4/19/10 Mon.am JPMorgan, BofA Will Suffer from Goldman

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Post No. 389. 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 Monday'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 Friday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Friday at 11,018.66 down 125.91 or 1.13% from Thursday's close of 11,123.11. For the year the Dow is up 5.66% and for the week the Dow wasup 21.36 or 0.19% from last Friday's close of 10,997.3. Of the 30 Dow Companies: 2 gained and 28 declined. The biggest gainer dollar-wise and percentage-wise was Coca Cola KO $54.97 +0.71 1.31% 17,539,673 NYSE. The biggest decliner dollar-wise and percentage-wise was Bank of America BAC $18.41 -1.07 5.49% 589,091,978 NYSE.

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 17.12 down from Friday's 17.31 (year ago it was 27.32) the P/E estimate is 14.00 unchanged from Friday's 14.00 (year ago it was 22.34) and the current dividend yield is 2.48 up from Friday's 2.45 (it was 3.80 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1,457.98 down 13.82 from Thursday'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 decrease of 13.82 for Friday by the divisor you get the decrease in Friday's Dow close of 13.82. 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 $48.60 down 0.55 from Thursday's Dow Jones Industrial Average closing price of $49.15. The median closing price of Friday's Dow Jones Industrial Average was 45.29 down 1.26 from Thursday's median closing price of $47.25. The lowest volume was MMM $83.76 1.24 1.46% 5,343,086 NYSE and the highest volume again was Bank of America BAC $18.41 1.07 5.49% 589,091,978 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 lost $1650 ($147,450 -$145,800).

Market Watch 4/16/10 4:57 p.m. by Kristina Peterson & Donna Yesalavich says U.S. stocks fell Friday, as Goldman Sachs Group Inc. posted its biggest dollar drop in the stock's history after being slapped with civil-fraud charges by the Securities and Exchange Commission. The Dow Jones Industrial Average (INDU 11,019, -125.83, -1.13%) closed down 125.91 points, or 1.1%, to 11,018.6. Still, the Dow posted its seventh straight week of gains, its longest winning streak since the seven-week period ending in May 2007. The S&P 500 Index (SPX 1,192, -19.54, -1.61%) fell 19.54 points, or 1.61%, to 1,192.13, closing below the key 1,200 level it captured earlier this week for the first time since September 2008. Volume surged on Friday, with more than 8.3 billion shares trading hands in New York Stock Exchange Composite volume. Spurring the market's tumble, Goldman Sachs (GS 161.73, +1.03, +0.64%) dropped $23.57, nearly 13%, to close at $160.70. It was the biggest one-day dollar drop in the stock's history. Other banks tumbled as news spread of the SEC's charge against Goldman and one of its vice presidents for defrauding investors regarding a financial product tied to subprime mortgages. Among the decliners, Morgan Stanley (MS 29.01, -0.15, -0.51%) fell 5.6%, Citigroup Inc. (C 4.58, +0.02, +0.44%) dropped 5.2% and Fifth Third Bancorp (FITB 14.24, +0.04, +0.28%) fell 4.7%. According to the SEC, Goldman Sachs failed to disclose vital information about a synthetic collateralized-debt obligation, or CDO, that hinged on the performance of subprime residential mortgage-backed securities, including the role that a major hedge fund played in the portfolio-selection process and the fact that the hedge fund had taken a short position against the CDO. The news also caused commodities to slip as spooked investors retreated to the safety of Treasurys. The 10-year note rose to yield 3.77%. Crude prices slid to just above $83 a barrel, cutting into the energy sector. Valero Energy Corp. (VLO 19.20, +0.05, +0.26%) fell 3.6%, while Diamond Offshore Drilling Inc.(DO 87.21, -4.33, -4.73%) dropped 4.7% and Consol Energy Inc. (CNX 42.68, +0.01, +0.02%) slid 3.9%. While most of the market's drop came after the SEC filed its charges, the Dow had started the session down, weighed by disappointment over the latest slate of earnings from companies including Bank of America Corp. (BAC 18.40, -0.01, -0.05%) and General Electric Co. (GE 19.00, +0.03, +0.16%). Bank of America fell 5.5%, while GE slid 2.7%. Bank of America's $3.2 billion profit exceeded analysts' expectations but declined from a year earlier, while GE's first-quarter earnings fell 31%, dragged down by a loss from discontinued operations, a sharply smaller tax benefit at its financial arm and slower sales at its big industrial divisions. Earnings from the technology companies including Google Inc. (GOOG 549.95, -0.20, -0.04%) and Advanced Micro Devices Inc. (AMD 9.74, -0.07, -0.71%) received a similar reaction from investors and weighed on the Nasdaq Composite Index (COMP 2,481, -34.43, -1.37%) , which sank 34.43, or 1.37% to close at 2481.26. See Tech Stocks. Google fell 7.6%, with investors worried about the company's growing costs. Chip maker AMD tumbled 3.4%. The company said it expects revenue in the current period, which is seasonally the weakest for its business, to decline by as much as 5% from the first quarter. Volatility in the market spiked as the Goldman news added to the impact of expiring options. The CBOE Market Volatility Index (VIX 18.36, +2.47, +15.54%) jumped 15%. The so-called "fear gauge" earlier this week had reached its lowest intraday point since 2007.

AT&T T $25.93 -0.31 1.18% 31,988,637 NYSE: WSJ pC8 "Cash Is Turning Into a Hang Up for Verizon" by Martin Peers says Verizon has a challenge in financing its generous dividend beyond next year because it has relied on fin'l maneuvers to fund the payout, $5.3 bil in '09. Verizon can't simply tap its wireless business at will as it has a 45% partner in Vodafone. Verizon stock continues to trade at a premium to AT&T's.

WSJ pC2 says IBM reports earnings today with estimates of 1.93 per share versus $1.70 a year ago as does McDonald's (est. 0.96 vs. 0.83 a year ago; Tues Johnson & Johnson reports (est 1.27 vs 1.26 a year ago), Also on Wed: AT&T (est.65 and year ago 0.53) and Boeing (est. 0.65/ year ago.87); Thurs: American Express (0.62/0.32) and Microsoft 0.42/0.39 and Verizon (0.56/0.63) and on Friday Travelers reports (1.40/1.34).

Alcoa AA $13.91 -0.40 2.8% 52,026,668 NYSE: No mentions found.

American Express AXP $45.1 -1.57 3.36% 18,334,533 NYSE: WSJ pC2 says IBM reports earnings today with estimates of 1.93 per share versus $1.70 a year ago as does McDonald's (est. 0.96 vs. 0.83 a year ago; Tues Johnson & Johnson reports (est 1.27 vs 1.26 a year ago), Also on Wed: AT&T (est.65 and year ago 0.53) and Boeing (est. 0.65/ year ago.87); Thurs: American Express (0.62/0.32) and Microsoft 0.42/0.39 and Verizon (0.56/0.63) and on Friday Travelers reports (1.40/1.34).

Bank of America BAC $18.41 -1.07 5.49% 589,091,978 NYSE: WSJ pC7 "Credit Suisse names Two From JPMorgan" by John Kumar, Ellen Sheng says Credit Suisse hired Vedika Bhandarkar from JPM to be vice-Chair and head of investment banking in India. Also leaving is Sandeep Pangal who will become managing director in India. JPM lost Kaku Nakhate to join Bank of America Merrill Lynch as country head in India in March.

WSJ pB2 "Profit GrowthIs Set to Slow" by Paul Vigna, John Shipman says Intel's 1Qtr profit jump but cost cuts are largely complete. JPMorgan earned a hefty $3.3 bil, supported by strong trading rev. GE's sales fell 5% in 1Qtr while Bank of America reported rev fell 11% due to lower mortgage banking income.

Boeing BA $70.79 -1.30 1.8% 8,075,323 NYSE: WSJ pB1 "Sikorsky, Lockheed Teaming Up" b Peter Sanders says Sikorsky Aircraft and Lockheed Martin are teaming up to bid on a new contract for a fleet of Marine One helicopters. Sikorsky is a united Technologies unit that built the presidential helicopter starting in '57 was defeated for a contract in '05 when it went to AgusaWestland which had teamed up with Lockheed. Other bidders could include Beoing, Tetron's Bell Helicopter and Finmeccanica's AgustaWestland.

Fin Times p24 says Boeing wll report results on Wed and investors will seek furtehr signs of an upturn in the commercial aviation amrket as BA recovers. .

Caterpillar CAT $66.88 -1.34 1.96% 10,385,998 NYSE: No mentions found.

Chevron CVX $80.75 -0.84 1.03% 12,866,505 NYSE: No mentions found.

Cisco CSCO $26.98 -0.23 0.85% 68,529,424 NASDAQ-GS: No mentions found.

Coca Cola KO $54.97 +0.71 1.31% 17,539,673 NYSE: Fin times says Coke will report earnings on Tues with estimates of .74 vs. .65 a year ago.

Disney DIS $35.83 -0.57 1.57% 12,334,732 NYSE: WSJ pB1 "Weinsteins Set to Buy Miramax" by Ethan Smith, lauren Schuker says Weinstein Co. moved closer to buying Miramax from Disney this weekend for about $600 mil. Related story at WSJ pB5 "Rewinding to the Old Miramax" by Lauren Schuker, Ethan Smith.

DuPont DD $38.66 -0.67 1.7% 7,816,641 NYSE: No mentions found.

ExxonMobil XOM $67.93 -0.33 0.48% 33,866,172 NYSE: No mentions found.

GE $18.97 -0.53 2.72% 172,384,480 NYSE: WSJ pB3 "FCC Extends Deadline For Comment on NBC Deal" by AmySchatzsays itwill extend the deadline for comments on Comcast's deal to buy a controlling interest in GE'sNBC Universal because it needs more info from Comcast

WSJ pB2 "Profit GrowthIs Set to Slow" by Paul Vigna, John Shipman says Intel's 1Qtr profit jump but cost cuts are largely complete. JPMorgan earned a hefty $3.3 bil, supported by strong trading rev. GE's sales fell 5% in 1Qtr while Bank of America reported rev fell 11% due to lower mortgage banking income.

Hewlett-Packard HPQ $53.75 -0.48 0.89% 15,628,514 NYSE: WSJ pB7"Taiwan Chip Designer ShakesUp Cellphone Biz" by Ting-I Tsai profiles a little known Taiwanese chip design firm named MediaTekthat is making waves in the cellphone biz by grabbing market share from larger US rivals. In Feb. it and Microsoft made a partnership to develop multimedia smartphones for emerging markets. Taiwan's Acer was the world's second largest pc firm in 4Qtr ahead of Dell and gaining on Hewlett-Packard.

Home Depot HD $35.01 -0.13 0.37% 28,515,402 NYSE: WSJ pB9 "Retailers Try On New Sales Tactics" by Rachel dodes, Dana Mattiolo says Penney, Mac's and Home Depot are emphasizing top line growth in employee's incentive pay and training programs. Home Depot is starting to train cashiers, not just floor staff on new sales techniques.

Intel INTC $23.92 -0.301 1.24% 102,974,848 NASDAQ-GS: WSJ pB2 "Profit GrowthIs Set to Slow" by Paul Vigna, John Shipman says Intel's 1Qtr profit jump but cost cuts are largely complete. JPMorgan earned a hefty $3.3 bil, supported by strong trading rev. GE's sales fell 5% in 1Qtr while Bank of America reported rev fell 11% due to lower mortgage banking income.

WSJ pB7"Taiwan Chip Designer ShakesUp Cellphone Biz" by Ting-I Tsai profiles a little known Taiwanese chip design firm named MediaTekthat is making waves in the cellphone biz by grabbing market share from larger US rivals. In Feb. it and Microsoft made a partnership to develop multimedia smartphones for emerging markets. Taiwan's Acer was the world's second largest pc firm in 4Qtr ahead of Dell and gaining on Hewlett-Packard.

IBM $130.63 -0.26 0.2% 9,549,798 NYSE: WSJ pC2 says IBM reports earnings today with estimates of 1.93 per share versus $1.70 a year ago as does McDonald's (est. 0.96 vs. 0.83 a year ago; Tues Johnson & Johnson reports (est 1.27 vs 1.26 a year ago), Also on Wed: AT&T (est.65 and year ago 0.53) and Boeing (est. 0.65/ year ago.87); Thurs: American Express (0.62/0.32) and Microsoft 0.42/0.39 and Verizon (0.56/0.63) and on Friday Travelers reports (1.40/1.34).

J.P. Morgan JPM $45.55 -2.26 4.73% 121,206,568 NYSE: WSJ pC1 "After Goldman, Fin'ls on Center Stage" by David Reily says reports from JPMorgan and Bank of America last week showed credit losses easing and trading profits booming. That makes it likely that this week's earnings reports will be upbeat. However, investors will be watching to see if there is any spillover from the SEC's suit against Goldman.

WSJ pC7 "Credit Suisse names Two From JPMorgan" by John Kumar, Ellen Sheng says Credit Suisse hired Vedika Bhandarkar from JPM to be vice-Chair and head of investment banking in India. Also leaving is Sandeep Pangal who will become managing director in India. JPM lost Kaku Nakhate to join Bank of America Merrill Lynch as country head in India in March.

WSJ pB2 "Profit GrowthIs Set to Slow" by Paul Vigna, John Shipman says Intel's 1Qtr profit jump but cost cuts are largely complete. JPMorgan earned a hefty $3.3 bil, supported by strong trading rev. GE's sales fell 5% in 1Qtr while Bank of America reported rev fell 11% due to lower mortgage banking income.

Johnson & Johnson JNJ $65.02 -0.49 0.75% 15,744,105 NYSE: WSJ pC2 says IBM reports earnings today with estimates of 1.93 per share versus $1.70 a year ago as does McDonald's (est. 0.96 vs. 0.83 a year ago; Tues Johnson & Johnson reports (est 1.27 vs 1.26 a year ago), Also on Wed: AT&T (est.65 and year ago 0.53) and Boeing (est. 0.65/ year ago.87); Thurs: American Express (0.62/0.32) and Microsoft 0.42/0.39 and Verizon (0.56/0.63) and on Friday Travelers reports (1.40/1.34).

Kraft KFT $30.66- 0.41 1.32% 11,721,477 NYSE: WSJ pB1 "Tang in India and Other Kraft Synergies" by Anjali Cordeiro says Kraft will use Cadbuy's distribution network in emerging markets such as India and Mexico to sell more Kraft products, by sharing trucks and store contacts.

McDonald's MCD $69.03 -0.13 0.19% 7,876,494 NYSE: WSJ pC2 says IBM reports earnings today with estimates of 1.93 per share versus $1.70 a year ago as does McDonald's (est. 0.96 vs. 0.83 a year ago; Tues Johnson & Johnson reports (est 1.27 vs 1.26 a year ago), Also on Wed: AT&T (est.65 and year ago 0.53) and Boeing (est. 0.65/ year ago.87); Thurs: American Express (0.62/0.32) and Microsoft 0.42/0.39 and Verizon (0.56/0.63) and on Friday Travelers reports (1.40/1.34).

Merck MRK $35.71 -0.33 0.92% 20,591,950 NYSE: No mentions found.

Microsoft MSFT $30.67 -0.20 0.65% 88,707,802 NASDAQ-GS: WSJ pC2 says IBM reports earnings today with estimates of 1.93 per share versus $1.70 a year ago as does McDonald's (est. 0.96 vs. 0.83 a year ago; Tues Johnson & Johnson reports (est 1.27 vs 1.26 a year ago), Also on Wed: AT&T (est.65 and year ago 0.53) and Boeing (est. 0.65/ year ago.87); Thurs: American Express (0.62/0.32) and Microsoft 0.42/0.39 and Verizon (0.56/0.63) and on Friday Travelers reports (1.40/1.34).

WSJ pB7"Taiwan Chip Designer ShakesUp Cellphone Biz" by Ting-I Tsai profiles a little known Taiwanese chip design firm named MediaTekthat is making waves in the cellphone biz by grabbing market share from larger US rivals. In Feb. it and Microsoft made a partnership to develop multimedia smartphones for emerging markets. Taiwan's Acer was the world's second largest pc firm in 4Qtr ahead of Dell and gaining on Hewlett-Packard.

Pfizer PFE $16.8 -0.19 1.12% 75,522,835 NYSE: No mentions found.

Procter & Gamble PG $62.85 -0.15 0.24% 12,570,601 NYSE: NYT pB4 "New Razors Place Focus On Comfort . . ." by Andrew Newman says Schick is introducing a new razor, the Hydro. Schick was bought by Energizer in '03 and is dwarfed by Gillette, a Procter & Gamble brand, which has 66% of the nondisposable razor segment, which totaled $214 mil in the year ended 3/21.

3M MMM $83.76 -1.24 1.46% 5,343,086 NYSE: No mentions found.

Travelers TRV $52.14 -0.74 1.4% 6,067,654 NYSE: WSJ pC2 says IBM reports earnings today with estimates of 1.93 per share versus $1.70 a year ago as does McDonald's (est. 0.96 vs. 0.83 a year ago; Tues Johnson & Johnson reports (est 1.27 vs 1.26 a year ago), Also on Wed: AT&T (est.65 and year ago 0.53) and Boeing (est. 0.65/ year ago.87); Thurs: American Express (0.62/0.32) and Microsoft 0.42/0.39 and Verizon (0.56/0.63) and on Friday Travelers reports (1.40/1.34).

United Technologies UTX $73.69 -0.92 1.23% 7,570,183 NYSE: WSJ pB1 "Sikorsky, Lockheed Teaming Up" b Peter Sanders says Sikorsky Aircraft and Lockheed Martin are teaming up to bid on a new contract for a fleet of Marine One helicopters. Sikorsky is a united Technologies unit that built the presidential helicopter starting in '57 was defeated for a contract in '05 when it went to AgusaWestland which had teamed up with Lockheed. Other bidders could include Beoing, Tetron's Bell Helicopter and Finmeccanica's AgustaWestland.


Verizon VZ $29.58 +0.04 0.14% 24,676,275 Dual Listed: WSJ pC8 "Cash Is Turning Into a Hang Up for Verizon" by Martin Peers says Verizon has a challenge in financing its generous dividend beyond next year because it has relied on fin'l maneuvers to fund the payout, $5.3 bil in '09. Verizon can't simply tap its wireless business at will as it has a 45% partner in Vodafone. Verizon stock continues to trade at a premium to AT&T's.

WSJ pC2 says IBM reports earnings today with estimates of 1.93 per share versus $1.70 a year ago as does McDonald's (est. 0.96 vs. 0.83 a year ago; Tues Johnson & Johnson reports (est 1.27 vs 1.26 a year ago), Also on Wed: AT&T (est.65 and year ago 0.53) and Boeing (est. 0.65/ year ago.87); Thurs: American Express (0.62/0.32) and Microsoft 0.42/0.39 and Verizon (0.56/0.63) and on Friday Travelers reports (1.40/1.34).

Wal-Mart WMT $54.11 -0.02 0.04% 19,234,121 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 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