4/10/10 Sat. Dow Bounces Off 11,000

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Post No. 375. 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 4/1/10 and an update of the Dow 30 component's most recent SEC filings as of 4/1/10.

A read of Saturday's Wall St. Journal, Financial Times, 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 10997.35 up 70.28 or 0.64% from Thursday's close of 10,927.07. For the week the Dow was up 70.28 or 0.64% from last Thursday's close of 10,927.07 (the Dow was closed last Fri. for Good Friday.) Year to date the Dow is up 5.46%. Of the 30 Dow Companies: 24 gained and 6 declined. The biggest gainer dollar-wise and percentage-wise was Chevron CVX $79.5 +1.84 2.37% 9,797,243 NYSE. The biggest decliner dollar-wise and percentage-wise was Alcoa AA $14.39 -0.48 3.23% 56,028,701 NYSE.

WSJ pB1 "Dow Pierces 11000, Then Pulls Back" by Peter McKay, Donna Yesalavich says the Dow ones Industrial Average crossed above the 11000 level for the first time in 18 months, albeit for a brief moment, marking another milestone in what has become one of the strongest stock market rebounds in history. It comes as investors grow increasingly confident about the economic outlook ahead of the start of 1qtr earning season, which kicks off Mon. with Alcoa. Good news from Chevron on Fri helped propel the day's advance.

WSJ pB2 "Chevron leads 11000 Assault" by Donna Yesalavich says the Dow briefly crossed 11000 before ducking back under that level, as it was lifted by a rosy earnings forecast from Chevron that lifted rivals such as Exxon Mobil,though Alcoa fell on an analyst's rating downgrade in advance of its earnings report Mon.

NYT pB7 "Dow Surges Briefly Above 11000, Then Slips Back" by Javier Hernandez says the Dow briefly traded above 11000, the latest mile marker in a yearlong rally that has catapulted the stock market from the depts of the financial crisis.

As of the close of the market Friday, 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 17.15 (year ago it was 27.55) the P/E estimate is 14.00 unchanged from Thrusday's 14.00 (year ago it was 21.06) and the current dividend yield is 2.48 (it was 3.81 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1,455.16 up 9.30 from Thursday's closing numerator of 1,445.86. 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 9.30 for Friday by the divisor you get the increase in Friday's Dow close of 70.28. 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 $48.51 up 0.31 from Thursday's Dow Jones Industrial Average closing price of $48.20. The median closing price of Friday's Dow Jones Industrial Average was 44.93 up 0.19 from Thursday's median closing price of $44.74. The lowest volume was 3M MMM $83.49 +0.54 0.65% 2,879,126 NYSE and the highest volume again was Bank of America BAC $18.59 -0.06 0.32% 135,105,183 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 $930 ($145,530 - $144,600).

Market Watch 4/9/10 6:05 pm by Peter McKay says The Dow Jones Industrial Average briefly broke through the 11,000 milestone for the first time since late September 2008 on Friday, though it failed to hold above that milestone at the close, hurt by technical selling and weakness in the basic-materials sector following an analyst downgrade of Alcoa. The Dow (INDU 10,997, +70.28, +0.64%) posted an late-day high of 11,000.98 before trimming its gains to finish at a fresh 18-month high 10,997.35, up 0.6%. The Nasdaq Composite Index (COMP 2,454, +17.24, +0.71%) and S&P 500 Index (SPX 1,194, +7.94, +0.67%) each rose 0.7%. Energy stocks led the way higher following a rose profit forecast from Chevron Corp. (CVX 79.50, +1.84, +2.37%) , which rallied 2.4%. Rival Exxon Mobil Corp. (XOM 68.76, +0.90, +1.33%) rose 2.3%. Read Energy Stocks. Alcoa Inc. (AA 14.39, -0.48, -3.23%) was the weakest Dow component, off 3.2%, after J.P. Morgan Chase cut its rating on the aluminum maker to neutral from overweight ahead of Alcoa's profit report Monday, which will mark the unofficial start of the broader first-quarter profit season on Wall Street. Many traders expect that the flurry of reports will soon provide the impetus for the Dow to finally break through the 11,000 mark on a closing basis -- something it failed to do three times this week after getting close. In each case, traders said sellers seized on intraday quotes around 11,000 as opportunities to take money off the table -- a common pattern around round-number benchmarks. But the market has shown a broader trend higher lately, helped by improved readings of employment, retail sales and other key yardsticks that point toward a U.S. economic recovery. Analysts are expecting S&P 500's components to report a combined 37% gain in first-quarter profits once all the data from the upcoming reporting season are in hand, according to the latest data from Thomson Reuters. Among stocks in focus on Friday, Constellation Brands Inc. (STZ 16.43, -0.42, -2.49%) fell 2.5%. The wine maker's fiscal fourth-quarter sales dropped, and its forecast for earnings in the new fiscal year missed analysts' views. Massey Energy Inc. (MEE 46.72, +0.58, +1.26%) climbed 1.3% after the coal-mining company said it will increase production at its other coal mines, although it won't be able to fully replace planned output from the West Virginia mine shut down by a fatal explosion this week, according to a federal filing. The stock is still down 11% for the week. In other markets, the dollar slid against the euro as concerns over Greece's debt troubles eased. Oil prices slipped for a third straight day to end at $84.92 a barrel, off 2.2% during the recent slide. Treasury prices were mixed. The two-year note held steady, yielding 1.064%, while the benchmark 10-year note rose 2/32 to yield 3.883%.

AT&T T $26.44 +0.42 1.61% 39,649,342 NYSE: WSJ pB16 "Beauty of Tax Assets Can Prove Fleeting" by David Reilly says AT&T, 3M, Caterpillar and Deere have created a brouhaha over big, health care related charges. The hits to profit came from write downs of deferred tax assets whose value was affected by the law changes. Now some CEO's have been asked to testify before Congress. Financial firms such as Bank of America, Citigroup, JPMorgan and Wells Fargo who were hit by credit crunch losses have seen deferred tax assets swell equal to about 15% of their combined commonshare holders equity.

Alcoa AA $14.39 -0.48 3.23% 56,028,701 NYSE: WSJ pB1 "Dow Pierces 11000, Then Pulls Back" by Peter McKay, Donna Yesalavich says the Dow ones Industrial Average crossed above the 11000 level for the first time in 18 months, albeit for a brief moment, marking another milestone in what has become one of the strongest stock market rebounds in history. It comes as investors grow increasingly confident about the economic outlook ahead of the start of 1qtr earning season, which kicks off Mon. with Alcoa. Good news from Chevron on Fri helped propel the day's davance.

WSJ pB2 "Chevron leads 11000 Assault" by Donna Yesalavich says the Dow briefly crossed 11000 before ducking back under that level, as it was lifted by a rosy earnings forecast from Chevron that lifted rivals such as Exxon Mobil,though Alcoa fell on an analyst's rating downgrade in advance of its earnings report Mon.

American Express AXP $43.88 0.19 0.43% 6,613,759 NYSE:

Bank of America BAC $18.59 -0.06 0.32% 135,105,183 NYSE: WSJ pB11 "Merrill Takes Round 1 in MBIA Suit" by Chad Bray says a state judge in NY threw out a majority of the cliams against BofA's Merrill Lynch in a lawsuit by bond insurer MBIA over credit default swaps related to $5.7 bil in collateralized debt obligations.

WSJ pB16 "Beauty of Tax Assets Can Prove Fleeting" by David Reilly says AT&T, 3M, Caterpillar and Deere have created a brouhaha over big, health care related charges. The hits to profit came from write downs of deferred tax assets whose value was affected by the law changes. Now some CEO's have been asked to testify before Congress. Financial firms such as Bank of America, Citigroup, JPMorgan and Wells Fargo who were hit by credit crunch losses ahve seen deferred tax assets swell equal to about 15% of their combined common share holders equity.

Boeing BA $72.42 +0.14 0.19% 3,339,633 NYSE:

Caterpillar CAT $65.27 +0.79 1.23% 6,022,809 NYSE: WSJ pB16 "Beauty of Tax Assets Can Prove Fleeting" by David Reilly says AT&T, 3M, Caterpillar and Deere have created a brouhaha over big, health care related charges. The hits to profit came from write downs of deferred tax assets whose value was affected by the law changes. Now some CEO's have been asked to testify before Congress. Financial firms such as Bank of America, Citigroup, JPMorgan and Wells Fargo who were hit by credit crunch losses have seen deferred tax assets swell equal to about 15% of their combined common share holders equity.

Chevron CVX $79.5 +1.84 2.37% 9,797,243 NYSE: WSJ pB1 "Dow Pierces 11000, Then Pulls Back" by Peter McKay, Donna Yesalavich says the Dow ones Industrial Average crossed above the 11000 level for the first time in 18 months, albeit for a brief moment, marking another milestone in what has become one of the strongest stock market rebounds in history. It comes as investors grow increasingly confident about the economic outlook ahead of the start of 1qtr earning season, which kicks off Mon. with Alcoa. Good news from Chevron on Fri helped propel the day's advance.

WSJ pB2 "Chevron leads 11000 Assault" by Donna Yesalavich says the Dow briefly crossed 11000 before ducking back under that level, as it was lifted by a rosy earnings forecast from Chevron that lifted rivals such as Exxon Mobil,though Alcoa fell on an analyst's rating downgrade in advance of its earnings report Mon.

Cisco CSCO $26.6 +0.32 1.22% 34,609,982 NASDAQ-GS:

Coca-Cola KO $54.59 +0.83 1.54% 10,275,457 NYSE: WSJ pB6 "Coke Buys Majority of Smoothie Maker Innocent Drinks" by Paul Soone, AJC pA11 "Coke to boost stake in Brjitish drink maker" say its stake of Innocent Drinks will become a 58% ownership inthe British fruit and smoothie drinks maker.

Disney DIS $36.22 +0.55 1.54% 21,316,576 NYSE:

DuPont DD $39.19 +0.05 0.13% 4,957,638 NYSE:

ExxonMobil XOM $68.76 +0.90 1.33% 21,096,732 NYSE:

GE $18.52 -0.04 0.22% 54,578,135 NYSE:

Home Depot HD $33.25 +0.28 0.85% 13,036,882 NYSE:

Hewlett-Packard HPQ $53.87 +0.24 0.45% 7,464,015 NYSE:

Inel INTC $22.55 +0.24 1.08% 45,377,407 NASDAQ-GS:

IBM $128.76 +1.15 0.9% 5,172,677 NYSE:

J.P.Morgan Chase JPM $45.98 +0.22 0.48% 22,818,127 NYSE: WSJ pB16 "Beauty of Tax Assets Can Prove Fleeting" by David Reilly says AT&T, 3M, Caterpillar and Deere have created a brouhaha over big, health care related charges. The hits to profit came from write downs of deferred tax assets whose value was affected by the law changes. Now some CEO's have been asked to testify before Congress. Financial firms such as Bank of America, Citigroup, JPMorgan and Wells Fargo who were hit by credit crunch losses have seen deferred tax assets swell equal to about 15% of their combined common share holders equity.

Johnson & Johnson JNJ $65.14 +0.21 0.32% 6,960,933 NYSE:

Kraft KFT $30.24 +0.11 0.37% 11,309,603 NYSE:

McDonald's MCD $68.68 -0.08 0.12% 5,622,049 NYSE:

Merck MRK $36.97 +0.19 0.52% 10,019,335 NYSE:

Microsoft MSFT $30.34 +0.42 1.4% 54,657,733 NASDAQ-GS:

Pfizer PFE $17.25 +0.11 0.64% 43,872,330 NYSE:

Procter & Gamble PG $62.73 +0.17 0.27% 9,118,794 NYSE:

3M MMM $83.49 +0.54 0.65% 2,879,126 NYSE: WSJ pB16 "Beauty of Tax Assets Can Prove Fleeting" by David Reilly says AT&T, 3M, Caterpillar and Deere have created a brouhaha over big, health care related charges. The hits to profit came from write downs of deferred tax assets whose value was affected by the law changes. Now some CEO's have been asked to testify before Congress. Financial firms such as Bank of America, Citigroup, JPMorgan and Wells Fargo who were hit by credit crunch losses ahve seen deferred tax assets swell equal to about 15% of their combined commonshare holders equity.

Travelers TRV $52.4 +0.14 0.27% 3,396,745 NYSE:

United Technologies UTX $73.99 +0.29 0.39% 2,809,359 NYSE:

Verizon VZ $30.08 -0.08 0.27% 19,707,034 Dual Listed:

WalMart WMT $55.07 -0.31 0.56% 12,534,019 NYSE: AJc pA11 WalMart plans cost cuts, but analysts critical" says WMT has started a large roundof price cutting, but analysts are questioning whether the changes are much different from its usual promotions. It will cut prices on 10,000 items.
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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 4/1/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $317 [5]
2. Microsoft MSFT 257 [9]
3. WalMart WMT 212 [4]
4. GE 200 [10.5]
5. Procter & Gamble PG 184 [3]
6. Johnson & Johnson JNJ 180 [3]
7. BAC 179 [10]
8. JPMorgan Chase 178 [4]
9. IBM 167 [1]
10. AT&T 153 [6]
11. Chevron CVX 152 [2]
12. Cisco CSCO 149 [6]
13. Pfizer PFE 138 [8]
14. Coke KO 127 [2]
15. Hewlett-Packard HPQ 125 [2]
16. Intel INTC 123 [5.5]
17. Merck MRK 116 [3]
18. Verizon VZ 88 [3]
19. McDonald's MCD 72 [1]
20. United Technologies UTX 69 [1]
21. Disney DIS 67 [2]
22. 3M MMM 59 [.5]
23. Home Depot 55 [2]
24. Boeing BA 55 [1]
25. American Express AXP 49 [1]
26. Kraft KFT 45 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 34 [1]
29. Travelers 27 [.5]
30. Alcoa AA 15 [1]

Here are the latest SEC filings as of 4/1/10 market open 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: 3/26/10 8K re: its intent to take a non-cash charge of approximately $1 billion in the first quarter of 2010 to reflect the impact of the health care reform legislation.

Alcoa AA: 3/2/10 Add'l def. proxy materials

American Express AXP: 3/18/10 Add'l def. proxy materials

Bank of Am BAC: 3/17/10 Add'l def. proxy materials

Boeing BA: 3/31/10 8K re: charge off re: income tax charge of approximately $150 million as a result of the Patient Protection and Affordable Care Act, as modified by the Health Care and Education Reconciliation Act.

Caterpiller CAT: 3/24/10 8K re: charge off as a result of the Patient Protection and Affordable Care Act (H.R. 3590) signed into law on March 23, 2010

Chevron CVX: 3/31/10 Add'l def. proxy soliciting material

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

Coke KO: 3/22/10 8K re: transactions related to CCE transaction.

Disney DIS: 3/16/10 8K re: amendment to stock option plan & by-laws

DuPont DD: 3/19/10 Def. add'l proxy materials

ExxonMobil XOM: 3/29/10 8K re: its 2009 Financial and Operating Review

GE: 3/25/10 8K re: credit agreement with lenders led by JPMorgan Chase re: the transaction wherein GE and Comcast will form a joint venture which will consist of the NBCU businesses and Comcast’s cable networks.

Hewlett-Packard HPQ: 3/23/10 8K re: amendment of its Stock Incentive Plan

Home Depot HD: 4/7/10 Proxy Statement

3/25/10 10K Annual Report

Intel INTC: 3/22/10 8K re: John Thornton will not stand for reelection at the Company’s Annual Stockholders’ Meeting to be held on May 19, 2010

IBM: 3/25/10 Add'l def. proxy soliciting materials

JPMorganChase JPM: 3/31/10 Def. add'l proxy materials

Kraft KFT: 3/30/10 Definitive Add'l Proxy material

McDonalds MCD: 3/9/10 8K re: Press release "McDonald’s Global Comparable Sales Increased 4.8% in February"

Merck MRK: 3/11/10 8K re: amendment to the Call Option Agreement among Merck, Merck Sharp & Dohme and sanofi-aventis re: the option granted by Merck to sanofi-aventis to acquire 50% of Merck’s animal health business.

Microsoft MSFT: 1/28/10 10Q.

Pfizer PFE: 3/16/10 Add'l Proxy Materials

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

3M MMM: 3/26//10 8K re: one-time charge it expects to take in the first quarter of 2010 as a result of the Patient Protection and Affordable Care Act signed by the President on March 23, 2010.

Travelers TRV: 3/17/10 Add'l Proxy Materials

United Technologies UTX: 3/24/10 Add'l proxy solicitation materials

2/26/10 Def. Proxy Statement

Verizon Communications Inc. VZ: 3/30/10 Proxy Statement

WalMart WMT: 3/30/10 10K Annual Report