3/15/10 Mon. am BofA Seeks Permission to Expand In China

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Post #342. 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 and an update of the Dow 30 component's most recent SEC filings as of 3/1/10.

A read of Monday's Wall Street Journal, Financial Times, New York Times, USA Today & Atlanta Journal & Constitution yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by symbol and Friday's stock prices and related data.

Dow:The Dow Jones Industrial Average closed Friday at 10,624.69 up 12.85 0.12% up from Thursday's close of 10611.84. For the week the Dow is up 58.49 or 0.55$ from last Friday's close of 10,566.2. Per USA Today p5B for the month it is up 5.8% and for the past three months it is up 1.5%. Of the 30 Dow Companies: 14 gained and 16 declined. The biggest gainer dollar-wise and percentage-wise was Caterpillar CAT $60.35 +1.45 2.46% 9,216,850 NYSE. The biggest decliner dollar-wise was United Technologies UTX $71.53 -0.51 0.71% 5,800,993 and percentage-wise was Bank of America BAC $16.8405 -0.2795 1.63% 165,504,134 NYSE. WSJ pC4 says to date, a $1,000 investment on Dec. 31 in each of the 30 Dow stocks would have returned $30,870 or a gain of 2.90% on the $30,000, including reinvested dividends.

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 16.56 up from Friday's P/E ratio of 16.54 (year ago it was 23.96) the P/E estimate is 13.56 up from Friday's P/E estimate of 13.45 (year ago it was 11.01) and the current dividend yield is 2.57 unchanged from Friday's dividend yield of 2.57 (it was 4.30 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1405.85 up 1.70 from Thursday's closing Dow numerator of 1,404.15. 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 1.70 for Friday by the divisor you get the increase in Friday's Dow close of 12.85. 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 $46.86 up 0.05 from Thursday's Dow Jones Industrial Average closing price of $46.61. The median closing price of Friday's Dow Jones Industrial Average was 41.95 up 0.30 from Thursday's median closing price of 41.65. The lowest volume was 3M MMM $1.38 0.12 0.15% +2,927,881 NYSE and the highest volume again was Bank of America BAC $16.8405 -0.2795 1.63% 165,504,134 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 $55 ($140,585 - $140,430).

Market Watch 3/12/10 4:09 pm by Kate Gibson says U.S. stocks post second straight week of gains- -- U.S. stock indexes on Friday tallied a second week of gains in wrapping up a session stuck nearly at neutral. .The Dow Jones Industrial Average (INDU 10,625, +12.78, +0.12%) rose 12.85 points to 10,624.69, leaving it 0.6% higher from the week-ago close. The S&P 500 Index (SPX 1,150, -0.25, -0.02%) fell a quarter of 1 point to 1,149.99, a level that translates into a 1% gain on the week, while the Nasdaq Composite Index (COMP 2,368, -0.80, -0.03%) fell nearly 1 point to finish at 2,367.66, up 1.8% from the week-ago close.

AT&T T $25.595 -0.005 0.02% 16,422,376 NYSE: USA Today pB3 "AT&T smartens up cheaper phones" by David Lieberman says AT&T will unveil today a suite of mostly Web based services that it says will make it possible for consumers to use inexpensive new cellphones to handle tasks mostly associated with higher price smatrphones. the suite includes an address book that will store info remotely.

Alcoa AA $13.58 -0.06 0.44% 27,307,113 NYSE: No mentions found.

American Express AXP $40.74 +0.63 1.57% 8,676,551 NYSE: WSJ pC4 "Discover Plans Accounting Shift" by Aparajita Saha-Bubna says it will implement a new accounting rule requiring firms to bring their off the books securitized loans onto their balance sheet in fiscal '10. Unlike most other card firms, which either issue plastic or process the transactions, Discover & bigger rival American Express do both so in addition to the interest they earn, a chunk of their rev comes from fees it charges merchants and banks.

Bank of America BAC $16.8405 -0.2795 1.63% 165,504,134 NYSE: WSJ pC3 "BofA Seeks Permission To Expand In China" by Dan Fitzpatrick, Dinny McMahon says Bank of America is seeking approval from China to expand there, there the largest US bank in assets lags many of its rivals. BofA entered China in '04 with a branch in Shanghai and has since received approval to handle limited forms of lending and investment banking. It holds a minority stake in China Construction Bank Corp., the second largest bank in China.

Boeing BA $69.8 -0.27 0.39% 5,015,926 NYSE: No mentions found.

Caterpillar CAT $60.35 +1.45 2.46% 9,216,850 NYSE: No mentions found.

Chevron CVX $73.76 -0.23 0.31% 7,252,857 NYSE: No mentions found.

Cisco CSCO $25.88 -0.09 0.35% 31,005,178 NASDAQ-GS: WSJ pB6 "Semiannual Bonuses Gain Traction" by Joann S. Lublin says a growing number of US firms, mainly in the retail and high tech industries, are replacing their annual incentive structure with bonuses earned twice a year. Firms that have made the switch include Cisco, Home Depot and Xerox.

Coca-Cola KO $53.34 -0.26 0.49% 9,842,843 NYSE: WSJ pB4 "Bottler Consolidation at Coke, Pepsi Adds Pressure to Small Players" by Anjali Cordiero says PepsiCo and Coca-Cola's acquisitions of their largest bottlers may also bring changes to the littler ones. Some of the smaller independent bottlers may be acquired in coming years. coke and PepsiCo sell concentrate to bottlers, who then distribute the soft drinks in their territories. The big cola makers might now push for more price promotions in their regions that cold force down prices and profits.

WSJ pC4 says GE was the best performer last week on the Dow rising 4.22% while the worst performer was Coke losing 2.47%. Second best was McDonald's up 2.92% and second from the worst was Pfizer down 2.29%.

Disney DIS $33.71 -0.10 0.3% 9,220,630 NYSE: No mentions found.

DuPont DD $35.45 +0.10 0.28% 5,708,331 NYSE: No mentions found.

ExxonMobil XOM $66.78 -0.44 0.65% 21,280,832 NYSE: No mentions found.

GE $17.03 +0.55 3.34% 104,097,129 NYSE: WSJ pB1 "Third Party Reviews of Devices Come Under Scrutiny at the FDA" by Alicia Mundy says third party outsourcing program, which are firms that review medical equipment for firms such as GE before seeking FDA approval, are coming under fire at the FDA which is considering whether to en it because of the poor quality of the reviews. More than half of GE Healthcare's $16 bil in rev last year came from its imaging business.

WSJ pC4 says GE was the best performer last week on the Dow rising 4.22% while the worst performer was Coke losing 2.47%. Second best was McDonald's up 2.92% and second from the worst was Pfizer down 2.29%.

Hewlett-Packard HPQ $52.36 +0.34 0.65% 11,166,408 NYSE: WSJ pB2 "China Sets H-P Inquiry" by Loretta Chao says China's product quality agency says it is investigating consumer complaints about Hewlett-Packard's handling of faulty graphics components in some of its laptop PCs by not offering them the same warranty extension given to customers in the US.

Home Depot HD $32.46 +0.33 1.03% 13,541,210 NYSE: WSJ pB6 "Semiannual Bonuses Gain Traction" by Joann S. Lublin says a growing number of US firms, mainly in the retail and high tech industries, are replacing their annual incentive structure with bonuses earned twice a year. Firms that have made the switch include Cisco, Home Depot and Xerox.

Intel INTC $21.27 +0.02 0.09% 39,461,723 NASDAQ-GS: No mentions found.

IBM $127.945 +0.345 0.27% 4,929,483 NYSE: No mentions found.

J.P.Morgan Chase JPM $43.16 -0.02 0.05% 29,553,706 NYSE: WSJ pC12 "Banks Face a mark to market Challenge" by David Reilly says in coming weeks, the fin'l Acct'g Standards Board will propose that banks expand their use of market values for fin'l assets such as loans which departs from current practice in which banks hold loans at their original cost and create a reserve based on their own view of potential losses. The result would change balance sheets. At the 4 biggest banks, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, $2.8 trillion of loans could be affects or 40% of their total assets. Smaller banks would see a bigger impact because more of their assets are loans that aren't marked to market prices.

Johnson & Johnson JNJ $64.178 -0.042 0.07% 7,784,210 NYSE: No mentions found.

Kraft KFT $29.4499 +0.0299 0.1% 7,648,299 NYSE: No mentions found.

McDonalds MCD $65.53 +0.32 0.49% 5,986,297 NYSE: WSJ pC4 says GE was the best performer last week on the Dow rising 4.22% while the worst performer was Coke losing 2.47%. Second best was McDonald's up 2.92% and second from the worst was Pfizer down 2.29%.

Merck MRK $37.14 +0.26 0.7% 15,562,369 NYSE: No mentions found.

Microsoft MSFT $29.27 +0.09 0.31% 31,513,324 NASDAQ-GS: No mentions found.

Pfizer PFE $17.08 -0.21 1.21% 82,675,279 NYSE: WSJ pC4 says GE was the best performer last week on the Dow rising 4.22% while the worst performer was Coke losing 2.47%. Second best was McDonald's up 2.92% and second from the worst was Pfizer down 2.29%.

Procter & Gamble PG $63.32 +0.15 0.24% 8,067,350 NYSE: No mentions found.

3M MMM $81.38 0.12 0.15% +2,927,881 NYSE: No mentions found.

Travelers TRV $53.16 0.46 -0.86% 4,461,086 NYSE: No mentions found.

United Technologies UTX $71.53 -0.51 0.71% 5,800,993 NYSE: No mentions found.

Verizon VZ $29.73 -0.11 0.37% 11,276,767 NYSE: No mentions found.

WalMart WMT $53.9 -0.07 0.13% 10,474,894 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 3/1/10 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 market 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