Monday, April 5, 2010

4/5/10 Mon. am Chevron Suit Data Questioned

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Post No. 365. 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 was closed Friday for Good Friday. A read of Monday's Wall St. Journal, Financial Times, USA Today, New York Times & Atlanta Journal & Constitution & 4/5/10 issue of Barron's 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.

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 17.04 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%.

$26.11 +0.27 1.04% 20,346,220 NYSE: Barron's p16 "Verizon Would Look Even Better With an Iphone in Its Pocket" by Sandra Ward says at $31.28 VZ has barely budged since Barrons favorable story on 2/2/09 but it hasn't risen because business customers have curtail spending. Once its FiOs ultrafast Internet service is online it will pick up. Also it may have access to Apple's iPHone once AT&T's exclusive deal runs out.

Alcoa AA $14.7 +0.46 3.23% 31,315,477 NYSE: No mentions found.

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: Barron's p7, Alan Abelson says Countrywide, the nation's biggest mortgage lender was the poster boy for the kind of shenanigans that brought down the house and economy and is now part of BofA.

Boeing BA $72.99 +0.38 0.52% 4,393,434 NYSE: Barron's p21 "More Rough Air Ahead" by Vito Racanelli says EADS' profitability may be hampered by huge projects and the large backlog of jet orders at Airbus and Boeing suggests that it might be some time before carriers go on a spending spree.

Barron's pj% in a special section on private jets says Boeings Business Jet has orders from the Mid East and Asia which have pushed sales beond expections. The jet sells for $62.5 mil.

Caterpillar CAT $63.99 +1.14 1.81% 7,803,919 NYSE: No mentions found.

Chevron CVX $76.69 +0.86 1.13% 7,808,001 NYSE: WSJ pB2 "Chevron Suit Data Questioned" by Ben Casselman, Angel Gonzalez says Charles Clambacher, an American scientist who provided key evidence against Chevron in a multibillion Ecuadoran environnmental lawsuit now says he didn't write reports attributed to him that he found high levels of pollution in the rainforrest.

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: No mentions found.

Disney DIS $35.55 +0.64 1.83% 14,576,933 NYSE: WSJ pB5 "Bo Office Sales Log Easter Record" by Lauren Schuker says Disney's weekend movie Alice in Wonderland was 5th with cumulative sales of $309.8 mil and its "The Last Song" was 4th for the weekend with cumulative sales of $25.6 mil. No. 1 for the weekend was Clash of the Titans.

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: Barron's p25 "Taming the Tigers" by Christopher Williams says Samsung has recently surpassed Hewlett-Packard as the world's largest technology concern, with $117 bil in annual sales. Also Russia's sate run Sberbank is planning to bid for the 21% stake in Garanti that GE is selling.

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: No mentions found.

J.P.Morgan Chase JPM $45.18 +0.43 0.96% 23,722,614 NYSE: No mentions found.

Johnson & Johnson JNJ $65.77 +0.57 0.87% 10,497,978 NYSE: No mentions found.

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:

Microsoft MSFT $29.16 -0.1275 0.44% 74,247,897 NASDAQ-GS: Barron's p32 "ow the iPad Will Weigh on Other Businesses" by Eric J. Savitz says now that Applie is increasingly competing with Google, Apple might now be comfortable working with Microsoft.

Pfizer PFE $17.08 -0.07 0.41% 68,658,048 NYSE: No mentions found.

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 pB2 "HTC Says US growth Tops Rivals" by Ting-I Tsai, Charmian Kok says HTC's growth in the US market is surging and says its US partners, including Verizon Wireless, and T-Mobile USA have shown strong support for HTC's smartphones.

Barron's p16 "Verizon Would Look Even Better With an Iphone in Its Pocket" by Sandra Ward says at $31.28 VZ has barely budged since Barrons favorable story on 2/2/09 but it hasn't risen because business customers have curtail spending. Once its FiOs ultrafast Internet service is online it will pick up. Also it may have access to Apple's iPHone once AT&T's exclusive deal runs out.

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