3/1/10 Mon. am Caterpillar Severs Links with Iran

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Post #318 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 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.

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).

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 $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

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. 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.

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. Journal is 0.132319125 unchanged, the trailing P/E ratio is 16.09 down from Friday's open of 16.09 (year ago it was 23.82) the P/E estimate is 13.26 unchanged from Friday's open of 13.26 (year ago it was 11.16) and the current dividend yield is 2.63 unchanged from Friday's open of 2.63 (it was 4.38 a year ago).

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).

Market Watch Fri. Feb. 25, 2010, 4:36 p.m. By Peter McKay & Kristina Peterson, says U.S. stocks on Friday capped their best month since November with modest gains, lifted by some improvement in U.S. economic data, though worries about consumer spending and sovereign debt kept a lid on optimism. The Dow Jones Industrial Average (INDU 10,325, +3.48, +0.03%) rose 4.23 points to 10,325.26, up 2.6% for the month, its best performance since a 6.5% gain in November. The Nasdaq Composite (COMP 2,238, +4.04, +0.18%) rose 0.2% to 2,238.26, up 4.2% for the month. The Standard & Poor's 500-stock index (SPX 1,104, +1.56, +0.14%) ticked up 0.1% to 1104.48, up 2.9% for the month. All its sectors rose modestly Friday except utilities and consumer staples. The month has turned out to be a good one for investors despite rising concerns about sovereign debt and the pace of the global economic recovery. Throughout the month, those fears often alternated with an increasing focus on the U.S. stock market as a safe haven, producing eight triple-digit daily point swings in the Dow. On Friday, investors welcomed a report from the Commerce Department saying that GDP grew at a 5.9% annual rate in 2009's fourth period, the fastest rate since the third quarter of 2003. A month ago, the department estimated that GDP rose at a 5.7% rate in the fourth quarter. The new figure was in line with expectations of economists surveyed by MarketWatch. However, consumers were more modest in their spending last quarter than first thought. Real consumer spending rose at an 1.7% annual rate, compared to the previously estimated 2% gain. Read more on GDP report. The Chicago Business Barometer, formerly known as the Chicago Purchasing Managers Index, rose for a fifth consecutive month to its highest level since April 2005, beating analysts' expectations, a report showed. But sales of existing homes in the U.S. plunged for the second straight month in January by 7.2% to a 5.05 million annual rate, the National Association of Realtors said. Economists expected sales to be relatively flat after December's record decline. Read our complete economic calendar. Concerns over policy in the euro zone continued to simmer, with the European Union pushing Greece to adopt new austerity measures to reduce its budget deficit, according to a senior government official. Meanwhile, Greece pushed back plans to sell a minimum $2 billion in global bonds in the U.S. and Asia, a finance ministry spokeswoman said. Read more on Greek bonds. Investors still nursing wounds from the subprime-mortgage crisis fear the Greek sovereign- debt issues could be the start of a broader unraveling across the euro zone. The dollar weakened against both the euro and the yen. The U.S. Dollar Index (DXY 80.33, -0.46, -0.56%), which tracks the greenback against a basket of six currencies, dropped 0.5%. Treasury prices climbed, with the 10-year note up 5/32 to yield 3.617%. The Dow industrials average was led Friday by a 3.3% gain in J.P. Morgan Chase Co. (JPM 42.01, +0.04, +0.10%) after its executives said they didn't foresee a need to make strategic shifts despite changing regulations. Merck Co. (MRK 36.88, +0.31, +0.85%) rose 0.9% as health-care stocks climbed after a Washington summit concluded Thursday without a deal on legislation.

AT&T T $24.81 +0.04 0.16% 28,735,866 NYSE
Alcoa AA $13.3 -0.01 0.08% 24,527,647 NYSE
American Express AXP $38.19 +0.15 0.39% 6,279,805 NYSE
Bank of America BAC $16.66 +0.11 0.66% 309,684,176 NYSE
Boeing BA $63.16 +0.29 0.46% 4,347,220 NYSE
Caterpillar CAT $57.05 +0.26 0.46% 6,043,592 NYSE
Chevron CVX $72.3 +0.19 0.26% 8,659,351 NYSE
Cisco CSCO $24.33 unch unch 29,974,026 NASDAQ-GS
Coca-Cola KO $52.72 -0.40 0.75% 30,017,411 NYSE
Disney DIS $31.24 -0.12 0.38% 13,152,217 NYSE
DuPont DD $33.72 +0.20 0.6% 8,693,373 NYSE
ExxonMobil XOM $65 -0.14 0.21% 19,573,703 NYSE
GE $16.06 +0.14 0.88% 59,388,963 NYSE
Hewlett-Packad HPQ $50.79 -0.13 0.26% 10,808,000 NYSE
Home Depot HD $31.2 -0.16 0.51% 13,720,710 NYSE
Intel INTC $20.53 -0.10 0.48% 45,922,238 NASDAQ-GS
IBM $127.16 +0.09 0.07% 4,672,543 NYSE
J.P.Morgan Chase JPM $41.97 +1.33 3.27% 66,731,125 NYSE
Johnson & Johnson JNJ $63 -0.28 0.44% 9,108,265 NYSE
Kraft KFT $28.43 -0.38 1.32% 25,788,939 NYSE
McDonald's MCD $63.85 -0.53 0.82% 8,144,355 NYSE
Merck MRK $36.88 +0.31 0.85% 12,857,888 NYSE
Microsoft MSFT $28.67 +0.07 0.24% 39,020,703 NASDAQ-GS
Pfizer PFE $17.55 -0.14 0.79% 58,505,013 NYSE
Procter & Gamble PG $63.28 -0.42 0.66% 10,494,459 NYSE
3M MMM $80.15 +0.41 0.51% 3,183,886 NYSE
Travelers TRV $52.59 -0.16 0.3% 6,973,870 NYSE
United Technologies UTX $68.65 -0.02 0.03% 3,933,335 NYSE
Verizon VZ $28.93 +0.05 0.17% 12,581,405 NYSE
WalMart WMT $54.07 -0.08 0.15% 15,818,839 NYSE
**********************************************
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