2/6/10 Sat. JPMorgan's CEO Dimon gets $17 mil Bonus, twice Blankfein's

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Post #281 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 Saturday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Atlanta Journal Constitution & Monday's 2/8/10 Investor's Bus Daily, 2/8/10 issue of Barron's & 2/15/10 issue of Bloomberg BusinessWeek 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 Friday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Friday at 10,012.23 up 10.05 or 0.1% from Thursday's close of 10,002.18. For the week the Dow down up 65.15 or 0.65% from last Friday's close of 10067.33. Year to date the Dow Jones Industrial Average is down 3.99%. Of the 30 Dow Companies: 19 gained and 11 declined. The biggest gainer dollar-wise and percentage-wise was Intel INTC $19.47 +0.45 2.37% 87,600,470 NASDAQ-GS. The biggest decliner dollar-wise and percentage-wise was Boeing BA $58.3 -1.02 1.72% 9,176,306 NYSE.

WSJ pB1 "Stock Rebound Is a Crisis Flashback" by Mark Gongloff says stocks pulled out of a 167 point hole with a late rally Fri, capping a wild week reminiscent of the most volatile days of the credit crisis. The Dow Jones Industrial Average fell to 9835 before rallying in the last hour. Since Jan 11 stocks and gold have moved in the same direction 80% of the time.

WSJ pB2 "Tech Drive Paces a late Dow Rally" by Kristina Peterson says stocks edged higher Fri after a volatile day of trading as materials firms including Alcoa climbed following unexpected improvements in economic data and Boeing fell as investors fretted about European sovereign debt. Meanwhile, the tech sector rose, extending gains from firms reporting strong earnings the past week, including Cisco systems. Tech components led the Dow on Fri with Cisco up 2.3% extending its gains after posting better than expected earnings earlier in the week. Intel led the sector's climb, ending the day up 2.4%. Both trade on Nasdaq.

WSJ pB7 "Market Is Pounded" says a whiff of continental panic wafted across the pond, sending investors scurrying for safety this week. The greenback and Treasurys rose, as fear about debt in nations such as Greece and Portugal made investors nervous about holding euros. Stocks suffered a steep drop, which yanked the Dow Jones average below 10000 at times.

Fin Times p14 "Monthly jobs data add to uncertainty over recovery" by Samantha Pearson says US stocks see sawed yesterday after a mixed monthly jobs report created further uncertainty about the pace of the economic recovery. White the unemployment rate fell to a five month low, the labor department also reported a surprise declne in Jan. payrolls.

Inv. Bus. Daily pA1 "Stocks Erase Losses, end Mostly Higher" by Paul Whitfield says stocks counter punched to a mostly positive finish Fri after a sharp sell off earlier in the day. Friday's action was indexes revered higher in heavier volume. the current outlook is the market is in a correction.

Sat. NYT pB7 "Wall St.. Takes a Dive and Then Resurfaces" by Javier C. Hernandez says Wall St. indexes swung wildly on Fri but ended the day higher as investors tried to look beyond fears that Europe's debt crisis would choke off global growth.

BRN's pM3 "Rising Profits Fail to Prop Up Stocks" by Kopin Tan says stocks fell for a 4th straight week, but the Dow Jones Industrial Average's first dip below 10000 this year lured buyers who believed the correction has run its course. These buyers ought to be nervous about the recent failure of good earnings news to goose further gains. Cisco systems reported its first year over year increase in rev since the credit crisis, while bellwethers like ExxonMobil annd Yum Brands delivered better than expected earnings yet stocks slumped to their lowest level in 3 months. Tan also says Eastman Kodak has been eclipsed in the imaging world by savvier, richer firms like Apple and Hewlett Packard which can outspend Kodak on the path to brighter technology.

Market Watch by Kate Gibson Friday 4:12 pm says U.S. stocks ended higher on Friday after waging a dramatic comeback in the final hour of trade, spurred by gains in commodities, with oil back above $70 a barrel. "It's less driven by an influx of bargain hunters and more the exhaustion of sellers," Art Hogan, chief market strategist at Jefferies & Co., said of the late surge.Reversing course after a near 200-point drop earlier, the Dow Jones Industrial Average added 10.05 points, or 0.1%, to 10,012.23, leaving the blue chips with a 0.6% weekly loss. The S&P 500 gained 3.08 points, or 0.3%, to 1,066.19, down 0.7% for the week. The Nasdaq Composite rose 15.69 points, or 0.7%, to 2,141.12, leaving it off 0.3% from the week-ago close.

As of the close of the market Friday, the current divisor for the Dow Jones Industrial Average found at page B4 of today's Wall St. Jrnl is 0.132319125 unchanged, the trailing P/E ratio is 16.26 upn from Friday morning's 16.23 (year ago it was 19598) the P/E estimate is 12.67 down from Friday's 12.99 (year ago it was 10.06) and the current dividend yield is 2.1 down from Friday's 2.72 (it was 3.80 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1,324.81 up 1.33 from Thursday's closing Dow numerator of 1,323.48. 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 1.33 for Friday by the divisor you get the increase in Friday's Dow close of 10.05. 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 Friday's Dow Jones Industrial Average was 44.16 up .04 from Thursday's Dow Jones Industrial Average closing price of $44.12. The median closing price of Friday's Dow Jones Industrial Average was 38.09 up .03 from Thursday's median closing price of 38.06. The lowest volume again was 3M MMM $78.54 -0.67 0.85% 5,051,942 NYSE and the highest volume again was Bank of Am BAC $15.025 +0.275 1.86% 286,171,344 NYSE.

If Friday morning before the market opened you had purchased 100 shares of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs) and sold at the close you would have made $120 ($132,480 - $132,360). The WSJ pB11 on 2/6/10 said an $1,000 investment on 12/31/09 in each DJIA stock component would have returned $28,877 as of 2/6/10 when the market was at 10,012.23 or a loss of 3.74% on the $30,000 investment, including reinvested dividends.

AT&T T $25.24 +0.21 0.84% 49,335,535 NYSE: Bus. Wk. p34 "AT&T's iMess" by Roben Farzard says the iPhone has swamped AT&T's data network and sparked a consumer rebellion says on Dec. 18 at noon there was an attempt by thousands of people organized on the Internt to deliberately try to overwhelm the A&T data network. When AT&T got exclusive rights to support Applie's iPhone on its wireless network in June '07 it underestimated the iPhone's appeal figuring there would be sales of 10 mil phones in '08 instead of the 42 million hthat have been sold so far. Making matters worse is the proliferation of apps, bandwidth sucking programs, that run on smart phones. AT&T is trying to increase capacity while trying to squeeze network hogs and subtly reshae the defintition of net neutrality which allows telecom firms to dictate customers' options. Verizon, the NY based carrier has been sending signals to iPhone users for months, signaling that it isr eady to serve them as soon as AT&T's exclusive deal with Apple runs out. Verizon is already ahead of AT&T in upgrading tis slow copepr wires to fast fiber optic lines.

BusWk p80 "Turning an iPad into An iMust-Have" by Rich Jaroslovsky says Apple's new device is lovely and loaded with potential, but it won't fly unless there is cool content to go with it. In Apil a top of the line iPad connecting to AT&T's 3G network will be priced at $829.

Alcoa AA $13.1716 +0.2616 2.03% 42,752,091 NYSE: WSJ pB2 "Tech Drive Paces a late Dow Rally" by Kristina Peterson says stocks edged higher Fri after a volatile day of trading as materials firms including Alcoa climbed following unexpected improvements in economic data and Boeing fell as investors fretted about European sovereign debt. Meanwhile, the tech sector rose, extending gains from firms reporting strong earnings the past week, including Cisco systems. Tech components led the Dow on Fri with Cisco up 2.3% extending its gains after posting better than expected earnings earlier in the week. Intel led the sector's climb, ending the day up 2.4%. Both trade on Nasdaq.

WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%

American Express AXP $37.83 +0.30 0.8% 11,945,083 NYSE: BRN's p33 "A Winning Way" by Andrew Bary says a Cincinnati Accountant won the '09 Barron's forecasting challenge by saying the depressed stock of American Express would do well in '09, Walmart stock would go from doing well in '08 to doing poorly in '09. The winner holds Procter & Gamble shares.

Bank of America BAC $15.025 +0.275 1.86% 286,171,344 NYSE: WSJ pA12 "Blaming Bank of America" editorializes that New York Attorney General Andrew Cuomo is being unfair in suing Bank of America under New York's Martin Act which doesn't require him to prove Bank of America had an intent to defraud which is required to find liability in every other state. Your Blogger has been an active member of the New York Bar for over 30 years, has a lot of experience with The Martin Act and does not agree with the editorial's legal analysis.

BRN's p16 "Week in Review", FinTimes p10 "Cuomo complaint explores Curl roles in BofA intrigue" by Greg Farrell says Bank of America directors dodged a bullet in Dec when they named Brian Moynihan instead of Greg curl to replace Ken lewis as CEO if allegations filed yesterday against Lewis by NY's Atty Gen'l are true. Both men are featured in a omplaint detailing allegations of fraud against Mr. Lewis and Joe Price, BofA's former cfo. The complaint alleges that BofA sacked its general counsel, Tim Mayopoulos because he disagreed with management's decision not to disclose Merrill's mounting losses to the bank's shareholders prior to a vote on whether to acquire Merrill.

BRN's p16, (Sat's) NYT pB1 "Goldmn Chief's $9 Mil Bonus Seen by Some as Show of Resrtaint" & WSJ pA1 "Goldman Bows on CEO Pay" by Susanne Craig, Matthias Rieker says Goldman Sachs Group trying to show it is responsive to public pressure over pay said CEO Lloyd Blankfein would get a $9 mil bonus for '09, a fraction of the $68.5 mil he got in '07. Blankein's take for '09 is half of rival's Jamie Dimon at J.P.Morgan who received '09 compensation of $17 mil and Brian Moynihan of Bank of America who received $800,000 base and a total of $6 mil.

BRN's p25 "Rising Stars" by Michael Santoli says Bank of America's capital base is stabilized and has freed up TARP aid, but the integration of Merrill Lynch remains a challenge. JP Morgan is a clear winner from the crisis and has just enough Wall St. culture to compete, but not too much to take outsized risks.

BRN's pM7 charts Bank of Americs stating NY State is suing Lewis and that BofA settled SEC charges for $150 mil.

Boeing BA $58.3 -1.02 1.72% 9,176,306 NYSE: WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%.

Bus. Wk p8 says enraged by US plans to sell $6.4 bil worth of helicpoters and antimissile systems to Taiwan, Beijing on 1/30 canceled military exchanges and threatened retaliation against United Technologies, Boeing, Raytheon, and Lockheed Martin all of whom manufacture munitions for Taiwan.

Caterpillar CAT $51.73 +0.33 0.64% 15,481,808 NYSE: No mentions found.

Chevron CVX $71.15 -0.22 0.31% 16,398,106 NYSE: No mentions found.

Cisco CSCO $23.7 +0.54 2.33% 98,194,165 NASDAQ-GS: AJC pA11 says a Chinese businessman who sold phony Cisco computer parts to US buyers has been sentenced to 2 and 1/2 years in fed. prison and ordered to repay nearly $800,000 to Cisco.

WSJ pB2 "Tech Drive Paces a late Dow Rally" by Kristina Peterson says stocks edged higher Fri after a volatile day of trading as materials firms including Alcoa climbed following unexpected improvements in economic data and Boeing fell as investors fretted about European sovereign debt. Meanwhile, the tech sector rose, extending gains from firms reporting strong earnings the past week, including Cisco systems. Tech components led the Dow on Fri with Cisco up 2.3% extending its gains after posting better than expected earnings earlier in the week. Intel led the sector's climb, ending the day up 2.4%. Both trade on Nasdaq.

WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%.

Inv. Bus. Daily pB2 "Cisco Calls "Recovery 2" says CEO John Chambers said Cisco's Q2 results gives a clear indication that Cicso is entering the 2nd phase of the economic recovery.

BRN's "Market keeps Ignoring Tech's Surge" by Eric J. Savitz says Intel, Microsoft, Seagate all posted better than expected results but the market ignored them. The trend continued last week when Cisco systems disclosed results for the 2Q ended in Jan, that provided fresh evidence that the tech spending pickup is spreading from the consumer to the enterprise.

BRN's pM3 "Rising Profits Fail to Prop Up Stocks" by Kopin Tan says stocks fell for a 4th straight week, but the Dow Jones Industrial Average's first dip below 10000 this year lured buyers who believed the correction has run its course. These buyers ought to be nervous about the recent failure of good earnings news to goose further gains. Cisco systems reported its first year over year increase in rev since the credit crisis, while bellwethers like ExxonMobile and Yum Brands delivered better than expected earnings yet stocks slumped to their lowest level in 3 months. Tan also says Eastman Kodak has been eclipsed in the imaging world by savvier, richer firms like Apple and Hewlett-Packard which can outspend Kodak on the path to brighter technology.

Coca-Cola KO $53.09 -0.34 0.64% 13,945,883 NYSE: BRN's p17 & M50 says Coca-Cola reports results before the market opens on Tuesday 2/9 and Diney reports results the same day after the market closes. Coke reports Q4 results on a 9:30 am conference call, Coca-Cola Enterprise reports on 2/10 at a 10 am conference call also for 4Q and Disney's 2/9 conference call for 1Q results is at 4:30 pm.

Sat. AJC p16 says Coke is ranked 6th in Super Bowl internet buzz and has a site on Facebook that lets people get a sneak peek of the Superbowl Ads.

BRN's p16 "Shopping's American Idol" says in he product of the year USA 2010 Awards last week in NY Coca-Ccola's naturally sweetened soda won an award and Procter & Gamble won 4 USA awards. P&G saw a 130% spike in UK sales of Pantene shampoo when it won an award several years ago.

Disney DIS $29.53 -0.14 0.47% 11,257,493 NYSE: BRN's p36 "Clouds on Horizon for CDNs" by Mark Veverka says Content Delivery Networks are systems of linked computers that handle rich media over the Internet, from streaming video to e-commerce transactions. Remember when videos on the Web used to take a long time to buffer. This doesn't happen now thanks to CDNs. Big users of CDN services are netflix, Disney, Time Warner and News Corp.

DuPont DD $32.68 +0.16 0.49% 9,004,787 NYSE: No mentions found.

ExxonMobil XOM $64.81 +0.09 0.14% 40,329,059 NYSE: BRN's p38 "Trusting In Dividends" by James A. Anderson interviews Don Kilbride, Portfolio Manager for Vanguard Dividend Growth Fund. The nation's largest firms, including Citigroup, GE and CBS laid siege to dividend payouts in the financial crisis. He likes Johnson & Johnson and as a defensive play, Procter & Gamble as well as Exxon Mobil, Pfizer an Walmart.

BRN's pM3 "Rising Profits Fail to Prop Up Stocks" by Kopin Tan says stocks fell for a 4th straight week, but the Dow Jones Industrial Average's first dip below 10000 this year lured buyers who believed the correction has run its course. These buyers ought to be nervous about the recent failure of good earnings news to goose further gains. Cisco systems reported its first year over year increase in rev since the credit crisis, while bellwethers like ExxonMobil annd Yum Brands delivered better than expected earnings yet stocks slumped to their lowest level in 3 months. Tan also says Eastman Kodak has been eclipsed in the imaging world by savvier, richer firms like Apple and Hewlett Packard which can outspend Kodak on the path to brighter technology.

GE $15.8001 -0.2399 1.5% 139,242,201 NYSE: Bus. Wk p46 "Take Your Meds, exercise and Spend Billions" by Chad Terhune, Arlene Weintraub says a decade ago GE experimented with a promising approach to employee health care known as disease management. They disbanded the program but now this approach has caught on.

BRN's p38 "Trusting In Dividends" by James A. Anderson interviews Don Kilbride, Portfolio Manager for Vanguard Dividend Growth Fund. The nation's largest firms, including Citigroup, GE and CBS laid siege to dividend payouts in the financial crisis. He likes Johnson & Johnson and as a defensive play, Procter & Gamble as well as Exxon Mobil, Pfizer an Walmart.

Home Depot HD $28 +0.07 0.25% 19,109,191 NYSE: No mentions found.

Hewlett-Packard HPQ $47.32 +0.29 0.62% 18,885,677 NYSE: BRN's pM3 "Rising Profits Fail to Prop Up Stocks" by Kopin Tan says stocks fell for a 4th straight week, but the Dow Jones Industrial Average's first dip below 10000 this year lured buyers who believed the correction has run its course. These buyers ought to be nervous about the recent failure of good earnings news to goose further gains. Cisco systems reported its first year over year increase in rev since the credit crisis, while bellwethers like ExxonMobil annd Yum Brands delivered better than expected earnings yet stocks slumped to their lowest level in 3 months. Tan also says Eastman Kodak has been eclipsed in the imaging world by savvier, richer firms like Apple and Hewlett Packard which can outspend Kodak on the path to brighter technology.

Intel INTC $19.47 +0.45 2.37% 87,600,470 NASDAQ-GS: WSJ pB2 "Tech Drive Paces a late Dow Rally" by Kristina Peterson says stocks edged higher Fri after a volatile day of trading as materials firms including Alcoa climbed following unexpected iprovements in economic data and Boeing fell as investors fretted about European sovereign debt. Meanwhile, the tech sector rose, extending gains from firms reporting strong earnings the past week, including Cisco systems. Tech components led the Dow on Fri with Cisco up 2.3% extending its gains after posting better than expected earnings earlier in the week. Intel led the sector's climb, ending the day up 2.4%. Both trade on Nasdaq.

BRN's "Market keeps Ignoring Tech's Surge" by Eric J. Savitz says Intel, Microsoft, Seagate all posted better than expected results but the market ignored them. The trend continued last week when Cisco systems disclosed results for the 2Q ended in Jan, that provided fresh evidence that the tech spending pickup is spreading from the consumer to the enterprise.

IBM $123.63 +0.63 0.51% 8,036,439 NYSE: WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%.

BRN's p31 "Not Bad for Gov Work" by jack Willoughby discussed Computer Sciences Inc. and does outsourcing contracts for firms such as IBM.

JPMorgan Chase JPM $38.34 -0.01 0.03% 71,334,271 NYSE: (Sat's) NYT pB1 "Goldmn Chief's $9 Mil Bonus Seen by Some as Show of Resrtaint" & WSJ pA1 "Goldman Bows on CEO Pay" by Susanne Craig, Matthias Rieker says Goldman Sachs Group trying to show it is responsive to public pressure over pay said CEO Lloyd Blankfein would get a $9 mil bonus for '09, a fraction of the $68.5 mil he got in '07. Blankein's take for '09 is half of rival's Jamie Dimon at J.P.Morgan who received '09 compensation of $17 mil and Brian Moynihan of Bank of America who received $800,000 base and a total of $6 mil.

BRN's p16, Fin Times p10 "Dimon takes $17 mil bonus in stock" by Francesco Guerrera says Dimon will receive an all stock bonus of $17 mil in stock.

Johnson & Johnson JNJ $62.65 +0.01 0.02% 15,817,599 NYSE: Bus Wk p10 "says Boston Scientific has agreed to pay $1.73 bil to Johnson & Johnson's Cordis unit to settle a patent fight over heart stents, the tiny mesh tubes that prop open clogged arteries.

Kraft KFT $28.42 +0.03 0.11% 49,951,093 NYSE: WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%.

Inv. Bus. Daily pA2 says Cadbury's shares will stop trading on the London Stock Exchange in 20 days, when Kraft expects to have secured 90% of their shares, they now have 75% of Cadbury shares.

BRN's pM9 noted that Kraft sold $9.5 bil in debt last week to fund its purhae of Cadbury.

McDonald's MCD $63.4 -0.66 1.03% 13,348,036 NYSE: WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%.

Merck MRK $36.73 -0.37 1% 21,684,645 NYSE: WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%

Microsoft MSFT $28.02 +0.18 0.65% 79,460,473 NASDAQ-GS: BRN's "Market keeps Ignoring Tech's Surge" by Eric J. Savitz says Intel, Microsoft, Seagate all posted better than expected results but the market ignored them. The trend continued last week when Cisco systems disclosed results for the 2Q ended in Jan, that provided fresh evidence that the tech spending pickup is spreading from the consumer to the enterprise.

Pfizer PFE $17.93 -0.10 0.55% 87,229,114 NYSE: WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%.

BRN's p38 "Trusting In Dividends" by James A. Anderson interviews Don Kilbride, Portfolio Manager for Vanguard Dividend Growth Fund. The nation's largest firms, including Citigroup, GE and CBS laid siege to dividend payouts in the financial crisis. He likes Johnson & Johnson and as a defensive play, Procter & Gamble as well as Exxon Mobil, Pfizer an Walmart.

Procter & Gamble PG $61.3 -0.10 0.16% 14,603,102 NYSE: Inv. Bus. Dail pB9 "Cosmetics Rise On Strength In Overseas Sales" by Alan R. Elliott saysthe cosmetics and personal care group often plays a defensive role during troubled markets. Group members like Colgate Palmolive and Procter & Gamble make household goods that people will buy even when times are hard.

BRN's p16 "Shopping's American Idol" says in he product of the year USA 2010 Awards last week in NY Coca-Ccola's naturally sweetened soda won an award and Procter & Gamble won 4 USA awards. P&G saw a 130% spike in UK sales of Pantene shampoo when it won an award several years ago.

BRN's p33 "A Winning Way" by Andrew Bary says a Cincinnati Accountant won the '09 Barron's forecasting challenge by saying the depressed stock of American Express would do well in '09, Walmart stock would go from doing well in '08 to doing poorly in '09. The winner holds Procter & Gamble shares.

BRN's p38 "Trusting In Dividends" by James A. Anderson interviews Don Kilbride, Portfolio Manager for Vanguard Dividend Growth Fund. The nation's largest firms, including Citigroup, GE and CBS laid siege to dividend payouts in the financial crisis. He likes Johnson & Johnson and as a defensive play, Procter & Gamble as well as Exxon Mobil, Pfizer an Walmart.

3M MMM $78.54 -0.67 0.85% 5,051,942 NYSE: WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%.

Travelers TRV $50.28 +0.55 1.11% 6,488,935 NYSE: No mentions found.

United Technologies UTX $66.5 +0.12 0.18% 7,647,333 NYSE: Bus. Wk p8 says enraged by US plans to sell $6.4 bil worth of helicpoters and antimissile systems to Taiwan, Beijing on 1/30 canceled military exchanges and threatened retaliation against United Technologies, Boeing, Raytheon, and Lackheed Martin all of whom manufacture munitions for Taiwan.

Verizon VZ $28.73 +0.10 0.35% 22,620,561 NYSE: WSJ pB11 "A Week in the Life of the DJA" says for the past week Cisco was the biggest gainer for the week gaining 5.47% followed by Alcoa with a gain of 3.53%, Kraft up 2.82%, McDonald's up 1.51% and IBM up 0.92%. The 5 worst performers were Merck down 3.80%, Pfizer down 3.75%, Boeing down 3.63%, 3M down 2.42% and Verizon down 2.31%.

Bus. Wk. p34 "AT&T's iMess" by Roben Farzard says the iPhone has swamped AT&T's data network and sparked a consumer rebellion says on Dec. 18 at noon there was an attempt by thousands of people organized on the Internt to deliberately try to overwhelm the A&T data network. When AT&T got exclusive rights to support Applie's iPhone on its wireless network in June '07 it underestimated the iPhone's appeal figuring there would be sales of 10 mil phones in '08 instead of the 42 million hthat have been sold so far. Making matters worse is the proliferation of apps, bandwidth sucking programs, that run on smart phones. AT&T is trying to increase capacity while trying to squeeze network hogs and subtly reshae the defintiion of net neutrality which allows telecom firms to dictate customers' options. Verizon, the NY based carrier has been sending signals to iPhone users for months, signaling that it isr eady to serve them as soon as AT&T's exclusive deal with Apple runs out. Verizon is already ahead of AT&T in upgrading tis slow copepr wires to fast fiber optic lines.

WalMart WMT $53.45 +0.48 0.91% 15,343,975 NYSE: WSJ pB16" WalMart Spices Up Private Label" by John Jannarone says a weaker opponent can put up a good fight in a tug of war, but once the rope slips, recovery becomes a long shot. Such is the position of some brand name food firms trying to hold their ground against generic competitors. Private label sales were 13.4% of a basket of US groceries in '94, but were 17.5% in '09 due to a tougher economy. Walmart has scrambled to offer ore generic foods in recent years. McCormick, the spice maker, generates 11% of its rev from WalMart by selling brand name spices but Walmart has considered switching to private label spices, testing the idea by replacing McCormick products with generics in some stores.

BRN's p33 "A Winning Way" by Andrew Bary says a Cincinnati Accountant won the '09 Barron's forecasting challenge by saying the depressed stock of American Express would do well in '09, Walmart stock would go from doing well in '08 to doing poorly in '09. The winner holds Procter & Gamble shares.

BRN's p38 "Trusting In Dividends" by James A. Anderson interviews Don Kilbride, Portfolio Manager for Vanguard Dividend Growth Fund. The nation's largest firms, including Citigroup, GE and CBS laid siege to dividend payouts in the financial crisis. He likes Johnson & Johnson and as a defensive play, Procter & Gamble as well as Exxon Mobil, Pfizer an Walmart.

BRN's p28 "Good Neighbors" by shirley A. Lazo says WalMart de Mexico is poised for an 11.5% dividend rise, so it can sustain its historical payout ratio of 30 to 35%.
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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