2/19/10 Fri. am WalMart's Profit Up 22% as Sales Fall

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Post #302 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 2/1/10 and an update of the Dow 30 component's most recent SEC filings as of 2/1/10.

A read of Friday's print editions of: The Wall Street Journal, Financial Times, Investor's Business Daily, The New York Times, USA Today, & Atlanta Journal & Constitution 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 stock prices and related data.

Dow: The Dow Jones Industrial Average closed Thursday at 10,392.90 up 83.66 or 0.81% from Wednesday's close of 10,309.24. Of the 30 Dow Companies: 27 gained and 3 declined. Year to date the Dow Jones Industrial Average is down 0.34%. The biggest gainer dollar-wise was IBM $127.81 +1.48 1.17% 5,522,872 NYSE and percentage-wise was Travelers TRV $52.74 +0.99 1.91% 4,577,578 NYSE. The biggest decliner dollar-wise and percentage-wise was WalMart NYSE.

WSJ pC1 "Fed Surprises Markets with An Increase In Bank Rae" by Mark Gongloff, tom Lauricella, Min Zen says financial markets were sent into a late day spin after being caught off uard by the Fed. Reserve decision to raise the rate it charges banks for emergency loans. The yield on the 2 year Treasury note, which moves in the opposite direction of price, rose to 0.92% from 0.88%. The Dow Jones Industrial Average, having posted its 3rd consecutive session of gains with a 0.81% rise, fell in after hours trading.

WSJ pC6 "Travelers Takes a Trip: WalMart Disappoints" by Donna Kardos Yesalavich says stocks climbed, as better than expected earnings from Hewlett-Packard boosted the tech sector, while industrial stocks, including Boeing were buoyed by improving manufacturing data. But WalMart's latest sales results disappointed. Insurance firm Travelers was the Dow's best performer, with a rise of 99 cents or 1.9%.

Inv. Bus. Daily pA1 "Stocks Up in Slower Trade But Face Test on Fri." by Paul Witfield says stocks advanced Thursday but volume once against dropped down. Economic news was generally negative, giving ghe market reasons to sell off. Jobless claims came in worse than expected and producer prices showed more inflation that the Street had estimated. Current outlook is the market is in a correction.

Fin Times pB12 "WalMart weakness and rise in jobless fail to dam rally" by Masa Serdevic says disappointing results from WalMart added o concerns over rising inflation and unemployment, putting pressure on US stocks and threatened to break this weeks rally. Walmart shares lost 1.1% following disappointing 4Q results. Hewlett-Packard gained 1.4 as its 1Q results, posted after the market's close on Wed, beat estimates and the firm raised guidance for the year. Microsoft rose 1.3% aftr the approval of US and European regulators for a partnership with Yahoo to challenge Google, the leader of the search engine market.

NYT pB7 "A Day of Gains, Then a Shift in Mood" b Javier C. Henandez says Wall St.rode a 3 day winning streak on Thurs, bu an unexpected move after the close to raise a crucial interest rate sent a wave of pessimism through the market.

USA Today p4B "Manufacturing helps stocks to a gain" by AP says stocks rose a third straight day Thurs as news of stronger regional manufacturing offset concerns about unemployment and weak sales at Walmart but fin'l markets closed before the Fed. Res. announced it is boosting the discount rate by a quarter point to 0.75%.

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. Journal is 0.132319125 unchanged, the trailing P/E ratio is 16.25 down from Thursday morning's 16.26 (year ago it was 17.75) the P/E estimate is 12.85 unchanged from Thursday's 12.85 (year ago it was 12.00) and the current dividend yield is 2.63 down from Thursday's 2.65 (it was 4.20 a year ago).

Thursday's Dow Jones Industrial Average closing numerator was 1375.18 up 11.07 from Wednesday's closing Dow numerator of 1,364.11. 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 increase of 11.07 for Thursday by the divisor you get the increase in Thursday's Dow close of 83.66. A $1 change in the price of any DJIA stock = a 7.56 change in the average.

The average closing price (the closing numerator divided by 30) of thursday's Dow Jones Industrial Average was $45.84 up 0.37 from Wednesday's Dow Jones Industrial Average closing price of $45.47. The median closing price of Thursday's Dow Jones Industrial Average was 39.73 up 0.18 from Wednesday's median closing price of 39.55. The lowest volume was 3M MMM $81.11 +0.97 1.21% 2,700,496 NYSE and the highest volume again was Bank of America BAC $15.88 +0.22 1.4% 240,008,961 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 made $1,110 ($137,520 - $136,410).

Market Watch 2/18/10 3:40 p.m. says Travelers, H-P, Wal-Mart highlight afternoon action -Stocks rise as U.S. economic data holds sway by Donna Kardos Yesalavich, Kristina Peterson, says U.S. stocks rose Thursday, with industrials and materials leading the climb as investors shrugged off disappointing economic data to focus on company earnings. The Standard & Poor's 500-stock (SPX 1,107, +7.24, +0.66%) index climbed 0.7%, helped by a 1.1% gain in its materials sector as metals futures recovered from sharp drops in the wake of the International Monetary Fund's announcement on Wednesday night that it will sell 191.3 metric tons of gold on the open market rather than to central banks. Gold futures rose Thursday afternoon. The materials sector was also lifted by an upgrade from Bank of America Merrill Lynch of steel products maker Nucor Corp. (NUE 43.00, -0.62, -1.42%) to "neutral" from "underperform." The firm cited an increased steel price view. Nucor jumped 2.2%. The Nasdaq Composite (COMP 2,242, +15.42, +0.69%) rose 0.7%. The Dow average was helped by shares in insurer Travelers Cos.(TRV 52.79, +0.05, +0.09%) , which rose 2.1%, and Bank of America Corp. (BAC 15.65, -0.23, -1.45%) , up 1.5%. The Dow's technology components climbed. Hewlett-Packard Co. (HPQ 50.39, -0.42, -0.83%) rose 1% after posting a 25% increase in its first-quarter earnings. The computer maker also boosted its revenue outlook for the fiscal year. Meanwhile, Microsoft Corp. (MSFT 28.66, -0.31, -1.07%) shares gained 1.3% after the U.S. Department of Justice and European Commission cleared its proposed Internet search alliance with Yahoo Inc. (YHOO 15.31, -0.23, -1.48%) in a partnership the two companies hope will challenge Google Inc. (GOOG 539.60, -3.62, -0.67%) . Yahoo was recently up 0.4%, while Google rose 1.1%. Wal-Mart Stores Inc. (WMT 53.20, -0.27, -0.51%) weighed on the Dow with a 1.5% drop. The discount-retail chain posted a 22% gain in fourth-quarter profit but provided tepid first-quarter earnings guidance. In addition, Wal-Mart's sales at U.S. stores open more than a year fell. Read more on Wal-Mart. Investors brushed aside a pair of disappointing economic reports that limited gains earlier in the session. The Labor Department's weekly report showed initial claims for jobless benefits last week increased more than economists expected. Crude-oil futures held earlier gains Thursday, approaching $79 per barrel, after key weekly U.S. inventory data showed distillate stocks fell more than anticipated. The dollar strengthened against the yen, but weakened against the euro. Treasurys declined, with the 10-year note off 17/32 to yield 3.803%.

AT&T T $25.24 -0.16 0.63% 26,993,467 NYSE: No mentions found.

Alcoa AA $13.61 +0.01 0.07% 27,378,334 NYSE: No mentions found.

American Express AXP $39.15 +0.10 0.26% 6,852,698 NYSE: No mentions found.

Bank of America BAC $15.88 +0.22 1.4% 240,008,961 NYSE: WSJ pC3 "Lewis Knew of Leal Decision" y Dan Fizparick says former BofA CEO Kenn Lewis told he SEC he ws told twice about legal decisions not to disclose ballooning losses a Merrill Lynch prior to shareholders approval of the Merrill takeover.

WSJ pC3 "Warrants to Be Sold" says the Treasury Dept intends to sell warrant positions in four banks including Bank of America. In Dec. the Treasury did an auction for its warrants in 3 other banks including JPMorgan Chase and raised $1.1 bil.

Boeing BA $62.89 +1.07 1.73% 4,379,698 NYSE: Fin Times p13 "Boeing head plots course to retake top spot from Airbus in 4 years" by Pilita Clark says Boeing should take back its crown as the world's biggest civil aircraft maker from Airbus, its European rival, within 4 years. Boeing, maker of gthe 747 jumbo jet, the 777 twin engined long haul aircraft and the best selling 737 short haul jet, lost the top spot to Airbus for the first time in '03. Since then, Boeing has secured more orders than Airbus some of the years as it started to market its new 787 Dreamliner, but Airbus has had the upper hand on deliveries each year. Last year, Airbus delivered 498 jets to Boeing's 481.

WSJ pC6 "Travelers Takes a Trip: WalMart Disappoints" by Donna Kardos Yesalavich says stocks climbed, as better than expected earnings from Hewlett-Packard boosted the tech sector, while industrial stocks, including Boeing were buoyed by improving manufacturing data. But WalMart's laest sales results disappointed. Insurance firm Travelers was the Dow's best performer, with a rise of 99 cents or 1.9%.

Fin Times p16 'Boeing's new pilot plans for the long haul" by Jim Albaugh, Pilita Clark says in the 5 and a half months since Jim Albaugh was named head of Boeing's commercial aircraft business, Boeing finally flew its 747-8 freighter version of the firm's jumbo jet and the 787 Dreamliner took its first flight.

Caterpillar CAT $57.81 +0.31 0.54% 6,836,840 NYSE: No mentions found.

Chevron CVX $73.62 +0.78 1.07% 9,840,518 NYSE: No mentions found.

Cisco CSCO $24.28 +0.21 0.87% 41,117,663 NASDAQ-GS: No mentions found.

Coca-Cola KO $55.91 +0.58 1.05% 8,621,354 NYSE: No mentions found.

DuPont DD $33.62 +0.49 1.48% 6,116,095 NYSE: No mentions found.

Disney DIS $31.02 +0.16 0.52% 8,203,203 NYSE: WSJ pB8 "Disney Invigtes Goths to the Party" by Ethan Smith says Disney is reaching out to an unlikely audience for new merchandise: female "goths." It is aiming marketing efforts in its consumer products division as a tie in to its 3/5 opening of Tim Burton's "Alice in Wonderland."

ExxonMobil XOM $65.96 +0.20 0.3% 22,515,373 NYSE: No mentions found.

GE $16.24 +0.09 0.56% 47,193,137 NYSE: No mentions found.

Hewlett-Packard HPQ $50.81 +0.69 1.38% 23,454,244 NYSE: WSJ pB1 "Discounting Continues to Haunt Dell as Its Turnaround Struggles" by Justin Scheck says Dell's latest results show the Dell's profits fell 4.8% in 4Q even as a surge in holiday computer demand lifted rev 11% from a year earlier. The decline was due to the acquisition of computer services firm Perot Systems. Dell, which had been the world's largest PC maker by unit sales, now ranks No. 3 behind Hewlett-Packard and Taiwan's Acer Inc.

Inv. Bus. Daily pA4 "Dell Still Unable to Resume Profit Growth" by Patrick Seitz says Dell's results were a letdown to investors after Hewlett-Packard's strong results released on Wed. HP said its per share earnngs minus items rose 18%, while sales rose 8%.

WSJ pC6 "Travelers Takes a Trip: WalMart Disappoints" by Donna Kardos Yesalavich says stocks climbed, as better than expected earnings from Hewlett-Packard boosted the tech sector, while industrial stocks, including Boeing were buoyed by improving manufacturing data. But WalMart's laest sales results disappointed. Insurance firm Travelers was the Dow's best performer, with a rise of 99 cents or 1.9%.

Fin Times pB12 "WalMart weakness and rise in jobless fail to dam rally" by Masa Serdevic says disappointing results from WalMart added o concerns over rising inflation and unemployment, putting pressure on US stocks and threatened to break this weeks rally. Walmart shares lost 1.1% following disappointing 4Q results. Hewlett-Packard gained 1.4 as its 1Q results, posted after the market's close on Wed, beat estimates and the firm raised guidance for the year. Microsoft rose 1.3% aftr the approval of US and European regulators for a partnership with Yahoo to challenge Google, the leader of the search engine market.

Home Depot HD $30.3 +0.28 0.93% 16,480,788 NYSE: No mentions found.

Intel INTC $20.84 +0.18 0.87% 42,507,738 NASDAQ-GS: No mentions found.

IBM $127.81 +1.48 1.17% 5,522,872 NYSE: No mentions found.

J.P.MorganChase JPM $40.41 +0.37 0.92% 31,722,637 NYSE: WSJ pC3 "Warrants to Be Sold" says the Treasury Dept intends to sell warrant positions in four banks including Bank of America. In Dec. the Treasury did an auction for its warrants in 3 other banks including JPMorgan Chase and raised $1.1 bil.

Johnson & Johnson JNJ $64.53 +0.55 0.86% 8,238,738 NYSE: No mentions found.

Kraft KFT $28.81 +0.18 0.63% 20,606,450 NYSE: No mentions found.

McDonald's MCD $64.48 +0.22 0.34% 4,975,620 NYSE: No mentions found.

Merck MRK $37.29 -0.05 0.13% 12,346,665 NYSE: No mentions found.

Microsoft MSFT $28.969 +0.379 1.33% 42,790,552 NASDAQ-GS: WSJ pB5 "Regulators Clear Microsoft-Yahoo Alliance" by Brent Kendall, Scott Morrison, Fin Times p13 "Microsoft alliance with yahoo is approved" by Joseph Menn, Nikki Tait, NYT pB5 "Europe Clears Microsoft Deal with Yahoo, Inv. Bus. Daily pA2, USA Today p1B say antitrust regulators in the US and Europe cleared Microsoft's plan to form an Internet search alliance with Yahoo, a partnership they hope will challenge Google. Under the 10 year deal, Microsoft's Bing will become the search engine on Yahoo Web sites, leaving Yahoo to focus on display advertising, core news, finance and sports properties, as well as on new ways to deliver Microsoft's search results to Yahoo users.

Fin Times pB12 "WalMart weakness and rise in jobless fail to dam rally" by Masa Serdevic says disappointing results from WalMart added o concerns over rising inflation and unemployment, putting pressure on US stocks and threatened to break this weeks rally. Walmart shares lost 1.1% following disappointing 4Q results. Hewlett-Packard gained 1.4 as its 1Q results, posted after the market's close on Wed, beat estimates and the firm raised guidance for the year. Microsoft rose 1.3% after the approval of US and European regulators for a partnership with Yahoo to challenge Google, the leader of the search engine market.

Pfizer PFE $17.73 +0.06 0.34% 57,072,686 NYSE: No mentions found.

Procter & Gamble PG $63.39 +0.54 0.86% 17,662,426 NYSE: WSJ pB4 "P&G to Unveil Flurry of Products" by Ellen Byron, Anjali Cordeiro, AJC pA16 says "P&G see new products driving growth" says new versions of Pampers, Gillette shavers and Pantene shampoo are key to keeping P&G's customers say P&G's CEO Bob McDonald as it sticks to a forecast that it will earn between $4.02 and $4.12 a share this year.

3M MMM $81.11 +0.97 1.21% 2,700,496 NYSE: No mentions found.

Travelers TRV $52.74 +0.99 1.91% 4,577,578 NYSE: WSJ pC6 "Travelers Takes a Trip: WalMart Disappoints" by Donna Kardos Yesalavich says stocks climbed, as better than expected earnings from Hewlett-Packard boosted the tech sector, while industrial stocks, including Boeing were buoyed by improving manufacturing data. But WalMart's laest sales results disappointed. Insurance firm Travelers was he Dow's best performer, with a rise of 99 cents or 1.9%.

United Technologies UTX $68.11 +0.76 1.13% 4,124,602 NYSE: No mentions found.

Verizon VZ $29.15 +0.01 0.03% 11,175,937 NYSE: No mentions found.

WalMart WMT $53.47 -0.59 1.09% 29,447,286 NYSE: WSJ pB1 "WalMart Foresees Soft Sales Ahead" by Miguel Bustillo, Karen Talley, Fin Times p1 Walmart's first decline in US sales raises expansion questions" by Jonathan Birchall, NYT pB1 "Profit Rises At WalMar, But Outlook Is Clouded" by Stephanie Rosenbllom, AJC pA14 say the wrold's largest retailer saw sales at its US stores for the first time, as price cutting competitors lured away bargain hunters. WalMart earned 44.63 bil or $1.21 a share, up from $3.8 bil or 96 cents a share in the same quarter last year. Sales declined 0.5% for the quarter ending 1/31, the firt such decline since WalMart went public in 69.

WSJ pC10 "Grocery Investors Put Inflation on he List" says investors are starting to bet that a return of food price inflation will boost grocery store profits. WalMart said it expects food deflation to abate this year. Similar story at NYT pB2 "WalMart Dispels Inflation Fears."

WSJ pC6 "Travelers Takes a Trip: WalMart Disappoints" by Donna Kardos Yesalavich says stocks climbed, as better than expected earnings from Hewlett-Packard boosted the tech sector, while industrial stocks, including Boeing were buoyed by improving manufacturing data. But WalMart's laest sales results disappointed. Insurance firm Travelers was he Dow's best performer, with a rise of 99 cents or 1.9%.

Fin Times p12 "WalMart abroad" says it only took 48 years but the juggernaut that is Walmart finally showed signs of grinding to a half in 4Q as net sales shrank by 0.5% in he US which contributede $258 bil of the $405 bil in sales of WalMart.

Fin Times pB12 "WalMart weakness and rise in jobless fail to dam rally" by Masa Serdevic says disappointing results from WalMart added o concerns over rising inflation and unemployment, putting pressure on US stocks and threatened to break this weeks rally. Walmart shares lost 1.1% following disappointing 4Q results. Hewlett-Packard gained 1.4 as its 1Q results, posted after the market's close on Wed, beat estimates and the firm raised guidance for the year. Microsoft rose 1.3% aftr the approval of US and European regulators for a partnership with Yahoo to challenge Google, the leader of the search engine market.
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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 2/1/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $318 [5]
2. Microsoft MSFT 252 [9]
3. WalMart WMT 203 [4]
4. Chevron CVX 180 [2.5]
5. Procter & Gamble PG 180 [3]
6. Johnson & Johnson JNJ 174 [3]
7. GE 173 [10.5]
8. IBM 164 [1.5]
9 JPMorgan Chase 156 [4]
10. Pfizer PFE 152 [8]
11. AT&T 150 [6]
12. BAC 134 [8.5]
13. Cisco CSCO 131 [6]
14. Coke KO 126 [2]
15. Hewlett-Packard HPQ 113 [2]
16. Intel INTC 108 [5.5]
17. McDonald's MCD 106 [1.5]
18. Verizon VZ 84 [3]
19. Merck MRK 81 [2]
20. United Technologies UTX 63 [1]
21. 3M MMM 57 [.5]
22. Disney DIS 57 [2]
23. Home Depot 48 [2]
24. American Express AXP 45 [1]
25. Boeing BA 45 [1]
26. Kraft KFT 41 [1.5]
27. Caterpillar CAT 33 [.5]
28. DuPont DD 30 [1]
29. Travelers 28 [.5]
30. Alcoa AA 13 [1]

Here are the latest SEC filings as of 2/1/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:

Symbol & Co. Name/Date of Filing/Form Filed/ Comments

T AT&T: 1/29/10 8K re: 29,500 employees represented by Communications Workers of America District 3 failed to ratify the tentative labor agreement announced on December 14, 2009.

1/28/10 8K re: 4Q earnings were $0.51 per diluted share compared with $0.41 per share for the 4Q '08. 4Q net income was $3.0 bil compared with $2.4 bil for 4Q '08. Reported earnings for the full year '09 were $2.12 per diluted share, down from $2.16 per share for the full year '0 &net income for '09 was $12.5 bil, down from $12.9 bil for '08.

Alcoa AA: 1/27/10 8K re: contributions to pension plan of stock.

1/25/10 8K re: quarterly dividend on Alcoa’s common stock and preferred stock and that a contribution was authorized of up to $600 million in Alcoa common stock to Alcoa’s defined benefit pension plans.

1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.

American Express AXP: 1/25/10 8K re: increases to the annual base salaries Kenneth I. Chenault, Chairman & CEO from $1,250,000 $2,000,000; Edward P. Gilligan, Vice Chairman from $1,100,000 to $1,450,000; Stephen J. Squeri, Group President – Global Services & Chief Information Officer from $750,000 to $1,000,000; and Daniel T. Henry, Exec. VP & CFO from $700,000 to $850,000.

1/21/10 8K re: 4Q EPS of $0.59, up from $0.26 a year ago & other fin'l results.

1/15/10 8K re: owned and managed basis delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months of Oct., Nov. and Dec. '09.

Bank of Am BAC: 1/20/10 8K re: '09 net income of $6.3 bil, compared with net income of $4.0 bil '08. Including preferred stock dividends & the negative impact from the repayment of the U.S. gov’s $45 billion preferred stock investment in the company under the Troubled Asset Relief Program, income applicable to common shareholders was a net loss of $2.2 billion, or $0.29 per diluted share.

1/15/10 8K re: Brian Moynihan, CEO's new senior management team: Steele Alphin, chief admin. officer; Cathy Bessant, Global Technology & Operations exec, David Darnell, pres. of Global Commercial Banking; Barbara Desoer, pres. of Home Loans & Insurance; Anne Finucane, global strategy & marketing officer; Sallie Krawcheck, pres. of Global Wealth & Investment Management; Tom Montag, pres. Global Banking & Markets; Ed O’Keefe, gen'. counsel; Joe Price, president of Consumer, Small Business & Card Banking; Neil Cotty interim CFO; Bruce Thompson chief risk officer; & Greg Curl will focus on key strategic partnerships critical to BAC’s global capabilities.

12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.

Boeing BA: 1/27/10 8K re: 4Q '09 results: rev grew to $17.9 bil & operating margin grew to 9.4% with net income of $1.75 per share. Operating cash flow increased to $3.2 bil.

Caterpiller CAT: 1/27/10 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.

1/27/10 8K re: sales & rev of $32.39 bil for '09, a decrease of 37% from $51.32 biln in '08. Profit per share was $1.43, down 75%. 4Q sales & rev. were $7.9 bil, down 39% from 4Q '08. Profit per share for 4Q was $0.36, down 67% from 4Q '08.

Chevron CVX: 1/29/10 8K re: earnings for 4Q '09: net income was $3.1 bil, down 37% from $4.9 bil in 4Q '08.

12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.

Cisco CSCO: 11/25/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.

Coke KO: 10/29/09 10QA

Disney DIS: 1/22/10 Proxy Statement for '10 Annual Meeting of shareholders, which will be held on Wednesday, 3/10/10 at 10 a.m. at the JW Marriott San Antonio Hill Country in San Antonio, Texas.

1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.

1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.

DuPont DD: 1/26/10 8K re: 4Q EPS of $.48 compared to a 4Q '08 loss of $.70 per share. Sales of $6.4 bil were up 10% vs prior year, led by sales growth greater than 20% for titanium dioxide, electronic materials, performance polymers & seed products.

ExxonMobil XOM: 2/1/10 8K re: 4Q results: earnings were $6,050 mil, a decrease of 23% or $1,770 mil from 4Q '08. EPS were $1.27, a decrease of 18%. Capital & exploration expenditures were $8.3 bil, up 21% from the 4Q '08.

GE: 1/22/10 8K re: 4Q ’09 EPS of $0.28; FY ’09 EPS of $1.03; rev of $41.4 bil for Quarter; $157 bi for Year.

12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.

Hewlett-Packard HPQ: 1/27/10 Def. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, Cal.

1/27/10 8K re: Electronic Data Systems Corporation, which HP acquired in '08 is a defendant in litigation filed in the United Kingdom by Sky Subscribers Services Limited and British Sky Broadcasting Limited in '04 alleging deceit, negligent misrepresentation, negligent misstatement and breach of contract. On 1/26/10, the court issued a decision finding EDS UK liable to BSkyB for deceit in one area of the claim, for negligent misrepresentation and negligent misstatement in another area of the claim, and for breach of contract. The court also dismissed all of BSkyB’s other claims. The court will issue a final quantification of damages at a later date. HP plans to appeal.

Home Depot HD: 12/3/09 10Q

Intel INTC: 1/25/10 8K re: promotions of Renee J. James, Thomas M. Kilroy, Brian M. Krzanich & Stacy J. Smith to sr. vp.

1/15/10 8K re: 4Q earnings of revenue of $10.6B, up 13% sequentially; nearly twice the average seasonal sequential growth seen in 4Q; gross margin of 64.7% was a record, and up 7 points compared to 3Q; operating income of $2.5B was down 3% sequentially, and up 62% from a year ago. Net income of $2.3B was up 23% sequentially, and up 875% from a year ago.

12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.

IBM: 1/29/10 8K re: compensation for its top 5 execs.

1/19/10 8K re: Record diluted earnings per share of $10.01, up 13%; 7th consecutive year of double-digit EPS growth; record net income of $13.4 bil, up 9%; gross profit margin of 45.7%, 6th consecutive year of increase; record free cash flow of $15.1 bil, up $0.8 bil.

JPMorganChase JPM: 1/25/10 8K re: amendments to By-laws re: special meetings of stockholders.

1/19/10 8K re: 4Q results.

Kraft KFT: 2/1/10 8K re: further details about the dealing facilities that will be available to accepting Cadbury Securityholders who hold their Cadbury Shares or Cadbury ADSs in certificated form.

1/27/10 8K re: Kraft reduced the number of acceptances required to fulfil the Acceptance Condition of the recommended Final Offer for Cadbury from 90% to 50% plus one Cadbury Share.

1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.

12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.

McDonalds MCD: 1/26/10 8K re: compensation to execs.

1/22/10 8K re: '09 results: global comparable sales increase of 3.8%, fueled by the U.S. 2.6%, Europe 5.2% & Asia/Pacific, Middle East & Africa 3.4%; growth in McDonald’s combined operating margin to 30.1%; consolidated operating income increase of 6% (10% in constant currencies) over the prior year; earnings per share of $4.11, up 9% over the prior year; & return of $5.1 bil to shareholders through shares repurchased & dividends paid, bringing the 3-year total to
$16.6 bil under MCD’s $15 bil to $17 bil cash return to shareholders target for '07 through '09.

1/15/10 8K re: Donald Thompson elected Pres. & Chief Operating Officer. He's been with McDonald's for 19 years.

12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.

Merck MRK: 11/18/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.

Microsoft MSFT: 1/28/10 10Q.

1/28/10 8K re: record revenue of $19.02 bil for 2Q ended 12/31/09, a 14% increase from the same period of the prior year. Operating income, net income & diluted earnings per share for the quarter were $8.51 bil, $6.66 bil & $0.74 per share, which represented increases of 43%, 60% and 57%, respectively, when compared with the prior year period.

12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.

Pfizer PFE: 12/16/09 8K re: amendment of bylaws & change in fiscal year.

Procter & Gamble PG: 1/28/10 8K re: net sales growth of 6% for the October - December quarter to $21.0 bil. Organic sales grew 5%. Diluted net earnings per share were $1.49.

1/28/10 10Q

1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.

1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.

12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.

12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.

12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.

3M MMM: 1/28/10 8K re: 4Q earnings of $1.30 per share on sales of $6.1 bil, with operating income margins of 21.9%. Sales & per-share earnings increased 11.1% & 69% year-on-year, respectively. Profits grew at double-digit rates in each of the company’s six business segments and in all geographic regions. Free cash flow for 4Q grew by 16% to $770 million. 3M '09 sales of $23.1 bil & earnings per share of $4.52, down 8.5% & 7.6% respectively. Excluding special items, '09 earnings declined 9.3%to $4.69 per share.

Travelers TRV: 1/26/10 8K re: net income of $1.285 bil, or $2.36 per diluted share, for the quarter ended 12/31/09, compared to $801 mil, or $1.35 per diluted share, for the quarter ended 12/3108. Operating income in the current quarter was $1.155 bil, or $2.12 per diluted share, compared to $939 mil, or $1.58 per diluted share, in the prior year quarter.

United Technologies UTX: 1/27/10 8K re: 4Q '09 earnings per share of $1.15 & net income attributable to common shareowners of $1.1 bil, down 7% and 6%, respectively, over the year ago quarter. Consolidated revenues for the quarter of $14.1 billion were 5% below prior year.

Verizon Communications Inc. VZ: 1/26/10 8K re: Consolidated cash flow growth in 4Q '09: $31.6 bil in cash flow from operations in '09, up $4.0 bil, or 14.5 percent, from '08 & other financial results inlcuding a loss of 23 cents per share and adjusted earnings of 54 cents per share, compared with 4Q '08 EPS of 43 cents and 61 cents, respectively.

WalMartWMT: 1/28/10 8K re: business restructurings to leverage operating expenses consistent with its priorities of growth, leverage and returns. These include the closure of 10 Sam’s Clubs announced on 1/11/10, the elimination of Sam’s Club new business membership representatives, the new operations structure for Walmart U.S.; the integration of the Puerto Rican operations into Walmart U.S. and Sam’s Club.
The net impact from the charges for these business restructurings on 4Q earnings for fiscal year 2010 is estimated to be 0.04 per share. Walmart will announce fourth quarter earnings before the market opens on February 18, 2010.

12/8/09 10Q