1/29/10 Fri. pm Dow Closes 10067.33 down 53.13 or 0.52%

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Post #268 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 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