth and investment maangement at Bank of America.
WSJ pB1 "Fannie, Freddie Chase Bad Mortgages" by Nick Timiraos says it is payback time for Fannie Mae and Freddie Mac on mortgages sold to the banks by lenders. Stuck with $300 bil in loans to borrowers at least 90 days behind on payments, Fannie and Freddie have sent teams of auditors to sift through mortgage files for proof of underwriting flaws in order to force banks to buy back loans to contain improper documentation about a borrower's income or outright lies. The biggest losers will be Bank of America and JPMorgan who had a lot of loans out when the housing bubble burst.
Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE: WSJ pM2 Charts Boeing says it had better than expected quarterly earnings but a Wedbush report cited gorwing headwinds on the defense biz.
WSJ pB7 "A Week in the Life of the DJIA" says the best performer this week was Boeing up 4.90" and the worst performer was Alcoa down 5%.
Barron's "The Trader" by Kopin Tan says there was no shortage of good new last week, only a dearth of buying in response. 3 out of every 4 firms, a lineup from boeing to Netflix, reported earnings that beat analysts' estimates.
Caterpillar CAT $52.24 0.38 0.73% 13,962,798 NYSE: No mentions found.
Chevron CVX $72.12 1.12 1.53% 15,267,472 NYSE: WSJ pB6 "Chevron Earnings Skid 37%" by Isabel Ordonez, NYT pB4 "Refinery Losses Cut Chevron Profit 37%" by Reuters & Fin Times pA10 "Chevron reports net income fall" say Chevron's 4Q profit fell 37% due to losses in its refining and marketing biz, a segment it said will continue to struggle amid weak demand for fuels. Chevron, the second largest US oil firm by market value after Exxon Mobil posted a profit of $3.07 bi or 1.53 a share, in 4Q down from $4j.9 bil or 2.44 a share a year earlier. Chevron increased production by 9.3% to 2.78 mil barrels a day for the latest quarter and by 6.7% to a daily average of 2.7 mil barrels for the full year.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected ernings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recnt slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
Cisco CSCO $22.47 0.05 0.22% 73,431,860 NASDAQ-GS: Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Coca-Cola KO $54.25 0.07 0.13% 11,074,509 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Disney DIS $29.55 0.20 0.68% 14,508,358 NYSE: No mentions found.
duPont DD $32.61 0.29 0.9% 10,724,234 NYSE: WSJ pM2 Charts DuPont says it beat expectations for 4Q profits and was lifted Fri by an upbeat report on GDP growth.
ExxonMobil XOM $64.43 0.53 0.82% 40,880,436 NYSE: WSJ pB6 "Chevron Earnings Skid 37%" by Isabel Ordonez says Chevron's 4Q profit fell 37% due to losses in its refining and marketing biz, a segment it said will continue to struggle amid weak demand for fuels. Chevron, the second largest US oil firm by market value after Exxon Mobil posted a profit of $3.07 bi or 1.53 a share, in 4Q down from $4j.9 bil or 2.44 a share a year earlier. Chevron increased production by 9.3% to 2.78 mil barrels a day for the latest quarter and by 6.7% to a daily average of 2.7 mil barrels for the full year.
Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
GE $16.08 0.08 0.5% 81,161,558 NYSE: WSJ pA6 "Oversea Consumers to Rescue" by Justin Lahart says US firms are betting on consumers abroad as Americans hold tight to their purse strings. GE, which already makes more money abroad than domestically, isn't selling as many health care scanners and locomotives in the US as it once did so it is focusing efforts in the last 2 years to get large order in foreign markets. CEO Jeffrey Immelt calls India a centerpeice of growth and recently sold, in Jan, 50 Pa. made locomotives to Cosan, a Brazilian sugar processor.
Hewlett-Packard HPQ $47.07 0.72 1.51% 23,487,717 NYSE: Fin Times pA9 "Samsung beats HP to pole position" by Song Jung-a, Christian Oliver says S. Korea's Samsung Electronics has overtaken Hewlett-Packard as the world's biggest tech firm by sales as it forecast that higher memory chip prices would result in record operating profit in the current quarter. Samsung, the world's largest maker of memory hips had sales for '09 for $117.8 bil pushing it ahead of HP of the US which had sales of $114.6 bil for its fin'l year which ended in Oct.
Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE: No mentions found.
Intel INTC $19.4 0.52 2.61% 96,053,877 NASDAQ-GS: No mentions found.
IBM $122.39 1.36 1.1% 11,572,387 NYSE: No mentions found.
J.P.Morgan Chase JPM $38.94 0.54 1.37% 53,655,197 NYSE: WSJ pB1 "Fannie, Freddie Chase Bad Mortgages" by Nick Timiraos says it is payback time for Fannie Mae and Freddie Mac on mortgages sold to the banks by lenders. Stuck with $300 bil in loans to borrowers at least 90 days behind on payments, Fannie and Freddie have sent teams of auditors to sift through mortgage files for proof of underwriting flaws in order to force banks to buy back loans to contain improper documentation about a borrower's income or outright lies. The biggest losers will be Bank of America and JPMorgan who had a lot of loans out when the housing bubble burst.
Johnson & Johnson JNJ $62.86 0.94 1.47% 17,846,737 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Barron's p36 "5 Drugs With Healthy chances" by Johanna Bennett speaks highly about Xarelto, a blood thinner that Johnson and Johnson and Bayer hope to jointly market.
Kraft KFT $27.66 0.38 1.36% 15,404,664 NYSE: Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
McDonald's MCD $62.43 0.40 0.64% 7,591,260 NYSE: No mentions found.
Merck MRK $38.18 0.21 0.55% 16,120,872 NYSE: Barron's p37 "How the Brokers Stack Up" by Vito J. Racanelli says Goldman Sachs likes the health care sector for '10. A year ago, big pharma firms like Merck and Pfizer "had little going for them" but now they are restructuring.
Microsoft MSFT $28.18 0.98 3.36% 193,888,424 NASDAQ-GS: WSJ pB1 "Blue Chips End Jan. Down 3.5%" by Peter A. McKay says declines in Microsoft and Apple sank the tech sector; leading to a decline in the broader stock market as a dismal Jan. drew to a close. The Dow finished Jan down 3.5%, its biggest monthly decline since Feb . '09. Energy stocks were hurt by a 4th straight decline in oil prices which fell to $72.89 a barrel.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected earnings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recent slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
NYT pB7 "Shares Fall for the Day, The Month and the Year" by Javier C. Hernandez says Jan turned out to be the worst month for stocks since the depths of the fin'l crisis last Feb. Concerns emerged about the profitability of several big tech firms as San Disk dropped 11.67% and Microsoft fell 3.36% despite reporting a 60% increase in profit. The the weak the Dow was down 1%.
Fin Times p3 says Bill Gates, the cofounder of Microsoft will give $10 bil over the next 10 years for the development of vaccines to fight diseases.
Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Pfizer PFE $18.66 0.03 0.16% 56,044,605 NYSE: Barron's p37 "How the Brokers Stack Up" by Vito J. Racanelli says Goldman Sachs likes the health care sector for '10. A year ago, big pharma firms like Merck and Pfizer "had little going for them" but now they are restructuring.
Procter & Gamble PG $61.55 0.13 0.21% 17,067,583 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
3M MMM $80.49 0.26 0.32% 4,347,174 NYSE: No mentions found.
Travelers TRV $50.67 0.40 0.8% 4,484,775 NYSE: No mentions found.
United Technologies UTX $67.48 0.11 0.16% 7,232,057 NYSE: No mentions found.
Verizon VZ $29.42 0.09 0.31% 25,407,773 NYSE: Barron's "Week Review" p14 says Verizon plans to cut 13,000 jobs and Walmart will cut 11,000 jobs at its Sam's Club chain.
Barron's "Plugged In" by Mark Veverka says many analysts were chagrined that Apple didn't offer an iPad data plan from Verizon, which had been rumored. In fact, AT&T's willingness to offer affordable plans without contracts has stirred speculation that Ma Bell isn't ready to give up her Apple exclusivity without a fight.
WalMart WMT $53.43 0.82 1.56% 24,281,225 NYSE: WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected ernings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recnt slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
Barron's "Week Review" p14 says Verizon plans to cut 13,000 jobs and Walmart will cut 11,000 jobs at its Sam's Club chain.
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Below are excerpts from Monday's Blog:
A read of Monday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, USA Today & Miami Herald 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 stock prices and related data as of 2:17 pm (late Blog today).
Dow: As of the open of the market Monday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.30 unchanged from Friday morning's 16.30 (year ago it was 19.33) the P/E estimate is 12.99 down from Friday's 13.30 (year ago it was 9.71) and the current dividend yield is 2.72 up from Friday's 2.71 (it was 3.91 a year ago).
USA Today p1B "is a market correction looming" by Adam Shell says ever since stocks hit a recovery high on 1/19, mounting evidence points to a possible corrections as follows: Price action is poor as the Dow Jones ha suffered triple digit losses in 4 of the past 8 sessions; seelling greets good nes, e.g. Fri's report of the biggest GDP gain in 6 years send the Dow down 53 points to 10,067, fear is on the rise and Jan. drop is bearish. when stocks do bad in Jan, this often signals the trend for the rest of the year.
WSJ pC1j "Bull Looks Long in the Tooth" by E.S. Browning says after 64% runup, no one expects the market to maintain its breakneck pace although few analysts beliee the bull market has ended. Investors lately have been using temporary stok gains as an opportunity to cash in profits, a change from their behavior of the pasat 10 months.
AT&T T $25.4183 0.0583 0.23% 18,441,440 NYSE: NYT pB5 "AT&T Gears Up Fora Heavy Load" by Jenna Wortham says in the next three months, AT&T plans to increae the amount of 3G radio capacity by more than one third in Manhattan because of the surge in use due to the iPad which will be out in March. In 4 years carriers will generate mroe than half of the rev from data, up from less than 30% today.
Alcoa AA $13.19 0.46 3.61% 23,210,999 NYSE: No mentions found.
American Express AXP $38.1 0.44 1.17% 6,267,150 NYSE: No mentions found.
Bank of America BAC $15.34 0.16 1.05% 104,546,137 NYSE: WSJ pB1 "Something New for BofA: Washington's ear" by Dan Fitzpatrick, Damian Paletta says one month into his new job. Bank of America CEO Brian Moynihan is sepnding as much time in DC as in the bank's hyeadquarters of Charlotte, NC. Since 1/1 he has met with Ben Bernanke, Fed chair, Sheila Bair, FDCIC Chair, John C. Dugan, Chief of the Office of the Ckomptroller of the Currency, treasury Sec'y tim Geithner, and his sec'y Neal Wolin, Phil Angelides, the Fin'l Criisis Inquiry Comm. Chair, and Pres. Obama adviser Valerie Jarrett.
Boeing BA $61.68 1.08 1.78% 2,957,156 NYSE: No mentions found.
Caterpillar CAT $53.05 0.81 1.55% 4,817,462 NYSE: No mentions found.
Chevron CVX $73.46 1.34 1.86% 7,786,402 NYSE: No mentions found.
Cisco CSCO $22.63 0.16 0.71% 38,525,464 NASDAQ-GS: NYT pB2 "Looking Ahead" & Fin Times p22 say today Exxon Mobil reports ernings and on Wed so does Cisco and Pfizer.
Coca-Cola KO $54.31 0.06 0.11% 4,447,542 NYSE: No mentions found.
Disney DIS $29.49 0.06 0.2% 7,162,018 NYSE: NYT pB3 "disney Is Said to Be Seeking a Buyer for its Beleaguered Miramax Unit" by Brooks Barnes says Dis has been quietly shopping what remains of its Miramax film unit and has attracted about 10 intereted bidder. It is seeking a $700 mil price for the name and its 700 film library that includes "Pulp Fiction" and "Shakespeare in Love." disney is overhaulting its movie oeprations, which lost money in the lasat 2 quarters. It put in a new chairman in Oct and has fired over a dozen managers. In addition to Pixar and its own brand, disney now has Marvel and a distribution deal with Speilberg's DreamWorks.
DuPont DD $33.4 0.79 2.42% 3,533,721 NYSE: No mentions found.
ExxonMobil XOM $66.32 1.89 2.93% 24,182,602 NYSE: NYT pB2 "Looking Ahead" says today Exxon Mobil reports ernings and on Wed so does Cisco and Pfizer.
Fin Times p17 "Exxon in spotlight over XTO" by Sheila McNulty says ExxonMobil, the US's biggest oil firm, releases its results today, with analysts hoping for updates in 2 areas, its aquistion of XTO energy and moves to enter Ghana's deepwater Jubilee field. In Dec., exxon signalled a shift in strategy with a deal to pay $31 bil in stock for XTO energy, which will give it a big position in the booming domestic natural gas scene.
GE $16.29 0.21 1.31% 36,317,963 NYSE: No mentions found.
Home Depot HD $28.27 0.26 0.93% 8,382,729 NYSE: No mentions found.
Hewlett-Packard HPQ $47.69 0.62 1.32% 10,639,100 NYSE: WSJ pB1 "Windows 7 Fails to Boost Profits of PC Makers" by ustin Scheck says Microsoft's new Windows 7 op systems has fattened MSFT's earnings and boosted PC sales at retailers like best Buy but it hasn't increased the profits of PC giants Hewlett-Packard, Dell and others. Intel which supplies chips to PC makers, last month reported a 28% jump in rev and a tenfold increase in profit from a year earlier thanks to strong chip sales.
Intel INTC $19.595 0.195 1.01% 31,951,722 NASDAQ-GS: WSJ pB1 "Windows 7 Fails to Boost Profits of PC Makers" by ustin Scheck says Microsoft's new Windows 7 op systems has fattened MSFT's earnings and boosted PC sales at retailers like best Buy but it hasn't increased the profits of PC giants Hewlett-Packard, Dell and others. Intel which supplies chips to PC makers, last month reported a 28% jump in rev and a tenfold increase in profit from a year earlier thanks to strong chip sales.
WSJ pB4 "Intel challenges FTC comissioner's Role" by Thomas Catan, Don Clark who says J. Thomas Rosch is a member of the FTC, and is now a proponent of robust antitrust enforcement. Intel wants him disqualified because he was formerly Intel's lead outside antitrust counsel. Intel, which supplies 4/5 of the world's chips that serve as electornic brains in computers, ahs amanged to avoid the kind of harsh reulatory scrutiny that dogged Microsoft bu since '04, Intel has faced antitrust acitons from agencies in Japan, S. Korea, europe, NY state and the FTC.
IBM $124.71 2.32 1.9% 4,202,798 NYSE: WSJ pB5 "Infineon Posts Profit, Raises its Outlook" by Archibald Presuschat which says this firm had a Euro 81 mil charge related to the deconsolidtion of Altis, the firm's jv with IBM in France.
JPMorgan Chase JPM $39.58 0.64 1.64% 23,673,362 NYSE: "Insurers Aim to Build Longevity Swaps" by Mark cobley, Dominic Elliott says 8 investment banks and insurers have formed a gorup to devleop an organized market to help them spread the financial risks and costs of an aging society. The Life and Longevity Markets Association aims to take instruments known swaps into the mainstream. The group includes JPMorgan Chase.
Johnson & JohnsonJNJ $63.06 0.20 0.32% 5,829,124 NYSE: No mentions found.
Kraft KFT $27.99 0.33 1.19% 10,337,990 NYSE: No mentions found.
McDonald's MCD $63.86 1.43 2.29% 4,627,205 NYSE: WSJ pB1 "As Sales Drop, Burger King Draws Critics for Courting Super Fans" by Julie Jargon says thanks to high unnemployment and healthier eating habits. Buger King's key groups, its "super fans" 18 to 34 who account for half of all visits to BK restuarants, ahven't been so super lately. Burger King has felt the impact more acutely than McDonald's, its main rival, whose sales are growing.
WSJ pB8 "McDonald's Bets LeBron Won't Become a Tiger" by Lee Hawkins, Suzanne Vanica
McDonald's joins Coca-Cola and Nike in hiring Lebron James as a spokesman.
Merck MRK $38.43 0.25 0.65% 5,808,572 NYSE: No mentions found.
Microsoft MSFT $28.42 0.24 0.85% 64,240,122 NASDAQ-GS: WSJ pB1 "Windows 7 Fails to Boost Profits of PC Makers" by ustin Scheck says Microsoft's new Windows 7 op systems has fattened MSFT's earnings and boosted PC sales at retailers like best Buy but it hasn't increased the profits of PC giants Hewlett-Packard, Dell and others. Intel which supplies chips to PC makers, last month reported a 28% jump in rev and a tenfold increase in profit from a year earlier thanks to strong chip sales.
WSJ pB4 "Intel challenges FTC comissioner's Role" by Thomas Catan, Don Clark who says J. Thomas Rosch is a member of the FTC, and is now a proponent of robust antitrust enforcement. Intel wants him disqualified because he was formerly Intel's lead outside antitrust counsel. Intel, which supplies 4/5 of the world's chips that serve as electornic brains in computers, ahs amanged to avoid the kind of harsh reulatory scrutiny that dogged Microsoft bu since '04, Intel has faced antitrust acitons from agencies in Japan, S. Korea, europe, NY state and the FTC.
Pfizer PFE $18.8185 0.1585 0.85% 23,780,372 NYSE: NYT pB2 "Looking Ahead" says today Exxon Mobil reports ernings and on Wed so does Cisco and Pfizer.
Procter & Gamble PG $62.15 0.60 0.97% 8,375,456 NYSE: No mentions found.
3M MMM $80.25 0.24 0.3% 2,011,123 NYSE: No mentions found.
Traveler's TRV $50.53 0.14 0.28% 2,010,935 NYSE: No mentions found.
United Technologies UTX $67.51 0.03 0.04% 2,688,970 NYSE: No mentions found.
Verizon VZ $29.54 0.12 0.41% 7,743,609 NYSE: No mentions found.
WalMart WMT $53.48 0.05 0.09% 6,982,158 NYSE: Miami Hereald quotes Jay Leno as saying that Walmart announced it's cutting over 11,000 jobs. Walmart said it's cheaper to fire people in bulk.
*************************************
Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/1/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $318 [5]
2. Microsoft MSFT 252 [9]
3. WalMart WMT 203 [4]
4. Chevron CVX 180 [2.5]
5. Procter & Gamble PG 180 [3]
6. Johnson & Johnson JNJ 174 [3]
7. GE 173 [10.5]
8. IBM 164 [1.5]
9 JPMorgan Chase 156 [4]
10. Pfizer PFE 152 [8]
11. AT&T 150 [6]
12. BAC 134 [8.5]
13. Cisco CSCO 131 [6]
14. Coke KO 126 [2]
15. Hewlett-Packard HPQ 113 [2]
16. Intel INTC 108 [5.5]
17. McDonald's MCD 106 [1.5]
18. Verizon VZ 84 [3]
19. Merck MRK 81 [2]
20. United Technologies UTX 63 [1]
21. 3M MMM 57 [.5]
22. Disney DIS 57 [2]
23. Home Depot 48 [2]
24. American Express AXP 45 [1]
25. Boeing BA 45 [1]
26. Kraft KFT 41 [1.5]
27. Caterpillar CAT 33 [.5]
28. DuPont DD 30 [1]
29. Travelers 28 [.5]
30. Alcoa AA 13 [1]
Here are the latest SEC filings as of 1/1/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 1/29/10 8K re: 29,500 employees represented by Communications Workers of America District 3 failed to ratify the tentative labor agreement announced on December 14, 2009.
1/28/10 8K re: 4Q earnings were $0.51 per diluted share compared with $0.41 per share for the 4Q '08. 4Q net income was $3.0 bil compared with $2.4 bil for 4Q '08. Reported earnings for the full year '09 were $2.12 per diluted share, down from $2.16 per share for the full year '0 &net income for '09 was $12.5 bil, down from $12.9 bil for '08.
Alcoa AA: 1/27/10 8K re: contributions to pension plan of stock.
1/25/10 8K re: quarterly dividend on Alcoa’s common stock and preferred stock and that a contribution was authorized of up to $600 million in Alcoa common stock to Alcoa’s defined benefit pension plans.
1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
American Express AXP: 1/25/10 8K re: increases to the annual base salaries Kenneth I. Chenault, Chairman & CEO from $1,250,000 $2,000,000; Edward P. Gilligan, Vice Chairman from $1,100,000 to $1,450,000; Stephen J. Squeri, Group President – Global Services & Chief Information Officer from $750,000 to $1,000,000; and Daniel T. Henry, Exec. VP & CFO from $700,000 to $850,000.
1/21/10 8K re: 4Q EPS of $0.59, up from $0.26 a year ago & other fin'l results.
1/15/10 8K re: owned and managed basis delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months of Oct., Nov. and Dec. '09.
Bank of Am BAC: 1/20/10 8K re: '09 net income of $6.3 bil, compared with net income of $4.0 bil '08. Including preferred stock dividends & the negative impact from the repayment of the U.S. gov’s $45 billion preferred stock investment in the company under the Troubled Asset Relief Program, income applicable to common shareholders was a net loss of $2.2 billion, or $0.29 per diluted share.
1/15/10 8K re: Brian Moynihan, CEO's new senior management team: Steele Alphin, chief admin. officer; Cathy Bessant, Global Technology & Operations exec, David Darnell, pres. of Global Commercial Banking; Barbara Desoer, pres. of Home Loans & Insurance; Anne Finucane, global strategy & marketing officer; Sallie Krawcheck, pres. of Global Wealth & Investment Management; Tom Montag, pres. Global Banking & Markets; Ed O’Keefe, gen'. counsel; Joe Price, president of Consumer, Small Business & Card Banking; Neil Cotty interim CFO; Bruce Thompson chief risk officer; & Greg Curl will focus on key strategic partnerships critical to BAC’s global capabilities.
12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
Boeing BA: 1/27/10 8K re: 4Q '09 results: rev grew to $17.9 bil & operating margin grew to 9.4% with net income of $1.75 per share. Operating cash flow increased to $3.2 bil.
Caterpiller CAT: 1/27/10 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
1/27/10 8K re: sales & rev of $32.39 bil for '09, a decrease of 37% from $51.32 biln in '08. Profit per share was $1.43, down 75%. 4Q sales & rev. were $7.9 bil, down 39% from 4Q '08. Profit per share for 4Q was $0.36, down 67% from 4Q '08.
Chevron CVX: 1/29/10 8K re: earnings for 4Q '09: net income was $3.1 bil, down 37% from $4.9 bil in 4Q '08.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/25/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/22/10 Proxy Statement for '10 Annual Meeting of shareholders, which will be held on Wednesday, 3/10/10 at 10 a.m. at the JW Marriott San Antonio Hill Country in San Antonio, Texas.
1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
DuPont DD: 1/26/10 8K re: 4Q EPS of $.48 compared to a 4Q '08 loss of $.70 per share. Sales of $6.4 bil were up 10% vs prior year, led by sales growth greater than 20% for titanium dioxide, electronic materials, performance polymers & seed products.
ExxonMobil XOM: 2/1/10 8K re: 4Q results: earnings were $6,050 mil, a decrease of 23% or $1,770 mil from 4Q '08. EPS were $1.27, a decrease of 18%. Capital & exploration expenditures were $8.3 bil, up 21% from the 4Q '08.
GE: 1/22/10 8K re: 4Q ’09 EPS of $0.28; FY ’09 EPS of $1.03; rev of $41.4 bil for Quarter; $157 bi for Year.
12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/27/10 Def. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, Cal.
1/27/10 8K re: Electronic Data Systems Corporation, which HP acquired in '08 is a defendant in litigation filed in the United Kingdom by Sky Subscribers Services Limited and British Sky Broadcasting Limited in '04 alleging deceit, negligent misrepresentation, negligent misstatement and breach of contract. On 1/26/10, the court issued a decision finding EDS UK liable to BSkyB for deceit in one area of the claim, for negligent misrepresentation and negligent misstatement in another area of the claim, and for breach of contract. The court also dismissed all of BSkyB’s other claims. The court will issue a final quantification of damages at a later date. HP plans to appeal.
Home Depot HD: 12/3/09 10Q
Intel INTC: 1/25/10 8K re: promotions of Renee J. James, Thomas M. Kilroy, Brian M. Krzanich & Stacy J. Smith to sr. vp.
1/15/10 8K re: 4Q earnings of revenue of $10.6B, up 13% sequentially; nearly twice the average seasonal sequential growth seen in 4Q; gross margin of 64.7% was a record, and up 7 points compared to 3Q; operating income of $2.5B was down 3% sequentially, and up 62% from a year ago. Net income of $2.3B was up 23% sequentially, and up 875% from a year ago.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 1/29/10 8K re: compensation for its top 5 execs.
1/19/10 8K re: Record diluted earnings per share of $10.01, up 13%; 7th consecutive year of double-digit EPS growth; record net income of $13.4 bil, up 9%; gross profit margin of 45.7%, 6th consecutive year of increase; record free cash flow of $15.1 bil, up $0.8 bil.
JPMorganChase JPM: 1/25/10 8K re: amendments to By-laws re: special meetings of stockholders.
1/19/10 8K re: 4Q results.
Kraft KFT: 2/1/10 8K re: further details about the dealing facilities that will be available to accepting Cadbury Securityholders who hold their Cadbury Shares or Cadbury ADSs in certificated form.
1/27/10 8K re: Kraft reduced the number of acceptances required to fulfil the Acceptance Condition of the recommended Final Offer for Cadbury from 90% to 50% plus one Cadbury Share.
1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
McDonalds MCD: 1/26/10 8K re: compensation to execs.
1/22/10 8K re: '09 results: global comparable sales increase of 3.8%, fueled by the U.S. 2.6%, Europe 5.2% & Asia/Pacific, Middle East & Africa 3.4%; growth in McDonald’s combined operating margin to 30.1%; consolidated operating income increase of 6% (10% in constant currencies) over the prior year; earnings per share of $4.11, up 9% over the prior year; & return of $5.1 bil to shareholders through shares repurchased & dividends paid, bringing the 3-year total to
$16.6 bil under MCD’s $15 bil to $17 bil cash return to shareholders target for '07 through '09.
1/15/10 8K re: Donald Thompson elected Pres. & Chief Operating Officer. He's been with McDonald's for 19 years.
12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
Merck MRK: 11/18/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 1/28/10 10Q.
1/28/10 8K re: record revenue of $19.02 bil for 2Q ended 12/31/09, a 14% increase from the same period of the prior year. Operating income, net income & diluted earnings per share for the quarter were $8.51 bil, $6.66 bil & $0.74 per share, which represented increases of 43%, 60% and 57%, respectively, when compared with the prior year period.
12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/16/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/28/10 8K re: net sales growth of 6% for the October - December quarter to $21.0 bil. Organic sales grew 5%. Diluted net earnings per share were $1.49.
1/28/10 10Q
1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 1/28/10 8K re: 4Q earnings of $1.30 per share on sales of $6.1 bil, with operating income margins of 21.9%. Sales & per-share earnings increased 11.1% & 69% year-on-year, respectively. Profits grew at double-digit rates in each of the company’s six business segments and in all geographic regions. Free cash flow for 4Q grew by 16% to $770 million. 3M '09 sales of $23.1 bil & earnings per share of $4.52, down 8.5% & 7.6% respectively. Excluding special items, '09 earnings declined 9.3%to $4.69 per share.
Travelers TRV: 1/26/10 8K re: net income of $1.285 bil, or $2.36 per diluted share, for the quarter ended 12/31/09, compared to $801 mil, or $1.35 per diluted share, for the quarter ended 12/3108. Operating income in the current quarter was $1.155 bil, or $2.12 per diluted share, compared to $939 mil, or $1.58 per diluted share, in the prior year quarter.
United Technologies UTX: 1/27/10 8K re: 4Q '09 earnings per share of $1.15 & net income attributable to common shareowners of $1.1 bil, down 7% and 6%, respectively, over the year ago quarter. Consolidated revenues for the quarter of $14.1 billion were 5% below prior year.
Verizon Communications Inc. VZ: 1/26/10 8K re: Consolidated cash flow growth in 4Q '09: $31.6 bil in cash flow from operations in '09, up $4.0 bil, or 14.5 percent, from '08 & other financial results inlcuding a loss of 23 cents per share and adjusted earnings of 54 cents per share, compared with 4Q '08 EPS of 43 cents and 61 cents, respectively.
WalMartWMT: 1/28/10 8K re: business restructurings to leverage operating expenses consistent with its priorities of growth, leverage and returns. These include the closure of 10 Sam’s Clubs announced on 1/11/10, the elimination of Sam’s Club new business membership representatives, the new operations structure for Walmart U.S.; the integration of the Puerto Rican operations into Walmart U.S. and Sam’s Club.
The net impact from the charges for these business restructurings on 4Q earnings for fiscal year 2010 is estimated to be 0.04 per share. Walmart will announce fourth quarter earnings before the market opens on February 18, 2010.
12/8/09 10Q
Post #269 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
A read of Saturday's print editions of: The Wall Street Journal, The Financial Times, The New York Times & 2/1 issues of Barron's 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: WSJ pB1 "Blue Chips End Jan. Down 3.5%" by Peter A. McKay says declines in Microsoft and Apple sank the tech sector; leading to a decline in the broader stock market as a dismal Jan. drew to a close. The Dow finished Jan down 3.5%, its biggest monthly decline since Feb . '09. Energy stocks were hurt by a 4th straight decline in oil prices which fell to $72.89 a barrel.
WSJ pB3 "CME in Line For Indexes Of Dow Jones" By Jeffrey McCracken says CME Group Inc. is the leading contender to buy Dow Jones & Co.'s index businessses but the talks hit a snag after Dow Jones pressed for new deal terms and a price of $700 mil. News Corp. which bought Dow Jones in '07 has written down half the $5.6 bil it paid for the publisher and a sale of the index group would help recoup some of those losses.
The Dow Jones Industrial Average closed Friday at 10,067.33 down 53.13 or 0.52% from Thursday's close of 10,120.46. For the week the Dow is down 53.13 from last Friday's close of 10,172.98. Of the 30 Dow Companies: 12 gained and 18 declined. The biggest gainer dollar-wise and percentage-wise was Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE. The biggest decliner dollar-wise and percentage-wise was Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected earnings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recent slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
NYT pB7 "Shares Fall for the Day, The Month and the Year" by Javier C. Hernandez says Jan turned out to be the worst month for stocks since the depths of the fin'l crisis last Feb. Concerns emerged about the profitability of several big tech firms as San Disk dropped 11.67% and Microsoft fell 3.36% despite reporting a 60% increase in profit. The the weak the Dow was down 1%.
Fin Times pA14 "Equities unimpressed by positive economic data" by Samantha Pearson says Wall St recorded its worst monthly losses for a year as investors shrugged off a surprise jump in the rate of US economic growth. Analysts had expected gdp to increase about 4.7% during the last 3 months of '09 but the economy expanded 5.7%, the fastest rte of growth for 6 years.
Barron's "Week Review" p14 says the stock market was on track to turn in a dismal Jan. Fears over tighter bank rules, and tighter monetary policy, helped push the Down down 3.46% in the month.
As of the close of the market Friday, the current divisor for the Dow Jones Industrial Average found at page B4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.30 up from Friday morning's 16.266 (year ago it was 19.33) the P/E estimate is 12.99 down from Friday's 13.30 (year ago it was 9.71) and the current dividend yield is 2.72 up from Friday's 2.717 (it was 3.91 a year ago).
Friday's Dow Jones Industrial Average closing numerator was 1,332.1 down 7.03 from Thursday's closing Dow numerator of 1,339.13. 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 dencrease of 7.03 for Friday by the divisor you get the decrease in Friday's Dow close of 53.13.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 44.40 down 0.24 from Thursday's Dow Jones Industrial Average closing price of $44.64. The median closing price of Thursday's Dow Jones Industrial Average was 38.54 up 0.29 from Thurday's $38.25. The lowest volume was 3M MMM $80.49 0.26 0.32% 4,347,174 NYSE and the highest volume again was Bank of Am BAC $15.18 0.19 1.24% 175,139,887 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 lost $720 ($133,920- $133,200).
AT&T T $25.36 0.18 0.7% 38,925,412 NYSE: Barron's "Plugged In" by Mark Veverka says many analysts were chagrined that Apple didn't offer an iPad data plan from Verizon, which had been rumored. In fact, AT&T's willingness to offer affordable plans without contracts has stirred speculation that Ma Bell isn't ready to give up her Apple exclusivity without a fight.
Alcoa AA $12.73 0.19 1.47% 42,949,823 NYSE: Fin Times pA10 says Silvio Berlusconi, the Italian premier, warned Alcoa that it risked damaging its relations with the Italian gov if it went ahead to shut down 2 smelters.
WSJ pB7 "A Week in the Life of the DJIA" says the best performer this week was Boeing up 4.90" and the worst performer was Alcoa down 5%.
American Express AXP $37.66 0.23 0.61% 14,221,560 NYSE: WSJ pB3 "Capital One, AmEx Set Pay" by Aparajita Saha-Bubna says Capital One Fin'l Corp outlined a pay plan for its CEO comprising stock based compensation valued at $9.l75 mil and American Express CEO's got a 60% increase in base salary and the CEO, Kenneth I. Chenault was laso awarded options for 650,918 shares at $38.10.
Bank of America BAC $15.18 0.19 1.24% 175,139,887 NYSE: NYT pB3 "Fewer Women Betting on Wall St. Careers" by Geraldine Fabrikant focuses this story about women on Wall St. on Sallie Krawcheck who was hired 6 months ago as Pres. of glboal wealth and investment maangement at Bank of America.
WSJ pB1 "Fannie, Freddie Chase Bad Mortgages" by Nick Timiraos says it is payback time for Fannie Mae and Freddie Mac on mortgages sold to the banks by lenders. Stuck with $300 bil in loans to borrowers at least 90 days behind on payments, Fannie and Freddie have sent teams of auditors to sift through mortgage files for proof of underwriting flaws in order to force banks to buy back loans to contain improper documentation about a borrower's income or outright lies. The biggest losers will be Bank of America and JPMorgan who had a lot of loans out when the housing bubble burst.
Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE: WSJ pM2 Charts Boeing says it had better than expected quarterly earnings but a Wedbush report cited gorwing headwinds on the defense biz.
WSJ pB7 "A Week in the Life of the DJIA" says the best performer this week was Boeing up 4.90" and the worst performer was Alcoa down 5%.
Barron's "The Trader" by Kopin Tan says there was no shortage of good new last week, only a dearth of buying in response. 3 out of every 4 firms, a lineup from boeing to Netflix, reported earnings that beat analysts' estimates.
Caterpillar CAT $52.24 0.38 0.73% 13,962,798 NYSE: No mentions found.
Chevron CVX $72.12 1.12 1.53% 15,267,472 NYSE: WSJ pB6 "Chevron Earnings Skid 37%" by Isabel Ordonez, NYT pB4 "Refinery Losses Cut Chevron Profit 37%" by Reuters & Fin Times pA10 "Chevron reports net income fall" say Chevron's 4Q profit fell 37% due to losses in its refining and marketing biz, a segment it said will continue to struggle amid weak demand for fuels. Chevron, the second largest US oil firm by market value after Exxon Mobil posted a profit of $3.07 bi or 1.53 a share, in 4Q down from $4j.9 bil or 2.44 a share a year earlier. Chevron increased production by 9.3% to 2.78 mil barrels a day for the latest quarter and by 6.7% to a daily average of 2.7 mil barrels for the full year.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected ernings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recnt slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
Cisco CSCO $22.47 0.05 0.22% 73,431,860 NASDAQ-GS: Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Coca-Cola KO $54.25 0.07 0.13% 11,074,509 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Disney DIS $29.55 0.20 0.68% 14,508,358 NYSE: No mentions found.
duPont DD $32.61 0.29 0.9% 10,724,234 NYSE: WSJ pM2 Charts DuPont says it beat expectations for 4Q profits and was lifted Fri by an upbeat report on GDP growth.
ExxonMobil XOM $64.43 0.53 0.82% 40,880,436 NYSE: WSJ pB6 "Chevron Earnings Skid 37%" by Isabel Ordonez says Chevron's 4Q profit fell 37% due to losses in its refining and marketing biz, a segment it said will continue to struggle amid weak demand for fuels. Chevron, the second largest US oil firm by market value after Exxon Mobil posted a profit of $3.07 bi or 1.53 a share, in 4Q down from $4j.9 bil or 2.44 a share a year earlier. Chevron increased production by 9.3% to 2.78 mil barrels a day for the latest quarter and by 6.7% to a daily average of 2.7 mil barrels for the full year.
Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
GE $16.08 0.08 0.5% 81,161,558 NYSE: WSJ pA6 "Oversea Consumers to Rescue" by Justin Lahart says US firms are betting on consumers abroad as Americans hold tight to their purse strings. GE, which already makes more money abroad than domestically, isn't selling as many health care scanners and locomotives in the US as it once did so it is focusing efforts in the last 2 years to get large order in foreign markets. CEO Jeffrey Immelt calls India a centerpeice of growth and recently sold, in Jan, 50 Pa. made locomotives to Cosan, a Brazilian sugar processor.
Hewlett-Packard HPQ $47.07 0.72 1.51% 23,487,717 NYSE: Fin Times pA9 "Samsung beats HP to pole position" by Song Jung-a, Christian Oliver says S. Korea's Samsung Electronics has overtaken Hewlett-Packard as the world's biggest tech firm by sales as it forecast that higher memory chip prices would result in record operating profit in the current quarter. Samsung, the world's largest maker of memory hips had sales for '09 for $117.8 bil pushing it ahead of HP of the US which had sales of $114.6 bil for its fin'l year which ended in Oct.
Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE: No mentions found.
Intel INTC $19.4 0.52 2.61% 96,053,877 NASDAQ-GS: No mentions found.
IBM $122.39 1.36 1.1% 11,572,387 NYSE: No mentions found.
J.P.Morgan Chase JPM $38.94 0.54 1.37% 53,655,197 NYSE: WSJ pB1 "Fannie, Freddie Chase Bad Mortgages" by Nick Timiraos says it is payback time for Fannie Mae and Freddie Mac on mortgages sold to the banks by lenders. Stuck with $300 bil in loans to borrowers at least 90 days behind on payments, Fannie and Freddie have sent teams of auditors to sift through mortgage files for proof of underwriting flaws in order to force banks to buy back loans to contain improper documentation about a borrower's income or outright lies. The biggest losers will be Bank of America and JPMorgan who had a lot of loans out when the housing bubble burst.
Johnson & Johnson JNJ $62.86 0.94 1.47% 17,846,737 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Barron's p36 "5 Drugs With Healthy chances" by Johanna Bennett speaks highly about Xarelto, a blood thinner that Johnson and Johnson and Bayer hope to jointly market.
Kraft KFT $27.66 0.38 1.36% 15,404,664 NYSE: Barron's "Week Preview" p15 says ExxonMobil posts results on Monday 2/1 with consensus estimates of $1.19 compared to a year ago of $1.55 as does Kraft with a consensus estimate of 0.44 compared to 0.43 a year ago, & Cisco reports results after the market closes on Wed, 2/3.
McDonald's MCD $62.43 0.40 0.64% 7,591,260 NYSE: No mentions found.
Merck MRK $38.18 0.21 0.55% 16,120,872 NYSE: Barron's p37 "How the Brokers Stack Up" by Vito J. Racanelli says Goldman Sachs likes the health care sector for '10. A year ago, big pharma firms like Merck and Pfizer "had little going for them" but now they are restructuring.
Microsoft MSFT $28.18 0.98 3.36% 193,888,424 NASDAQ-GS: WSJ pB1 "Blue Chips End Jan. Down 3.5%" by Peter A. McKay says declines in Microsoft and Apple sank the tech sector; leading to a decline in the broader stock market as a dismal Jan. drew to a close. The Dow finished Jan down 3.5%, its biggest monthly decline since Feb . '09. Energy stocks were hurt by a 4th straight decline in oil prices which fell to $72.89 a barrel.
WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected earnings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recent slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
NYT pB7 "Shares Fall for the Day, The Month and the Year" by Javier C. Hernandez says Jan turned out to be the worst month for stocks since the depths of the fin'l crisis last Feb. Concerns emerged about the profitability of several big tech firms as San Disk dropped 11.67% and Microsoft fell 3.36% despite reporting a 60% increase in profit. The the weak the Dow was down 1%.
Fin Times p3 says Bill Gates, the cofounder of Microsoft will give $10 bil over the next 10 years for the development of vaccines to fight diseases.
Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
Pfizer PFE $18.66 0.03 0.16% 56,044,605 NYSE: Barron's p37 "How the Brokers Stack Up" by Vito J. Racanelli says Goldman Sachs likes the health care sector for '10. A year ago, big pharma firms like Merck and Pfizer "had little going for them" but now they are restructuring.
Procter & Gamble PG $61.55 0.13 0.21% 17,067,583 NYSE: Barron's p21 "Loosen Up, Tightwads" by Andrew Barry says some of the US's most profitable firms don't pay dividends and lists 15 of them and the only Dow member is Cisco Systems even though it has $24.5 bil in cash. It says Microsoft began paying regular cash dividends in '03 and even declared a $3 special payout in '04 to reduce its huge cash hoard and still has $37 bil in cash. Most of America's best firms, including Coca-Cola, Procter & Gamble and Johnson & Johnson pay dividends and periodically buy back stock. Some current payers like Oracle and Hewlett-Packard have puny sub-1% dividends and should boost them. Microsoft, Oracle and other tech firms offer payouts even though it may be contrary to the idea of being a growth firm. In fact, one of tech's highest dividend yields, 3%, comes from Intel, which has a very capital intensive business and has also bought back stock.
3M MMM $80.49 0.26 0.32% 4,347,174 NYSE: No mentions found.
Travelers TRV $50.67 0.40 0.8% 4,484,775 NYSE: No mentions found.
United Technologies UTX $67.48 0.11 0.16% 7,232,057 NYSE: No mentions found.
Verizon VZ $29.42 0.09 0.31% 25,407,773 NYSE: Barron's "Week Review" p14 says Verizon plans to cut 13,000 jobs and Walmart will cut 11,000 jobs at its Sam's Club chain.
Barron's "Plugged In" by Mark Veverka says many analysts were chagrined that Apple didn't offer an iPad data plan from Verizon, which had been rumored. In fact, AT&T's willingness to offer affordable plans without contracts has stirred speculation that Ma Bell isn't ready to give up her Apple exclusivity without a fight.
WalMart WMT $53.43 0.82 1.56% 24,281,225 NYSE: WSJ pB3 "Microsoft Profit Not Enough Help" by Donna Kardos Yesalavich says better than expected ernings from Microsoft, Amazon.com and Mattel wasn't enough to halt the recnt slump in the stock market. Microsoft was the Dow's worst performer with a drop of 3.4%. This decline came despite a 60% jump in fiscal 2Q profit. MSFT doesn't expect its enterprise biz to post growth soon. Chevron dropped 1.5% as its 4Q profit plunged 37%, missing analysts' expectations due to a steep loss in its refining and marketing biz. WalMart Stores rose 1.6% after it announced an alliance with global buying agent Li & Fung.
Barron's "Week Review" p14 says Verizon plans to cut 13,000 jobs and Walmart will cut 11,000 jobs at its Sam's Club chain.
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Below are excerpts from Monday's Blog:
A read of Monday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, USA Today & Miami Herald 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 stock prices and related data as of 2:17 pm (late Blog today).
Dow: As of the open of the market Monday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.30 unchanged from Friday morning's 16.30 (year ago it was 19.33) the P/E estimate is 12.99 down from Friday's 13.30 (year ago it was 9.71) and the current dividend yield is 2.72 up from Friday's 2.71 (it was 3.91 a year ago).
USA Today p1B "is a market correction looming" by Adam Shell says ever since stocks hit a recovery high on 1/19, mounting evidence points to a possible corrections as follows: Price action is poor as the Dow Jones ha suffered triple digit losses in 4 of the past 8 sessions; seelling greets good nes, e.g. Fri's report of the biggest GDP gain in 6 years send the Dow down 53 points to 10,067, fear is on the rise and Jan. drop is bearish. when stocks do bad in Jan, this often signals the trend for the rest of the year.
WSJ pC1j "Bull Looks Long in the Tooth" by E.S. Browning says after 64% runup, no one expects the market to maintain its breakneck pace although few analysts beliee the bull market has ended. Investors lately have been using temporary stok gains as an opportunity to cash in profits, a change from their behavior of the pasat 10 months.
AT&T T $25.4183 0.0583 0.23% 18,441,440 NYSE: NYT pB5 "AT&T Gears Up Fora Heavy Load" by Jenna Wortham says in the next three months, AT&T plans to increae the amount of 3G radio capacity by more than one third in Manhattan because of the surge in use due to the iPad which will be out in March. In 4 years carriers will generate mroe than half of the rev from data, up from less than 30% today.
Alcoa AA $13.19 0.46 3.61% 23,210,999 NYSE: No mentions found.
American Express AXP $38.1 0.44 1.17% 6,267,150 NYSE: No mentions found.
Bank of America BAC $15.34 0.16 1.05% 104,546,137 NYSE: WSJ pB1 "Something New for BofA: Washington's ear" by Dan Fitzpatrick, Damian Paletta says one month into his new job. Bank of America CEO Brian Moynihan is sepnding as much time in DC as in the bank's hyeadquarters of Charlotte, NC. Since 1/1 he has met with Ben Bernanke, Fed chair, Sheila Bair, FDCIC Chair, John C. Dugan, Chief of the Office of the Ckomptroller of the Currency, treasury Sec'y tim Geithner, and his sec'y Neal Wolin, Phil Angelides, the Fin'l Criisis Inquiry Comm. Chair, and Pres. Obama adviser Valerie Jarrett.
Boeing BA $61.68 1.08 1.78% 2,957,156 NYSE: No mentions found.
Caterpillar CAT $53.05 0.81 1.55% 4,817,462 NYSE: No mentions found.
Chevron CVX $73.46 1.34 1.86% 7,786,402 NYSE: No mentions found.
Cisco CSCO $22.63 0.16 0.71% 38,525,464 NASDAQ-GS: NYT pB2 "Looking Ahead" & Fin Times p22 say today Exxon Mobil reports ernings and on Wed so does Cisco and Pfizer.
Coca-Cola KO $54.31 0.06 0.11% 4,447,542 NYSE: No mentions found.
Disney DIS $29.49 0.06 0.2% 7,162,018 NYSE: NYT pB3 "disney Is Said to Be Seeking a Buyer for its Beleaguered Miramax Unit" by Brooks Barnes says Dis has been quietly shopping what remains of its Miramax film unit and has attracted about 10 intereted bidder. It is seeking a $700 mil price for the name and its 700 film library that includes "Pulp Fiction" and "Shakespeare in Love." disney is overhaulting its movie oeprations, which lost money in the lasat 2 quarters. It put in a new chairman in Oct and has fired over a dozen managers. In addition to Pixar and its own brand, disney now has Marvel and a distribution deal with Speilberg's DreamWorks.
DuPont DD $33.4 0.79 2.42% 3,533,721 NYSE: No mentions found.
ExxonMobil XOM $66.32 1.89 2.93% 24,182,602 NYSE: NYT pB2 "Looking Ahead" says today Exxon Mobil reports ernings and on Wed so does Cisco and Pfizer.
Fin Times p17 "Exxon in spotlight over XTO" by Sheila McNulty says ExxonMobil, the US's biggest oil firm, releases its results today, with analysts hoping for updates in 2 areas, its aquistion of XTO energy and moves to enter Ghana's deepwater Jubilee field. In Dec., exxon signalled a shift in strategy with a deal to pay $31 bil in stock for XTO energy, which will give it a big position in the booming domestic natural gas scene.
GE $16.29 0.21 1.31% 36,317,963 NYSE: No mentions found.
Home Depot HD $28.27 0.26 0.93% 8,382,729 NYSE: No mentions found.
Hewlett-Packard HPQ $47.69 0.62 1.32% 10,639,100 NYSE: WSJ pB1 "Windows 7 Fails to Boost Profits of PC Makers" by ustin Scheck says Microsoft's new Windows 7 op systems has fattened MSFT's earnings and boosted PC sales at retailers like best Buy but it hasn't increased the profits of PC giants Hewlett-Packard, Dell and others. Intel which supplies chips to PC makers, last month reported a 28% jump in rev and a tenfold increase in profit from a year earlier thanks to strong chip sales.
Intel INTC $19.595 0.195 1.01% 31,951,722 NASDAQ-GS: WSJ pB1 "Windows 7 Fails to Boost Profits of PC Makers" by ustin Scheck says Microsoft's new Windows 7 op systems has fattened MSFT's earnings and boosted PC sales at retailers like best Buy but it hasn't increased the profits of PC giants Hewlett-Packard, Dell and others. Intel which supplies chips to PC makers, last month reported a 28% jump in rev and a tenfold increase in profit from a year earlier thanks to strong chip sales.
WSJ pB4 "Intel challenges FTC comissioner's Role" by Thomas Catan, Don Clark who says J. Thomas Rosch is a member of the FTC, and is now a proponent of robust antitrust enforcement. Intel wants him disqualified because he was formerly Intel's lead outside antitrust counsel. Intel, which supplies 4/5 of the world's chips that serve as electornic brains in computers, ahs amanged to avoid the kind of harsh reulatory scrutiny that dogged Microsoft bu since '04, Intel has faced antitrust acitons from agencies in Japan, S. Korea, europe, NY state and the FTC.
IBM $124.71 2.32 1.9% 4,202,798 NYSE: WSJ pB5 "Infineon Posts Profit, Raises its Outlook" by Archibald Presuschat which says this firm had a Euro 81 mil charge related to the deconsolidtion of Altis, the firm's jv with IBM in France.
JPMorgan Chase JPM $39.58 0.64 1.64% 23,673,362 NYSE: "Insurers Aim to Build Longevity Swaps" by Mark cobley, Dominic Elliott says 8 investment banks and insurers have formed a gorup to devleop an organized market to help them spread the financial risks and costs of an aging society. The Life and Longevity Markets Association aims to take instruments known swaps into the mainstream. The group includes JPMorgan Chase.
Johnson & JohnsonJNJ $63.06 0.20 0.32% 5,829,124 NYSE: No mentions found.
Kraft KFT $27.99 0.33 1.19% 10,337,990 NYSE: No mentions found.
McDonald's MCD $63.86 1.43 2.29% 4,627,205 NYSE: WSJ pB1 "As Sales Drop, Burger King Draws Critics for Courting Super Fans" by Julie Jargon says thanks to high unnemployment and healthier eating habits. Buger King's key groups, its "super fans" 18 to 34 who account for half of all visits to BK restuarants, ahven't been so super lately. Burger King has felt the impact more acutely than McDonald's, its main rival, whose sales are growing.
WSJ pB8 "McDonald's Bets LeBron Won't Become a Tiger" by Lee Hawkins, Suzanne Vanica
McDonald's joins Coca-Cola and Nike in hiring Lebron James as a spokesman.
Merck MRK $38.43 0.25 0.65% 5,808,572 NYSE: No mentions found.
Microsoft MSFT $28.42 0.24 0.85% 64,240,122 NASDAQ-GS: WSJ pB1 "Windows 7 Fails to Boost Profits of PC Makers" by ustin Scheck says Microsoft's new Windows 7 op systems has fattened MSFT's earnings and boosted PC sales at retailers like best Buy but it hasn't increased the profits of PC giants Hewlett-Packard, Dell and others. Intel which supplies chips to PC makers, last month reported a 28% jump in rev and a tenfold increase in profit from a year earlier thanks to strong chip sales.
WSJ pB4 "Intel challenges FTC comissioner's Role" by Thomas Catan, Don Clark who says J. Thomas Rosch is a member of the FTC, and is now a proponent of robust antitrust enforcement. Intel wants him disqualified because he was formerly Intel's lead outside antitrust counsel. Intel, which supplies 4/5 of the world's chips that serve as electornic brains in computers, ahs amanged to avoid the kind of harsh reulatory scrutiny that dogged Microsoft bu since '04, Intel has faced antitrust acitons from agencies in Japan, S. Korea, europe, NY state and the FTC.
Pfizer PFE $18.8185 0.1585 0.85% 23,780,372 NYSE: NYT pB2 "Looking Ahead" says today Exxon Mobil reports ernings and on Wed so does Cisco and Pfizer.
Procter & Gamble PG $62.15 0.60 0.97% 8,375,456 NYSE: No mentions found.
3M MMM $80.25 0.24 0.3% 2,011,123 NYSE: No mentions found.
Traveler's TRV $50.53 0.14 0.28% 2,010,935 NYSE: No mentions found.
United Technologies UTX $67.51 0.03 0.04% 2,688,970 NYSE: No mentions found.
Verizon VZ $29.54 0.12 0.41% 7,743,609 NYSE: No mentions found.
WalMart WMT $53.48 0.05 0.09% 6,982,158 NYSE: Miami Hereald quotes Jay Leno as saying that Walmart announced it's cutting over 11,000 jobs. Walmart said it's cheaper to fire people in bulk.
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Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/1/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $318 [5]
2. Microsoft MSFT 252 [9]
3. WalMart WMT 203 [4]
4. Chevron CVX 180 [2.5]
5. Procter & Gamble PG 180 [3]
6. Johnson & Johnson JNJ 174 [3]
7. GE 173 [10.5]
8. IBM 164 [1.5]
9 JPMorgan Chase 156 [4]
10. Pfizer PFE 152 [8]
11. AT&T 150 [6]
12. BAC 134 [8.5]
13. Cisco CSCO 131 [6]
14. Coke KO 126 [2]
15. Hewlett-Packard HPQ 113 [2]
16. Intel INTC 108 [5.5]
17. McDonald's MCD 106 [1.5]
18. Verizon VZ 84 [3]
19. Merck MRK 81 [2]
20. United Technologies UTX 63 [1]
21. 3M MMM 57 [.5]
22. Disney DIS 57 [2]
23. Home Depot 48 [2]
24. American Express AXP 45 [1]
25. Boeing BA 45 [1]
26. Kraft KFT 41 [1.5]
27. Caterpillar CAT 33 [.5]
28. DuPont DD 30 [1]
29. Travelers 28 [.5]
30. Alcoa AA 13 [1]
Here are the latest SEC filings as of 1/1/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 1/29/10 8K re: 29,500 employees represented by Communications Workers of America District 3 failed to ratify the tentative labor agreement announced on December 14, 2009.
1/28/10 8K re: 4Q earnings were $0.51 per diluted share compared with $0.41 per share for the 4Q '08. 4Q net income was $3.0 bil compared with $2.4 bil for 4Q '08. Reported earnings for the full year '09 were $2.12 per diluted share, down from $2.16 per share for the full year '0 &net income for '09 was $12.5 bil, down from $12.9 bil for '08.
Alcoa AA: 1/27/10 8K re: contributions to pension plan of stock.
1/25/10 8K re: quarterly dividend on Alcoa’s common stock and preferred stock and that a contribution was authorized of up to $600 million in Alcoa common stock to Alcoa’s defined benefit pension plans.
1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
American Express AXP: 1/25/10 8K re: increases to the annual base salaries Kenneth I. Chenault, Chairman & CEO from $1,250,000 $2,000,000; Edward P. Gilligan, Vice Chairman from $1,100,000 to $1,450,000; Stephen J. Squeri, Group President – Global Services & Chief Information Officer from $750,000 to $1,000,000; and Daniel T. Henry, Exec. VP & CFO from $700,000 to $850,000.
1/21/10 8K re: 4Q EPS of $0.59, up from $0.26 a year ago & other fin'l results.
1/15/10 8K re: owned and managed basis delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months of Oct., Nov. and Dec. '09.
Bank of Am BAC: 1/20/10 8K re: '09 net income of $6.3 bil, compared with net income of $4.0 bil '08. Including preferred stock dividends & the negative impact from the repayment of the U.S. gov’s $45 billion preferred stock investment in the company under the Troubled Asset Relief Program, income applicable to common shareholders was a net loss of $2.2 billion, or $0.29 per diluted share.
1/15/10 8K re: Brian Moynihan, CEO's new senior management team: Steele Alphin, chief admin. officer; Cathy Bessant, Global Technology & Operations exec, David Darnell, pres. of Global Commercial Banking; Barbara Desoer, pres. of Home Loans & Insurance; Anne Finucane, global strategy & marketing officer; Sallie Krawcheck, pres. of Global Wealth & Investment Management; Tom Montag, pres. Global Banking & Markets; Ed O’Keefe, gen'. counsel; Joe Price, president of Consumer, Small Business & Card Banking; Neil Cotty interim CFO; Bruce Thompson chief risk officer; & Greg Curl will focus on key strategic partnerships critical to BAC’s global capabilities.
12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
Boeing BA: 1/27/10 8K re: 4Q '09 results: rev grew to $17.9 bil & operating margin grew to 9.4% with net income of $1.75 per share. Operating cash flow increased to $3.2 bil.
Caterpiller CAT: 1/27/10 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
1/27/10 8K re: sales & rev of $32.39 bil for '09, a decrease of 37% from $51.32 biln in '08. Profit per share was $1.43, down 75%. 4Q sales & rev. were $7.9 bil, down 39% from 4Q '08. Profit per share for 4Q was $0.36, down 67% from 4Q '08.
Chevron CVX: 1/29/10 8K re: earnings for 4Q '09: net income was $3.1 bil, down 37% from $4.9 bil in 4Q '08.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/25/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/22/10 Proxy Statement for '10 Annual Meeting of shareholders, which will be held on Wednesday, 3/10/10 at 10 a.m. at the JW Marriott San Antonio Hill Country in San Antonio, Texas.
1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
DuPont DD: 1/26/10 8K re: 4Q EPS of $.48 compared to a 4Q '08 loss of $.70 per share. Sales of $6.4 bil were up 10% vs prior year, led by sales growth greater than 20% for titanium dioxide, electronic materials, performance polymers & seed products.
ExxonMobil XOM: 2/1/10 8K re: 4Q results: earnings were $6,050 mil, a decrease of 23% or $1,770 mil from 4Q '08. EPS were $1.27, a decrease of 18%. Capital & exploration expenditures were $8.3 bil, up 21% from the 4Q '08.
GE: 1/22/10 8K re: 4Q ’09 EPS of $0.28; FY ’09 EPS of $1.03; rev of $41.4 bil for Quarter; $157 bi for Year.
12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/27/10 Def. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, Cal.
1/27/10 8K re: Electronic Data Systems Corporation, which HP acquired in '08 is a defendant in litigation filed in the United Kingdom by Sky Subscribers Services Limited and British Sky Broadcasting Limited in '04 alleging deceit, negligent misrepresentation, negligent misstatement and breach of contract. On 1/26/10, the court issued a decision finding EDS UK liable to BSkyB for deceit in one area of the claim, for negligent misrepresentation and negligent misstatement in another area of the claim, and for breach of contract. The court also dismissed all of BSkyB’s other claims. The court will issue a final quantification of damages at a later date. HP plans to appeal.
Home Depot HD: 12/3/09 10Q
Intel INTC: 1/25/10 8K re: promotions of Renee J. James, Thomas M. Kilroy, Brian M. Krzanich & Stacy J. Smith to sr. vp.
1/15/10 8K re: 4Q earnings of revenue of $10.6B, up 13% sequentially; nearly twice the average seasonal sequential growth seen in 4Q; gross margin of 64.7% was a record, and up 7 points compared to 3Q; operating income of $2.5B was down 3% sequentially, and up 62% from a year ago. Net income of $2.3B was up 23% sequentially, and up 875% from a year ago.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 1/29/10 8K re: compensation for its top 5 execs.
1/19/10 8K re: Record diluted earnings per share of $10.01, up 13%; 7th consecutive year of double-digit EPS growth; record net income of $13.4 bil, up 9%; gross profit margin of 45.7%, 6th consecutive year of increase; record free cash flow of $15.1 bil, up $0.8 bil.
JPMorganChase JPM: 1/25/10 8K re: amendments to By-laws re: special meetings of stockholders.
1/19/10 8K re: 4Q results.
Kraft KFT: 2/1/10 8K re: further details about the dealing facilities that will be available to accepting Cadbury Securityholders who hold their Cadbury Shares or Cadbury ADSs in certificated form.
1/27/10 8K re: Kraft reduced the number of acceptances required to fulfil the Acceptance Condition of the recommended Final Offer for Cadbury from 90% to 50% plus one Cadbury Share.
1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
McDonalds MCD: 1/26/10 8K re: compensation to execs.
1/22/10 8K re: '09 results: global comparable sales increase of 3.8%, fueled by the U.S. 2.6%, Europe 5.2% & Asia/Pacific, Middle East & Africa 3.4%; growth in McDonald’s combined operating margin to 30.1%; consolidated operating income increase of 6% (10% in constant currencies) over the prior year; earnings per share of $4.11, up 9% over the prior year; & return of $5.1 bil to shareholders through shares repurchased & dividends paid, bringing the 3-year total to
$16.6 bil under MCD’s $15 bil to $17 bil cash return to shareholders target for '07 through '09.
1/15/10 8K re: Donald Thompson elected Pres. & Chief Operating Officer. He's been with McDonald's for 19 years.
12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
Merck MRK: 11/18/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 1/28/10 10Q.
1/28/10 8K re: record revenue of $19.02 bil for 2Q ended 12/31/09, a 14% increase from the same period of the prior year. Operating income, net income & diluted earnings per share for the quarter were $8.51 bil, $6.66 bil & $0.74 per share, which represented increases of 43%, 60% and 57%, respectively, when compared with the prior year period.
12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/16/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/28/10 8K re: net sales growth of 6% for the October - December quarter to $21.0 bil. Organic sales grew 5%. Diluted net earnings per share were $1.49.
1/28/10 10Q
1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 1/28/10 8K re: 4Q earnings of $1.30 per share on sales of $6.1 bil, with operating income margins of 21.9%. Sales & per-share earnings increased 11.1% & 69% year-on-year, respectively. Profits grew at double-digit rates in each of the company’s six business segments and in all geographic regions. Free cash flow for 4Q grew by 16% to $770 million. 3M '09 sales of $23.1 bil & earnings per share of $4.52, down 8.5% & 7.6% respectively. Excluding special items, '09 earnings declined 9.3%to $4.69 per share.
Travelers TRV: 1/26/10 8K re: net income of $1.285 bil, or $2.36 per diluted share, for the quarter ended 12/31/09, compared to $801 mil, or $1.35 per diluted share, for the quarter ended 12/3108. Operating income in the current quarter was $1.155 bil, or $2.12 per diluted share, compared to $939 mil, or $1.58 per diluted share, in the prior year quarter.
United Technologies UTX: 1/27/10 8K re: 4Q '09 earnings per share of $1.15 & net income attributable to common shareowners of $1.1 bil, down 7% and 6%, respectively, over the year ago quarter. Consolidated revenues for the quarter of $14.1 billion were 5% below prior year.
Verizon Communications Inc. VZ: 1/26/10 8K re: Consolidated cash flow growth in 4Q '09: $31.6 bil in cash flow from operations in '09, up $4.0 bil, or 14.5 percent, from '08 & other financial results inlcuding a loss of 23 cents per share and adjusted earnings of 54 cents per share, compared with 4Q '08 EPS of 43 cents and 61 cents, respectively.
WalMartWMT: 1/28/10 8K re: business restructurings to leverage operating expenses consistent with its priorities of growth, leverage and returns. These include the closure of 10 Sam’s Clubs announced on 1/11/10, the elimination of Sam’s Club new business membership representatives, the new operations structure for Walmart U.S.; the integration of the Puerto Rican operations into Walmart U.S. and Sam’s Club.
The net impact from the charges for these business restructurings on 4Q earnings for fiscal year 2010 is estimated to be 0.04 per share. Walmart will announce fourth quarter earnings before the market opens on February 18, 2010.
12/8/09 10Q
Friday, January 29, 2010
1/29/10 Fri. pm Dow Closes 10067.33 down 53.13 or 0.52%
The following is not intended as advertising by a broker-dealer and is not a research report. Any comments by third-parties do not reflect the views of Intellivest Securities Research, Inc. and have not been reviewed by us for completeness or accuracy.
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 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
The Dow Jones Industrial Average closed Friday at 10,067.33 down 53.13 or 0.52% from Thursday's close of 10,120.46. For the week the Dow is down 53.13 from last Friday's close of 10,172.98. Of the 30 Dow Companies: 12 gained and 18 declined. The biggest gainer dollar-wise and percentage-wise was Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE. The biggest decliner dollar-wise and percentage-wise was Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE.
As of the open of the market Friday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.26 down from Thursday morning's 16.56 (year ago it was 19.75) the P/E estimate is 13.30 unchanged from Thursday's 13.30 (year ago it was 9.87) and the current dividend yield is 2.71 up from Thursday's 2.67 (it was 3.84 a year ago).
Friday's Dow Jones Industrial Average closing numerator was 1,332.1 down 7.03 from Thursday's closing Dow numerator of 1,339.13. 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 dencrease of 7.03 for Friday by the divisor you get the decrease in Friday's Dow close of 53.13.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 44.40 down 0.24 from Thursday's Dow Jones Industrial Average closing price of $44.64. The median closing price of Thursday's Dow Jones Industrial Average was 38.54 up 0.29 from Thurday's $38.25. The lowest volume was 3M MMM $80.49 0.26 0.32% 4,347,174 NYSE and the highest volume again was Bank of Am BAC $15.18 0.19 1.24% 175,139,887 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 lost $720 ($133,920- $133,200).
Friday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market
AT&T T $25.36 0.18 0.7% 38,925,412 NYSE
Alcoa AA $12.73 0.19 1.47% 42,949,823 NYSE
American Express AXP $37.66 0.23 0.61% 14,221,560 NYSE
Bank of America BAC $15.18 0.19 1.24% 175,139,887 NYSE
Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE
Caterpillar CAT $52.24 0.38 0.73% 13,962,798 NYSE
chevron CVX $72.12 1.12 1.53% 15,267,472 NYSE
Cisco CSCO $22.47 0.05 0.22% 73,431,860 NASDAQ-GS
Coca-Cola KO $54.25 0.07 0.13% 11,074,509 NYSE
Disney DIS $29.55 0.20 0.68% 14,508,358 NYSE
duPont DD $32.61 0.29 0.9% 10,724,234 NYSE
ExxonMobil XOM $64.43 0.53 0.82% 40,880,436 NYSE
GE $16.08 0.08 0.5% 81,161,558 NYSE
Hewlett-Packard HPQ $47.07 0.72 1.51% 23,487,717 NYSE
Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE
Intel INTC $19.4 0.52 2.61% 96,053,877 NASDAQ-GS
IBM $122.39 1.36 1.1% 11,572,387 NYSE
J.P.Morgan Chase JPM $38.94 0.54 1.37% 53,655,197 NYSE
Johnson & Johnson JNJ $62.86 0.94 1.47% 17,846,737 NYSE
Kraft KFT $27.66 0.38 1.36% 15,404,664 NYSE
McDonald's MCD $62.43 0.40 0.64% 7,591,260 NYSE
Merck MRK $38.18 0.21 0.55% 16,120,872 NYSE
Microsoft MSFT $28.18 0.98 3.36% 193,888,424 NASDAQ-GS
Pfizer PFE $18.66 0.03 0.16% 56,044,605 NYSE
PG $61.55 0.13 0.21% 17,067,583 NYSE
3M MMM $80.49 0.26 0.32% 4,347,174 NYSE
Travelers TRV $50.67 0.40 0.8% 4,484,775 NYSE
United Technologies UTX $67.48 0.11 0.16% 7,232,057 NYSE
Verizon VZ $29.42 0.09 0.31% 25,407,773 NYSE
WalMart WMT $53.43 0.82 1.56% 24,281,225 NYSE
**************************
The following are excerpts from Fri. am Blog:
A read of Friday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Investor's Business Daily, Atlanta Journal Constitution & (Ga.) Daily Report 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 Thursday's closing price and related data.
Dow: The Dow Jones Industrial Average closed Thursday at 10,120.46 down 115.7 or 1.13% from Wednesday's close of 10,236.16. Year to date the Dow is down 2.95%. Of the 30 Dow Companies: 6 gained and 24 declined. The biggest gainer dollar-wise was Procter & Gamble Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 and percentage-wise was Bank of America 15.411 +0.221 1.45% 223,558,939 NYSE. The biggest decliner dollar-wise was IBM $123.72 -2.61 2.07% 8,908,514 and percentage-wise was Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE.
WSJ pA1 "Stocks Hit Roughest Spell Since Early '09" by Tom Lauricella says the rosy view of a global recovery that powered markets in '09 has dissipated, leading US stocks to their worst month in nearly a year, pushing down commodities prices and scaring investors out of the euro to the relative safety of the US dollar. The common denominator is a retreat from last year's big rallies in risky investments, which followed efforts by central banks and govs to shore up fin'l markets through aggressive spending and cheap credit. Investors are now focusing on the downside of these efforts, such as in Europe, where soaring gov. debt is straining the bond market. At the center of these concerns is Greece, where bond prices fell again Thurs. and the cost to buy insurance against a Greek default hit another high.
Fin Times p22 "latest tech results add to negative sentiment" by Samantha Pearson says disappointing tech results added to lingering concerns over job losses, pushing US stocks below the S&P's 100 day moving average for the first tie since last April adding to fears that Wall St. may be heading for a significant pullback. Profit at Procter & Gamble, the world's biggest consumer products firm fell less than foreacst thanks to strong demand for baby and family care products.
WSJ pC1 "Jan's Chilling Effect on Stocks" by Peter A. McKay says the first month of the yer is ending with a thud for stocks, which are on tract to record the biggest loss since the final selloff of the bear market last Feb. Even a solid vote by the Senate to renw Fed Res. Chair Ben Bernanke's 4 year term didn't push the market up. History suggests a weak Jan performance is a worrisome sign for the rest of the year. When the Dow has risen in the first month of the year, the median rise for the rest of the year is 10.4% but when the Dow has fallen, the median rise is just 0.28%.
NYT pB8 "Lackluster Economic News Pushes the Markets Lower" by Javier C. Hernandez says Wall St. was hit with a string of disappointments on Thurs: a weaker than expected unemployment picture, a tepid recovery in manufacturing and skepticism about the tec sector, including concerns about Apple's tablet device. As a result, shares faltered, with the Dow falling more than 150 points at one point, raising the possibility that the major indexes could end the month in negative territory.
WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
Inv. Bus. Daily pA1 "Selling Resumes as Qualcomm, Economic Data Weigh" by Paul Whitfield says stocks resumed their downward trend Thurs. as a disappointing forecast from Qualcomm put the Street in a glum mood. Thursday's action was down in mixed volume and the current outlook is that the market is in correction.
USA Today p4B "Stocks slip as tech firms disappoint" by AP says the stock market resumed its slide Thurs. as disappointing forecasts from tech firms renewed concerns about the economy.
Wednesday's Dow Jones Industrial Average closing numerator was 1,339.13 down 15.31 from Wednesday's closing Dow numerator of 1,354.44. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator decrease of 15.31 for Thursday by the divisor you get the decrease in Thursday's Dow close of 115.7.
The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 44.64 down 0.51 from Wednesday's Dow Jones Industrial Average closing price of $45.15. The median closing price of Thursday's Dow Jones Industrial Average was 38.25 down 0.75 from Wednesday's $39.00. The lowest volume was Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE and the highest volume again was Bank of Am BAC $15.411 +0.221 1.45% 223,558,939 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 $1,530 ($135,450 - 133,920).
AT&T T $25.549 -0.071 0.28% 49,310,252 NYSE: Inv. Bus. Daily pA2 "emerging devices boost AT&T", Fin Times p14 "iPhone helps boost AT&t performance" by Alan Rappeport & WSJ pB5 "AT&T Details Plans for Upgrading network" by Niraj Sheth & NTT pB6 "AT&T Will Add $2 Bil to Improve Its network" say T is earmarking $19 bil to boost capacity as its earnings show how important the Apple iPhone is to its wireless growth. It will spend $2 bil on the wireless network than last year.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
Alcoa AA $12.9299 -0.3701 2.78% 51,660,521 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
American Express AXP $37.45 -1.22 3.15% 13,159,603 NYSE: No mentions found.
Bank of America BAC $15.411 +0.221 1.45% 223,558,939 NYSE: No mentions found.
Boeing BA $62.7 +0.77 1.24% 8,285,611 NYSE: WSJ pB7 "Boeing Reorganizes Ranks at commercial Jet Unit" by Peter Sanders says it announced a reorganization aiming to reinforce its 787 Dreamliner program and will be forming 2 separate teams to examine ways to update the 737 narrow body and 777 wide body models.
Caterpillar CAT $51.85 -1.59 2.98% 14,898,650 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
Chevron CVX $73.23 -0.47 0.64% 11,829,889 NYSE: No mentions found.
Cisco CSCO $22.52 -0.63 2.72% 62,611,541 NASDAQ-GS: WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Coca-Cola KO $54.18 -0.33 0.61% 9,727,273 NYSE: WSJ pB7 says NBA superstar LeBron James has agreed to a multiyear partnership with McDonald's adding it to his list of corporate sponsors that includes Nike, State Farm and Coca-Cola.
Disney DIS $29.34 +0.02 0.07% 15,477,224 NYSE: Inv. Bus. Daily pA3 "Why We All Dance To Disne's Toon" by reinhardt krause is a tribute to Wald Disney saying he pushed sound and color to the film fore.
DuPont DD $32.27 -0.59 1.8% 6,988,571 NYSE: No mentions found.
ExxonMobil XOM $64.9 -0.64 0.98% 34,646,461 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
GE $16.1299 -0.1701 1.04% 73,395,921 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Home Depot HD $27.36 -0.48 1.72% 17,889,644 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE: Fin Times p15 "Samsung poised to overtake rival HP in sales" by Christine Oliver, SongJung-a says Samsung is on track to overtake Hewlett-packard as the world's biggest tech firm by sales. HP's sales last year of $114 bil will beat Samsung's $113 bil but Samsung in '10 will have sales of $127 bil, copared with $120 bil from HP if analysts are right.
WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
Intel INTC $19.92 -0.32 1.58% 75,531,959 NASDAQ-GS: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
IBM $123.72 -2.61 2.07% 8,908,514 NYSE: WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
J.P.Morgan Chase JPM $39.56 +0.23 0.58% 61,575,405 NYSE: Fin Times p1 "JPMorgan to create global banking unit to attract business from multination'l groups" by Francesco Guerrera, Justin Baer says JPM is launching a global biz aimed at selling loans and comm'l banking services to multinat'l corps, pitting the US bank against Citigroupa nd HSC.
Inv. Bus. Daily pA2 says JPMorgan named Steve Balck as vice chairman and he will step down from being exec. chairman.
Johnson & Johnson JNJ $63.78 0+.34 0.54% 15,445,233 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
Kraft KFT $28.06 -0.29 1.02% 19,925,349 NYSE: Fin Times p9 "Britain's strategic chocolate dilemma" by Martin Wold says the takeover of Cadbury by Kraft shows that shareholders are in control of corporations and takeovers are a risk of going public and there should not be more restrictions on takeovers.
McDonald's MCD $62.7695 -0.9605 1.51% 7,865,578 NYSE: Inv. Bus. Daily pA2 & WSJ pB7 say NBA superstar LeBron James has agreed to a multiyear partnership with McDonald's adding it to his list of corporate sponsors that includes Nike, State Farm and Coca-Cola.
Merck MRK $37.97 -0.67 1.73% 11,908,513 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
Microsoft MSFT $29.16 -0.51 1.72% 104,022,233 NASDAQ-GS: Fin Times p14 "Tech world reaches out for golden Apple" by Richard Waters says the iPad's launch will be a catalyst for the whole industry. Apple failed to galvanize developers in the early years of personal computing and lost leadership to Microsoft but now thie iPad changes that. With 140,000 applications in the App Store, Apple has grabbed a big lead over Microsoft, which has stumbled with its own mobile system. Microsoft plays down Apple's lead by saying most developers make very little money from their iPhone apps.
Inv. Bus. Daily pA4 "Record Computer Operating System Sales Power Microsoft's Q2 Results" by Patrick Seitz, USA Today "Microsoft profit leaps 60%; 3M still sees weak demand" by AP, WSJ pB1 "Holiday PC Sales Boost Microsoft" by Nick Wingfield & NYT pB6 "Microsoft's Profit Soars 60%, Aided by Sales of Windows 7" say Microsoft said consumer demand for Windows 7 propelled a 60% increase in profit during the holiday quarter, in another sign of hope for the battered tech sector. The world's largest software maker's results, which included a 14% rise in sales, were a welcome change after 3 quarters where sales fell from a year earlier. the turnaround is due to the Oct. launch of Windows 7, which lured consumers back to stores for copies of the software and new PCs running it , especially in Asia and Latin America. Fkor its 2Q ended 12.31, MSFT's windows div saw rev jump 50% to $6.9 bil. Overall, 2Q profit jumped to $6.66 bil, or 74 cents a share, from $4.17 bil or 47 cents a share a year ago. Rev rose to $19.02 bil from $16.63 bil, despite weakness in its non-Windows biz.
Pfizer PFE $18.64 -0.36 1.89% 47,374,951 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 NYSE: Fin Times p22 "latest tech results add to negative sentiment" by Samantha Pearson says disappointing tech results added to lingering concerns over job losses, pushing US stocks below the S&P's 100 day moving average for the first tie since last April adding to fears that Wall St. may be heading for a significant pullback. Profit at Procter & Gamble, the world's biggest consumer products firm fell less than forecast thanks to strong demand for baby and family care products.
Fin Times p17 "P&G set o regain market share" by Jonathan Birchall, NYT pB2 "P&G and Colgagte Post igher Sales in Quarter" by Reuters & WSJ pB1 "P$G Meets Frugal Shoppers Halfway" by Ellen Byron say shoppers are starting to open their wallets again for brand name household basics, but it's taking lower prices, heavy advertising and new products to tempt them. P&G and Colgate-Palmolive sold more their premium priced consumer goods at the end of '09, suggesting that fewer shoppers are basing their purchases on price along.
WSJ pC10 "Overheard" says PG's new CEO, Bob McDonald is a West Point grad and is cultivating a softer approach based on touchy feely remarks he made during an investors call.
3M MMM $80.75 1.55 1.88% 6,778,599 NYSE: WSJ pB4 "3M" by John Kell, NYT pB2 "3M Beats Profit Expectations And Raises Its '10 Forecast" by Reuters, & USA Today p5B "3M still sees weak demand" by AP, says 3M said 4Q profit jumped 74% and raised its '10 forecast. 3M of St. Paul, Minn, reported a profit of $935 mil, or 1.30 a share, up from $536 mil or 77 cents a share, a year earlier. Rev jumped 11% of $6.12 bil. 3M owns Post-It notes, Scotch tape and Thinsulate and forecasts '10 earnings of 4.90 to 5.10 a share up from 4.85 to $5.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE: No mentions found.
United Technologies UTX $67.37 -0.24 0.35% 5,531,905 NYSE: No mentions found.
Verizon VZ $29.33 -0.54 1.81% 33,099,772 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, Don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
WalMart WMT $52.61 -0.79 1.48% 16,881,562 NYSE: NYT pB3 "Walmart makes Organizational Moves to Raise Efficiency" by Reuters says Walmart, the world's biggest retailer, is consolidating some operations in the US while dividing the nation into 3 regions with separate presidents in order to more efficiently manage its 3,700 US stores.
Fin Times p3 "Walmart reveals supply deal" by Jonathan Birchall, Tom Mitchell & WSJ pB2 "WalMart, Li & Fung Sign Sourcing Deal" by Ann Zimerman, Karen Talley say Walmart Stores announced a strategic alliance with Li & Fung Ltd., in an effort to reduce costs and improve product quality. A giant global buying agent, Li & Fung, of Hong Kong expects to provide about $2 bil worth of goods to Walmart in the deal's first year.*************************************
Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]
Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.
12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).
Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.
American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.
Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.
12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.
12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.
Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.
Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
12/2/09 10K
DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020
ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.
12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows
GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.
12/17/09 10K
Home Depot HD: 12/3/09 10Q
Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.
JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.
12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.
Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.
McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.
12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.
Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.
Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.
United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.
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: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.
12/23/09 8K re: grant of stock options to executives.
12/7/09 8K re:amendments to bylaws.
WalMartWMT: 12/8/09 10Q
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 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
The Dow Jones Industrial Average closed Friday at 10,067.33 down 53.13 or 0.52% from Thursday's close of 10,120.46. For the week the Dow is down 53.13 from last Friday's close of 10,172.98. Of the 30 Dow Companies: 12 gained and 18 declined. The biggest gainer dollar-wise and percentage-wise was Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE. The biggest decliner dollar-wise and percentage-wise was Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE.
As of the open of the market Friday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.26 down from Thursday morning's 16.56 (year ago it was 19.75) the P/E estimate is 13.30 unchanged from Thursday's 13.30 (year ago it was 9.87) and the current dividend yield is 2.71 up from Thursday's 2.67 (it was 3.84 a year ago).
Friday's Dow Jones Industrial Average closing numerator was 1,332.1 down 7.03 from Thursday's closing Dow numerator of 1,339.13. 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 dencrease of 7.03 for Friday by the divisor you get the decrease in Friday's Dow close of 53.13.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 44.40 down 0.24 from Thursday's Dow Jones Industrial Average closing price of $44.64. The median closing price of Thursday's Dow Jones Industrial Average was 38.54 up 0.29 from Thurday's $38.25. The lowest volume was 3M MMM $80.49 0.26 0.32% 4,347,174 NYSE and the highest volume again was Bank of Am BAC $15.18 0.19 1.24% 175,139,887 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 lost $720 ($133,920- $133,200).
Friday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market
AT&T T $25.36 0.18 0.7% 38,925,412 NYSE
Alcoa AA $12.73 0.19 1.47% 42,949,823 NYSE
American Express AXP $37.66 0.23 0.61% 14,221,560 NYSE
Bank of America BAC $15.18 0.19 1.24% 175,139,887 NYSE
Boeing BA $60.6 1.96 3.13% 8,726,177 NYSE
Caterpillar CAT $52.24 0.38 0.73% 13,962,798 NYSE
chevron CVX $72.12 1.12 1.53% 15,267,472 NYSE
Cisco CSCO $22.47 0.05 0.22% 73,431,860 NASDAQ-GS
Coca-Cola KO $54.25 0.07 0.13% 11,074,509 NYSE
Disney DIS $29.55 0.20 0.68% 14,508,358 NYSE
duPont DD $32.61 0.29 0.9% 10,724,234 NYSE
ExxonMobil XOM $64.43 0.53 0.82% 40,880,436 NYSE
GE $16.08 0.08 0.5% 81,161,558 NYSE
Hewlett-Packard HPQ $47.07 0.72 1.51% 23,487,717 NYSE
Home Depot HD $28.01 0.67 2.45% 22,454,918 NYSE
Intel INTC $19.4 0.52 2.61% 96,053,877 NASDAQ-GS
IBM $122.39 1.36 1.1% 11,572,387 NYSE
J.P.Morgan Chase JPM $38.94 0.54 1.37% 53,655,197 NYSE
Johnson & Johnson JNJ $62.86 0.94 1.47% 17,846,737 NYSE
Kraft KFT $27.66 0.38 1.36% 15,404,664 NYSE
McDonald's MCD $62.43 0.40 0.64% 7,591,260 NYSE
Merck MRK $38.18 0.21 0.55% 16,120,872 NYSE
Microsoft MSFT $28.18 0.98 3.36% 193,888,424 NASDAQ-GS
Pfizer PFE $18.66 0.03 0.16% 56,044,605 NYSE
PG $61.55 0.13 0.21% 17,067,583 NYSE
3M MMM $80.49 0.26 0.32% 4,347,174 NYSE
Travelers TRV $50.67 0.40 0.8% 4,484,775 NYSE
United Technologies UTX $67.48 0.11 0.16% 7,232,057 NYSE
Verizon VZ $29.42 0.09 0.31% 25,407,773 NYSE
WalMart WMT $53.43 0.82 1.56% 24,281,225 NYSE
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The following are excerpts from Fri. am Blog:
A read of Friday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Investor's Business Daily, Atlanta Journal Constitution & (Ga.) Daily Report 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 Thursday's closing price and related data.
Dow: The Dow Jones Industrial Average closed Thursday at 10,120.46 down 115.7 or 1.13% from Wednesday's close of 10,236.16. Year to date the Dow is down 2.95%. Of the 30 Dow Companies: 6 gained and 24 declined. The biggest gainer dollar-wise was Procter & Gamble Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 and percentage-wise was Bank of America 15.411 +0.221 1.45% 223,558,939 NYSE. The biggest decliner dollar-wise was IBM $123.72 -2.61 2.07% 8,908,514 and percentage-wise was Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE.
WSJ pA1 "Stocks Hit Roughest Spell Since Early '09" by Tom Lauricella says the rosy view of a global recovery that powered markets in '09 has dissipated, leading US stocks to their worst month in nearly a year, pushing down commodities prices and scaring investors out of the euro to the relative safety of the US dollar. The common denominator is a retreat from last year's big rallies in risky investments, which followed efforts by central banks and govs to shore up fin'l markets through aggressive spending and cheap credit. Investors are now focusing on the downside of these efforts, such as in Europe, where soaring gov. debt is straining the bond market. At the center of these concerns is Greece, where bond prices fell again Thurs. and the cost to buy insurance against a Greek default hit another high.
Fin Times p22 "latest tech results add to negative sentiment" by Samantha Pearson says disappointing tech results added to lingering concerns over job losses, pushing US stocks below the S&P's 100 day moving average for the first tie since last April adding to fears that Wall St. may be heading for a significant pullback. Profit at Procter & Gamble, the world's biggest consumer products firm fell less than foreacst thanks to strong demand for baby and family care products.
WSJ pC1 "Jan's Chilling Effect on Stocks" by Peter A. McKay says the first month of the yer is ending with a thud for stocks, which are on tract to record the biggest loss since the final selloff of the bear market last Feb. Even a solid vote by the Senate to renw Fed Res. Chair Ben Bernanke's 4 year term didn't push the market up. History suggests a weak Jan performance is a worrisome sign for the rest of the year. When the Dow has risen in the first month of the year, the median rise for the rest of the year is 10.4% but when the Dow has fallen, the median rise is just 0.28%.
NYT pB8 "Lackluster Economic News Pushes the Markets Lower" by Javier C. Hernandez says Wall St. was hit with a string of disappointments on Thurs: a weaker than expected unemployment picture, a tepid recovery in manufacturing and skepticism about the tec sector, including concerns about Apple's tablet device. As a result, shares faltered, with the Dow falling more than 150 points at one point, raising the possibility that the major indexes could end the month in negative territory.
WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
Inv. Bus. Daily pA1 "Selling Resumes as Qualcomm, Economic Data Weigh" by Paul Whitfield says stocks resumed their downward trend Thurs. as a disappointing forecast from Qualcomm put the Street in a glum mood. Thursday's action was down in mixed volume and the current outlook is that the market is in correction.
USA Today p4B "Stocks slip as tech firms disappoint" by AP says the stock market resumed its slide Thurs. as disappointing forecasts from tech firms renewed concerns about the economy.
Wednesday's Dow Jones Industrial Average closing numerator was 1,339.13 down 15.31 from Wednesday's closing Dow numerator of 1,354.44. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator decrease of 15.31 for Thursday by the divisor you get the decrease in Thursday's Dow close of 115.7.
The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 44.64 down 0.51 from Wednesday's Dow Jones Industrial Average closing price of $45.15. The median closing price of Thursday's Dow Jones Industrial Average was 38.25 down 0.75 from Wednesday's $39.00. The lowest volume was Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE and the highest volume again was Bank of Am BAC $15.411 +0.221 1.45% 223,558,939 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 $1,530 ($135,450 - 133,920).
AT&T T $25.549 -0.071 0.28% 49,310,252 NYSE: Inv. Bus. Daily pA2 "emerging devices boost AT&T", Fin Times p14 "iPhone helps boost AT&t performance" by Alan Rappeport & WSJ pB5 "AT&T Details Plans for Upgrading network" by Niraj Sheth & NTT pB6 "AT&T Will Add $2 Bil to Improve Its network" say T is earmarking $19 bil to boost capacity as its earnings show how important the Apple iPhone is to its wireless growth. It will spend $2 bil on the wireless network than last year.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
Alcoa AA $12.9299 -0.3701 2.78% 51,660,521 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
American Express AXP $37.45 -1.22 3.15% 13,159,603 NYSE: No mentions found.
Bank of America BAC $15.411 +0.221 1.45% 223,558,939 NYSE: No mentions found.
Boeing BA $62.7 +0.77 1.24% 8,285,611 NYSE: WSJ pB7 "Boeing Reorganizes Ranks at commercial Jet Unit" by Peter Sanders says it announced a reorganization aiming to reinforce its 787 Dreamliner program and will be forming 2 separate teams to examine ways to update the 737 narrow body and 777 wide body models.
Caterpillar CAT $51.85 -1.59 2.98% 14,898,650 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
Chevron CVX $73.23 -0.47 0.64% 11,829,889 NYSE: No mentions found.
Cisco CSCO $22.52 -0.63 2.72% 62,611,541 NASDAQ-GS: WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Coca-Cola KO $54.18 -0.33 0.61% 9,727,273 NYSE: WSJ pB7 says NBA superstar LeBron James has agreed to a multiyear partnership with McDonald's adding it to his list of corporate sponsors that includes Nike, State Farm and Coca-Cola.
Disney DIS $29.34 +0.02 0.07% 15,477,224 NYSE: Inv. Bus. Daily pA3 "Why We All Dance To Disne's Toon" by reinhardt krause is a tribute to Wald Disney saying he pushed sound and color to the film fore.
DuPont DD $32.27 -0.59 1.8% 6,988,571 NYSE: No mentions found.
ExxonMobil XOM $64.9 -0.64 0.98% 34,646,461 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
GE $16.1299 -0.1701 1.04% 73,395,921 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Home Depot HD $27.36 -0.48 1.72% 17,889,644 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE: Fin Times p15 "Samsung poised to overtake rival HP in sales" by Christine Oliver, SongJung-a says Samsung is on track to overtake Hewlett-packard as the world's biggest tech firm by sales. HP's sales last year of $114 bil will beat Samsung's $113 bil but Samsung in '10 will have sales of $127 bil, copared with $120 bil from HP if analysts are right.
WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
Intel INTC $19.92 -0.32 1.58% 75,531,959 NASDAQ-GS: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
IBM $123.72 -2.61 2.07% 8,908,514 NYSE: WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
J.P.Morgan Chase JPM $39.56 +0.23 0.58% 61,575,405 NYSE: Fin Times p1 "JPMorgan to create global banking unit to attract business from multination'l groups" by Francesco Guerrera, Justin Baer says JPM is launching a global biz aimed at selling loans and comm'l banking services to multinat'l corps, pitting the US bank against Citigroupa nd HSC.
Inv. Bus. Daily pA2 says JPMorgan named Steve Balck as vice chairman and he will step down from being exec. chairman.
Johnson & Johnson JNJ $63.78 0+.34 0.54% 15,445,233 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
Kraft KFT $28.06 -0.29 1.02% 19,925,349 NYSE: Fin Times p9 "Britain's strategic chocolate dilemma" by Martin Wold says the takeover of Cadbury by Kraft shows that shareholders are in control of corporations and takeovers are a risk of going public and there should not be more restrictions on takeovers.
McDonald's MCD $62.7695 -0.9605 1.51% 7,865,578 NYSE: Inv. Bus. Daily pA2 & WSJ pB7 say NBA superstar LeBron James has agreed to a multiyear partnership with McDonald's adding it to his list of corporate sponsors that includes Nike, State Farm and Coca-Cola.
Merck MRK $37.97 -0.67 1.73% 11,908,513 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
Microsoft MSFT $29.16 -0.51 1.72% 104,022,233 NASDAQ-GS: Fin Times p14 "Tech world reaches out for golden Apple" by Richard Waters says the iPad's launch will be a catalyst for the whole industry. Apple failed to galvanize developers in the early years of personal computing and lost leadership to Microsoft but now thie iPad changes that. With 140,000 applications in the App Store, Apple has grabbed a big lead over Microsoft, which has stumbled with its own mobile system. Microsoft plays down Apple's lead by saying most developers make very little money from their iPhone apps.
Inv. Bus. Daily pA4 "Record Computer Operating System Sales Power Microsoft's Q2 Results" by Patrick Seitz, USA Today "Microsoft profit leaps 60%; 3M still sees weak demand" by AP, WSJ pB1 "Holiday PC Sales Boost Microsoft" by Nick Wingfield & NYT pB6 "Microsoft's Profit Soars 60%, Aided by Sales of Windows 7" say Microsoft said consumer demand for Windows 7 propelled a 60% increase in profit during the holiday quarter, in another sign of hope for the battered tech sector. The world's largest software maker's results, which included a 14% rise in sales, were a welcome change after 3 quarters where sales fell from a year earlier. the turnaround is due to the Oct. launch of Windows 7, which lured consumers back to stores for copies of the software and new PCs running it , especially in Asia and Latin America. Fkor its 2Q ended 12.31, MSFT's windows div saw rev jump 50% to $6.9 bil. Overall, 2Q profit jumped to $6.66 bil, or 74 cents a share, from $4.17 bil or 47 cents a share a year ago. Rev rose to $19.02 bil from $16.63 bil, despite weakness in its non-Windows biz.
Pfizer PFE $18.64 -0.36 1.89% 47,374,951 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 NYSE: Fin Times p22 "latest tech results add to negative sentiment" by Samantha Pearson says disappointing tech results added to lingering concerns over job losses, pushing US stocks below the S&P's 100 day moving average for the first tie since last April adding to fears that Wall St. may be heading for a significant pullback. Profit at Procter & Gamble, the world's biggest consumer products firm fell less than forecast thanks to strong demand for baby and family care products.
Fin Times p17 "P&G set o regain market share" by Jonathan Birchall, NYT pB2 "P&G and Colgagte Post igher Sales in Quarter" by Reuters & WSJ pB1 "P$G Meets Frugal Shoppers Halfway" by Ellen Byron say shoppers are starting to open their wallets again for brand name household basics, but it's taking lower prices, heavy advertising and new products to tempt them. P&G and Colgate-Palmolive sold more their premium priced consumer goods at the end of '09, suggesting that fewer shoppers are basing their purchases on price along.
WSJ pC10 "Overheard" says PG's new CEO, Bob McDonald is a West Point grad and is cultivating a softer approach based on touchy feely remarks he made during an investors call.
3M MMM $80.75 1.55 1.88% 6,778,599 NYSE: WSJ pB4 "3M" by John Kell, NYT pB2 "3M Beats Profit Expectations And Raises Its '10 Forecast" by Reuters, & USA Today p5B "3M still sees weak demand" by AP, says 3M said 4Q profit jumped 74% and raised its '10 forecast. 3M of St. Paul, Minn, reported a profit of $935 mil, or 1.30 a share, up from $536 mil or 77 cents a share, a year earlier. Rev jumped 11% of $6.12 bil. 3M owns Post-It notes, Scotch tape and Thinsulate and forecasts '10 earnings of 4.90 to 5.10 a share up from 4.85 to $5.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE: No mentions found.
United Technologies UTX $67.37 -0.24 0.35% 5,531,905 NYSE: No mentions found.
Verizon VZ $29.33 -0.54 1.81% 33,099,772 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, Don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
WalMart WMT $52.61 -0.79 1.48% 16,881,562 NYSE: NYT pB3 "Walmart makes Organizational Moves to Raise Efficiency" by Reuters says Walmart, the world's biggest retailer, is consolidating some operations in the US while dividing the nation into 3 regions with separate presidents in order to more efficiently manage its 3,700 US stores.
Fin Times p3 "Walmart reveals supply deal" by Jonathan Birchall, Tom Mitchell & WSJ pB2 "WalMart, Li & Fung Sign Sourcing Deal" by Ann Zimerman, Karen Talley say Walmart Stores announced a strategic alliance with Li & Fung Ltd., in an effort to reduce costs and improve product quality. A giant global buying agent, Li & Fung, of Hong Kong expects to provide about $2 bil worth of goods to Walmart in the deal's first year.*************************************
Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]
Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.
12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).
Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.
American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.
Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.
12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.
12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.
Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.
Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
12/2/09 10K
DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020
ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.
12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows
GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.
12/17/09 10K
Home Depot HD: 12/3/09 10Q
Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.
JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.
12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.
Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.
McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.
12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.
Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.
Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.
United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.
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: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.
12/23/09 8K re: grant of stock options to executives.
12/7/09 8K re:amendments to bylaws.
WalMartWMT: 12/8/09 10Q
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