1/4/10 Mon. am Kraft to Raise Cadbury Bid

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Post #294 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 CEO's, a ranking of the Dow 30 by market capitalization as of 1/4/10 and an update of the Dow 30's most recent SEC filings as of 1/4/10.

A read of Monday's 1/4/10 print editions of: The Wall Street Journal, Financial Times, The New York Times, Atlanta Journal Constitution, USA Today and (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. Please note that today's Wall Street Journal has a special section "R" "The Journal Report - Year-End Review: Markets & Finance 2009" that has an article at pR10 "Celebrating a Year Of Highs and Lows" that goes month by month and lists a timeline of significant events. Virtually every Dow Jones component has some mention. These mentions are not aggregated in today's Blog.

Dow: The Dow Jones Industrial Average closed Thursday at 10428.05 down 120.46 or 1.14% from Wednesday's close of 10,548.1. For the week, the Dow is down 92.05 from last Thursday's close of 10,520.1. Of the 30 Dow Companies: only JPMorgan Chase gained and 29 declined. The biggest and only gainer dollar-wise and percentage-wise was JPM $41.67 +0.14 0.34% 19,927,935 NYSE. The biggest decliner dollar-wise was IBM $130.9 -1.67 1.26% 4,181,980 NYSE and percentage-wise was Hewlett-Packard HPQ $51.51 -1.42 2.68% 13,784,816 NYSE.

WSJ pC1 "As Goes Jan, So Goes the Year?" by E.S. Browning says historically, the first few trading days of Jan have been among the strongest for stock performance, because this is when individuals and pension plans add big chunks of new money to retirement accounts. Whether people follow their normal pattern and pump money into stocks in Jan. can be a sign of the market's prospects for the coming week,s and year. Dow's Jan performance often sets the tone for the entire year. Side bar says that for the period 1900 to 2009 the Down's median gain for the year has been up 10.4% when the Dow was up in Jan and when it was down in Jan the median gain for the year has been only 0.3%.

As of the open of the market Monday, the current divisor for the Dow found at page C4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 18.09 (year ago it was 18.33) the P/E estimate is 16.40(year ago it was 10.62) and the current dividend yield is 2.64 (it was 3.58 a year ago).

Thursday's Dow Jones Industrial Average closing numerator was 1379.83 down 15.89 from Wednesday's closing Dow numerator of 1395.72. 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 15.89 for Thursday by the divisor you get the decrease in Thursday's Dow close of 120.46.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 46.00 down 0.52 from Wednesday's Dow Jones Industrial Average closing price of $46.52. The median closing price of Thursday's Dow Jones Industrial Average was 40.60 down 0.57 from Wednesday's $41.17. The lowest volume was 3M MMM $82.67 -1.23 1.47% 2,030,297 NYSE and the highest volume again was Bank of Am BAC $15.06 -0.01 0.07% 93,252,274 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 $1,560 ($139,560 - 138,000).

AT&T T $28.03 -0.29 1.02% 16,027,281 NYSE: WSJ pB1 "Mobile TV Gets Closer As Backers Cu ta Path" by Lauren Goode, AmySchatz says watching live tv on mobile devices is common in some nations, but not in the US but a new effort to change that is taking shape. A group of broadcasters plans to use this week's Consumer Electronics Show to promote their plans to deliver news, sports, weather & other local content to users on the go. While cellphones are an obvious target, backers of the effort also expect users to receive local content on laptops, portable DVD players and devices in cars. Qualcomm Inc. has lined up programming for a mobile service called FLO TV that is sold in the US by AT&T and Verizon Wireless, a jv of Verizon Communications and Vodafone. AT&T's service starts at $9.99 a month.

Alcoa AA $16.12 -0.18 1.1% 16,376,473 NYSE: No mentions found.

American Express AXP $40.52 -0.28 0.69% 3,966,458 NYSE: No mentions found.

Bank of America BAC $15.06 -0.01 0.07% 93,252,274 NYSE: WSJ pA1 "More Brokers Flee Big Firms, Taking Investors with Them" by E.S. Browning says independent financial advisers are gaining ground from Wall St. brokers in the competition to manage more than $5 trillion in Americans' savings. The largest brokerage firms, such as UBS and Bank of America's Merrill Lynch Wealth management had a collective net outflow in '08 of $20 bil in client money.

WSJ pR4 says Bank of America was the large cap's 10th biggest gainer in '09 with a market value of $130.27 bil up 59.63% because of optimism about return to profitability.

WSJ pR7 "Global M&A May have Hit Bottom" by Jeffrey McCracken, Dana Cimilluca says Exxon's $31 bil purchase of XTO Energy in Dec is an indicator of more deals in the energy sector to come. The biggest deals in '09 were Pfizer's $68 bil acquisition of Wyeth and Merck's $41 bil purchase of Schering-Plough. In rankings of global merger advisers, JPMorgan Chase was third globally after finishing first in '08, advising on deals worth $600.5 bil. Bank of America was 5th with $386.1 bil in advised deals.

Boeing BA $54.13 -0.83 1.51% 2,168,245 NYSE: No mentions found.

Caterpillar CAT $56.99 -1.06 1.83% 3,837,532 NYSE: No mentions found.

Chevron CVX $76.99 -0.66 0.85% 4,209,024 NYSE: No mentions found.

Cisco CSCO $23.94 -0.24 0.99% 23,814,837 NASDAQ-GS: No mentions found.

Coca-Cola KO $57 0.68 -1.18% 5,394,423 NYSE: No mentions found.

Disney DIS $32.25 -0.03 0.09% 19,597,428 NYSE: WSJ pB3 "Marvel Deal is Completed After Shareholder Approval" by Ethan Smith says the cash and stock deal was valued at about $4.3 bil, based on Disy's stock price on Thurs. Marvel investors get $30 a share in cash plus 0.745 Dis share for each Marvel shar. When the deal was announced, it was a 29% premium over Marvel's shaer price. Marvel's stock will be removed from the NYSE on 1/11. Marvel's roster of 5,000 comic book characters including Iron Man, Spider Man and the X-Men, will broaden Disney's portfolio of entertainment assets.

WSJ pB6 and NYT pB7 say through Sun, Disney's "The Princess and the Frog" was 7th with cumulative rev of $45 mil, showing in 3,328 theatres and for the past weekend made $10 mil. Avatar is number one with gross of $352.1 mil.

DuPont DD $33.67 -0.38 1.12% 4,254,874 NYSE: No mentions found.

ExxonMobil XOM $68.19 -0.58 0.84% 18,735,593 NYSE: WSJ pR4 says ExxonMobil was the large cap's biggest loser in '09 with a market value of $322.67 bil down 74.57% because of falling oil and gas prices.

WSJ pR7 "Global M&A May have Hit Bottom" by Jeffrey McCracken, Dana Cimilluca says Exxon's $31 bil purchase of XTO Energy in Dec is an indicator of more deals in the energy sector to come. The biggest deals in '09 were Pfizer's $68 bil acquisition of Wyeth and Merck's $41 bil purchase of Schering-Plough. In rankings of global merger advisers, JPMorgan Chase was third globally after finishing first in '08, advising on deals worth $600.5 bil. Bank of America was 5th with $386.1 bil in advised deals.

GE $15.13 -0.22 1.43% 44,264,229 NYSE: WSJ pB3 "Cinema Surpassed DVD Sales in '09" by Sarah McBride says last year was the first since '02 that US consumers spent more money buying ovie tickets than buying movies to watch at home. Americans spent $9.87 bil at the box office in '09, 10% more than in '08 while sales in the US of feature films on DVD, long a cornerstone of movie studios' biz models, plunged 13% to $8.73 bil, including Blu-ray high def discs. Some studios are trying hard to hold the line on rental revenue, with GE's Universal Pictures, Twentieth Century Fox and Warn Bros. fighting to keep their newest releases out of cut price rental kiosks.

WSJ pR4 says GE was the large cap's 7th biggest loser in '09 with a market value of $161.10 down 9.36% because of lingering caution re: GE Capital unit.

Hewlett-Packard HPQ $51.51 -1.42 2.68% 13,784,816 NYSE: No mentions found.

Home Depot HD $28.93 -0.20 0.69% 7,397,950 NYSE: No mentions found.

Intel INTC $20.4 -0.19 0.92% 24,877,847 NASDAQ-GS: No mentions found.

IBM $130.9 -1.67 1.26% 4,181,980 NYSE: No mentions found.

J.P.Morgan Chase JPM $41.67 +0.14 0.34% 19,927,935 NYSE: WSJ pR7 "Global M&A May have Hit Bottom" by Jeffrey McCracken, Dana Cimilluca says Exxon's $31 bil purchase of XTO Energy in Dec is an indicator of more deals in the energy sector to come. The biggest deals in '09 were Pfizer's $68 bil acquisition of Wyeth and Merck's $41 bil purchase of Schering-Plough. In rankings of global merger advisers, JPMorgan Chase was third globally after finishing first in '08, advising on deals worth $600.5 bil. Bank of America was 5th with $386.1 bil in advised deals.

Johnson & Johnson JNJ $64.41 -0.50 0.77% 6,900,157 NYSE: No mentions found.

Kraft KFT $27.18 -0.31 1.13% 5,191,146 NYSE: Fin Times p17 "Kraft set to raise Cadbury bid" by Jenny Wiggins says Kraft is drawing up plans to raise its $16.6 bil hostile offer for Cadbury ahead of a deadline this month as the takeover battle for the UK group reaches it final states. Kraft, which first approached Cadbury in Aug., has until Jan. 19 to increase its offer. Kraft's offer is expected to fail at current levels because it has not won the support of enough shareholders and Cadbury's board. Although the Takeover Panel has set an initial deadline of tomorrow for shareholders to tender their shares, Kraft is expected to extend this deadline by up to 2 weeks. Kraft is likely to wait until Cadbury's trading update on Jan 15 before making a final decision on whether to raise its offer. It could also increase the cash portion of its bid. Although nearly half of Cadbury's shareholders are based in the US, many shareholders are reluctant to swap Cadbury's stock for Kraft stock because of Kraft's slower earnings growth. The current offer is 60% stock and the rest cash.

McDonald's MCD $62.44 -0.45 0.72% 4,465,505 NYSE: WSJ pR4 says a McDonald's Big Mac cost $2.77 in '07, $2.97 in '08 and in '09 it was $3.20.

Merck MRK $36.54 -0.52 1.4%7,065,058 NYSE: No mentions found.

Microsoft MSFT $30.48 -0.48 1.55% 29,988,546 NASDAQ-GS: WSJ pR4 says Microsoft was the large cap's 4th biggest gainer in '09 with a market value of $270.64 bil up 97.71% because the prospect of new Windows software in '10 energized shares.

Pfizer PFE $18.19 -0.31 1.68% 25,553,774 NYSE: No mentions found.

Procter & Gamble PG $60.63 -0.74 1.21% 5,728,499 NYSE: WSJ pR4 says PG was the large cap's 10 th biggest loser in '09 with a market value of $177.14 bil down 7.43% because of concerns on sales growth.

3M MMM $82.67 -1.23 1.47% 2,030,297 NYSE: No mentions found.

Travelers TRV $49.86 -0.40 0.8% 2,278,373 NYSE: No mentions found.

United Technologies UTX $69.41 -1.08 1.53% 2,623,338 NYSE: No mentions found.

Verizon VZ $33.13 -0.29 0.87% 7,462,957 NYSE: WSJ pB1 "Mobile TV Gets Closer As Backers Cu ta Path" by Lauren Goode, AmySchatz says watching live tv on mobile devices is common in some nations, but not in the US but a new effort to change that is taking shape. A group of broadcasters plans to use this week's Consumer Electronics Show to promote their plans to deliver news, sports, weather & other local content to users on the go. While cellphones are an obvious target, backers of the effort also expect users to receive local content on laptops, portable DVD players and devices in cars. Qualcomm Inc. has lined up programming for a mobile service called FLO TV that is sold in the US by AT&T and Verizon Wireless, a jv of Verizon Communications and Vodafone. AT&T's service starts at $9.99 a month.

NYT pB2 "The Smartphone Makes and Breaks" says almost a quarter of all American households no longe rhave a fixed line phone. That's a drag for firms like AT&T and Verizon,whichhavewireless networks but must continue to run their expensive copper based infrastructure.

WalMart WMT $53.45 -0.85 1.57% 9,726,227 NYSE: Fin Times pA1 "Walmart takes aim at supply chain cost" by Jonathan Birchall says Walmart is launching a drive this year to cu tbillions of dollars of costs from its supply chain by combining its store purchasing across national frontiers. The effort is part of plans by the world's largest retailer to increase the proportion of goods that it buys directly from manufacturers, rather than through third party procurement suppliers.

WSJ pR4 says WMT was the large cap's 4th biggest loser in '09 with a market value of $203.65 bil down 16.24% because of early '09 fall in consumer spending.

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Here are the 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 Watso
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 1/4/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $328 [5]
2. Microsoft MSFT 271 [9]
3. WalMart WMT 204 [4]
4. Chevron CVX 188 [2.5]
5. Johnson & Johnson JNJ 178 [3]
6. Procter & Gamble PG 177 [3]
7. IBM 172 [1.5]
8. AT&T 165 [6]
9 JPMorgan Chase 164 [4]
10. GE 161 [10.5]
11. Pfizer PFE 147 [8]
12. Cisco CSCO 138 [6]
13. Coke KO 132 [2]
14. BAC 130 [8.5]
15. Hewlett-Packard HPQ 122 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 94 [3]
19. Merck MRK 77 [2]
20. United Technologies UTX 65 [1]
21. Disney DIS 60 [2]
22. 3M MMM 58 [.5]
23. Home Depot 49 [2]
24. American Express AXP 48 [1]
25. Kraft KFT 40 [1.5]
26. Boeing BA 39 [1]
27. Caterpillar CAT 35 [.5]
28. DuPont DD 30 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1]

Here are the latest SEC filings as of 12/18/09 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: 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 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: 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: 11/24/09 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: 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: 12/17/09 10K

Home Depot HD: 12/3/09 10Q

Intel INTC: 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: 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: 12/18/09 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: 11/4/09 8K announcing 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: 12/14/09 8K re: amendment of bylaws & change in fiscal year.

Procter & Gamble PG: 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: 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: 12/23/09 8K re: grant of stock options to executives.

12/7/09 8K re:amendments to bylaws.

WalMartWMT: 12/8/09 10Q