4/23/10 Fri. am MSFT Profit up 35%; Verizon Has Decline in New Customers

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Post No. 397. 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 Wednesday's stock prices and related data.

The Dow Jones Industrial Average closed Thursday at 11,134.29 up 9.37 or 0.08% from Wednesday's close of 11,124.92. Of the 30 Dow Companies: 17 gained and 13 declined. For the year the Dow Jones Industrial Average is up 6.77%. The biggest gainer dollar-wise and percentage-wise was Boeing BA $75.59 +1.43 1.93% 9,035,576 NYSE. The biggest decliner dollar-wise and percentage-wise wa sMerck MRK $33.77 -0.97 2.79% 38,073,279 NYSE.

WSJ pC1 "Dow Ends up 9.37, Reversing a Skid" by peter McKay says stocks recovered from steep losses, as strong home sales data helped to overshadow renewed jitters about Greece's increasingly dire fiscal situation.

WSJ pC6 "Starbucks, Marriott Shine, as does Boeing" by Donna Yesalavich says stocks rose slightly, led by the consumer-discretionary sector following strong 1Qtr earnings reports from Starbucks and Marriott Int'l and a larger than expected rise in existing home sales that boosted Home Depot. Boeing was the Dow's strongest component as Credit Suisse raised its investment rating on it to "outperform" from "Neutral." Credit Suisse also boosted its estimates for Boeing, predicting its stock has more upside in a recovery. Verizon kept the Dow's gains in check as it posted a 29% drop in 1Qtr earnings, hurt by a charge related to the health care bill, while it had to rely on lower end customers to keep growth going in its wireless biz.

Fin Times p22 "Indices stage late recovery to reclaim positive territory" by Masa Serdarevic says US stock prices staged a late comeback and reversed earlier losses yesterday to end the session higher following a well received speech by Pres. Obama on fin'l reform. Johnson & Johnson was lower by 0.9% and Eli Lilly and Abbott labs both declined saying the health care bill will adversely affect the pharma sector.

NYT pB7 "Greece and Regulation Talk Hamper Trading" by Christine Hauser says Wall St. overcame concerns about Greece's fin'l troubles on Thurs. and rebounded from early losses, helped by enthusiasm for shares of consumer oriented firms.

USA Today p4B "Stocks bounce back afgter erly plunge" by AP says stocks recovered from early losses and closed modestly higher Thurs. after Pres. Obama's speech on fin'l reform contained no surprises.

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 17.19 up from Thursday's 17.14 (year ago it was 30.80) the P/E estimate is 14.00 unchanged from Thursday's 14.00 (year ago it was 22.34) and the current dividend yield is 2.45 down from Thursday's 2.45 (it was 3.88 a year ago). The Dow's all-time high was 14,164.53 on Oct. 9, 2007.

Thursday's Dow Jones Industrial Average closing numerator was 1,473.28 up 1.24 from Wednesday's closing numerator of 1,472.04. 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 1.24 for Thursday by the divisor you get the increase in Thursday's Dow close of 9.37. 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 $49.11 up 0.04 from Wednesday's Dow Jones Industrial Average average closing price of $49.07. The median closing price of Thursday's Dow Jones Industrial Average was 45.75 up 1.08 from Wednesday's median closing price of $44.67. The lowest volume 3M MMM $86.05 +0.35 0.41% 4,615,867 was NYSE and the highest volume again was Bank of America BAC $18.54 +0.26 1.42% 217,125,471 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 $120 ($147,330 - $147,210).

Market Watch 4/22/10 4:08 p.m. by Nick Godt says U.S. stocks finished Thursday's session higher, as upbeat housing data led to a rally in the shares of home builders, and with the technology sector rebounding from early weakness ahead of results from online retailer Amazon.com (AMZN 139.72, -10.37, -6.91%) and software giant Microsoft Corp. (MSFT 30.36, -1.03, -3.28%) . The Dow Jones Industrial Average (INDU 11,135, +9.68, +0.09%) finished up 9.37 points, or 0.1%, at 11,134.29. It was the fourth straight session of gains for the blue-chip average. The S&P 500 index (SPX 1,209, +2.74, +0.23%) rose 2.73 points, or 0.2%, to 1,208.67, and the Nasdaq Composite (COMP 2,519, +14.46, +0.58%) gained 14.46 points, or 0.6%, to 2,519.07

AT&T T $26.27 -0.07 0.27% 32,834,533 NYSE: WSJ pB4 "Verizon Struggles to Add New users" by Roger Cheng, AJC pA16 "Verizon sees decline in new contract customers" say Verizon communications gained a net of just 43,000 wire customers in the 1Qtr, the lowest number in a decade and below expectations. AT&T also reported a low number of contract customers for 1Qtr.

Alcoa AA $13.85 +0.14 1.02% 25,398,685 NYSE: No mentions found.

American Express AXP $46.77 +0.78 1.7% 12,540,015 NYSE: WSJ pC3 "Capital One, amEx Profit As Economy Begins a turn" by Aparajita Saha-Bubna, Matthias Rieker says the recovering economy lifted spending on plastic and reduced the cost of covering bad loans of American Express and Capital Oneboosting the firms' 1Qtr profits. AmEx had 1Qtr profit of $636 mil,or 73 cents a share, up from $437 mil or 31 cetns a year earlier.

Bank of America BAC $18.54 +0.26 1.42% 217,125,471 NYSE: Fin Times p1 "Axa buys BofA private equity portfolio" by martin Arnold says BofA Merrill Lynch sold its $1.9 bil portfolio of investments in private equity funds to Axa Private Equity, amid growing regulatory pressure on banks to dispose of their buy-out interests.

Boeing BA $75.59 +1.43 1.93% 9,035,576 NYSE: WSJ pA18 "Editorial "Bullying for Boeing" says on Tues, airbus parent EADS said it would compete against Boeing for the $35 bil deal to make 179 new tankers amid a new round of protectionist yowls. Editorial says that is good new because competition is best and the Pentagon should buy the highest quality tanker for the lowest possible price.

WSJ pC6 "Starbucks, Marriott Shine, as does Boeing" by Donna Yesalavich says stocks rose slightly, led by the consumer-discretionary sector following strong 1Qtr earnings reports from Starbucks and Marriott Int'l and a larger than expected rise in existing home sales that boosted Home Depot. Boeing was the Dow's strongest component as Credit Suisse raised its investment rating on it to "outperform" from "Neutral." Credit Suisse also boosted its estimates for Boeing, predicting its stock has more upside in a recovery. Verizon kept the Dow's gains in check as it posted a 29% drop in 1Qtr earnings, hurt by a charge related to the health care bill, while it had to rely on lower end customers to keep growth going in its wireless biz.

Caterpillar CAT: 67.51 +0.18 +0.3% NYSE: WSJ pC6 "Options Report" by Tennille Tracy says bearish investors took steps to adjust big positions in advance of Caterpillar's quarterly earnings next week.

Chevron CVX $81.2 -0.72 0.88% 9,320,843 NYSE: No mentions found.

Coca-Cola KO $54.31 +0.12 0.22% 10,042,714 NYSE: AJC pA15 "Coca-Cola adds to the New coke story" by Jeremiah McWilliams says new Coke was announced 25 years ago and said the old 99 year old Coke formula would be replaced but within 3 months the firm reversed itself saying it had made a mistake.

NYT pB2 "PepsiCo Raises Profit After buying 2 Bottlers" by Bloomberg, ACJ pA15 "PepsiCo slows sales decline in N. Amer." by Jeremiah McWilliams say both PepsiCo and Coke are battling declining N. Amer. soda sales and both are taking over their largest bottlers. They are losing market share saying they have not cut prices to attract sale.

Disney DIS $36.78 +0.22 0.6% 10,477,539 NYSE: No mentions found.

DuPont DD $39.47 +0.40 1.02% 6,443,432 NYSE: No mentions found.

Exxon XOM $68.56 -0.36 0.52% 21,448,444 NYSE: No mentions found.

GE $18.95 -0.08 0.42% 72,877,518 NYSE: No mentions found.

Hewlett-Packard HPQ $53.31 -0.39 0.73% 12,357,657 NYSE: Fin times p10 "Good value in black and white" by Paul Taylor had a good review of HP's laser Jet Pro P1606dn saing it was easy to operate but not suitable for printing photos.

Home Depot HD $35.72 +0.45 1.28% 21,474,277 NYSE: WSJ pC6 "Starbucks, Marriott Shine, as does Boeing" by Donna Yesalavich says stocks rose slightly, led by the consumer-discretionary sector following strong 1Qtr earnings reports from Starbucks and Marriott Int'l and a larger than expected rise in existing home sales that boosted Home Depot. Boeing was the Dow's strongest component as Credit Suisse raised its investment rating on it to "outperform" from "Neutral." Credit Suisse also boosted its estimates for Boeing, predicting its stock has more upside in a recovery. Verizon kept the Dow's gains in check as it posted a 29% drop in 1Qtr earnings, hurt by a charge related to the health care bill, while it had to rely on lower end customers to keep growth going in its wireless biz.

Intel INTC $23.99 +0.19 0.8% 73,471,763 NASDAQ-GS: No mentions found.

IBM $129.13 +0.14 0.11% 5,992,742 NYSE: No mentions found.

JPMorgan JPM $44.74 -0.61 1.35% 62,752,433 NYSE: WSJ pC3 "Filing Favors JPMorgan's WaMu Bid Over Citi's" by Dan fitzpatrick, Randall Smith says Citi's unsuccessful bid for WaMu limied Citi's eposuare to $10 according to newly released docs. JPMorgan ended up buying the failed banking unit for $1.88 bil in Sept. '08.

Johnson & Johnson JNJ $64.78 -0.61 0.93% 19,482,213 NYSE: Fin Times p22 "Indices stage late recovery to reclaim positive territory" by Masa Serdarevic says US stock prices staged a late comeback and reversed earlier losses yesterday to end the session higher following a well received speech by Pres. Obama on fin'l reform. Johnson & Johnson was lower by 0.9% and Eli Lilly and Abbott labs both declined saying the health care bill will adversely affect the pharma sector.

Kraft KFT $30.19 -0.06 0.2% 10,995,575 NYSE: No mentions found.

McDonalds MCD $71.03 +0.67 0.95% 7,110,070 NYSE: No mentions found.

Merck MRK $33.77 -0.97 2.79% 38,073,279 NYSE: WSJ pB4 "MerckGets Split ruling On Patent for Zetia" by Peter Loftus says a US judge ruled that some patent claims covering Merck's cholesterol drug Zetia were invalid, bu that other claims were vaid in its suit filed by India based Glenmark Pharmaceuticals which challenged Zetia's patent protection in order to sell a generic version.

Microsoft MSFT $31.39 +0.058 0.19% 76,403,066 NASDAQ-GS: WSJ pB1 "Windows 7 Drives Microsoft Profit" by Nick Wingfield, NYT pB3 "Microsoft's Income Rises 35%, Driven by Sales of Windows 7" by Ashlee Vance, USA Today p1b say Mircrosoft's 35% increase in sales for 3Qtr was due to sales of its Windows 7 operating system as corp. tech buyers began to join consumers ind emand for pcs. Rev for 3Qtr from Windows div was up 28% from year earlier to $4.42 bil. MSFT had total profit for the qtr of $4.01 bil or 45 cents a sahre, up from $2.98 bil, or 33 cents a sahre, a year earlier. Rev. rose 5% to $14.5 bil.

Fin Times p14 "Microsoft to colelct damages for piracy in China" by Kathrin Hille says MSFt has won of its biggest victories in its fight against piracy in China after a Shanghai court ordered a local insurer to pay it $318,000 in damages.

Pfizer PFE $16.48 -0.12 0.72% 69,516,368 NYSE: No mentions found.

Procter & Gamble PG $63.59 -0.04 0.06% 7,970,044 NYSE: No mentions found.

3M MMM $86.05 +0.35 0.41% 4,615,867 NYSE: No mentions found.

Travelers TRV $53.79 +0.99 1.88% 4,723,327 NYSE: No mentions found.

United Tech UTX $76.43 -0.50 0.65% 8,581,463 NYSE: No mentions found.

Verizon VZ $29.28 -0.28 0.95% 24,689,921 Dual Listed: WSJ pB4 "Verizon Struggles to Add New users" by Roger Cheng, NYT pB3 "At Verizon, Tax Charge Trims Profit" by AP, AJC pA16 "Verizon sees decline in new contract customers" say Verizon communications gained a net of just 43,000 wire customers in the 1Qtr, the lowest number in a decade and below expectations. AT&T also reported a low number of contract customers for 1Qtr.

WSJ pC6 "Starbucks, Marriott Shine, as does Boeing" by Donna Yesalavich says stocks rose slightly, led by the consumer-discretionary sector following strong 1Qtr earnings reports from Starbucks and Marriott Int'l and a larger than expected rise in existing home sales that boosted Home Depot. Boeing was the Dow's strongest component as Credit Suisse raised its investment rating on it to "outperform" from "Neutral." Credit Suisse also boosted its estimates for Boeing, predicting its stock has more upside in a recovery. Verizon kept the Dow's gains in check as it posted a 29% drop in 1Qtr earnings, hurt by a charge related to the health care bill, while it had to rely on lower end customers to keep growth going in its wireless biz.

WalMart WMT $54.49 0.02 0.04% 10,900,149 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