4/16/10 Fri. am US Joins H-P Bribery Investigation

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Post No. 385. 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 Friday's Wall St. 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 Thursday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Wednesday at 11,144.57 up 21.46 or 0.19% from Wednesday's close of 11,123.11. For the year the Dow is up 6.87%. Of the 30 Dow Companies: 18 gained and 12declined. The biggest gainer dollar-wise and percentage-wise was Intel INTC $24.221 +0.701 2.98% 109,285,599 NASDAQ-GS. The biggest decliner dollar-wise and percentage-wise was Coca-Cola KO $54.26 -0.69 1.26% 9,403,578 NYSE.

WSJ pC1 "Profit Power: Dow Climbs 21.46 Points" by Peter McKay says just 4 days into earnings season, and the world seems a little brighter to investors. After strong earnings from UPS on Thurs, JPMorgan Chase and Intel on Wed, some investors are starting to shed fears that this earnings season could be a big disappointment.

WSJ pC5 "UPS, 3M, Intel Rise; H-P Falls" by Donna Yesalavich says stocks climbed to 19 month highs, led by industrial firms such as Caterpillar and 3M, following reports of improving manufacturing conditions in addition to strong earnings from US. Intel was the Dow best performer, up 3%, extending its gains after it posted strong 1Qtr earnings on Tues. Caterpillar was up 1.44, while 3M climbed 0.7% as they were boosted by data that showed manufacturing in the NY and mid Atlantic areas is improving. Hewlett-Packard was among the Dow's worst performers, with a drop of 0.5%. German and Russian authorities are investigating whether HP execs paid millions of dollars in bribes to win a contract in Russia. WalMart weighed ont he Dow with a drop of 0.9% after the ceo of its UK grocery chain, Asda, set ut plans for a big expansion of its stores but siad the firm is cautious about the economic outlook.

Fin Times p20 "Strong earnings at UPS overshadow poor jobs figures" by Masa Serdarevic says strong earnings results from UPS and Yum Brands pushed US stocks higher Thurs for the 6th straight session, overshadowing disappointing US jobless claims, poor industrial production figures and resurgent worries about the Greek fiscal situation.

NYT pB8 "With a Lift From UPS,Shares Rise for a 6th Session" by AP says an encouraging earnings forecast from UPS and stronger manufacturing figures gave the stock market its 6th straight session of gains.

USA Today p4B "Stockr ally extends into its 6th session" by Bloomberg says stocks advanced on optimism that earnings and the economy are growing despite increased jobless claims.

As of the open 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 17.31 down from Thursday's 17.34 (year ago it was 27.80) the P/E estimate is 14.00 unchanged from Thursday's 14.00 (year ago it was 21.65) and the current dividend yield is 2.45 down from Thursday's 2.48 (it was 3.80 a year ago).

Thursday's Dow Jones Industrial Average closing numerator was 1,474.64 up 2.84 from Wednesday's closing numerator of 1,471.80. 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 2.84 for Wednesday by the divisor you get the increase in Wednesday's Dow close of 21.46. 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 $49.15 up 0.09 from Wednesday's Dow Jones Industrial Average closing price of $49.06. The median closing price of Thursday's Dow Jones Industrial Average was 47.25 up $0.22 from Wednesday's median closing price of $47.03. The lowest volume was Travelers TRV $52.88 -0.03 0.06% 3,708,688 NYSE and the highest volume again was Bank of America BAC $19.5 +0.10 0.52% 235,281,941 NYSE.

If Thursday 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 $270 ($147,450 - $147,180).

Market Watch 4/15/10 4:33 p.m. by Kate Gibson says U.S. stocks rose to end a sixth session of gains at fresh 2010 highs on Thursday, boosted by a number of economic reports and an upbeat forecast from global shipping firm United Parcel Service Inc.
Still, ahead of results from internet giant Google Inc. (GOOG 570.37, -24.93, -4.19%) after the close, the market's advance showed some signs of strains.
The Dow Jones Industrial Average (INDU 11,145, +21.61, +0.19%) ended up 21.46 points, or 0.2%, at 11,144.57, a fresh closing high for the year. Shares of Intel Corp. (INTC 24.20, -0.02, -0.09%) up 3%, led the gains among blue chips. The major indexes meandered in and out of positive territory during the session, but pushed to afternoon highs in the wake of an industry survey finding increased optimism among U.S. home builders in April. The S&P 500 Index (SPX 1,212, +1.02, +0.08%) climbed 1.02 points, or less than 0.1%, to end at 1,211.67, also a fresh high for the year. The industrials sector led the gains the most while consumer staples fell the most among the index's 10 industry groups. The Nasdaq Composite Index (COMP 2,516, +10.83, +0.43%) added 10.83 points, or 0.4%, to 2,515.69. Declining stocks outpaced advancers on the New York Stock Exchange, where 1.2 billion shares traded. Composite volume topped 6.1 billion. Crude-oil prices also meandered, with the front-month contract ending 33 cents lower at $85.51 a barrel, while the more active contract added 2 cents to finish at $86.75 a barrel. A slew of economic reports included a rise of 24,000 in those applying for jobless benefits last week, with the four-week average up 7,500 at 457,750. Transportation lifted to 52-week highTransportation benchmark drives higher with shares of UPS hitting a 17-month high after the shipping giant posts quarterly results that blow past analysts' estimates.
Other data had the Federal Reserve reporting U.S. industrial production inched up last month, extending the string of monthly rises to nine. The Federal Reserve Bank of Philadelphia reported improved business conditions at manufacturing firms in the region, with its index rising to 20.2 in April from 18.9 in March. The New York Federal Reserve's manufacturing index also improved, climbing to 31.9 in April from 22.9 in March.

Thursday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market

At&T T $26.25 +0.01 0.04% 26,772,520 NYSE: No mentions found.

Alcoa AA $14.3 -0.13 0.9% 29,790,883 NYSE: No mentions found.

American Express AXP $46.67 +0.21 0.45% 9,168,120 NYSE: No mentions found.

Bank of America BAC $19.5 +0.10 0.52% 235,281,941 NYSE: WSJ pC12 "Banks Still Are Paying bubble Bill" by David Reilly says among JPMorgan's 1qtr results was a $2.3 bil charge for litigation results for mortgage related legal fights is a sign that the sins of the bubble won't be forgotten quickly. Bank of America, Citi and Wells have similar exposure to takeover litigation or securitizations of mortgages.

Boeing BA $72.11 +0.41 0.57% 2,729,718 NYSE: No mentions found.

Caterpillar CAT $68.22 +.94 1.4% NYSE: WSJ pC5 "UPS, 3M, Intel Rise; H-P Falls" by Donna Yesalavich says stocks climbed to 19 month highs, led by industrial firms such as Caterpillar and 3M, following reports of improving manufacturing conditions in addition to strong earnings from US. Intel was the Dow best performer, up 3%, extending its gains after it posted strong 1Qtr earnings on Tues. Caterpillar was up 1.44, while 3M climbed 0.7% as they were boosted by data that showed manufacturing in the NY and mid Atlantic areas is improving. Hewlett-Packard was among the Dow's worst performers, with a drop of 0.5%. German and Russian authorities are investigating whether HP execs paid millions of dollars in bribes to win a contract in Russia. WalMart weighed ont he Dow with a drop of 0.9% after the ceo of its UK grocery chain, Asda, set ut plans for a big expansion of its stores but siad the firm is cautious about the economic outlook.

Cisco CSCO $27.21 +0.33 1.23% 46,786,762 NASDAQ-GS: Fin Times p8 "Home movies at full tilt" by Paul Taylor gives a favorable review of Cisco's new Flip SlideHD which went on sale in the US this week for $280.

Coca-Cola KO $54.26 -0.69 1.26% 9,403,578 NYSE: AJC pA13 "Coke, Southern Co. deal keeps PGA at East lake" by Leon Stafford says East Lak eGolf club will remainthe site of the big finale on the PGA Tour thanks to an agreement inked by KO and the Southern Co.

Disney DIS $36.41 +0.21 0.58% 8,714,973 NYSE: No mentions found.

DuPont DD $39.34 +0.47 1.21% 6,883,071 NYSE: No mentions found.

ExxonMobil XOM $68.26 -0.35 0.51% 15,711,412 NYSE: WSJ pB1 "Schlumberger Gambles on Iraq Work" by Russell Gold says while the Iraq Oil Ministry gave otu redevlopment contracts to Exxon Mobil and BP, oil service firms such as Schlumberger will carry out much of the heavy lifting, such as taking seismic surveys and drillling wells.

GE $19.48 +0.13 0.67% 99,857,080 NYSE: WSJ pC1 "GE's Recent Performance Sets the Bar High" by Paul Glader says during the crisis, GE fought to ally fears about its ability to survive. Now it is trying to temper investor enthusiasm as it reports 1qtr results Fri against the backdrop of a share price that is up almost 30% this year compared with an almost 7% increase in the Dow. GE's shares have tripled since crisis lows.

Hewlett-Packard HPQ $54.25 -0.27 0.5% 13,445,381 NYSE: WSJ pB1 "US Joins H-P Bribery Investigation" by David Crawford, Dionne Searcys, Fin Times p12 "Ex-managers at HP in Russian bribery probe" by Daniel Schafer, Richard Waters, NYT pB7 "3 Arrested in HP Case On Kickbacks" by Jack Ewing & USA Today p1B say the US has joined German and Russian authorities in investigating whether HPQ execs paid millions of dolalrs in bribes to Russian officials to win a contract in Russia.

WSJ pC5 "UPS, 3M, Intel Rise; H-P Falls" by Donna Yesalavich says stocks climbed to 19 month highs, led by industrial firms such as Caterpillar and 3M, following reports of improving manufacturing conditions in addition to strong earnings from US. Intel was the Dow best performer, up 3%, extending its gains after it posted strong 1Qtr earnings on Tues. Caterpillar was up 1.44, while 3M climbed 0.7% as they were boosted by data that showed manufacturing in the NY and mid Atlantic areas is improving. Hewlett-Packard was among the Dow's worst performers, with a drop of 0.5%. German and Russian authorities are investigating whether HP execs paid millions of dollars in bribes to win a contract in Russia. WalMart weighed ont he Dow with a drop of 0.9% after the ceo of its UK grocery chain, Asda, set ut plans for a big expansion of its stores but siad the firm is cautious about the economic outlook.

Home Depot HD $35.15 +0.17 0.49% 17,509,118 NYSE: WSJ pC12 "Don't Save Bst buy Until Last" by John Jannarone says Best Buy shares have risen 19% int he past 12 months compared with 35% for Home Depot and 47% for Bed Bath & Beyond. Best Buy has been hurt by concerns about price deflation in electronics and cmopetition form Walmart and Amazon.com.

Intel INTC $24.221 +0.701 2.98% 109,285,599 NASDAQ-GS: WSJ pA1 "Tech Sector in Hiring Drive" by CariTuna, Jessica Vascellaro, Pui-Wing Tam says Google, and Ingtel are adding workers as profits are snapping back.

WSJ pC1 "Profit Power: Dow Climbs 21.46 Points" by Peter McKay says just 4 days into earnings season, and the world seems a little brighter to investors. After strong earnings from UPS on Thurs, JPMorgan Chase and Intel on Wed, some investors are starting to shed fears that this earnings season could be a big disappointment.

WSJ pC5 "UPS, 3M, Intel Rise; H-P Falls" by Donna Yesalavich says stocks climbed to 19 month highs, led by industrial firms such as Caterpillar and 3M, following reports of improving manufacturing conditions in addition to strong earnings from US. Intel was the Dow best performer, up 3%, extending its gains after it posted strong 1Qtr earnings on Tues. Caterpillar was up 1.44, while 3M climbed 0.7% as they were boosted by data that showed manufacturing in the NY and mid Atlantic areas is improving. Hewlett-Packard was among the Dow's worst performers, with a drop of 0.5%. German and Russian authorities are investigating whether HP execs paid millions of dollars in bribes to win a contract in Russia. WalMart weighed ont he Dow with a drop of 0.9% after the ceo of its UK grocery chain, Asda, set ut plans for a big expansion of its stores but siad the firm is cautious about the economic outlook.

IBM $130.9 -0.35 0.27% 6,157,278 NYSE: No mentions found.

J.P.Morgan Chase JPM $47.83 +0.10 0.21% 43,475,700 NYSE: WSJ pC1 "Profit Power: Dow Climbs 21.46 Points" by Peter McKay says just 4 days into earnings season, and the world seems a little brighter to investors. After strong earnings from UPS on Thurs, JPMorgan Chase and Intel on Wed, some investors are starting to shed fears that this earnings season could be a big disappointment.

WSJ pC12 "Banks Still Are Paying bubble Bill" by David Reilly says among JPMorgan's 1qtr results was a $2.3 bil charge for litigation results for mortgage related legal fights is a sign that the sins of the bubble won't be forgotten quickly. Bank of America, Citi and Wells have similar exposure to takeover litigation or securitizations of mortgages.

Johnson & Johnson JNJ $65.53 +0.04 0.06% 8,174,551 NYSE: No mentions found.

Kraft KFT $31.08 +0.20 0.65% 14,705,574 NYSE: No mentions found.

McDonald's MCD $69.19 -0.23 0.33% 4,519,263 NYSE: No mentions found.

Merck MRK $36.04 -0.17 0.47% 19,742,928 NYSE: No mentions found.

Microsoft MSFT $30.87 +0.05 0.16% 51,597,185 NASDAQ-GS: WSJ pB7 "Microsoft Will Investigate conditions at Chinese Plant" by Nick Wingfield says Microsoft said it is investigating allegations of worker abuse at a factory in China operated by KYE systems that makes computer mice, cameras and other devices for it prompted bya report published by a Pittsburgh human rights advocacy group, the Nat'l Labor Comm. which says the factory gives workers harsh living conditions.

Pfizer PFE $17.01 -0.06 0.35% 57,546,349 NYSE: No mentions found.

Procter & Gamble PG $63 -0.19 0.3% 11,013,079 NYSE: No mentions found.

3M MMM $85 0+.61 0.72% 4,476,880 NYSE: WSJ pC5 "UPS, 3M, Intel Rise; H-P Falls" by Donna Yesalavich says stocks climbed to 19 month highs, led by industrial firms such as Caterpillar and 3M, following reports of improving manufacturing conditions in addition to strong earnings from US. Intel was the Dow best performer, up 3%, extending its gains after it posted strong 1Qtr earnings on Tues. Caterpillar was up 1.44, while 3M climbed 0.7% as they were boosted by data that showed manufacturing in the NY and mid Atlantic areas is improving. Hewlett-Packard was among the Dow's worst performers, with a drop of 0.5%. German and Russian authorities are investigating whether HP execs paid millions of dollars in bribes to win a contract in Russia. WalMart weighed ont he Dow with a drop of 0.9% after the ceo of its UK grocery chain, Asda, set ut plans for a big expansion of its stores but siad the firm is cautious about the economic outlook.

Travelers TRV $52.88 -0.03 0.06% 3,708,688 NYSE: No mentions found.

United Technologies UTX $74.61 +0.61 0.82% 3,300,592 NYSE: No mentions found.

Verizon VZ $29.54 -0.31 1.04% 26,838,901 Dual Listed: No mentions found.

WalMart WMT $54.13 -0.51 0.93% 17,538,757 NYSE: WSJ pC5 "UPS, 3M, Intel Rise; H-P Falls" by Donna Yesalavich says stocks climbed to 19 month highs, led by industrial firms such as Caterpillar and 3M, following reports of improving manufacturing conditions in addition to strong earnings from US. Intel was the Dow best performer, up 3%, extending its gains after it posted strong 1Qtr earnings on Tues. Caterpillar was up 1.44, while 3M climbed 0.7% as they were boosted by data that showed manufacturing in the NY and mid Atlantic areas is improving. Hewlett-Packard was among the Dow's worst performers, with a drop of 0.5%. German and Russian authorities are investigating whether HP execs paid millions of dollars in bribes to win a contract in Russia. WalMart weighed ont he Dow with a drop of 0.9% after the ceo of its UK grocery chain, Asda, set ut plans for a big expansion of its stores but siad the firm is cautious about the economic outlook.
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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