3/1/10 Mon. pm Dow Closes 10,403.79 up 78.53 or 0.76%

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Post #319 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 3/1/10 close and an update of the Dow 30 component's most recent SEC filings as of 3/1/10 close.

The Dow Jones Industrial Average closed Monday at 10,403.79 up 78.53 or 0.76% from Friday's close of 10,325.26. Of the 30 Dow Companies: 4 gained and 26 declined. The biggest gainer dollar-wise was BM $128.57 +1.41 1.11% 4,577,215 NYSE and percentage-wise was Intel INTC $20.87 +0.34 1.66% 51,075,412 NASDAQ-GS. The biggest decliner dollar-wise and percentage-wise was GE $15.9 -0.16 1% 62,587,473 NYSE.

As of the open of the market Monday, 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 16.10 (year ago it was 23.42) the P/E estimate is 13.21 (year ago it was 10.81) and the current dividend yield is 2.63 (it was 4.46 a year ago).

Monday's Dow Jones Industrial Average closing numerator was 1376.62 up 10.39 from Friday's closing Dow numerator of 1,366.23. 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 10.39 for Monday by the divisor you get the increase in Monday's Dow close of 78.53. 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 Monday's Dow Jones Industrial Average was $45.89 up 0.35 from Friday's Dow Jones Industrial Average closing price of $45.54. The median closing price of Monday's Dow Jones Industrial Average was 39.98 up 0.90 from Friday's median closing price of 39.08. The lowest volume was 3M MMM $80.58 +0.43 0.54% 2,545,032 NYSE and the highest volume again was Bank of America BAC $16.71 +0.05 0.3% 170,153,514 NYSE.

If Monday 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 $1,050 ($137,670 - $136,620).

Monday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market

AT&T T $25 +0.19 0.77% 24,901,722 NYSE
Alcoa AA $13.31 +0.01 0.08% 31,558,321 NYSE
American Express AXP $38.13 -0.06 0.16% 9,100,995 NYSE
Bank of America BAC $16.71 +0.05 0.3% 170,153,514 NYSE
Boeing BA $64 +0.84 1.33% 5,265,530 NYSE
Caterpillar CAT $57.85 +0.80 1.4% 8,398,215 NYSE
Chevron CVX $72.81 +0.51 0.71% 7,418,586 NYSE
Cisco CSCO $24.6 +0.27 1.11% 41,774,952 NASDAQ-GS
Coca-Cola KO $53.27 +0.55 1.04% 19,724,798 NYSE
Disney DIS $31.54 +0.30 0.96% 8,567,391 NYSE
DuPont DD $34.03 +0.31 0.92% 7,079,850 NYSE
ExxonMobil XOM $65.4 +0.40 0.62% 18,774,259 NYSE
GE $15.9 -0.16 1% 62,587,473 NYSE
Hewlett-Packard HPQ $51.54 +0.75 1.48% 14,149,957 NYSE
Home Depot HD $31.43 +0.23 0.74% 14,098,075 NYSE
Intel INTC $20.87 +0.34 1.66% 51,075,412 NASDAQ-GS
IBM $128.57 +1.41 1.11% 4,577,215 NYSE
J.P.Morgan Chase JPM $41.83 -0.14 0.33% 34,170,140 NYSE
Johnson & Johnson JNJ $63.39 +0.39 0.62% 9,207,193 NYSE
Kraft KFT $28.72 +0.29 1.02% 13,273,097 NYSE
McDonald's MCD $63.98 +0.13 0.2% 6,314,518 NYSE
Merck MRK $37.27 +0.39 1.06% 11,794,260 NYSE
Microsoft MSFT $29.02 +0.35 1.22% 43,764,201 NASDAQ-GS
Procter & Gamble PG $63.51 +0.23 0.36% 7,743,285 NYSE
Pfizer PFE $17.75 +0.20 1.14% 45,547,338 NYSE
3M MMM $80.58 +0.43 0.54% 2,545,032 NYSE
Travelers TRV $53.08 +0.49 0.93% 4,330,160 NYSE
United Technologies UTX $69.64 +0.99 1.44% 3,702,838 NYSE
Verizon VZ $28.99 +0.06 0.21% 16,195,699 NYSE
WalMart WMT $53.9 -0.17 0.31% 12,125,935 NYSE
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The following are excerpts from Monday morning's Blog:

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

Dow: The Dow Jones Industrial Average closed Friday at 10,325.26 up 4.23 from Thursday's close of 10,321.03. For the week the Dow is down 77.09 or 0.07% from last Friday's close of 10,402.35. year to date the Dow is down 0.99%. Of the 30 Dow Companies: 14 gained, Cisco was unchanged 15 declined. The biggest gainer dollar-wise and percentage-wise was J.P.Morgan Chase JPM $41.97 +1.33 3.27% 66,731,125 NYSE. The biggest decliner dollar-wise was Procter & Gamble PG $63.28 -0.42 0.66% 10,494,459 and percentage-wise was Kraft KFT $28.43 -0.38 1.32% 25,788,939 NYSE.

Inv. Bus. Daily pA1 "Stocks Inch Ahead In Mixed Volume" by Paul Whitfield says stocks edged up Fri, trading in a narrow range in mixed volume. Economic news was mixed. On the plus side, the revised 4Q GDP number was stronger than expected. The current outlook is the market is in a correction.

Friday's Dow Jones Industrial Average closing numerator was 1366.23 up 0.56 from Thursday's closing Dow numerator of 1,365.67. 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 0.56 for Friday by the divisor you get the increase in Friday's Dow close of 4.23. 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 $45.54 up 0.02 from Thursday's Dow Jones Industrial Average closing price of $45.52. The median closing price of Friday's Dow Jones Industrial Average was 39.08 down 0.26 from Thursday's median closing price of 39.34. The lowest volume was 3M MMM $80.15 +0.41 0.51% 3,183,886 NYSE and the highest volume again was Bank of America BAC $16.66 +0.11 0.66% 309,684,176 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 $60 ($136,620 - $136,560).

AT&T T $24.81 +0.04 0.16% 28,735,866 NYSE: USA Today p1B says PepsiCo said it ended its relationship with Tiger Woods endorsing Gatorade. AT&T and Accenture has already dropped Woods and Procter & Gamble's Gillette and Tag Heuer have de-emphasized him. Nike and Electronic Arts have stayed with him.

Alcoa AA $13.3 -0.01 0.08% 24,527,647 NYSE: No mentions found.

American Express AXP $38.19 +0.15 0.39% 6,279,805 NYSE: No mentions found.

Bank of America BAC $16.66 +0.11 0.66% 309,684,176 NYSE: WSJ pC8 "Banking on Sunshine Has its Dark Cloud" by Peter Easivs says banks like Wells Fargo & Bank of America are skewed toward the sunny, once fast expanding states of Cal. & Fla. But those states now may prove a drag on growth, if their economies stagnate because of protracted fiscal problems and burned out housing markets. One bull argument for Wells and BofA is that their big cfredit crisis acquisitions have expanded their franchises. But the deals did little to reduce the weighting of Cal and Fla in their loan books. Wells got more East Coast loans buying Wachovia, but tht bank has loaded up on Cal. mortgages by buying Golden West fin'l. BofA has the best state by state loan disclosures. Cal. accounts fo 25.8% of a $600 bil samples. At JPMorgan Chase, Fla & Cal account for only 24% of $440 bil of loans to individuals.

Boeing BA $63.16 +0.29 0.46% 4,347,220 NYSE: Fin Times p21 "concern as baby boomers prepare for retirement" by hal Weitzman says manufacturers are reporting growing shortages of seasoned workers. For example, Boeing says 40% of its workers will be eligible to retire within 5 years which is paradoxical in a year which Boeing is on course to complete a plan to cut 10,000 jobs.

Caterpillar CAT $57.05 +0.26 0.46% 6,043,592 NYSE: Fin Times pA1 "Caterpillar bows to pressure and severs its trading links with Iran" by Harvey Morris says Caterpillar, the construction equipment group, has become the latest US firm to bow to a "name and shame" campaign by influential lobbyists by announcing steps to sever trading links with Iran. It said it will bar its non-US subsidiaries from accepting orders for products that they know are being shipped to Iran. The NY based United Against Nuclear Iran, which spearheaded a campaign against the Illinois firm, greeted the announcement as its second victory in a month after Hunstman, the chemical firm, announced in Jan it would not trade with Iran.

Chevron CVX $72.3 +0.19 0.26% 8,659,351 NYSE: No mentions found.

Cisco CSCO $24.33 unch unch 29,974,026 NASDAQ-GS: No mentions found.

Coca-Cola KO $52.72 -0.40 0.75% 30,017,411 NYSE: Inv. Bus. Daily pA2, sasy PepsiCo closed the deal to buy its 2 biggest bottlers, a move that's expected to shake up the beverage industry. It cost $7.8 bil. Coca-Cola also plans to bring US distribution in house by buying the N. American operations of its biggest bottler, CCE.

Disney DIS $31.24 -0.12 0.38% 13,152,217 NYSE: No mentions found.

DuPont DD $33.72 +0.20 0.6% 8,693,373 NYSE: No mentions found.

ExxonMobil XOM $65 -0.14 0.21% 19,573,703 NYSE: No mentions found.

GE $16.06 +0.14 0.88% 59,388,963 NYSE: Inv. Bus. Daily pA2 says GE may sell its $3.3 bil stake in Turkish lender Garanti Bank and has agreed to sell its consumer lending business in Honk Kong, as it continues to whittle down its GE Capital arm.

Hewlett-Packad HPQ $50.79 -0.13 0.26% 10,808,000 NYSE: No mentions found.

Home Depot HD $31.2 -0.16 0.51% 13,720,710 NYSE: No mentions found.

Intel INTC $20.53 -0.10 0.48% 45,922,238 NASDAQ-GS: NYT pB4 "Intel & TSMC Cool Down a Deal" by Ashlee Vance says Intel and TSMC last year announced a lead wherein TSMC would make chips for Intel's Atom processor but due to lack of customer demand the partnership ha been put on hiatus.

IBM $127.16 +0.09 0.07% 4,672,543 NYSE: Inv. Bus. Daily pA5 "Deloitte Consulting's Accounting Expertise Adds Up As An Asset" by J. Bonasia profiles Punit Renjen, the ceo of Deloitte consulting. The management consulting field emerged decades ago with firms such as Bain, Boston Consulting Group and McKinsey helping clients determine business strategy. Then the likes of Accenture and IBM developed a new form of consulting that helps clients with tech issues in addition to business strategy. Publicly held tech services firms such as Accenture and IBM need to focus on predictable revenue from outsourcing in order to please shareholders. That takes them afield from pure advisory work. Unlike IBM, Accenture and many other tech advisory firms, Deloitte does little tech outsourcing.

J.P.Morgan Chase JPM $41.97 +1.33 3.27% 66,731,125 NYSE: WSJ pC8 "Banking on Sunshine Has its Dark Cloud" by Peter Easivs says banks like Wells Fargo & Bank of America are skewed toward the sunny, once fast expanding states of Cal. & Fla. But those states now may prove a drag on growth, if their economies stagnate because of protracted fiscal problems and burned out housing markets. One bull argument for Wells and BofA is that their big cfredit crisis acquisitions have expanded their franchises. But the deals did little to reduce the weighting of Cal and Fla in their loan books. Wells got more East Coast loans buying Wachovia, but tht bank has loaded up on Cal. mortgages by buying Golden West fin'l. BofA has the best state by state loan disclosures. Cal. accounts fo 25.8% of a $600 bil samples. At JPMorgan Chase, Fla & Cal account for only 24% of $440 bil of loans to individuals.

Johnson & Johnson JNJ $63 -0.28 0.44% 9,108,265 NYSE: No mentions found.

Kraft KFT $28.43 -0.38 1.32% 25,788,939 NYSE: No mentions found.

McDonald's MCD $63.85 -0.53 0.82% 8,144,355 NYSE: WSJ pB5 "Quznos Carves Out Broader Nice" by Julie Jargon says the sandwich chain is expanding locations at convenience stores and filling stations. As consumers have gotten busier and thriftier, they have been going more to c-stores while reducing their visits to restaurants. McDonald's, Taco Bell and Subway, among others, have been aligning with filling stations for many years as restaurant visits began slowing in '07 and then fell 3% last year while trips to c-stores to buy food have been increasing 1% a year since '07.

Merck MRK $36.88 +0.31 0.85% 12,857,888 NYSE: No mentions found.

Microsoft MSFT $28.67 +0.07 0.24% 39,020,703 NASDAQ-GS: WSJ pA1 "Google, Microsoft Spar on Antitrust" by Thomas Catan, Jessica E. Vascellaro says when Google sued a small Internet site in Ohio in Oct. for $335,000 in unpaid advertising bills, it was countersued with a 24 page antitrust lawsuit accusing it of monopolistic abuses. The lawyer for the debtor was the same outside counsel on antitrust issues for Microsoft. Meanwhile in Europe, following complaints about Google from Microsoft and others, the European has opened a preliminary antitrust inquiry into Google.

NYT pB4 "After Fumble, Microsoft Redoes Phone Software" by Ashlee Vance says Microsoft's phone software has resembled an underpowered version of its Windows desktop software and users never embraced its bland interface, sluggish respone time and businesslike menus that required lots of clicking. Now Microsoft's new smartphone software, Windows Phone 7 Series has turned a phone into an electornic butler that tries to anticipate the user's needs by automatically tapping into the carrier's data network to pick up appointments, photos and messages from friends in a slick fashion that resembles a Zune music player.

Pfizer PFE $17.55 -0.14 0.79% 58,505,013 NYSE: No mentions found.

Procter & Gamble PG $63.28 -0.42 0.66% 10,494,459 NYSE: USA Today p1B says PepsiCo said it ended its relationship with Tiger Woods endorsing Gatorade. AT&T and Accenture has already dropped Woods and Procter & Gamble's Gillette and Tag Heuer have de-emphasized him. Nike and Electronic Arts have stayed with him.

3M MMM $80.15 +0.41 0.51% 3,183,886 NYSE: WSJ pB1 "At 3M, Innovation Comes in Tweaks & Snips" by Dana Mattilo, Kris Maher says 3M's CEO Gerogia Buckly has a strategy for innovation at #M in a wak economy to increase sales of Scotch Tape, Post-It notes and sandpaper. In "Boss Talks" the article profiles 63 year old Buckley and 3M which as annual sales in '08 of $25.3 bil and in '09 - $23.1 bil.

Travelers TRV $52.59 -0.16 0.3% 6,973,870 NYSE: No mentions found.

United Technologies UTX $68.65 -0.02 0.03% 3,933,335 NYSE: No mentions found.

Verizon VZ $28.93 +0.05 0.17% 12,581,405 NYSE: No mentions found.

WalMart WMT $54.07 -0.08 0.15% 15,818,839 NYSE: No mentions found.
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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 $314 [5]
2. Microsoft MSFT 258 [9]
3. WalMart WMT 205 [4]
4. Chevron CVX 178 [2.5]
5. Procter & Gamble PG 184 [3]
6. Johnson & Johnson JNJ 175 [3]
7. GE 170 [10.5]
8. IBM 167 [1]
9 JPMorgan Chase 164 [4]
10. AT&T 148 [6]
11. BAC 145 [8.5]
12. Pfizer PFE 143 [8]
13. Cisco CSCO 142 [6]
14. Coke KO 123 [2]
15. Hewlett-Packard HPQ 121 [2]
16. Intel INTC 115 [5.5]
17. McDonald's MCD 106 [1.5]
18. Verizon VZ 82 [3]
19. Merck MRK 79 [2]
20. United Technologies UTX 65 [1]
21. Disney DIS 61 [2]
22. 3M MMM 57 [.5]
23. Home Depot 53 [2]
24. Boeing BA 48 [1]
25. American Express AXP 45 [1]
26. Kraft KFT 42 [1.5]
27. Caterpillar CAT 36 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 14 [1]

Here are the latest SEC filings as of 3/1/10 close 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: 2/25/10 10K Annual Report

Alcoa AA: 2/23/10 8K re: Personnel Changes

2/19/10 Prelim. Proxy on Form 14A

2/18/10 10K Annual Report

American Express AXP: 2/26/10 10K Annual Report

Bank of Am BAC: 2/26/10 10K Annual Report

2/26/10 Prelim, Proxy Statement on Form 14A

Boeing BA: 2/26/10 8K re: departure and compensation of certain officers

2/8/10 10K Annual Report

Caterpiller CAT: 2/19/10 10K Annual Report

Chevron CVX: 2/25/10 10K Annual Report

Cisco CSCO: 2/17/10 10Q Quarterly Report

Coke KO: 2/26/10 10K Annual Report

Disney DIS: 2/25/10 8K re: 3 year credit agreement

2/9/10 10Q Quarterly Report

DuPont DD: 2/17/10 10K Annual Report

ExxonMobil XOM: 2/26/10 10K Annual Report

GE: 2/19/10 10K Annual Report

Hewlett-Packard HPQ: 2/17/10 8K re: results of operations for quarter ended 1/31/10

2/5/10 10K/A Amended Annual Report

Home Depot HD: 2/23/10 8K re: quarterly results

Intel INTC: 2/22/10 10K Annual Report

IBM: 2/23/10 10K Annual Report

JPMorganChase JPM: 2/26/10 8K re: Investor Day FD Disclosures

2/24/10 10K Annual Report

Kraft KFT: 2/25/10 10K Annual Report

McDonalds MCD: 2/26/10 10K Annual Report


Merck MRK: 3/1/10 10K Annual Report

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: 2/261/0 10K Annual Report

Procter & Gamble PG: 2/18/10 8K re: FD disclosures re: guidance given at an analyst conference

3M MMM: 2/16/10 10K Annual Report

Travelers TRV: 2/18/10 10K Annual Report

United Technologies UTX: 2/26/10 Def. Proxy Statement on Form 14A

2/11/10 10K Annual Report

Verizon Communications Inc. VZ: 2/26/10 10K Annual Report

WalMartWMT: 2/18/28/10 8K re: 4th quarter and annual results of operations; guidance