4/2/10 Fri. am Verizon Also Takes Big Health Care Charge

www.DowJonesMonitor.com

The following is not intended as advertising by a broker-dealer and is not a research report. Any comments by third-parties do not reflect the views of Intellivest Securities Research, Inc. and have not been reviewed by us for completeness or accuracy.

Post No. 362. 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.

The stock market will be closed today, and the bond market will close early for Good Friday. A read of Friday's Wall St. Journal, 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 Thursday at 10,927.07 up 70.44 or 0.65% from Wednesday's close of 10,856.63. For the year the Dow Jones Industrial Average is up 4.79%. Of the 30 Dow Companies: 7 gained, IBM was unchanged and 22 declined. The biggest gainer dollar-wise and percentage-wise was Caterpillar CAT $63.99 +1.14 1.81% 7,803,919 NYSE. The biggest decliner dollar-wise and percentage-wise was Cisco CSCO $25.83 -0.20 0.77% 56,178,201 NASDAQ-GS.

WSJ pC5 "Disney, Alcoa Lift the DJIA" by Donna Yesalivich says US stocks climbed broadly as better than expected data on jobs and manufacturing lfted a broad swath of stocks, including Disney and Alcoa. the Dow closed at its highest since 9/26/08, up 0.7%, its 5TH straight week of advances and longest weekly winning streak since Apr. '09. Dow was led by some of its most economically sensitive components. Aloca was the best performer and Disney was up 1.8% while Caterpillar rose 1.8%.

WSJ pC1 "Factory Data Put Dow Run at 5 weeks" by Peter McKay, Michael Aneiro says a surge in global manufacturing activity boosted stocks and commodities and renewed optimism about the global recovery. Oil jumped 1.3% and gold and copper also rose.

NYT pB8 "Short Week Ends Higher Ahead of March Jobs Data" by javier Hernandez says Wll St. investors on Thurs. pushed past doubts about the tech sector and seized on signs that the global recovery was firming up.

USA Today p4B "Optimism about jobs helps lift stocks" by AP says stronger reports on jobs and manufacturing boosted stocks Thurs. ahead of the gov's employment report for March.

As of the close of the market Thurs, 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 17.04 up from Thursday morning's 17.01 (year ago it was 26.46) the P/E estimate is 13.85 unchanged from Thursday's 13.85 (year ago it was 20.24) and the current dividend yield is 2.50 unchanged from Thursday's 2.50 (it was 4.08 a year ago).

Thursday's Dow Jones Industrial Average closing numerator was 1,445.86 up 9.32 from Wednesday's closing numerator of 1,436.54. 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 9.32 for Thursday by the divisor you get the increase in Thursday's Dow close of 70.44. 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 Thursday's Dow Jones Industrial Average was $48.20 up 0.32 from Wednesday's Dow Jones Industrial Average closing price of $47.88. The median closing price of Thursday's Dow Jones Industrial Average was 43.44 up 0.44 from Wednesday's median closing price of $43.00. The lowest volume was 3M MMM $83.85 +0.28 0.34% 2,965,767 NYSE and the highest volume again was Bank of America BAC $18.04 +0.19 1.06% 94,906,965 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 $960 ($144,600-$143,640).

Market Watch 4/1/10 4:17 pm By Nick Godt says U.S. stocks finished Thursday's session and a holiday-shortened week higher, helped by a raft of upbeat economic reports that boosted hopes of a global recovery. The U.S. stock market will be closed for the Good Friday holiday but the key March employment report will still be released that day. The Dow Jones Industrial Average (INDU 10,927, +70.51, +0.65%) gained 70.44 points, or 0.7%, to end at 10,927.07. Fronting blue-chip gains, shares of aluminum-giant Alcoa Inc. (AA 14.72, +0.02, +0.14%) rose 3.2%. The S&P 500 index (SPX 1,178, +8.67, +0.74%) ended up 8.67 points, or 0.7%, to 1,178.10. Gains in materials and energy shares led the advance on the broad index. The Nasdaq Composite (COMP 2,403, +4.62, +0.19%) rose 4.62 points, or 0.2%, to end 2,402.58. Shares of Research in Motion (RIMM 68.46, -0.02, -0.03%) weighed on technology shares for most of the session after the BlackBerry-maker's profit disappointed. For the week, the Dow gained 0.7%, the S&P rose 1% and the Nasdaq advanced 0.3%.

AT&T T $26.11 +0.27 1.04% 20,346,220 NYSE: WSJ pB4 "Verizon, Exelon Are Latest to Record Charge" by John Kell says Verizon Communications said Thurs. it will take a noncash charge of $970 mil in the first quarter for the anticipated impacted of the new health care overhaul. Last week, AT&t said it would take a $1 bil charge.

Alcoa AA $14.7 +0.46 3.23% 31,315,477 NYSE: WSJ pC5 "Disney, Alcoa Lift the DJIA" by Donna Yesalivich says US stocks climbed broadly as better than expected data on jobs and manufacturing lifted a broad swath of stocks, including Disney and Alcoa. the Dow closed at its highest since 9/26/08, up 0.7%, its 5TH straight week of advances and longest weekly winning streak since Apr. '09. Dow was led by some of its most economically sensitive components. Aloca was the best performer and Disney was up 1.8% while Caterpillar rose 1.8%.

American Express AXP $41.7 +0.44 1.07% 5,943,756 NYSE: No mentions found.

Bank of America BAC $18.04 +0.19 1.06% 94,906,965 NYSE: WSJ pC3 "Merrill Wins in Auction Rate Case" says Judge Loreta Preska in US dist. Ct. in NYC tossed a complaint saying the plaintiffs didn't show Merrill's conduct was deceptive.

WSJ pB2 "Lead Vanishes for Crisis King" says JPM's market share in all 3 advisory businesses dipped in the first quarter of '10 as rivals' slides have slowed or stopped such as Bank of America Merrill which lost 9% points in mergers and acquisitions.

AJC pA14 "...Credit rules to cover small firms" says Bank of America became the latest card issuer to say it will apply some elements of the consumer protections law for consumers to its small biz cards as well.

Boeing BA $72.99 +0.38 0.52% 4,393,434 NYSE: AJC pA14 "Boeing to study options for tanker contract" says BA is reviewing its options for bidding on a $35 bil contract for Air Force tanker planes as it is the only announced bidder for the 179 plane order. Wed the Pentagon ssid it may extend the May 10 bidding deadline by 2 months to allow EADS a chance to reenter the process.

USA Today p1B "Many CEOs took a pay cut" by Matt Krantz, Barbara Hansen says Mark Hurd of Hewlett Packard went down 28.6% to $24.2 mil and William Weldon CEO of Johnson & Johnson went up 8.1% to $22.8 mil,Sam Palmisano was up 3.2% to $21.2 mil (IBM) and Randall Stephenson of AT&T was up 34.8% to $20.2 mil. Other Dow CEOs in the top 25 CEOs listed are from Disney, Coke, Boeing, & Pfizer.

Caterpillar CAT $63.99 +1.14 1.81% 7,803,919 NYSE: WSJ pC5 "Disney, Alcoa Lift the DJIA" by Donna Yesalivich says US stocks climbed broadly as better than expected data on jobs and manufacturing lfted a broad swath of stocks, including Disney and Alcoa. the Dow closed at its highest since 9/26/08, up 0.7%, its 5TH straight week of advances and longest weekly winning streak since Apr. '09. Dow was led by some of its most economically sensitive components. Aloca was the best performer and Disney was up 1.8% while Caterpillar rose 1.8%.

Chevron CVX $76.69 +0.86 1.13% 7,808,001 NYSE: No mentions found.

Cisco CSCO $25.83 -0.20 0.77% 56,178,201 NASDAQ-GS: No mentions found.

Coca-Cola KO $55.3 +0.30 0.55% 7,115,516 NYSE: AJC pA14 "Coke to put $3.5 mil in 5 year plan for Haiti" says KO will help develop Haiti's mango juice industry.

USA Today p1B "Many CEOs took a pay cut" by Matt Krantz, Barbara Hansen says Mark Hurd of Hewlett Packard went down 28.6% to $24.2 mil and William Weldon CEO of Johnson & Johnson went up 8.1% to $22.8 mil,Sam Palmisano was up 3.2% to $21.2 mil (IBM) and Randall Stephenson of AT&T was up 34.8% to $20.2 mil. Other Dow CEOs in the top 25 CEOs listed are from Disney, Coke, Boeing, & Pfizer.

Disney DIS $35.55 +0.64 1.83% 14,576,933 NYSE: WSJ pC5 "Disney, Alcoa Lift the DJIA" by Donna Yesalivich says US stocks climbed broadly as better than expected data on jobs and manufacturing lfted a broad swath of stocks, including Disney and Alcoa. the Dow closed at its highest since 9/26/08, up 0.7%, its 5TH straight week of advances and longest weekly winning streak since Apr. '09. Dow was led by some of its most economically sensitive components. Aloca was the best performer and Disney was up 1.8% while Caterpillar rose 1.8%.

USA Today p1B "Many CEOs took a pay cut" by Matt Krantz, Barbara Hansen says Mark Hurd of Hewlett Packard went down 28.6% to $24.2 mil and William Weldon CEO of Johnson & Johnson went up 8.1% to $22.8 mil,Sam Palmisano was up 3.2% to $21.2 mil (IBM) and Randall Stephenson of AT&T was up 34.8% to $20.2 mil. Other Dow CEOs in the top 25 CEOs listed are from Disney, Coke, Boeing, & Pfizer.

DuPont DD $37.91 +0.67 1.8% 5,978,843 NYSE: No mentions found.

ExxonMobil XOM $67.61 +0.63 0.94% 19,492,745 NYSE: No mentions found.

GE $18.33 +0.13 0.71% 45,292,665 NYSE: No mentions found.

Hewlett-Packard HPQ $53.24 +0.09 0.17% 10,631,702 NYSE: USA Today p1B "Many CEOs took a pay cut" by Matt Krantz, Barbara Hansen says Mark Hurd of Hewlett Packard went down 28.6% to $24.2 mil and William Weldon CEO of Johnson & Johnson went up 8.1% to $22.8 mil,Sam Palmisano was up 3.2% to $21.2 mil (IBM) and Randall Stephenson of AT&T was up 34.8% to $20.2 mil. Other Dow CEOs in the top 25 CEOs listed are from Disney, Coke, Boeing, & Pfizer

Home Depot HD $32.38 +0.03 0.09% 9,407,640 NYSE: No mentions found.

Intel INTC $22.39 +0.10 0.45% 45,452,575 NASDAQ-GS: No mentions found.

IBM $128.25 unch unch 4,958,549 NYSE: USA Today p1B "Many CEOs took a pay cut" by Matt Krantz, Barbara Hansen says Mark Hurd of Hewlett Packard went down 28.6% to $24.2 mil and William Weldon CEO of Johnson & Johnson went up 8.1% to $22.8 mil,Sam Palmisano was up 3.2% to $21.2 mil (IBM) and Randall Stephenson of AT&T was up 34.8% to $20.2 mil. Other Dow CEOs in the top 25 CEOs listed are from Disney, Coke, Boeing, & Pfizer

J.P.Morgan Chase JPM $45.18 +0.43 0.96% 23,722,614 NYSE: WSJ pB2 "Lead Vanishes for Crisis King" says JPM's market share in all 3 advisory businesses dipped in the first quarter of '10 as rivals' slides have slowed or stopped such as Bank of America Merrill which lost 9% points in mergers and acquisitions.

AJC pA14 "....Law will cost $750 mil" says JPMorgan Chase says its credit card income will drop $750 mil due to recent regulations.

Johnson & Johnson JNJ $65.77 +0.57 0.87% 10,497,978 NYSE: USA Today p1B "Many CEOs took a pay cut" by Matt Krantz, Barbara Hansen says Mark Hurd of Hewlett Packard went down 28.6% to $24.2 mil and William Weldon CEO of Johnson & Johnson went up 8.1% to $22.8 mil,Sam Palmisano was up 3.2% to $21.2 mil (IBM) and Randall Stephenson of AT&T was up 34.8% to $20.2 mil. Other Dow CEOs in the top 25 CEOs listed are from Disney, Coke, Boeing, & Pfizer

Kraft KFT $30.34 +0.10 0.33% 9,222,085 NYSE: No mentions found.

McDonald's MCD $67.58 +0.86 1.29% 5,454,279 NYSE: No mentions found.

Merck MRK $37.71 +0.36 0.96% 10,048,874 NYSE: No mentions found.

Microsoft MSFT $29.16 -0.1275 0.44% 74,247,897 NASDAQ-GS: WSJ pB5 "Appeals Ct. Denies Review of Patent Case" says MSFT's petition to rehear a case saying it violated Toronto's i4i patents with its Word software was denied.

Pfizer PFE $17.08 -0.07 0.41% 68,658,048 NYSE: USA Today p1B "Many CEOs took a pay cut" by Matt Krantz, Barbara Hansen says Mark Hurd of Hewlett Packard went down 28.6% to $24.2 mil and William Weldon CEO of Johnson & Johnson went up 8.1% to $22.8 mil,Sam Palmisano was up 3.2% to $21.2 mil (IBM) and Randall Stephenson of AT&T was up 34.8% to $20.2 mil. Other Dow CEOs in the top 25 CEOs listed are from Disney, Coke, Boeing, & Pfizer

Procter & Gamble PG $63.36 +0.09 0.14% 10,535,808 NYSE: No mentions found.

3M MMM $83.85 +0.28 0.34% 2,965,767 NYSE: No mentions found.

Travelers TRV $53.92 -0.02 0.04% 3,725,292 NYSE: No mentions found.

United Technologies UTX $74.13 +0.52 0.71% 3,456,279 NYSE: No mentions found.

Verizon VZ $31.28 +0.26 0.84% 17,200,248 Dual Listed: WSJ pB4 "Verizon, Exelon Are Latest to Record Charge" by John Kell says Verizon Communications said Thurs. it will take a noncash charge of $970 mil in the first quarter for the anticipated impacted of the new health care overhaul. Last week, AT&t said it would take a $1 bil charge.

AJC pA14 "Verizon cuts Palm's PrePlus, Pixi Plus prices" says it is also offering free access to a Wi-Fi service.

Walmart WMT $55.49 -0.11 0.2% 11,788,075 NYSE: No mentions found.
************************************
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: 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