3/8/10 Mon. am Disney's Fight Disrupts Oscars for Millions

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Post #330. 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, The 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: WSJ pB1 "Jobs Report Boosts Dow 122.06 Points" by peter A. McKay says signs of slowing job losses sparked the best one day gain in stocks in more than 2 weeks, as investors bet more aggressively on an economic recovery. The Dow rose for a second session in a row for its best one day gain in both point and percentage terms since 2/16. Blue chips were led by increases of more than 3% each in Alcoa, Boeing, and American Express. The Dow is still down 1.5% from its high for the year hit on 1/19. The gains came after the Labor Dept said nonfarm payrolls fell by 36,000 in Feb, well below economists' consensus expectations for a drop of 75,000 driven in part by severe weather. The unemployment rate held steady at 9.7% better than the 9.8% rate economists expected. Volume improved compared to the previous 2 sessions, though it still fell shy of the '10 average of around 5 bil shares.

WSJ pB2 "Boeing Paces Dow, up 3.6%" by Donna Kardos Yesalavich says stocks rose broadly Fri following the gov's report of fewer job losses than expected fro Feb, which gave a big boost to industrials such as Boeing and Caterpillar and fin'l firms including American Express. The Dow's financial components also were lifted by the jobs reports Fri. Among them, AmEx climbed 3.4% while J.P. Morgan Chase rose 2.1% and Bank of America rose 1.8%.

Mon. Inv. Bus. Daily pA1 "Stocks jump As More leaders Break Out" by Paul Whitfield says stocks strode ahead confidently Fri, and a handful of breakouts added to the bullish tone. Friday's action was up sharply in stronger volume. The current outlook is market is in a confirmed uptrend.

Sat. NYT pB6 "A Strong Finish Ends an Up Week on Wall Street" by Javier C. Hernandez says a better than expected snapshot of unemployment in the US lifted Wall St. on Fri., reinforcing hopes that the job market, and the broader economy, might be gaining strength. Investors hadd been bracing for a dreary report because of speculation that snowstorms in Feb. would exaggerate job losses by 100,000 or mroe. When the Labor Dept's tally came in at a modest 36,000, traders turned optimistic.

The Dow Jones Industrial Average closed Friday at 10,566.2 up 122.06 or 1.17% or 0.46% from Thursday's close of 10,396.76. For the week the Dow is up 240.94 or 2.3% from last Friday's close of 10,325.26.For the year the Dow is up 1.32%. Of the 30 Dow Companies: 28 gained and 2 (Microsoft and Verizon) declined. The biggest gainer dollar-wise and percentage-wise was Boeing BA $67.93 +2.38 3.63% 8,485,422 NYSE. The biggest decliner dollar-wise and percentage-wise was Microsoft MSFT $28.5875 -0.0425 0.15% 55,828,336 NASDAQ-GS.

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 16.47 up from Friday's P/E ratio of 16.28 (year ago it was 21.98) the P/E estimate is 13.45 unchanged from Friday's P/E estimate of 13.21 (year ago it was 9.91) and the current dividend yield is 2.57 down from Friday's dividend yield of 2.60 (it was 4.68 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1398.11 up 16.15 from Thursday's closing Dow numerator of 1,381.96. 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 16.15 for Friday by the divisor you get the increase in Friday's Dow close of 122.06. 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 $46.60 up 0.54 from Thursday's Dow Jones Industrial Average closing price of $46.06. The median closing price of Friday's Dow Jones Industrial Average was 40.50 up 0.49 from Thursday's median closing price of 41.01. The lowest volume was 3M MMM $82.44 +1.42 1.75% 3,133,719 NYSE and the highest volume again was Bank of America BAC $16.7 +0.30 1.83% 171,693,149 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 $1,604 ($139,800 - $138,196).

AT&T T $24.99 +0.03 0.12% 27,695,292 NYSE: No mentions found.

Alcoa AA $13.84 +0.41 3.05% 40,567,380 NYSE: No mentions found.

American Express AXP $40.2 +1.31 3.37% 10,119,693 NYSE: No mentions found.

Bank of America BAC $16.7 +0.30 1.83% 171,693,149 NYSE: WSJ pC5 "Repurchased Loans Putting Banks in Hole" by Aparajia Saha-Bubna says lenders such as Bank of America, J.P. organ Chase, Wells Fargo and Citigroup will brave stiff headwinds this year as they face demands to buy back defectively underwritten mortgages. Their annual reports show big surges in the volume of loans being repurchased in '09. BofA repurcahsed $1.5 bil of first lien mortgages that were sold through securitizations but are tied to faulty underwriting, up from $448 mil in '08. JP Morgan has set aside $1.7 bil for the same purpose.

WSJ pC8 "Expect to See a Big Fight on Bank Capital" by Peter Eavis says investors are buying financial stocks because they believe big banks are done raising large amounts of capital. In '08 and '09, $250 bil was raised by Goldman, Morgan Stanley, JP Morgan, BofA, Wells, & Citigroup.

WSJ pA "Banks Pressed on Second Mortgages" by James R. Hagerty says pressure is growing on US banks to ease terms for distressed homeowners on mortgages. Head of the House Fin' Services Committee last week sent a letter to the 4 bigest banks demanding steps to write down second mortgages. Receiving letters were BofA, JP Morgan, Wells & Citigroup.

Boeing BA $67.93 +2.38 3.63% 8,485,422 NYSE: No mentions found.

Caterpillar CAT $59.23 +0.78 1.33% 6,622,070 NYSE: No mentions found.

Chevron CVX $74.3 +1.22 1.67% 8,736,729 NYSE: No mentions found.

Cisco CSCO $25.21+ 0.26 1.04% 56,933,905 NASDAQ-GS: WSJ pB1 "Cisco Plumbs Lessons From Dot.Co Bust" by Ben Worthen says Cisco is trying to emerge from a recession stronger than when they entered it for the second time by chopping staff & pushing ahead with investments in new products such as wireless internet equipment. That strategy in the past in '01, helped Cisco outdistance rivals like Nortel and Alcatel and it is using the same strategy now. Still, all the spending on deals and new biz caused Cisco's profit to fall 24% during '09 fiscal year, which ended in July, worse than the 9% decline in rev. The steep profit drop stood out from other large tech firms like IBM and Hewlett-Packard which managed to increase profits or stem their losses through cuts.

Coca-Cola KO $54.7 +0.23 0.42% 12,089,668 NYSE: WSJ pB3 "Soft Drink Sales Drop In Schools, Group Says" by Betsy McKays says the main trade assoc representing Coca cola and PepsiCo plans to release a report showing that sales of soda and other drinks in US secondary schools have dropped since '04, showing that efforts to improve nutrition is progressing.

Disney DIS $33.22 +0.65 2% 19,195,974 NYSE: WSJ pB1 "Cable Disptue Disrupts Oscars for Millions" by Sam Schehner, Ethan Smith, Fin Times p18 "Disney Cuts Off 3m New Yorkers on Day of Oscars" by Kenneth Li, NYT pB1 "Disney-Cablevision Fight Signifies More to Come" by Brian Stelter, Brooks Barnes say millions of New Yorkers lost ABC ahead of the Academy Awards as Disney yanked its ABC stations from Cablevision after the 2 firms failed to resolve a financial impasse over monthly subscription fees as Disney is trying to reconfigure how media firms get paid.

WSJ pB6 "Appetite for 3D Imagery Propels Alice to To of Box Office Sales" by Ethan Smith says Disney has benefited from audiences' appetite for 3D by taking in $116.3 mil in US and Canada theaters over the weekend the 6th biggest movie opening ever.

WSJ pB6 "New Evening Lineup Enegizes GE's NBC" by Sam Schechner says any increase in prime time viewership between 8 pm and 11 pm is a welome sign for GE,, which is looking to overhaul its evening schedule afer 5 years of shrinking viewership and an embarrassing sequence of public missteps involving Jay Leno. NBC's overall positive rting still trails behind CBS, Fox and Disney's ABC.

WSJ pR1 "Special Report on the Environment" interviews Disney's CEO Robert Iger on the challenges of dealing with a green generation.

NYT pB4 "Major League Baseball to Stream ESPN Events" by Brad Stone says ESPN, a division of Disney, will change the name of its Web video hub from ESPN360.com to ESPN3.com.

DuPont DD $34.97 +0.41 1.19% 6,837,933 NYSE: No mentions found.

ExxonMobil XOM $66.47 +1.07 1.64% 26,675,025 NYSE: No mentions found.

GE $16.35 +0.24 1.49% 65,015,331 NYSE: WSJ pB6 "New Evening Lineup Enegizes GE's NBC" by Sam Schechner says any increase in prime time viewership between 8 pm and 11 pm is a welome sign for GE,, which is looking to overhaul its evening schedule afer 5 years of shrinking viewership and an embarrassing sequence of public missteps involving Jay Leno. NBC's overall positive rting still trails behind CBS, Fox and Disney's ABC.

WSJ pC8 "Overhead" says while GE's CEO didn't get a bonus in '09 it discloses his other benefits.

Hewlett-Packard HPQ $52.03 +0.52 1.01% 15,404,325 NYSE: WSJ pB1 "Cisco Plumbs Lessons From Dot.Co Bust" by Ben Worthen says Cisco is trying to emerge from a recession stronger than when they entered it for the second time by chopping staff & pushing ahead with investments in new products such as wireless internet equipment. That strategy in the past in '01, helped Cisco outdistance rivals like Nortel and Alcatel and it is using the same strategy now. Still, all the spending on deals and new biz caused Cisco's profit to fall 24% during '09 fiscal year, which ended in July, worse than the 9% decline in rev. The steep profit drop stood out from other large tech firms like IBM and Hewlett-Packard which managed to increase profits or stem their losses through cuts.

Home Depot HD $31.8 +0.36 1.15% 18,062,385 NYSE: No mentions found.

Intel INTC $20.79 0.26 +1.27% 45,801,172 NASDAQ-GS: No mentions found.

IBM $127.25 0.53 +0.42% 6,120,100 NYSE: WSJ pB1 "Cisco Plumbs Lessons From Dot.Co Bust" by Ben Worthen says Cisco is trying to emerge from a recession stronger than when they entered it for the second time by chopping staff & pushing ahead with investments in new products such as wireless internet equipment. That strategy in the past in '01, helped Cisco outdistance rivals like Nortel and Alcatel and it is using the same strategy now. Still, all the spending on deals and new biz caused Cisco's profit to fall 24% during '09 fiscal year, which ended in July, worse than the 9% decline in rev. The steep profit drop stood out from other large tech firms like IBM and Hewlett-Packard which managed to increase profits or stem their losses through cuts.

J.P.Morgan Chase JPM $42.81 0.89 +2.12% 34,611,147 NYSE: WSJ pC5 "Repurchased Loans Putting Banks in Hole" by Aparajia Saha-Bubna says lenders such as Bank of America, J.P. organ Chase, Wells Fargo and Citigroup will brave stiff headwinds this year as they face demands to buy back defectively underwritten mortgages. Their annual reports show big surges in the volume of loans being repurchased in '09. BofA repurcahsed $1.5 bil of first lien mortgages that were sold through securitizations but are tied to faulty underwriting, up from $448 mil in '08. JP Morgan has set aside $1.7 bil for the same purpose.

NYT pB2 "Why Does JPMorgan Trade at Book Value? by Antony Currie says JPMOrgan is one of the few banks in the US that did not post a quarterly loss during the crash but its shares have stuck trading around book value while Well trades at 1.4 times book. The reason is because JPMorgan has a large investment bank.

WSJ pC8 "Expect to See a Big Fight on Bank Capital" by Peter Eavis says investors are buying financial stocks because they believe big banks are done raising large amounts of capital. In '08 and '09, $250 bil was raised by Goldman, Morgan Stanley, JP Morgan, BofA, Wells, & Citigroup.

Johnson & Johnson JNJ $64.04 0.47 +0.74% 10,578,269 NYSE: No mentions found.

Kraft KFT $29.34 0.26 +0.89% 12,102,525 NYSE: WSJ pB3 "Sugar Gains Favor on Labels" by Anjali Cordeiro says Kraft is dropping fructose corn syrup on its wheat thins in favor of sugar, despite its higher cost, because customers want more natural products.

WSJ pC5 "Kraft Faces UK Probe Over Plant Closing" by Cecile Rohwedder, Alistair MacDonald says UK regulators are invextigating whether Kraft misled employees and investors during its battle to acquire Cadbury, as ill feeling generated by the deal continues to reverberate in Britain.

McDonald's MCD $63.67 0.24 +0.38% 8,142,524 NYSE: No mentions found.

Merck MRK $37.49 0.35 +0.94% 9,817,211 NYSE: No mentions found.

Microsoft MSFT $28.5875 -0.0425 0.15% 55,828,336 NASDAQ-GS: WSJ pB3 "DocVerse Deal Steps Up Battle Against Microsoft" says Google is stepping up its fight against Microsoft by buying DocVerse, a tech start up that allows peoople to edit Microsoft Office files online for $25 mil

NYT pB4 "Microsoft Shows its Gesture Games" by Ashlee Vance says it gave reporters a glimpse of its Project Natal gaming system that it will sell for its box 360 consoles later this year that lets people flick their writs to play games instead of game controllers.

Pfizer PFE $17.48 0.15 +0.87% 64,645,819 NYSE: No mentions found.

Procter & Gamble PG $63.69 +0.02 0.03% 10,080,934 NYSE: WSJ pB1 "Sales Makeover for Lauder: show Prices, Offer Options" by Ellen Byron says Estee Lauder's CEO Fabrizio Fredia is the second non-family member to lead the firm since its founding in '46. She came over from Procter & Gamble 2 years ago.

3M MMM $82.44 +1.42 1.75% 3,133,719 NYSE: No mentions found.

Travelers TRV $53.94 +0.39 0.73% 4,248,599 NYSE: No mentions found.

United Technologies UTX $71.25 +0.88 1.25% 4,046,070 NYSE: No mentions found.

Verizon VZ $29.23 -0.04 0.14% 18,706,446 NYSE: No mentions found.

WalMart WMT $54.14 +0.18 0.33% 11,341,006 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