3/4/10 Thurs. am Pfizer's Alzheimer Drug Fails Test

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Post #324 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 Thursday's Wall Street Journal, Financial Times, Investor's Business Daily, USA Today, 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 Wednesday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Wednesday at 10,396.76 down 9.22 up 0.09% from Tuesday's close of 10,405.98. Year to date the Dow is down 0.30%. Of the 30 Dow Companies: 11 gained, Microsoft was unchanged and 18 declined. The biggest gainer dollar-wise and percentage-wise was Coca-Cola KO $53.93 +0.63 1.18% 12,793,551 NYSE. The biggest decliner dollar-wise was IBM $126.88 -0.54 0.42% 6,387,228 NYSE and percentage-wise was Intel INTC $20.52 -0.1775 0.86% 49,811,381 NASDAQ-GS.

WSJ pC1 "Pfizer's Ills Help Push DJIA Lower" by Peter A. McKay says stocks slipped modestly as health care stocks were hit by unpromising test results for a new drug and a fresh call by Pres. Obama to pass fed health care legislation. Pfizer was the Dow's weakest component falling 1.6/5 after its partner Medivation said its experimental Alzheimer's drug Dimebon failed a study.

WSJ pC5 "Pfizer, Merck Drop, While Big Lots Gains" by Donna Kardos Yesalavich says stocks were mixed, with such health care stocks as Pfizer and Merck falling after Pres. Obama urged lawmkers to set a vote soon on overhaul legislation. Caterpillar and other economically sensitive stocks rose after better than expected reports on private sector jobs and service sector expansion.

Fin Times p24 "Indices slide after Beige Book results spark late sell off" by masa Serdarevic says gains made early in the session helped by a report showing US firms cut the fewest jobs in 2 years in Feb were erased before the close as investors digested the Fed Re's Beige Book biz survey results. Pfizer inched down on reports that it cold make an offer worth $4.08 bi for Ratiopharm, the generic drugmaker. Its stock was also under pressure following news that Dimebon did not meet ttargets in a late stage test.

Inv. Bus. Daily pA1 "Stocks Wobble to Mixed Finish, Closing Near Lows" by Paul Whitfield says the market appeared unable to make up its mind Wed as indexes rose early but slouched to another uninspiring close. Stocks narrowly mixed in lower volume was Wednesday's action. The current outlook is the market is in a confirmed uptrend.

NYT pB10 "Broad Report on Economy Leads to a Mixed Finish" by AP says early gains in stocks unraveled Wed after the Fed. Res. signaled the economic recovery would be slow.

USA Today p4B "Improving jobs picture lifts S&P 500" by Bloomberg says major US indexes were narrowly mixed Wed with the S&P 500 squeaking out a 6 week high, as improvement in the job market and service industries overshadowed concern that legislation will hurt earnings at banks and health firms.

AJC pA13 "Fed Report Reverses Stocks Gains" says early gains in stocks unravled Wed on concern that the economy will see a slow recovery. Stocks ended mixed afater the Fed. Res. said that economic activity has improved in 9 of its 12 districts but that the gains are modest. The report dampened enthusiasm that followed an upbeat report on services industries and more takeover news.

As of the open of the market Thursday, 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 16.21 down from Wednesday's P/E ratio of 16.22 (year ago it was 22.80) the P/E estimate is 13.21 unchanged from Wednesday's P/E estimate of 13.21(year ago it was 10.81) and the current dividend yield is 2.61 unchanged from Wednesday's dividend yield of 2.61 (it was 4.51 a year ago).

Wednesday's Dow Jones Industrial Average closing numerator was 1375.69 down 1.21 from Tuesday's closing Dow numerator of 1,376.90. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator decrease of 1.21 for Wednesday by the divisor you get the decrease in Wednesday's Dow close of 9.22. 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 Wednesday's Dow Jones Industrial Average was $45.86 down up 0.04 from Tuesday's Dow Jones Industrial Average closing price of $45.90. The median closing price of Wednesday's Dow Jones Industrial Average was 49.90 down 0.10 from Tuesday's median closing price of 40.00. The lowest volume was 3M MMM $81 -0.13 0.16% 2,851,097 NYSE and the highest volume again was Bank of America BAC $16.37 -0.09 0.55% 153,606,636 NYSE.

If Wednesday morning before the market opened you had purchased 100 shares of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs) and sold at the close you would have lost $120 ($137,700 - 137,580).

Market Watch Market March 3, 2010 EST by Peter McKay, Donna Kardos Yesalavich, says
U.S. stocks relapse as health-care sector weighs -- Stocks faltered Wednesday, hurt by weakness in the health-care sector fueled by unpromising test results for a new Alzheimer's drug and a new call by President Obama to pass federal health-care legislation. The market rallied through most of the session, aided by favorable readings of jobs, service-sector activity, and the Federal Reserve's beige book of regional indicators. But the gains dried up late in the session. The Dow Jones Industrial Average (INDU 10,397, -9.22, -0.09%) ended with a 9.22-point decline at 10,396.76, after rising more than 60 points at its morning high. It's down 0.3% year-to-date. The session decline marked the second time in a row that the Dow failed to maintain an intraday rally that could have put it in the black for 2010. The Nasdaq Composite Index(COMP 2,281, -0.11, 0.00%) slipped by a fraction of a point to 2,280.68. The S&P 500 (SPX 1,119, +0.48, +0.04%) was up 0.48 point to 1,118.79. Both indexes were flat in percentage terms. Pfizer Inc. (PFE 17.31, -0.28, -1.59%) was the Dow's weakest component, with its shares off 1.6% after Medivation Inc. (MDVN 13.10, -27.15, -67.45%) said its experimental Alzheimer's disease treatment Dimebon, which was in development with Pfizer, failed to show effectiveness in a large late-stage study. The news sent shares of Medivation, which is not a Dow stock, plunging 67.5%. Health insurers clung to gains after the speech but a number of drug distributors lost ground after Obama proposed elimination of "wasteful" subsidies of pharmaceutical companies. Obama said he is seeking to push the "long and wrenching debate" over health care into its final stages and asked lawmakers to schedule a vote on overhaul legislation "in the next few weeks." Health-care stocks have been sensitive to the possibility that any possible changes enacted in Washington might cut into private providers' profits. The sector picked up a bit in mid-January when Republicans picked up a 41st seat in the Senate -- a development that was thought by many to dim the prospects of passage of a health bill. But on Wednesday, investors had to reconsider the possibility that a bill might get through after all. Starbucks Patrons Weigh In On Gun IssueShould people be allowed to carry guns into places like Starbucks? The company says it'll abide by local laws, but customers in San Francisco tell Rex Crum they really don't relish handguns with their lattes. The session's strong economic data helped basic-materials and industrial stocks, which tend to be sensitive to the pace of global recovery. Caterpillar Inc. (CAT 58.57, +0.42, +0.72%) and Alcoa Inc. (AA 13.34, +0.10, +0.76%) were up 0.7% and 0.8% respectively, while General Electric Co. (GE 16.03, +0.13, +0.82%) was up 0.8%. Among stocks to watch, Novell Inc. (NOVL 6.08, +1.33, +28.00%) shares surged 28% to $6.08, topping an offer price announced late Tuesday from hedge fund Elliott Associates and sparking speculation another software company or hedge fund could step in with a higher bid. Volume was below-average, with composite turnover in New York Stock Exchange-listed companies hitting 4 billion shares. Treasury prices edged lower. The benchmark 10-year note was off 3/32 to 3.621%. The euro strengthened versus the dollar following Greece's announcement of an austerity plan meant to address its debt crisis. The U.S. Dollar Index DXY 80.01, -0.54, -0.68%) was off 0.7%. The dollar's weakness helped to push up prices of raw materials. The broad Dow Jones-UBS Commodity Index was up 1.1%, helped by a 1.5% jump in oil. Crude futures rose for a second straight day, up $1.19 to $80.87 a barrel, the highest close in nearly two months.

AT&T T $24.89 +0.01 0.04% 20,683,772 NYSE: Inv. Bus Daily pA4 "Big Telecom Carriers Add Different Voice to the Conversation" by Brian Deagon says the day after Verizon Wireless surprised many by saying it would support the Skype Internet based calling app, which will take some voice revenue from Verizon Apple had an app available for the iPhone which runs on AT&T to run Skype's rival software from Toktumi. Skype Mobile is the only app approved to work on AT&T's 3G network. It is only a matter of time before VoIP over 3G expands to phones based on Google's Android and phones running Windows Mobile operating system by Microsoft.

USA Today pB3 "Motorola's new Backflip smarthphone ahs a funky, fresh design" by Edward C. Baig says as the first Android smartphone in AT&T's stable, the Motorola Backflip will attract attention anyway but it is a good phone in any event as this reviewer concludes.

Alcoa AA $13.34 +0.10 0.76% 32,954,572 NYSE: No mentions found.

American Express AXP $38.28 -0.11 0.29% 8,218,940 NYSE: No mentions found.

Bank of America BAC $16.37 -0.09 0.55% 153,606,636 NYSE: No mentions found.

Boeing BA $64.45 +0.01 0.02% 4,284,412 NYSE: WSJ PB1 "Northrop CEO Dives Into Tanker Bid Debate" by August Cole says Wes Bush, Northrop Gruman's CEO will decide whther to compete with Boeing for a $40 bil Air Force Jet contract that was reib. It is to replace a fleet of old aerial refueling tankers and is one of athe ost ontentious weapons purchases the Pentagon has done in recent years. The original plan was to lease the jets from Boeing failed after a contracting scandal involving Boeing's cfo and an Air Force weapons buyer. In '08 Northrop won the contract but it was overturned by Boeing's protest with the Gov. Accountign Office and last year the Air Force rebid it but Gorthrop says the bid papers favors Boeing.

Caterpillar CAT $58.57 +0.42 0.72% 8,825,808 NYSE: No mentions found.

Chevron CVX $73.13 -0.19 0.26% 8,186,417 NYSE:

Cisco CSCO $24.84 +0.23 0.93% 50,592,170 NASDAQ-GS: No mentions found. No mentions found.

Coca-Cola KO $53.93 +0.63 1.18% 12,793,551 NYSE: WSJ pB7 "Web Sites Target Oscars Fans: Ads Will Reflect Show Events: by Emily Steel says during this Sun.'s broadcast of the 82nd Academy Awards on Disney's ABC, will include tie ins with Twitter, interactive games and a live video stream. Coke is included among the advertisers.

Disney DIS $31.64 -0.24 0.75% 10,338,511 NYSE: WSJ pB7 "Web Sites Target Oscars Fans: Ads Will Reflect Show Events: by Emily Steel says during this Sun.'s broadcast of the 82nd Academy Awards on Disney's ABC, will include tie ins with Twitter, interactive games and a live video stream. Coke is included among the advertisers.

DuPont DD $34.26 +0.23 0.68% 6,573,519 NYSE: No mentions found.

ExxonMobil XOM $65.43 -0.06 0.09% 22,262,063 NYSE: No mentions found.

GE $16.03 +0.13 0.82% 83,709,362 NYSE: No mentions found.

Hewlett-Packard HPQ $51.1 -0.02 0.04% 11,436,486 NYSE: No mentions found.

Home Depot HD $31.47 +0.11 0.35% 13,852,966 NYSE: No mentions found.

Intel INTC $20.52 -0.1775 0.86% 49,811,381 NASDAQ-GS: WSJ pD1 "How to Eatch Video, Wirelessly, On Your TV" by Walter S. Mossberg says people are increasingly watching tv and ovies on their computers instead of on their tvs. Intel has a product called Intel's Wireless Display or Wi-Di for short that does videos on coputers. MediaMall beams video to your tv through game consoles such as Microsoft's Xbox 360.

IBM $126.88 -0.54 0.42% 6,387,228 NYSE: WSJ pB8 "IBM Researchers claim Cip Design Advances" by Paul Glader, Don Clark says IBM is claiming an advance that could change the way computer hips communicate, sharply boosting speed while lowering energy consumption that involves a key component called an avalanche photodetector, which converts light into electricity.

J.P.Morgan Chase JPM $41.53 -0.09 0.22% 27,527,745 NYSE: No mentions found.

Johnson & Johnson JNJ $63.4 -0.04 0.06% 9,337,118 NYSE: No mentions found.

Kraft KFT $28.97 +0.06 0.21% 13,527,156 NYSE: No mentions found.

McDonald's MCD $63.63 -0.44 0.69% 6,393,177 NYSE: No mentions found.

Merck MRK $37.21 -0.18 0.48% 12,564,351 NYSE: WSJ pC5 "Pfizer, Merck Drop, While Big Lots Gains" by Donna Kardos Yesalavich says stocks were mixed, with such health care stocks as Pfizer and Merck falling after Pres. Obama urged lawmkers to set a vote soon on overhaul legislation. Caterpillar and other economically sensitive stocks rose after better than expected reports on private sector jobs and service sector expansion.

Microsoft MSFT $28.46 unch unch 48,082,636 NASDAQ-GS: Fin Times p1 "Police shut down hacker ring" by Joseph Menn says the ring used a malicious code that was spread through peer to peer file sharing programs, web links sent via Microsoft's MSN instant messaging service and small storage rives that plug into USB ports.

WSJ pD1 "How to Watch Video, Wirelessly, On Your TV" by Walter S. Mossberg says people are increasingly watching tv and ovies on their computers instead of on their tvs. Intel has a product called Intel's Wireless Display or Wi-Di for short that does videos on coputers. MediaMall beams video to your tv through game consoles such as Microsoft's Xbox 360.

Inv. Bus Daily pA4 "Big Telecom Carriers Add Different Voice to the Conversation" by Brian Deagon says the day after Verizon Wireless surprised many by saying it would support the Skype Internet based calling app, which will take some voice revenue from Verizon Apple had an app available for the iPhone which runs on AT&T to run Skype's rival software from Toktumi. Skype Mobile is the only app approved to work on AT&T's 3G network. It is only a matter of time before VoIP over 3G expands to phones based on Google's Android and phones running Windows Mobile operating system by Microsoft.

Pfizer PFE $17.32 -0.28 1.59% 108,967,350 NYSE: WSJ pB2 "Alzheimer's Drug Setback for Pfizer" by Jonathan D. Rockoff, Shirley S. Wang, WSJ p16 "Big Pharma best Skip Course in Medivation": by John Jannarone, Fin Times p14, Inv. Bus. Daily pA2, NYT pB2 AJC pA12 "Pfizer alzheimer's drug fails in late stage study" say Pfizer and partner Medivation said the experimental drug, Dimebon, failed to meet its goals of improving thinking ability in patients with mild to moderate Alzheimer's disease but are continuing three studies that could prove it helps patients when used with other drugs.

WSJ pB1 "Battle Heats Up fro Drug "Firm" by William Launder, Eyk Henning says Pfizer plans to bid up to $4 bil for German generic drug maker Ratiopharm Group Int'l and Israeli generic drug giant Teva an Iceland's Actavis Group will also bid. Ratiopharm is one of the leading generic drug makers in Europe and its size makes it attractive because the generics biz depends on high volume sales and large product mixes.

WSJ pC1 "Pfizer's Ills Help Push DJIA Lower" by Peter A. McKay says stocks slipped modestly as health care stocks were hit by unpromising gtest results for a new drug and a fresh call by Pres. Obama to pass fed health care legislation. Pfizer was the Dow's weakest component falling 1.6/5 after its partner Medivation said its experimental Alzheimer's drug Dimebon failed a study.

WSJ pC5 "Pfizer, Merck Drop, While Big Lots Gains" by Donna Kardos Yesalavich says stocks were mixed, with such health care stocks as Pfizer and Merck falling after Pres. Obama urged lawmkers to set a vote soon on overhaul legislation. Caterpillar and other economically sensitive stocks rose after better than expected reports on private sector jobs and service sector expansion.

Fin Times p24 "Indices slide after Beige Book results spark late sell off" by masa Serdarevic says gains made early in the session helped by a report showing US firms cut the fewest jobs in 2 years in Feb were erased before the close as investors digested the Fed Re's Beige Book biz survey results. Pfizer inched down on reports that it cold make an offer worth $4.08 bi for Ratiopharm, the generic drugmaker. Its stock was also under pressure following news that Dimebon did not meet ttargets in a late stage test.

Procter & Gamble PG $63.55 -0.16 0.25% 7,904,613 NYSE: No mentions found.

3M MMM $81 -0.13 0.16% 2,851,097 NYSE: No mentions found.

Travelers TRV $53.12 -0.17 0.32% 3,891,091 NYSE: No mentions found.

United Technologies UTX $69.6 -0.15 0.22% 4,831,262 NYSE: No mentions found.

Verizon VZ $29.13 -0.13 0.44% 13,346,005 NYSE: Inv. Bus Daily pA4 "Big Telecom Carriers Add Different Voice to the Conversation" by Brian Deagon says the day after Verizon Wireless surprised many by saying it would support the Skype Internet based calling app, which will take some voice revenue from Verizon Apple had an app available for the iPhone which runs on AT&T to run Skype's rival software from Toktumi. Skype Mobile is the only app approved to work on AT&T's 3G network. It is only a matter of time before VoIP over 3G expands to phones based on Google's Android and phones running Windows Mobile operating system by Microsoft.

WalMart WMT $53.66 +0.07 0.13% 11,622,284 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