1/21/10 Thurs pm Dow Closes 10,389.88 down 213.27 or 2.01%

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Post #254 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 Thursday at 10,389.88 down 213.27 or 2.01% from Wednesday's close of 10,603.15. Of the 30 Dow Companies: only McDonalds and Travelers gained and 28 declined. The biggest gainer dollar-wise and percentage-wise was McDonalds MCD $63.2 +0.19 0.3% 11,679,064 NYSE. The biggest decliner dollar-wise was Caterpillar CAT $56.85 -2.91 4.87% 13,758,192 NYSE and percentage-wise was JPMorgan Chase JPM $40.54 -2.86 6.59% 137,073,580 NYSE.

As of the open of the market Thursday, 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 17.98 unchanged from Wednesday morning's 17.98 (year ago it was 18.18) the P/E estimate is 13.65 unchanged from Wednesday's 13.65 (year ago it was 10.00) and the current dividend yield is 2.58 up from Wednesday's 2.50 (it was 3.83 a year ago).

Thursday's Dow Jones Industrial Average closing numerator was 1,374.78 down 28.22 from Wednesday's closing Dow numerator of 1403. 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 28.22 for Thursday by the divisor you get the decrease in Thursday's Dow close of 213.27.

The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 45.83 down 0.94. from Wednesday's Dow Jones Industrial Average closing price of $46.77. The median closing price of Thursday's Dow Jones Industrial Average was 41.35 down 1.84 from Wednesday's $43.19. The lowest volume was 3M MMM $82.7 -2.02 2.38% 4,749,591 NYSE and the highest volume again was Bank of Am BAC $15.47 -1.02 6.19% 548,649,770 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 $2,820 ($140,310 - $137,490).

AT&T T $25.67 -0.16 0.62% 39,968,794 NYSE
Alcoa AA $14.25 -0.98 6.43% 69,517,140 NYSE
American Express AXP $42.16 -0.82 1.91% 16,682,746 NYSE
Bank of America BAC $15.47 -1.02 6.19% 548,649,770 NYSE
Boeing BA $59.2 -1 1.66% 5,313,193 NYSE
Caterpillar CAT $56.85 -2.91 4.87% 13,758,192 NYSE
Chevron CVX $76.24 -1.91 2.44% 12,438,579 NYSE
Cisco CSCO $23.98 -0.43 1.76% 54,533,462 NASDAQ-GS
Coca-Cola KO $54.37 -1.13 2.04% 13,636,792 NYSE
Disney DIS $30.61 -0.58 1.86% 15,353,338 NYSE
DuPont DD $33.15 -1.37 3.97% 8,973,342 NYSE
ExxonMobil XOM $66.7 -1.33 1.96% 38,804,169 NYSE
GE $16.02 -0.48 2.91% 98,355,311 NYSE
Home Depot HD $28.48 -0.18 0.63% 18,838,445 NYSE
Hewlett-Packard HPQ $51.29 -0.92 1.76% 18,422,492 NYSE
Intel INTC $20.84 -0.24 1.14% 73,221,560 NASDAQ-GS
IBM $129 -1.25 0.96% 9,562,479 NYSE
J.P.Morgan Chase JPM $40.54 -2.86 6.59% 137,073,580 NYSE
Johnson & Johnson JNJ $63.97 -1.18 1.81% 14,205,606 NYSE
Kraft KFT $28.24 -0.54 1.88% 28,399,635 NYSE
McDonalds MCD $63.2 +0.19 0.3% 11,679,064 NYSE
Merck MRK $40.08 -0.95 2.32% 25,325,902 NYSE
Microsoft MSFT $30.01 -0.575 1.88% 72,544,470 NASDAQ-GS
Pfizer PFE $19.24 -0.70 3.51% 76,760,990 NYSE
Procter & Gamble PG $59.84 -0.61 1.01% 14,214,607 NYSE
3M MMM $82.7 -2.02 2.38% 4,749,591 NYSE
Travelers TRV $48.95 +0.02 0.04% 5,900,152 NYSE
United Technologies UTX $70.13 -1.30 1.82% 5,075,808 NYSE
Verizon VZ $30.63 -0.08 0.26% 21,867,655 NYSE
WalMart WMT $52.92 -0.94 1.75% 15,942,012 NYSE
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The following are excerpts from Thurs. am Blog:

A read of Thursday's print editions of: The Wall St. Journal, The Financial Times, The New York Times, USA Today, 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 Wednesday's closing price and related data.

Dow: . The Dow Jones Industrial Average closed Wednesday at 10,603.15 down 122.28 or 1.14% from Tuesday's close of 10,725.43. Year to date the Dow Jones Industrial Average is up 1.68%. Of the 30 Dow Companies: 6 gained and 24 declined. The biggest gainer dollar-wise was Merck MRK $41.03 +0.41 1.01% 20,836,944 NYSE and percentage-wise was Bank of America BAC $16.49 +0.17 1.04% 288,064,300 NYSE. The biggest decliner dollar-wise and percentage-wise was IBM $130.25 -3.89 2.9% 15,091,292 NYSE.

WSJ pC1 "Dow Falls 122.28 as Skeptics Return" by E.S. Browning, Paul Glader says stocks took their sharpest drop of '10 as worries intensified that China may take more steps to slow its growth, and that US firms will have difficulty matching rising investor expectations. The Dow Jones Industrial Average fell 1.14%, giving back much of Tuesday's rally. Some of the biggest declines came at firms most closely linked to global economic growth such as IBM, the biggest percentage decliner falling 2.9% despite reporting a strong 4Q profit gain. Alcoa, Chevron, Microsoft and Caterpillar also fell. The concerns about world growth are reflected in a skepticism among US investors about the earnings prospects of major US firms, In addition to IBM, major US firms such as JPMorgan Chase and Intel have reported what appeared to be strong quarterly results, only to see their stocks fall.

WSJ pC6 "Alcoa's Fall Hits Dow But Trust Banks Rise" by Donna Kardos Yesalavich says stocks fell broadly as worries over monetary tightening in China weighed on the shares of commodities related firms including Alcoa and Chevron, while investors were disappointed with the '10 earnings forecast from IBM. Kraft Foods also weighed on the Dow Jones with a drop of 2.1% after Warren Buffett gave a big thumbs down to Kraft's deal to buy Cadbury for $19.44 bil. Shareholders don't get to vote on the deal. The Dow Jones was also pulled lower by its commodities related components as Alcoa tumbled 2.5% and Exxon Mobil fell 1.8%. Bank of America was one fo the Dow Jones' few gainers. The banking giant posted a loss of $194 mil in 4Q after its mammoth consumer loan books showed signs of stabilizing, although its once frothy rev from trading fell sharply. Still, the results were an improvement over a year ago, which prompted BofA shares to climb 1%.

Fin Times p26 "Commodities fears and strong dollar sap momentum" by Samantha Pearson says concerns over China's move to curb lending sent commodity stocks lower yesterday, focusing Wall St. to erase most of the previous sessions gains. Bank of America reported a wider than expected quarterly loss mainly as a result of its decision to repay US bailout funds.

NYT pB15 "Disappointing Earnings Send Markets Lower a Day After 15 Month High" by Javier C. Hernandez says a day after gliding to 15 month highs, Wall St. stocks had their steepest losses since mid Dec. on Wed as investors fretted over lackluster profits and a slowdown in global lending.

USA Today p4B "Tighter China lending scares investors" by AP says the stock market posted its biggest drop in a month on concerns that tighter lending in China could endanger an economic recovery. Disappointing earnings from IBM and Morgan Stanley added to investors' angst.

Wednesday's Dow Jones Industrial Average closing numerator was 1,403 down 16.18 from Tuesday's closing Dow numerator of 1419.18. 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 16.83 for Wedneesday by the divisor you get the decrease in Wednesday's Dow close of 122.2.

The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 46.77 down 0.92. from Tuesday's Dow Jones Industrial Average closing price of $47.31. The median closing price of Wednesday's Dow Jones Industrial Average was 43.19 up .07 from Wednesday's $43.12. The lowest volume was Travelers TRV $48.93 -0.50 1.01% 3,432,708 NYSE and the highest volume again was Bank of Am BAC $16.49 +0.17 1.04% 288,064,300 NYSE.

If Wednesday 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 $1,620 ($141,930 - $140,310).


AT&T T $25.83 -0.37 1.41% 39,072,641 NYSE: WSJ pB2 "FCC Rebuffs Cable Firms on Sports" by Amy Schatz, USA Today p1B "FCC vote could give viewers choices" by David Lieberman say the FCC voted Wed to stop cable operators from withholding local sports channels from rivals, potentially giving consumers more choice of pay TV providers. The FCC backed closing the "terrestrial loophole" that cable operators, including Comcast and Cablevision have used to keep local sports programming off TV services run by competitors sucha s Verizon Communications and AT&T. Fed law requires cable operators to offer access to channels they partially own to rivals at reasonable rates but allows cable firms to deny access if the channel's video feed doesn't travel via satellite at some point between the TV studio and the home. This put satellite operators and phone firms at a disadvantage since many consumers want to watch live local sporting events from home. Phone firms have begun competing with cable operators to offer high def TV. Verizon sued Cablevision in July for withholding the high def version of a NY channel that carries NY Knicks basketball and Rangers hockey and in '08, AT&T sued Cox Comunications for denying it permission to air San Diego padres baseball games.

WSJ pB8 "Microsoft Sues TiVo" by Roger Cheng says Microsoft filed a suit against TiVo accusing it of patent infringement and escalating the dispute between the maker of digital video recorders and content distributors. It is an attempt to counter an earlier suit filed by TiVo against AT&T which uses Microsoft's tech in its tv services. A few months ago TiVo launched its own strike against At&T and Verizon Communications Inc. alleging that their video services illegally use its TV time warping tech in their digital cideo recorders. AT&T's U Verse TV service runs on Microsoft's Internet video technology.

WSJ pB8 "Sprint Squeezed by Rival Price Cuts" by Niraj Sheth says price cuts by AT&T and Verizon Wireless cold put beleaguered Sprint Next, the nation's No. 3 wireless carrier, in an even tighter bind as it fights to turn around its fortunes.

Alcoa AA $15.23 -0.39 2.5% 35,575,097 NYSE: WSJ pC6 "Alcoa's FallHits Dow But Trust Banks Rise" by Donna Kardos Yesalavich says stocks fell broadly as worries over monetary tightening in China weighed on the shares of commodities related firms including Alcoa and Chevron, while investors were disappointed with the '10 earnings forecast from IBM. kraft Foods also weighed on the Dow Jones with a drop of 2.1% after Warren Buffett gave a big thumbs down to Kraft's deal to buy Cadbury for $19.44 bil. Shareholders don't get to vote on the deal. The Dow Jones was also pulled lower by its commodities related components as Alcoa tumbled 2.5% and Exxon Mobil fell 1.8%. Bank of America was one fo the Dow Jones' few gainers. The banking giant posted a loss of $194 mil in 4Q after its mammoth consumer loan books showed signs of stabilizing, although its once frothy rev from trading fell sharply. Still, the results were an improvement over a year ago, which prompted Bofa shares to climb 1%.

WSJ pC1 "Dow Falls 122.28 as Skeptics Return" by E.S. Browning, Paul Glader says stocks took their sharpest drop of '10 as worries intensified that China may take more steps to slow its growth, and that US firms will have difficulty matching rising investor expectations. The Dow Jones Industrial Average fell 1.14%, giving back much of Tuesday's rally. Some of the biggest declines came at firms most closely linked to global economic growth such as IBM, the biggest percentage decliner falling 2.9% despite reporting a strong 4Q profit gain. Alcoa, Chevron, Microsoft and Caterpillar also fell. The concerns about world growth are reflected in a skepticism among US investors about the earnings prospects of major US firms, In addition to IBM, major US firms such as JPMorgan Chase and Intel have reported what appeared to be strong quarterly results, only to see their stocks fall.

American Express AXP $42.98 +0.02 0.05% 11,636,399 NYSE: No mentions found.

Bank of America BAC $16.49 +0.17 1.04% 288,064,300 NYSE: USA Today p2B "BofA lost $5.2 bil in 4Q, CEO promises a DNA change" by Bloomberg says BofA, the largest US lender, posted a quarterly loss and its first full year deficit in more than 2 decades, driven by the cost of repaying US bailout money and defaults on consumer oans. The 4Q loss, including the cost of exiting TARP, widened to $5.2 bil or 60 cents a share, from $2.4 bil or 48 cents a year earlier.

WSJ pC1 "For Morgan Stanley, First Annual Loss As Pay Rises" by Aaron Lucchetti says Morgan Stanley posted an annual net loss of $960 mil, its first yearly loss since the firm went public in '86. The results showed it missed a period of historic trading profits captured by rivals Goldman Sachs and Bank of America's Merrill Lynch unit.

Fin Times p26 "Commodities fears and strong dollar sap momentum" by Samantha Pearson says concerns over China's move to curb lending sent commodity stocks lower yesterday, focusing Wall St. to erase most of the previous sessions gains. Bank of America reported a wider than expected quarterly loss mainly as a result of its decision to repay US bailout funds.

WSJ pC2 "Bank Earnings" by Dan Fitzpatrick, Fin Times p15 "Consumer boost for US banks" by Francesco Guerrera, Justin Baer say the loan troubles of many US consumers weighed down 4Q results at Bank of America, Wells Fargo and US Bancorp, but bank execs predicted loan losses are near a peak. The 3 banks hold a combined 24% of all US deposits and operate more than 15,000 retail branches. Bank of America reported a net loss of $194 mil, which excluded costs tied to its repayment of $45 bil of US bailout funds. The consumer loan bruises suffered by Wells Fargo were similar to those already reported for the 4Q by JP organ Chase and Citigroup. BofA's credit card div suffered a 4Q net loss of more than $1 bil, compared with a year earlier loss of $9 mil.

WSJ pC6 "Alcoa's Fall Hits Dow But Trust Banks Rise" by Donna Kardos Yesalavich says stocks fell broadly as worries over monetary tightening in China weighed on the shares of commodities related firms including Alcoa and Chevron, while investors were disappointed with the '10 earnings forecast from IBM. Kraft Foods also weighed on the Dow Jones with a drop of 2.1% after Warren Buffett gave a big thumbs down to Kraft's deal to buy Cadbury for $19.44 bil. Shareholders don't get to vote on the deal. The Dow Jones was also pulled lower by its commodities related components as Alcoa tumbled 2.5% and Exxon Mobil fell 1.8%. Bank of America was one of the Dow Jones' few gainers. The banking giant posted a loss of $194 mil in 4Q after its mammoth consumer loan books showed signs of stabilizing, although its once frothy rev from trading fell sharply. Still, the results were an improvement over a year ago, which prompted Bofa shares to climb 1%.

WSJ pC2 "More Banks Will Share Bonus Pain" by Sara Schafer Munoz says 2 mroe banks, Bank of America and Morgan Stanley said they plan to reduce compensation awards across their global work forces as a result of a new UK tax on bonuses, athough the pain mightn't be felt until next year.

WSJ pC7 "BofA snaps Up RBS Traders in Australia" by Enda Curran says BofA Merrill Lynch's Australia branch poached a group of a dozen traders and sales officials from Royal Bank of Scotland's fixed income and currency trading desks.

NYT pB1 "Banks See a Leveling Off In Bad consumer Loans" by Andrew MartinWSJ pC16 "Watch Out for Wells' Bad Loans Baggage" by Peter Eavis says Wells Fargo is going to be dealing with bad loan problems after its rivals are in the clear. Wells' nonperforming assets rose 18% in 3Q while JPMorgan's fell 3.1%, Citigroup's were flat and Bank of America rose 5.7%.

Boeing BA $60.2 -0.45 0.74% 5,373,084 NYSE: No mentions found.

Caterpillar CAT $59.76 -1.17 1.92% 6,952,207 NYSE: WSJ pC1 "Dow Falls 122.28 as Skeptics Return" by E.S. Browning, Paul Glader says stocks took their sharpest drop of '10 as worries intensified that China may take more steps to slow its growth, and that US firms will have difficulty matching rising investor expectations. The Dow Jones Industrial Average fell 1.14%, giving back much of Tuesday's rally. Some of the biggest declines came at firms most closely linked to global economic growth such as IBM, the biggest percentage decliner falling 2.9% despite reporting a strong 4Q profit gain. Alcoa, Chevron, Microsoft and Caterpillar also fell. The concerns about world growth are reflected in a skepticism among US investors about the earnings prospects of major US firms, In addition to IBM, major US firms such as JPMorgan Chase and Intel have reported what appeared to be strong quarterly results, only to see their stocks fall.

Chevron CVX $78.15 -1.53 1.92% 8,666,322 NYSE: WSJ pC1 "Dow Falls 122.28 as Skeptics Return" by E.S. Browning, Paul Glader says stocks took their sharpest drop of '10 as worries intensified that China may take more steps to slow its growth, and that US firms will have difficulty matching rising investor expectations. The Dow Jones Industrial Average fell 1.14%, giving back much of Tuesday's rally. Some of the biggest declines came at firms most closely linked to global economic growth such as IBM, the biggest percentage decliner falling 2.9% despite reporting a strong 4Q profit gain. Alcoa, Chevron, Microsoft and Caterpillar also fell. The concerns about world growth are reflected in a skepticism among US investors about the earnings prospects of major US firms, In addition to IBM, major US firms such as JPMorgan Chase and Intel have reported what appeared to be strong quarterly results, only to see their stocks fall.

WSJ pC6 "Alcoa's Fall Hits Dow But Trust Banks Rise" by Donna Kardos Yesalavich says stocks fell broadly as worries over monetary tightening in China weighed on the shares of commodities related firms including Alcoa and Chevron, while investors were disappointed with the '10 earnings forecast from IBM. Kraft Foods also weighed on the Dow Jones with a drop of 2.1% after Warren Buffett gave a big thumbs down to Kraft's deal to buy Cadbury for $19.44 bil. Shareholders don't get to vote on the deal. The Dow Jones was also pulled lower by its commodities related components as Alcoa tumbled 2.5% and Exxon Mobil fell 1.8%. Bank of America was one fo the Dow Jones' few gainers. The banking giant posted a loss of $194 mil in 4Q after its mammoth consumer loan books showed signs of stabilizing, although its once frothy rev from trading fell sharply. Still, the results were an improvement over a year ago, which prompted Bofa shares to climb 1%.

Cisco CSCO $24.41 -0.44 1.77% 42,099,328 NASDAQ-GS: No mentions found.

Coca-Cola KO $55.5 -0.92 1.63% 9,402,095 NYSE: No mentions found.

Disney DIS $31.19 +0.18 0.58% 13,299,992 NYSE: WSJ pB1 "Apple Sees new Money in Old Media" by Yukari Iwatani Kane, Ethan Smith says with he new tablet device that is debuting next week, Apple is trying to reshape businesses like textbooks, newspapers and tv much the way its iPod revamped the music industry. Apple is negotiating with tv networks such as CBS and Walt Disney which owns ABC, for a month tv subscription service. Also, Apple is in discussions with Microsoft to incorporate its Bing search engine into the iPhone as the default search and map technologies.

DuPont DD $34.52 -0.32 0.92% 6,106,445 NYSE: No mentions found.

ExxonMobil XOM $68.03 -1.24 1.79% 34,622,328 NYSE: WSJ pA1 "Drilling Tactic Unleashes a Trove of Natural Gas and a Backlash" by Ben Casselman, Russell Gold says a mounting backlash against a technique used in natural gas drilling is threatening to slow development of the huge gas fields that may reduce US dependence on foreign oil and polluting coal. The process known as hydraulic fracturing is used by firms such as Exxon Mobil which agreed last month to acquire gas producer XTO Energy Inc, a fracturing pioneer in a deal valued at $29. Exxon can back out of the deal if Congress outlaws hydraulic fracturing.

WSJ pC6 "Alcoa's Fall Hits Dow But Trust Banks Rise" by Donna Kardos Yesalavich says stocks fell broadly as worries over monetary tightening in China weighed on the shares of commodities related firms including Alcoa and Chevron, while investors were disappointed with the '10 earnings forecast from IBM. Kraft Foods also weighed on the Dow Jones with a drop of 2.1% after Warren Buffett gave a big thumbs down to Kraft's deal to buy Cadbury for $19.44 bil. Shareholders don't get to vote on the deal. The Dow Jones was also pulled lower by its commodities related components as Alcoa tumbled 2.5% and Exxon Mobil fell 1.8%. Bank of America was one fo the Dow Jones' few gainers. The banking giant posted a loss of $194 mil in 4Q after its mammoth consumer loan books showed signs of stabilizing, although its once frothy rev from trading fell sharply. Still, the results were an improvement over a year ago, which prompted Bofa shares to climb 1%.

GE $16.5 -0.04 0.24% 64,364,796 NYSE: No mentions found.

Home Depot HD $28.66 -0.22 0.76% 13,218,459 NYSE: No mentions found.

Hewlett-Packard HPQ $52.21 -0.54 1.02% 13,897,716 NYSE: No mentions found.

Intel INTC $21.08 +0.03 0.14% 65,150,679 NASDAQ-GS: WSJ pC1 "Dow Falls 122.28 as Skeptics Return" by E.S. Browning, Paul Glader says stocks took their sharpest drop of '10 as worries intensified that China may take more steps to slow its growth, and that US firms will have difficulty matching rising investor expectations. The Dow Jones Industrial Average fell 1.14%, giving back much of Tuesday's rally. Some of the biggest declines came at firms most closely linked to global economic growth such as IBM, the biggest percentage decliner falling 2.9% despite reporting a strong 4Q profit gain. Alcoa, Chevron, Microsoft and Caterpillar also fell. The concerns about world growth are reflected in a skepticism among US investors about the earnings prospects of major US firms, In addition to IBM, major US firms such as JPMorgan Chase and Intel have reported what appeared to be strong quarterly results, only to see their stocks fall.

IBM $130.25 -3.89 2.9% 15,091,292 NYSE: WSJ pC6 "Bad News" has IBM charted saying though profit rose 8.7% on higher margins and slightly higher rev, its '10 profit outlook disappointed some.

WSJ pC1 "Dow Falls 122.28 as Skeptics Return" by E.S. Browning, Paul Glader says stocks took their sharpest drop of '10 as worries intensified that China may take more steps to slow its growth, and that US firms will have difficulty matching rising investor expectations. The Dow Jones Industrial Average fell 1.14%, giving back much of Tuesday's rally. Some of the biggest declines came at firms most closely linked to global economic growth such as IBM, the biggest percentage decliner falling 2.9% despite reporting a strong 4Q profit gain. Alcoa, Chevron, Microsoft and Caterpillar also fell. The concerns about world growth are reflected in a skepticism among US investors about the earnings prospects of major US firms, In addition to IBM, major US firms such as JPMorgan Chase and Intel have reported what appeared to be strong quarterly results, only to see their stocks fall.

WSJ pC6 "Alcoa's Fall Hits Dow But Trust Banks Rise" by Donna Kardos Yesalavich says stocks fell broadly as worries over monetary tightening in China weighed on the shares of commodities related firms including Alcoa and Chevron, while investors were disappointed with the '10 earnings forecast from IBM. Kraft Foods also weighed on the Dow Jones with a drop of 2.1% after Warren Buffett gave a big thumbs down to Kraft's deal to buy Cadbury for $19.44 bil. Shareholders don't get to vote on the deal. The Dow Jones was also pulled lower by its commodities related components as Alcoa tumbled 2.5% and Exxon Mobil fell 1.8%. Bank of America was one of the Dow Jones' few gainers. The banking giant posted a loss of $194 mil in 4Q after its mammoth consumer loan books showed signs of stabilizing, although its once frothy rev from trading fell sharply. Still, the results were an improvement over a year ago, which prompted Bofa shares to climb 1%.

J.P.Morgan Chase JPM $43.4 +0.12 0.28% 39,924,895 NYSE: Fin Times p15 "JPMorgan closes in on deal for RBS Sempra as rivals edged out" by Patrick Jenkins, Javier Bias says JPMorgan has won the right to acquire RBS Sempra Commodities to buy the trading business from $4 bil.

WSJ pC1 "Dow Falls 122.28 as Skeptics Return" by E.S. Browning, Paul Glader says stocks took their sharpest drop of '10 as worries intensified that China may take more steps to slow its growth, and that US firms will have difficulty matching rising investor expectations. The Dow Jones Industrial Average fell 1.14%, giving back much of Tuesday's rally. Some of the biggest declines came at firms most closely linked to global economic growth such as IBM, the biggest percentage decliner falling 2.9% despite reporting a strong 4Q profit gain. Alcoa, Chevron, Microsoft and Caterpillar also fell. The concerns about world growth are reflected in a skepticism among US investors about the earnings prospects of major US firms, In addition to IBM, major US firms such as JPMorgan Chase and Intel have reported what appeared to be strong quarterly results, only to see their stocks fall.

WSJ pC16 "Watch Out for Wells' Bad Loans Baggage" by Peter Eavis says Wells Fargo is going to be dealing with bad loan problems after its rivals are in the clear. Wells' nonperforming assets rose 18% in 3Q while JPMorgan's fell 3.1%, Citigroup's were flat and Bank of America rose 5.7%.

Johnson & Johnson JNJ $65.15 -0.20 0.31% 13,022,206 NYSE: No mentions found.

Kraft KFT $28.78 -0.63 2.14% 29,472,947 NYSE: Fin Times p1 "Buffett attacks Kraft's bad deal" by Greg Farrell, Jenny Wiggins, George Parker, WSJ pB3 "Buffett Pans Kraft's Cadbury Deal" by Ilan Brat say Buffett says Kraft is overpaying for Cadbury.

WSJ pC6 "Alcoa's Fall Hits Dow But Trust Banks Rise" by Donna Kardos Yesalavich says stocks fell broadly as worries over monetary tightening in China weighed on the shares of commodities related firms including Alcoa and Chevron, while investors were disappointed with the '10 earnings forecast from IBM. Kraft Foods also weighed on the Dow Jones with a drop of 2.1% after Warren Buffett gave a big thumbs down to Kraft's deal to buy Cadbury for $19.44 bil. Shareholders don't get to vote on the deal. The Dow Jones was also pulled lower by its commodities related components as Alcoa tumbled 2.5% and Exxon Mobil fell 1.8%. Bank of America was one of the Dow Jones' few gainers. The banking giant posted a loss of $194 mil in 4Q after its mammoth consumer loan books showed signs of stabilizing, although its once frothy rev from trading fell sharply. Still, the results were an improvement over a year ago, which prompted Bofa shares to climb 1%.

McDonald's MCD $63.01 -0.47 0.74% 6,995,529 NYSE: WSJ pB1 "Burger King Franchisees Can't have It Their Way" by Richard Gibson says in an ongoing dispute that could affect how the nation's hundred of franchise organizations set prices, Burger King is insisting that its 2 beef patty sandwich be sold for no more than $1 but the franchisees claim tat at that price, they lose money and are suing asserting that the franchise agreements don't allow BK to dictate prices. McDonald's faced a similar issue in '08 when its franchisees rebelled against a $1 double cheeseburger but the problem was solved when they removed one of the 2 slices of cheese and renamed it the McDouble.

Merck MRK $41.03 +0.41 1.01% 20,836,944 NYSE: WSJ pB5 "Two MS Pills Show Promise" says 2 pills for multiple sclerosis known as fingolimod made by Novartis and German's Merck KGaA proved effective in clinical trials raising the possibility for the first time that oral treatments might become available alongside the injections and infusions used to treat MS.

Microsoft MSFT $30.585 -0.515 1.66% 54,808,954 NASDAQ-GS: WSJ pB1 "icrosoft Scrambles To Patch Browser" by Nick Wingfield, David Crawford says Microsoft raced tor release a fix for a security hole in its Internet Explorer Web browser as the firm sought to contain the fallout from govs urging users to switch to competing software. Firefox, a competing browser (invented by your Blogger's nephew, Blake Ross) has seen its downloads surge as a result of the controversy.

WSJ pB8 "Microsoft Sues TiVo" by Roger Cheng says Microsoft filed a suit against TiVo accusing it of patent infringement and escalating the dispute between the maker of digital video recorders and content distributors. It is an attempt to counter an earlier suit filed by TiVo against AT&T which uses Microsoft's tech in its tv services. A few months ago TiVo launched its own strike against At&T and Verizon Communications Inc. alleging that their video services illegally use its TV time warping tech in their digital cideo recorders. AT&T's U Verse TV service runs on Microsoft's Internet video technology.

WSJ pB1 "Apple Sees new Money in Old Media" by Yukari Iwatani Kane, Ethan Smith says with he new tablet device that is debuting next week, Apple is trying to reshape businesses like textbooks, newspapers and tv much the way its iPod revamped the music industry. Apple is negotiating with tv networks such as CBS and Walt Disney which owns ABC, for a month tv subscription service. Also, Apple is in discussions with Microsoft to incorporate its Bing search engine into the iPhone as the default search and map technologies.

WSJ pB12 "Gates Joins the Twitterati" by Robert A. Guth says the Microsoft mogul joined the ranks of celebrities on Twitter this saying he will start a Web site called The Gates Notes to share more bout what I'm learning.

WSJ pC1 "Dow Falls 122.28 as Skeptics Return" by E.S. Browning, Paul Glader says stocks took their sharpest drop of '10 as worries intensified that China may take more steps to slow its growth, and that US firms will have difficulty matching rising investor expectations. The Dow Jones Industrial Average fell 1.14%, giving back much of Tuesday's rally. Some of the biggest declines came at firms most closely linked to global economic growth such as IBM, the biggest percentage decliner falling 2.9% despite reporting a strong 4Q profit gain. Alcoa, Chevron, Microsoft and Caterpillar also fell. The concerns about world growth are reflected in a skepticism among US investors about the earnings prospects of major US firms, In addition to IBM, major US firms such as JPMorgan Chase and Intel have reported what appeared to be strong quarterly results, only to see their stocks fall.

Pfizer PFE $19.94 -0.06 0.3% 79,228,249 NYSE: WSJ pA8 "Health Care Firms Scramble to Assess Shift" by Avery Johnson, Jonathan D. Rockoff says the Senate victory by Repub. Scott Brown caught many health care firms off guard. PhRMA, the drug industry assoc., as well as firms including Pfizer, Johnson & Johnson and Humana voiced support for an overhaul of some kind, despite objections among insurers about the efforts to date.

Procter & Gamble PG $60.45 -1.27 2.06% 11,524,520 NYSE: No mentions found.

3M MMM $84.72 -0.40 0.47% 3,634,697 NYSE: No mentions found.

Travelers TRV $48.93 -0.50 1.01% 3,432,708 NYSE: No mentions found.

United Technologies UTX $71.43 -0.86 1.19% 3,671,828 NYSE: No mentions found.

Verizon VZ $30.71 -0.52 1.67% 28,354,207 NYSE: WSJ pB2 "FCC Rebuffs Cable Firms on Sports" by Amy Schatz says the FCC voted Wed to stop cable operators from withholding local sports channels from rivals, potentially giving consumers more choice of pay TV providers. The FCC backed closing the "terrestrial loophole" that cable operators, including Comcast and Cablevision have used to keep local sports programming off TV services run by competitors sucha s Verizon Communications and AT&T. Fed law requires cable operators to offer access to channels they partially own to rivals at reasonable rates but allows cable firms to deny access if the channel's video feed doesn't travel via satellite at some point between the TV studio and the home. This put satellite operators and phone firms at a disadvantage since many consumers want to watch live local sporting events from home. Phone firms have begun competing with cable operators to offer high def TV. Verizon sued Cablevision in July for withholding the high def version of a NY channel that carries NY Knicks basketball and Rangers hockey and in '08, AT&T sued Cox Comunications for denying it permission to air San Diego padres baseball games.

WSJ pB8 "Microsoft Sues TiVo" by Roger Cheng says Microsoft filed a suit against TiVo accusing it of patent infringement and escalating the dispute between the maker of digital video recorders and content distributors. It is an attempt to counter an earlier suit filed by TiVo against AT&T which uses Microsoft's tech in its tv services. A few months ago TiVo launched its own strike against At&T and Verizon Communications Inc. alleging that their video services illegally use its TV time warping tech in their digital cideo recorders. AT&T's U Verse TV service runs on Microsoft's Internet video technology.

WSJ pB8 "Sprint Squeezed by Rival Price Cuts" by Niraj Sheth says price cuts by AT&T and Verizon Wireless cold put beleaguered Sprint Next, the nation's No. 3 wireless carrier, in an even tighter bind as it fights to turn around its fortunes.

WalMart WMT $53.86 -0.17 0.31% 13,305,019 NYSE: No mentions found.
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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