4/28/10 Wed. am IBM Raised Dividends, Buys Back Stock

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Post No. 404. 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 Wednesday'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 Tuesday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Tuesday at 10991.91 down 213.04 or 1.9% from Monday's close of 11,205.03. For the year the Dow is up 5.41%. Of the 30 Dow Companies: 1 gained WalMart was unchanged and 28 declined. The only gainer dollar-wise and percentage-wise was MMM $87.97 +0.53 0.61% 11,114,707 NYSE. The biggest decliner dollar-wise and percentage-wise was Caterpillar CAT $68.53 -3.12 4.35% 14,275,538 NYSE.

WSJ pC1 "Dow Drops 213.04, Back Under 11,000" by Peter McKay, Kejal Vyas says renewed concern about debt contagion in Europe drove the Dow back below 11000, and sent investors fleeing from the euro, commodities and emerging market debt. Fin'l stocks led ther retreat amid worries that new fin'l regulation may curtail profits. Morgan Stanley fell 3.3%, JPMorgan fell 3.4% and Citi fell 5.9% while Goldman rose 0.7%.

WSJ pC5 "Caterpillar and Alcoa Decline" by Donna Yesalavich says stocks tumbled in their biggest one day drop in 3 months with Caterpillar, Alcoa and DuPont among the decliners after S&P cut its credit ratings on Greece to junk status. 3M was the only Dow stock to gain, gaining 3 cents or 0.6% to 87.97. Goldman eked out a gain but JPMorgan and Bank of America both fell.

Fin Times pB24 "Fresh concerns over Greek woes offset blue-chip results" by Masa Serdarevic says that concerns that Greek fiscal problems cold be spreading as its and Portugal's sovereign debt ratings were cut by S&P's sent Wall St. equities sharply lower yesterday, overshadowing strong results from several blue chips.

NYT pB6 "Share tumbel, Droppoing dow Below 11000, as Greek Debt is downgraded" by jack healy says fin'l markets on Wall St. and in Europe were rocked on Tues. after Greece's credit rating was cut to junk status by a leading ratings agency, deepening fears that a debt crisis in Europe cold spiral out of control.

USA Today p1B "US stocks tumble on Greece debt downgrade" by Adam Shell says fears of a spreading debt crisis in Europe intensified Tues after Greece's creditgot downgraded to junk status and Portugal's rating also was slashed. Similar storyat USA Today p4B by Bloomberg.

As of the open of the market Wednesday, 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 16.51 down from Tuesday's 17.18 (year ago it was 31.66) the P/E estimate is 14.10 unchanged from Tuesday's 14.10 (year ago it was 22.30) and the current dividend yield is 2.48 up from Tuesday's 2.44 (it was 3.86 a year ago). The Dow's all-time high was 14,164.53 on Oct. 9, 2007.

Tuesday's Dow Jones Industrial Average closing numerator was 1,454.45 down 28.19 from Monday's closing numerator of 1,482.64. 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 281.19 for Tuesday by the divisor you get the decrease in Tuesday's Dow of 213.04. 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 Tuesday's Dow Jones Industrial Average was $48.48 down 0.94 from Monday's Dow Jones Industrial Average average closing price of $49.42. The median closing price of Tuesday's Dow Jones Industrial Average was 44.10 down 1.42 from Monday's median closing price of $45.52. The lowest volume was United Tech UTX $74.32 -2.08 2.72% 6,223,579 NYSE and the highest volume again was Bank of America BAC $17.47 -0.58 3.21% 258,867,750 NYSE.

If Tuesday 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 $2,820 ($148,260-$145,440).

Market Watch 4/27/10 4:16 p.m. by Nick Godt Gibson says US stocks fell sharply on Tuesday, as investors ran for the exits after Greece's sovereign debt rating was cut to junk status, sending the Dow industrials to its worst one-day drop in more than two months. The Dow Jones Industrial Average (INDU 10,992, -212.97, -1.90%) fell 213.04 points, or 1.9%, to end at 10,991.99. Shares of Caterpillar (CAT 68.58, +0.05, +0.07%) and Alcoa (AA 13.45, +0.01, +0.07%) led the losses on the blue-chip average, which suffered its worst daily drop since Feb. 4, along with other major averages. The S&P 500 index (SPX 1,184, -28.34, -2.34%) fell 28.34, or 2.3%, to 1,183.71, while the Nasdaq Composite (COMP 2,471, -51.48, -2.04%) fell 51.48 points, or 2%, to 2,471.47

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

All stocks closed down Tuesday except for 3M and Walmart which was unchanged.

AT&T T $25.95 0.32 1.22% 33,704,718 NYSE: No mentions found.

Alcoa AA $13.44 0.61 4.34% 48,373,358 NYSE: No mentions found.

American Express AXP $45.79 1.35 2.86% 11,252,371 NYSE: No mentions found.

Bank of America BAC $17.47 0.58 3.21% 258,867,750 NYSE: WSJ pC5 "Caterpillar and Alcoa Decline" by Donna Yesalavich says stocks tumbled in their biggest one day drop in 3 months with Caterpillar, Alcoa and DuPont among the decliners after S&P cut its credit ratings on Greece to junk status. 3M was the only Dow stock to gain, gaining 3 cents or 0.6% to 87.97. Goldman eked out a gain but JPMorgan and Bank of America both fell.

Boeing BA $72.48 1.86 2.5% 6,012,565 NYSE: WSJ pB3 "Airbus Sales in Limbo if a merger happens" by Christopher Hinton says Airbus may be left with fewer aircraft orders and face possible cancellations if UAL and Continental merge. Cont'l is a loyal Boeing fan, thanks to former CEO Gordon Bethune, who was a past Boeing exec and is credited for turning the airline around in the late 90's.

Caterpillar CAT $68.53 -3.12 4.35% 14,275,538 NYSE: No mentions found.

Chevron CVX $80.23 2.36 2.86% 12,994,221 NYSE: No mentions found.

Coke KO $52.87 0.86 1.6% 13,729,529 NYSE: AJC pA11 "CCE's Profits rise" by Jeremiah McWilliams says Coca Cola Enterprises, the biggest bottler for Coke and controlled by Coke posted rev of $4.97 bil, down 1.5% from a year earlier as overall sales vol fell 3% but net profit rose to $106 mil or 21 cents a share, compared to $61 mil or 13 cents a share.

Fin Times p1 of Global Brands Spec. Section "Big names prove worth in crisis" by John Gapper says that top brands are emerging from the recession in better shape than their rivals. It lists the top bands as Coca-Cola, Microsoft, McDonalds', IBM and GE.

Disney DIS $36.32 0.72 1.94% 10,915,069 NYSE: No mentions found.

DuPont DD $39.4 1.55 3.79% 13,212,086 NYSE: WSJ pB6 "DuPont" Its 1Qtr profit more than doubled on higher selling prices as raw material costs fell. It had a profit of 1.13 bil or 1.24 a share, up from $488 mil or 54 cents a sahre a year earlier. Net sales grew 23% to 8.48 bil.

Exxon XOM $68.27 1.02 1.47% 36,315,251 NYSE: No mentions found.

GE $18.7 0.60 3.11% 109,420,889 NYSE: Fin Times p1 of Global Brands Spec. Section "Big names prove worth in crisis" by John Gapper says that top brands are emerging from the recession in better shape than their rivals. It lists the top bands as Coca-Cola, Microsoft, McDonalds', IBM and GE.

NYT pB3 "Rolls-Royce & GE Cut Price to Build F-35 Engiens" by ChrisDrew says GE and Rolls-Royce will cut their prices in an offer to build alternate engines for the Pentagon's Joint Strike Fighter, also known as the F-35, which is the Pentagon's largest program nd could account for $100 bil of the $328 bil the Pentagon will spend for 2,400 of the panes it will buy.

Hewlett-Packard HPQ $53.25 1.01 1.86% 14,536,165 NYSE: WSJ pB4 "Dell Unit Hunts for Cost cuts" says Dell has started to sell computes at WalMart and is now third behind Hewlett-Packard and Acer in terms of PC maker by shipments, having once been number 1.

Home Depot HD $35.29 1.20 3.29% 20,428,955 NYSE: No mentions found.

Intel INTC $23.35 0.47 1.97% 78,790,375 NASDAQ-GS: No mentions found.

IBM $128.82 1.91 1.46% 10,896,371 NYSE: AJC pA12 "IBM Riasing Dividends" says IBM is increasing its quarterly dividend by 18% to .65and is buying back more of its stock.

Fin Times p1 of Global Brands Spec. Section "Big names prove worth in crisis" by John Gapper says that top brands are emerging from the recession in better shape than their rivals. It lists the top bands as Coca-Cola, Microsoft, McDonalds', IBM and GE.

JPMorgan JPM $42.41 1.48 3.37% 66,190,940 NYSE: WSJ pC1 "Dow Drops 213.04, Back Under 11,000" by Peter McKay, Kejal Vyas says renewed concern about debt contagion in Europe drove the Dow back below 11000, and sent investors fleeing from the euro, commodities and emerging market debt. Fin'l stocks led ther retreat amid worries that new fin'l regulation may curtail profits. Morgan Stanley fell 3.3%, JPMorgan fell 3.4% and Citi fell 5.9% while Goldman rose 0.7%.

WSJ pC5 "Caterpillar and Alcoa Decline" by Donna Yesalavich says stocks tumbled in their biggest one day drop in 3 months with Caterpillar, Alcoa and DuPont among the decliners after S&P cut its credit ratings on Greece to junk status. 3M was the only Dow stock to gain, gaining 3 cents or 0.6% to 87.97. Goldman eked out a gain but JPMorgan and Bank of America both fell.

Johnson & Johnson JNJ $64.28 0.48 0.74% 11,789,774 NYSE: No mentions found.

KFT $29.5 0.59 1.96% 10,727,564 NYSE: No mentions found.

McDonalds MCD $70.53 0.49 0.69% 8,138,968 NYSE: Fin Times p1 of Global Brands Spec. Section "Big names prove worth in crisis" by John Gapper says that top brands are emerging from the recession in better shape than their rivals. It lists the top bands as Coca-Cola, Microsoft, McDonalds', IBM and GE.

MRK $34.48 0.52 1.49% 19,422,424 NYSE: WSJ pB2 "Suits Against Merck Allowed to Proceed" by Brent Kendall says the US Supreme Ct. rled that investors didn't wait too long to file securities lawsuits alleging that Merck misrepresented the safety of painkiller drug Vioxx, which it removed from the market in '04.

WSJ pB2 "Pfizer Pushes on New Biotech Drugs" by Jonathan rockoff, Peter Loftus says Pfizer is developing improved versions of top selling bitech drugs,, becoming the latest big drug maker to take aim at the biotech industry. Pfizer bought Wyethe for $68 bil last year to acquire its biotech know-how. In late '08 Merck created a new biz unit dedicated to follow on biologics.

MSFT $30.845 0.265 0.85% 68,637,852 NASDAQ-GS: Fin Times p1 of Global Brands Spec. Section "Big names prove worth in crisis" by John Gapper says that top brands are emerging from the recession in better shape than their rivals. It lists the top bands as Coca-Cola, Microsoft, McDonalds', IBM and GE.

Pfizer PFE $16.46 0.36 2.14% 91,020,356 NYSE: WSJ pB2 "Pfizer Pushes on New Biotech Drugs" by Jonathan rockoff, Peter Loftus says Pfizer is developing improved versions of top selling bitech drugs,, becoming the latest big drug maker to take aim at the biotech industry. Pfizer bought Wyethe for $68 bil last year to acquire its biotech know-how. In late '08 Merck created a new biz unit dedicated to follow on biologics.

Procter & Gamble PG $63.11 0.83 1.3% 12,809,529 NYSE: WSJ pC16 "gambling on Procter & gamble's Return" by John Jannarone says shares of P&G have gained just 2% since the start of '09 compared with a 22% rise of Colgate-Palmolive which relies less on high end products that consumers have forgone and has a stronger emerging markets position. Procter trades at 16.6 times '10 consensus earnings while Colgate is at 17.2. Procter's foray into low price categories in emerging markets may close the gap but it is too early to tell.

MMM $87.97 +0.53 0.61% 11,114,707 NYSE: WSJ pB6 "3M" 3M's 1Qtr profit climbed 79% on double digit sales increases in each of its 6 major biz segments. Sales rose 25% to 46.35 bil fuled by new products, growth in emergin markets and improved demand in automotive, manufacturing and consumer electronics. It raised its full year guidance to 5.40 to 5.60 a share with sales growth of 10% to 12%. It had 1Qtr profit of $930 mil or 1.29 a share from 4518 mil or 74 cents a share a year earlier.

Travelers TRV $50.53 1.39 2.68% 6,393,945 NYSE: No mentions found.

United Tech UTX $74.32 2.08 2.72% 6,223,579 NYSE: No mentions found.

Verizon VZ $28.75 0.19 0.66% 24,799,489 Dual Listed: No mentions found.

WalMart WMT $54.04 unch unch 19,020,586 NYSE: WSJ pB1 "Beyond the Big Box: WalMart Thinks Smaller" by Miguel Bustillo, Timothy Martin says WMT is exploring ways to opening a number of small outposts to penetrate the nation's cities and fight the spread of no-frills grocery chains, which are luring away some of its core customers.

WSJ pB4 "Dell Unit Hunts for Cost cuts" says Dell has started to sell computes at WalMart and is now third behind Hewlett-Packard and Acer in terms of PC maker by shipments, having once been number 1.

Fin Times p3 of Global Brands Spec Section "Trust the stores to get into banking" by Andrea Felsted says Walmart and other retailers are expanding into banking.

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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