2/5/10 Fri. am BofA & Lewis Sued by Cuomo while Settling with SEC

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Post #279 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, The Financial Times, The New York Times, Investor's Business Daily, USA Today, 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 stock prices and related data.

Dow: The Dow Jones Industrial Average closed Thursday at 10,002.18 down 268.37 or 2.6% from Wednesday's close of 10,270.55.Year to date the Dow is down 4.08%. Of the 30 Dow Companies: only Cisco gained and the other 29 declined. The only and biggest gainer dollar-wise and percentage-wise was Cisco CSCO $23.16 +0.09 0.39% 124,552,229 NASDAQ-GS. The biggest decliner dollar-wise was IBM $122.99 -2.67 2.12% 7,937,993 NYSE and percentage-wise was Bank of America BAC $14.8 -0.73 4.7% 236,951,563 NYSE.

WSJ pC1 "Dow Sinks to 3 Month Low Near 10000" by Peter A. McKay says fears about the global economy and sovereign credit hammered stocks and commodities, especially gold, which suffered its worst one day percentage drop since Dec. '08. The dow Jones Industrial Average fell the most points since 4/20/09. It briefly dipped below the psychologically important 10000 level for the first time since Nov. and fell 2.6% for the day to end at a 3 month low. The decline was broad, with 29 of the Dow's 30 components falling. Bank of America fell the most, off 5% after NY Atty Gen'l Andrew Cuomo filed civil securities fraud charges against former banks execs over their handling of the Merrill Lynch acquisition. The only Dow stock to rise was Cisco Systems, up 0.4% as investors responded to a better than expected profit report. Gold fell $49 to a three month low of $1,062.40 an oz. as investors flooded into the greenback.

WSJ pC6 "Alcoa and Chevron Weigh on Blue Chips" by Donna Kardos Yesalavich says stocks fell sharply, putting the Dow Jones Industrial Average just above the 10000 mark as concerns over European debt and US unemployment weighed. Metals firm Alcoa and energy giants Chevron and Exxon Mobil were among the many decliners as commodities tumbled. Alcoa wa among the Dow's hardest hit components, down 4.3% as metals futures slid on mounting fears that Greece, Portugal an Spain may find it difficult to bring their budgets under control, jeopardizing a fragile euro-zone economic recovery. Bank of America was the Dow's worst performer on a percentage basis and is charted on the side bar under "Bad News" saying NY's atty gen'l filed civil securities fraud charges against former execs Ken lewis and Joseph Price over the Merrill acquisition. Separately BofA and the SEC reached a $150 mil settlement on allegations of misleading investors during the Merrill deal. Cisco Systems was the Dow's lone advancer Thurs as the Nasdaq listed stock rose 0.4% after the big maker of networking gear reported a 23% jump in fiscal second quarter profit on higher sales & improved margins.

Fin Times p22 "European debt fears and poor jobs data batter shares" by Samantha Pearson says US stocks suffered their worst sell off since April last year after disappointing unemployment data added to concerns over Eeuropean sovereign debt. Alcoa dropped 4.3% while BofA was down 5%. Kraft fell 0.3% paring early early declines as Kraft plans a 4 part $9.5 bil debt issuance to fund its takeover of Cadbury.

NYT pA1 Markets Routed As Worry Grows On Europe Debt" by Javier C. Hernandez, Jack Ewing says just as America's recession begins to ebb, trouble is brewing in Europe that may prolong a downturn on the Continent and ricochet through the global economy as it struggles toward a recovery. A rout in stock markets that began in Europe spread to Wall St. on Thurs. amid fears that Europe may be the world's next flashpoint. Pressure has been mounting across the Atlantic as Greece, Portugal and a handful of struggling nations that use the euro scramble to pay off mountains of debt accumulated from years of profligate spending.

Inv. Bus. Daily pA1 'Correction Cuts Deeper As Stocks Slide In Fasat Trade" by Paul Witfield says the market's correction deepened Thurs as worries spread about the debt burdened economies of Portugal, Greece and Spain. Thursday's action say indexes plungein faster trade. The current outlook is the market is in correction.

USA p1B "Sell off Follows worries about jobs, European debt" by Adam Shell says after rising virtually uninterrupted since its bear market low in Mar, the stock market is suddenly exhibiting a fragility not seen since the dark days of the financial crisis. Rising investor angst was evident Thurs, when mounting worries over debt problems in Europe and a fresh reminder that jobs are hard to find in the USA sparked a sell off that pushed the Dow Jones Industrials briefly back below 10,000.

USA Today p4B "Markets plunge as jobless claims climb" by Bloomberg says stocks dropped Thurs, spending the S&P 500 down the most since April, on disappointing earnings, an unexpected increase in jobless claims and growing concern that Greece, Spain and Portugal will struggle to curb budget deficits.

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 16.24 down from Thursday morning's 16.69 (year ago it was 19.08) the P/E estimate is 12.99 unchanged from Thursday's 12.99 (year ago it was 9.71) and the current dividend yield is 2.72 up from Thursday's 2.65 (it was 3.88 a year ago).

Thursday's Dow Jones Industrial Average closing numerator was 1,323.48 down 35.51 from Wednesday's closing Dow numerator of 1,358.99. 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 35.51 for Thursday by the divisor you get the decrease in Thursday's Dow close of 268.37.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 44.12 down 1.18 from Wednesday's Dow Jones Industrial Average closing price of $45.30. The median closing price of Thursday's Dow Jones Industrial Average was 38.06 down $1.45 from Wednesday's median closing price of 39.51. The lowest volume again was 3M MMM $79.2 -2.30 2.82% 5,002,832 NYSE and the highest volume again was Bank of Am BAC $14.8 -0.73 4.7% 236,951,563 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 $3,540 ($135,900 - 132,360).

AT&T T $25.07 -0.51 1.99% 29,561,731 NYSE: WSJ pB1 "T-Mobile's German Owner Weighs US Spinoff" by Jeffrey McCracken, Dana Cimilluca says the owner of T-Mobile USA, the 4th largest US wireless provider, is exploring an initial public offering or spinoff of the business as it seeks way to jump start the carrier and assuage disenchanted shareholders. Despite heavy marketing and having the first Google based cellphone, T-Mobile USA has failed to keep pace with rivals. With 33 mil customers and annual rev of $19 bil, T-Mobile USA has about 14% market share, leaving it far behind At&T, Verizon Wireless and Sprint Nextel Corp. A side bar shows all these firms' subscriber numbers.

Alcoa AA $12.91 -0.58 4.3% 42,344,848 NYSE: WSJ pC6 "Alcoa and Chevron Weigh on Blue Chips" by Donna Kardos Yesalavich says stocks fell sharply, putting the Dow Jones Industrial Average just above the 10000 mark as concerns over European debt and US unemployment weighed. Metals firm Alcoa and energy giants Chevron and Exxon Mobil were among the many decliners as commodities tumbled. Alcoa wa among the Dow's hardest hit components, down 4.3% as metals futures slid on mounting fears that Greece, Portugal an Spain may find it difficult to bring their budgets under control, jeopardizing a fragile euro-zone economic recovery. Bank of America was the Dow's worst performer on a percentage basis and is charted on the side bar under "Bad News" saying NY's atty gen'l filed civil securities fraud charges against former execs Ken lewis and Joseph Price over the Merrill acquisition. Separately BofA and the SEC reached a $150 mil settlement on allegations of misleading investors during the Merrill deal. Cisco Systems was the Dow's lone advancer Thurs as the Nasdaq listed stock rose 0.4% after the big maker of networking gear reported a 23% jump in fiscal second quarter profit on higher sales & improved margins.

American Express AXP $37.67 -0.66 1.72% 11,489,236 NYSE: No mentions found.

Bank of America BAC $14.8 -0.73 4.7% 236,951,563 NYSE: WSJ pA1 "Ex-BofA Chief Sued for Fraud" by Dan Fitzpatrick, Kara Scannell, Fin Times p1 Headline "BofA and ex-chiefs face fraud lawsuits" by Greg Farrell, Brooke Masters, Fin Times p15 "Cuomo says BofA ignored advice" by Brooke Masters, Megan Murphy Fin Times p12 "Bank of America," NYT pB1 "Cuomo Sues Bank of America, Even as It Settles With SEC" by Louise Story, USA Today p3B "Bank of America harged with fraud" by Kevin McCoy, AJc pA15 "Bank of America hit with charges" by Stephen Bernard, Ieva M.Augstums of AP say former BofA CEO Kenneth D. Lewis and the firm's current consumer banking chief were charged in a civil cmoplaint of duping investors by failing to disclose mounting losses at Merrill Lynch prior to the shareholder vote at BofA in a civil suit filed under New York's securities law known as the Martin Act. At the same time the SEC said it reached a $150 mil settlement of a fed suit alleging the same things. The settlement ust be approved by the judge who rejected an earlier $33 mil settlement.

WSJ pC1 "Dow Sinks to 3 Month Low Near 10000" by Peter A. McKay says fears about the global economy and sovereign credit hammered stocks and commodities, especially gold, which suffered its worst one day percentage drop since Dec. '08. The dow Jones Industrial Average fell the most points since 4/20/09. It briefly dipped below the psychologically important 10000 level for the first time since Nov. and fell 2.6% for the day to end at a 3 month low. The decline was broad, with 29 of the Dow's 30 components falling. Bank of America fell the most, off 5% after NY Atty Gen'l Andrew Cuomo filed civil securities fraud charges against former banks execs over their handling of the Merrill Lynch acquisition. The only Dow stock to rise was Cisco Systems, up 0.4% as investors responded to a better than expected profit report. Gold fell $49 to a three month low of $1,062.40 an oz. as investors flooded into the greenback.

WSJ pC10 "Overheard" says Cuomo's civil complaint against BofA reads like an outtake from "The Wire" since it alleged the Treasurer Jeffrey Brown told former CFO Joseph Price that Merrill Lynch's losses should be disclosed to shareholders before they voted on the merger and Brown said when his advice went unheeded that Brown "didn't want to be talking through a glass wall over a telephone." Your Blogger has no idea what that means.

WSJ pC6 "Alcoa and Chevron Weigh on Blue Chips" by Donna Kardos Yesalavich says stocks fell sharply, putting the Dow Jones Industrial Average just above the 10000 mark as concerns over European debt and US unemployment weighed. Metals firm Alcoa and energy giants Chevron and Exxon Mobil were among the many decliners as commodities tumbled. Alcoa wa among the Dow's hardest hit components, down 4.3% as metals futures slid on mounting fears that Greece, Portugal an Spain may find it difficult to bring their budgets under control, jeopardizing a fragile euro-zone economic recovery. Bank of America was the Dow's worst performer on a percentage basis and is charted on the side bar under "Bad News" saying NY's atty gen'l filed civil securities fraud charges against former execs Ken lewis and Joseph Price over the Merrill acquisition. Separately BofA and the SEC reached a $150 mil settlement on allegations of misleading investors during the Merrill deal. Cisco Systems was the Dow's lone advancer Thurs as the Nasdaq listed stock rose 0.4% after the big maker of networking gear reported a 23% jump in fiscal second quarter profit on higher sales & improved margins.

Boeing BA $59.42 -2.04 3.32% 6,995,292 NYSE: AJC pA16 says Boeing reported 10 new aircraft orders for Jan all for 737-800s from Ethioipan Airlines. Boeing ended last year with a backlog of 3,375 commercial aircraft. It delivered 28 new planes in Jan.

Caterpillar CAT $51.41 -1.98 3.71% 11,169,467 NYSE: No mentions found.

Chevron CVX $71.13 -2.08 2.84% 13,098,404 NYSE: WSJ pC6 "Alcoa and Chevron Weigh on Blue Chips" by Donna Kardos Yesalavich says stocks fell sharply, putting the Dow Jones Industrial Average just above the 10000 mark as concerns over European debt and US unemployment weighed. Metals firm Alcoa and energy giants Chevron and Exxon Mobil were among the many decliners as commodities tumbled. Alcoa wa among the Dow's hardest hit components, down 4.3% as metals futures slid on mounting fears that Greece, Portugal an Spain may find it difficult to bring their budgets under control, jeopardizing a fragile euro-zone economic recovery. Bank of America was the Dow's worst performer on a percentage basis and is charted on the side bar under "Bad News" saying NY's atty gen'l filed civil securities fraud charges against former execs Ken lewis and Joseph Price over the Merrill acquisition. Separately BofA and the SEC reached a $150 mil settlement on allegations of misleading investors during the Merrill deal. Cisco Systems was the Dow's lone advancer Thurs as the Nasdaq listed stock rose 0.4% after the big maker of networking gear reported a 23% jump in fiscal second quarter profit on higher sales & improved margins.

WSJ pB4 "Shell to scale Back as Refining Mars Profit" by Guy Chazan, Fin Times p17 "Sehll to shed refining capacity and 1,000 jobs" by Carola Hoyos say Royal Dutch Shell released disappointing 4Q results due to the worst refining environment in25 years. The downstream oepation posted a loss of $427 mil, echoing similar losses at Exxon Mobil and Chevron.

Cisco CSCO $23.16 +0.09 0.39% 124,552,229 NASDAQ-GS: WSJ pB4 "Cost cutting Boosts Profits" by Paul Vigna, John Shipman says 4Q earnings for US firms so far have rocked compared with a year ago but earnings can't improve much more because much of the profits resulted from one time cost cutting.Cisco Systems has come out with the boldest outlook this earnings season, pegging sales growth around 25% and announcing it will hire up to 3,000 new people to help it handle its growing business. Unfortunately, more firms, including Verizon Communications Inc., Walmart Stores and Diebold continue to fire workers.

Inv. Bus. Daily pB3 "Tech Sector Saw conditions Rebound in Q4" by Alan R. Elliott says tech massed forward in Jan, with 11 the industry groups pressing into IBD's top 50 industry rankings. Cisco Systems, in the computer networking group, jumped to No. 63 from 126, and was the lone Dow component to rise in Thurs's broad sell off.

WSJ pC1 "Dow Sinks to 3 Month Low Near 10000" by Peter A. McKay says fears about the global economy and sovereign credit hammered stocks and commodities, especially gold, which suffered its worst one day percentage drop since Dec. '08. The dow Jones Industrial Average fell the most points since 4/20/09. It briefly dipped below the psychologically important 10000 level for the first time since Nov. and fell 2.6% for the day to end at a 3 month low. The decline was broad, with 29 of the Dow's 30 components falling. Bank of America fell the most, off 5% after NY Atty Gen'l Andrew Cuomo filed civil securities fraud charges against former banks execs over their handling of the Merrill Lynch acquisition. The only Dow stock to rise was Cisco Systems, up 0.4% as investors responded to a better than expected profit report. Gold fell $49 to a three month low of $1,062.40 an oz. as investors flooded into the greenback.

Coca-Cola KO $53.47 -1.40 2.55% 9,603,302 NYSE: NYT pB3 "An Advocacy Ad elevates Interest in All the Ads" by Stuart Elliott lists the 36 advertisers in Super Bowl XLIV and includes the following Dow firms: Coke ads will run in 1st and 3rd quarters, Disney which didn't say when its ads will run, Intel will run in 4th quarter & GE's NBC Universal Pictures and their Orlando Resort will run in 1st or 2nd quarter.

Disney DIS $29.685 -1.065 3.46% 12,046,749 NYSE: NYT pB3 "An Advocacy Ad elevates Interest in All the Ads" by Stuart Elliott lists the 36 advertisers in Super Bowl XLIV andincludes the following Dow firms: Coke ads will run in 1st and 3rd quarters, Disney which didn't say when its ads will run, Intel will run in 4th quarter & GE's NBC Universal Pictures and their Orlando Resort will run in 1st or 2nd quarter.

DuPont DD $32.52 -0.97 2.9% 8,675,788 NYSE: No mentions found.

ExxonMobil XOM $64.7375 -1.8625 2.8% 31,064,327 NYSE: WSj pB2 "Malaysian Oil Sahre Up Stirs Unease" by Elffie Chew, Patrick Barta says Malaysia's deision to replace the top exec of its nat'l oil firm has sparked concern that the gov wants to asset ore control over the firm. The firm, Petronas, is among the world's top 15 gas producers and has participated in jv's with other Western oil majors, including Exxon Mobil which enabled Petronas to develop more sophisticated energy production and exploration operations than many other state oil firms.

WSJ pB4 "Shell to scale Back as Refining Mars Profit" by Guy Chazan says Royal Dutch Shell released disappointing 4Q results due to the worst refining environment in25 years. The downstream oepation posted a loss of $427 mil, echoing similar losses at Exxon Mobil and Chevron.

GE $16.035 -0.645 3.87% 102,498,590 NYSE: WSJ pB5 "Comcast, NBC Defend merger on Capitol Hill" by Amy Schatz, Fin Times p3 "Lawmakers question Comcast chiefon proposed merger" by Stephanie Kirchgaessne, NYT pB2 "InHearing, Democrats Question Comcast's Deal for NBC Universal" by Brian Stelter say lawmakers questioned the mpact on consumers from Comcast's proposed deal to acquire control of GE's NBV Universal in hearings of the House Energy & Commerce Subcomm on Communications, Technology and the Internet. NBC's affiliate stations want assurances that Comcast won't move valuable programming away to its cable channels. FCC and Justice Dept. officials have only recently begun their reviews.

NYT pB3 "An Advocacy Ad elevates Interest in All the Ads" by Stuart Elliott lists the 36 advertisers in Super Bowl XLIV and includes the following Dow firms: Coke ads will run in 1st and 3rd quarters, Disney which didn't say when its ads will run, Intel will run in 4th quarter & GE's NBC Universal Pictures and their Orlando Resort will run in 1st or 2nd quarter.

Home Depot HD $27.98 -0.49 1.72% 18,028,974 NYSE: No mentions found.

Hewlett-Packard HPQ $47.05 -1.68 3.45% 20,179,495 NYSE: No mentions found.

Intel INTC $19.02 -0.66 3.35% 90,092,886 NASDAQ-GS: No mentions found.

IBM $122.99 -2.67 2.12% 7,937,993 NYSE: No mentions found.

J.P.Morgan Chase JPM $38.45 -1.84 4.57% 51,839,647 NYSE: Fin Times p13 "Dimon takes up $10 mil stock option" by Francesco Guerrera, Justin Baer says JPMorgan Chase's CEO received shares worth $10 mil after exercising 10 year old stock options just before he was due to be granted a '09 package estimated at up to $20 mil.

WSJ pC3 "MasterCard Profit Up - Not Enough" by Aparajita Saha-Bubna, John Kell says Masterard's 4Q profit rose 23%, as the firm reported higher processed transactions and improved spending, but the results were below analysts' expectations, sending the stock sharply lower. MasterCard and Visa make money from the fees they charge banks to process card payments on the plastic these banks issue. JPmorgan Chase and Citigroup are among the top issuers of MasterCard and Visa branded cards.

NYT pB4 "Dodd Denounces Pace of Banking Overhaul" by Sewell Chan says execs at goldman Sachs and JPMorgan expressed misgivings on Thurs about the Obama admin's new proposals to restrict he size and risk taking of the nation's largest banks. Barry L. Zubrow, chief risk officer for JPMorgan testified before the Senate Banking Comm.

Johnson & Johnson JNJ $62.69 -0.94 1.48% 17,052,944 NYSE: No mentions found.

Kraft KFT $28.35 -0.13 0.46% 50,034,273 NYSE: WSJ pC7 "Investors Tap Berkshire, Kraft" by Romy Varghese, Kellie Geressy-Nilsen, NYT pB2 "Bkond Investors Hungry for Kraft" says Berkshire Hathaway joined Kraft Foods in offering a multibil dollar bond, and both found plenty of buyers even as disappointing economic news sent investors fleeing from stocks, commodities and other assets. On Thurs, Kraft raised $9.5 bil to finance its purchase of Cadbury.

Fin Times p22 "European debt fears and poor jobs data batter shares" by Samantha Pearson says US stocks suffered their worst sell off since April last year after disappointing unemployment data added to concerns over Eeuropean sovereign debt. Alcoa dropped 4.3% while BofA was down 5%. Kraft fell 0.3% paring early early declines as Kraft plans a 4 part $9.5 bil debt issuance to fund its takeover of Cadbury.

McDonald's MCD $64.09 -1.12 1.72% 10,255,466 NYSE: No mentions found.

Merck MRK $36.95 -1.77 4.57% 22,324,270 NYSE: Inv. Bus. Dily pA10 "Earning's Growth Proves Mylan Made Right Moves" by Peter Benesh says Mylan made the right decisions a few years ago went in hock big time to become a vertically integrated global force in generic drugs. Mylan bought in '07 the generics unit of German based Merck KgaA which is not part of the US based Merck. Mylan's big generic drug Vytorin is a cholesterol fighter that combines simvastatin with exetimbie, known by its brand name, Zetia. Vytorin is a product of US Merck and its '09 acquisition of Schering-Plough.

Microsoft MSFT $27.84 -0.79 2.76% 75,224,704 NASDAQ-GS: Inv. Bus. Daily pA4 "Nokia and Microsoft Heat Up Competition In Smart Phone Field" by Brian Deagan says the Symbian operating system that drove Nokia to the global handset lead completed its conversion into a totally open OS Google on Wed announced its newest feature for its Android open source OS, one that resembles a key feature of the iPhone. Microsoft will likely introduce a major upgrade to its Windows Mobile OS this year, and may unveil a phone based on its Zune media player this month.

Pfizer PFE $18.09 -0.53 2.85% 88,443,356 NYSE: WSJ pB1 "Glaxo Sets Big Shift In Drug Research" by Jeanne Whalen says GlaxoSmithKline said it will stop research into new antidepressants and focus on diseases for which it believes it can develop more valuable drugs, a major shift for a firm that developed some of the biggest selling antidepressants of the past 20 years, such as Paxil and Wellbutrin, which at their peak generated billions of dollars a year in sales. Similar medicines, such as Eli Lilly's Prozac and Pfizer's Zoloft, also generated big sales for those firms. However, low cost generic copies have eroded demand for name band antidepressants.

WSJ pA15 "Pfizer's Bad Political Bet" by Kimberley A. Strassel says Pfizer';s CEO Jeffrey Kindler is a case study in the hitch and hope mentality. He is a CEO who became the motivating force behind Big Pharma's $80 bil deal on reform and industry support of ObamaCare. Pfizer was long a firm that zealously guarded against gov interference. Kindler is known as a Democrat and political junkie. Pfizer aggressively shifted political giving and gave 33% of its money to Democrats in '06 but in '08 it went up to 52% and in the '10 cycle so far, 61% to Democrats. In '09 Pfizer became the 4th largest fed lobbyist, spending nearly $25 mil, the year before it hadn't even made the top 20. Now Pfizer is in he same position as insures, hospitals, and utilities who tried to accomodate a president whose health care and climate agendas are now comatose.

NYT pB1 "Stalled Health Care Bill Leaves Drug makers in Regulatory Limbo" by Duff Wilson says with the possible deise of health care legislation, getting back to business ma ynot be the best thing for big pharma firms which had already agreed to pay $8 bil a year in discounts and fees. This is small for an industry with $246 bil in prescription drug sales last year. The industry giant Pfizer has that 88% of its $56 bil in income from '04 through '08 originated overseas which culd be subject to the corporate 35% tax rate if the president's proposal goes through.

Procter & Gamble PG $61.36 -1.29 2.06% 13,066,473 NYSE: No mentions found.

3M MMM $79.2 -2.30 2.82% 5,002,832 NYSE: No mentions found.

Travelers TRV $49.7 -0.87 1.72% 6,117,092 NYE: No mentions found.

United Technologies UTX $66.37 -1.87 2.74% 5,618,760 NYSE: No mentions found.

Verizon VZ $28.64 -0.55 1.88% 25,855,249 NYSE: WSJ pB1 "T-Mobile's German Owner Weighs US Spinoff" by Jeffrey McCracken, Dana Cimilluca says the owner of T-Mobile USA, the 4th largest US wireless provider, is exploring an initial public offering or spinoff of the business as it seeks way to jump start the carrier and assuage disenchanted shareholders. Despite heavy marketing and having the first Google based cellphone, T-Mobile USA has failed to keep pace with rivals. With 33 mil customers and annual rev of $19 bil, T-Mobile USA has about 14% market share, leaving it far behind At&T, Verizon Wireless and Sprint Nextel Corp. A side bar shows all these firms' subscriber numbers.

WSJ pB4 "Cost cutting Boosts Profits" by Paul Vigna, John Shipman says 4Q earnings for US firms so far have rocked compared with a year ago but earnings can't improve much more because much of the profits resulted from one time cost cutting.Cisco Systems has come out with the boldest outlook this earnings season, pegging sales growth around 25% and announcing it will hire up to 3,000 new people to help it handle its growing business. Unfortunately, more firms, including Verizon Communications Inc., Walmart Stores and Diebold continue to fire workers.

WalMart WMT $52.96 -1.31 2.41% 20,128,752 NYSE: WSJ pB8 by Miguel Bustillo profiles midwest retailer hhgregg as moving aggressively to capialize on cheaper rents to challenge much bigger rival Best buy but they will still face big competition from nat'l powers, Walmart and Sears.

WSJ pB4 "Cost cutting Boosts Profits" by Paul Vigna, John Shipman says 4Q earnings for US firms so far have rocked compared with a year ago but earnings can't improve much more because much of the profits resulted from one time cost cutting.Cisco Systems has come out with the boldest outlook this earnings season, pegging sales growth around 25% and announcing it will hire up to 3,000 new people to help it handle its growing business. Unfortunately, more firms, including Verizon Communications Inc., Walmart Stores and Diebold continue to fire workers.
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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