5/10/10 Mon. am Boeig Will Deliver 1st 787 This Year

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Post No. 423. 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 5/1/10 and an update of the Dow 30 component's SEC filings as of end of first quarter - 4/1/10.

A read of Monday's Wall St. Journal, Financial Times, New York Times, USA Today & Atlanta Journal & Constitution & 5/10/10 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 Friday's stock prices and related data.

Dow The Dow Jones Industrial Average closed Friday at 10,380.43 down 139.89 or 1.33% from Thursday's close of 10,520.32. The Dow was down 628.18 or 5.7% from last Friday's Dow close of 11,008.61. For the year the Dow is down .46%. Of the 30 Dow Companies: 4 gained and 26 declined. The biggest gainer dollar-wise and percentage-wise was Kraft KFT $30.07 +0.86 2.94% 34,280,651 NYSE. The biggest decliner dollar-wise and percentage-wise was American Express AXP $40.6 -1.90 4.47% 30,760,505 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 15.33 down from Friday's open of 15.66 (year ago it was 43.10) the P/E estimate is 12.84 down from Friday's 13.95 (year ago it was 23.95) and the current dividend yield is 2.64 up from Friday's 2.61 (it was 3.65 a year ago). The Dow's all-time high was 14,164.53 on Oct. 9, 2007. The 12 year low close for the Dow was on March 9, 2009 when it fell to 6,547.05.

Friday's Dow Jones Industrial Average closing numerator was 1,373.53 down 18.51 from Thursday's closing numerator of 1,392.04. 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 decrease of 18.51 for Friday by the divisor (0.132319125) you get the decrease in Friday's Dow of 139.89. 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 $45.78 down 0.62 from Thursday's Dow Jones Industrial Average average closing price of $46.40. The median closing price of Friday's Dow Jones Industrial Average was 40.68 down 0.98 from Thursday's median closing price of $41.66. The lowest volume was Travelers TRV $49.26 -0.54 1.08% 7,935,534 NYSE and the highest volume again was Bank of America BAC $16.18 -0.10 0.61% 387,729,020 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 $1,847 ($139,200 - $137,353).

Market Watch Fri. 5/7/10 5:41 p.m. by Peter McKay Gibson says US stocks tumbled in heavy volume Friday, capping their worst week in at least a year and their worst start to May ever, as concerns that Europe's debt situation could spiral globally prompted investors to hunker down in cash and government debt. The Dow Jones Industrial Average (INDU 10,380, -140.72, -1.34%) closed down 139.89 points, or 1.3%, to 10380.43. For a week that included three triple-digit point declines, the Dow was off 5.7% -- its worst week since March 2009. Its weekly point drop was the worst since October 2008. The S&P 500 was off 1.5% for the session as all ten of its categories ended lower. The Nasdaq Composite Index (COMP 2,266, -54.00, -2.33%) was down 2.3%, putting it in correction territory from its April 26 high.For the blue-chip Dow, it was the worst five days of May ever. It was also the worst May start for the S&P 500 (SPX 1,111, -17.27, -1.53%) , whose 6.4% loss topped the index's early May tumble in 1930. Friday's stock slump followed a hair-raising session Thursday, when the Dow fell nearly 1,000 points, before closing off 3.2%, or 348 points. The implications of that plunge continued to reverberate on Friday, as exchanges and traders struggled to figure out what went wrong. Investors also continued to worry about Europe's debt crisis, which raised questions about the pace of the global economic recovery. Those worries overshadowed a Labor Department report showing job growth in April at its fastest pace in four years in the U.S. A closely watched measure of investor fear, the Chicago Board Options Exchange's Volatility Index (VIX 40.95, +8.15, +24.85%) , or the VIX, leapt to 41.62, its first close above 40 since April 7, 2009. Treasury prices slipped, pushing the yield of the benchmark 10-year note up to 3.420%. But government debt ended with its best week since August 2008. The U.S. dollar had its best weekly gain since October 2008.
Gold rose 1.1%, at $1,210.40 an ounce, a five-month high for the metal, while oil tumbled. Trading was unusually heavy throughout the day. Composite activity in New York Stock Exchange-listed companies hit 9.6 billion shares, well above the 2010 daily average but below Thursday's total near 11 billion. On Nomura's trading desks in lower Manhattan, the buzz picked up after a relatively flat opening. Report: Wild Ride for the MarketsDow Jones Newswires' Paul Vigna discusses today's Some market watchers were quick to point out that this time, unlike late 2008, many of the factors that sent stocks plummeting are now known quantities.In the Dow, American Express (AXP 41.00, +0.40, +0.99%) led decliners, down 4.5%, followed by Hewlett-Packard & Co. (HPQ 46.63, -0.10, -0.21%) , off 3.3%, and Cisco Systems (CSCO 24.76, +0.05, +0.20%) , off 3.1%. Kraft Foods (KFT 30.07, +0.86, +2.94%) led gainers, up 2.9%. The technology and industrials sectors led decliners in the Standard & Poor's 500-stock index, off more than 2% each. But Goldman Sachs (GS 142.89, -0.10, -0.07%) was a notable exception to the selloff among the financials, with shares rising 0.5% as executives faced an annual shareholder meeting amid civil and criminal investigations into the company's mortgage deals. Regulators, exchanges and trading firms are still trying to get to the bottom of what caused Thursday's freefall and how it managed to rebound. In the meantime, the biggest U.S. stock exchanges -- NYSE Euronext (NYA 6,916, -95.74, -1.37%) and Nasdaq OMX Group (NDAQ 19.12, +0.02, +0.11%) traded barbs, each alleging that the other's market model contributed to the chaos. NYSE Euronext said that about 4,000 trades were broken on Thursday after being identified as clearly erroneous as per exchange rules. The euro zone's latest moves to contain Greece's debt crisis were again in focus after Germany approved its contribution to a joint European Union-International Monetary Fund loan package for Greece. The finance ministers of the Group of Seven leading economies also held a telephone conference to discuss the Greek debt turmoil. The environment for initial public offerings around the world has taken a turn south as fear about Europe's credit problems continues, with bankers and analysts uncertain whether deals will be able to price over the next week. The IPO market's oors are closed for the short term. People are clearly focusing on their core portfolio positions, and few will be looking at any IPOs in the near term unless there is a very compelling reason to do so.

AT&T T $25.1 -0.04 0.16% 51,352,693 NYSE: No mentions found.

Alcoa AA $12 +0.06 0.5% 72,772,016 NYSE: No mentions found.

American Express AXP $40.6 -1.90 4.47% 30,760,505 NYSE:

Bank of Amer BAC $16.18 -0.10 0.61% 387,729,020 NYSE: No mentions found.

Boeing BA $66.72 -1.25 1.84% 8,926,043 NYSE: NYT pB5 "Boeing Says it Will Deliver the First 787 Dreamliner this Year" by Reuters says Boeing is on track to deliver the jet, which will compete with the A380 jet made by Airbus. It will deliver the first 787 to All Nippon Airways per James F. Albaugh, ceo of Boeing Comm'l Airplanes.

USA Today p6B "What will nw United be like? by Dan Reed says both United and cont'l fly Boeing 777s but Continental's fleet is all Boeing.

Caterpillar CAT $62.1 -1.40 2.2% 15,724,085 NYSE:No mentions found.

Chevron CVX $77.1 -0.10 0.13% 21,865,991 NYSE: No mentions found.

CSCO $24.71 -0.778 3.05% 95,880,469 NASDAQ-GS:

Coke KO $52.67 +0.37 0.71% 21,764,404 NYSE:
WSJ pB5 "Coke Goes High Tech to Mix Its Sodas" by Valerie Buerlein says Coke is using a new high tech soda fountain tht lets customers mix up 104 different drinks called the Freestyle machine.

Barron's p26 "Bear Scare" by Andrew Bary says the sovereign debt problem in Europe, as well as potential fiscal trouble in the US & Japan, underscore how gov credit quality has eroded while corp balance sheet have improved. It's arguable that cash rich firms such as Apple, Google, Berkshire Hathaway, ExxonMobil, Johnson & Johnson & Nestle are better credit risks than many nations. US blue chips are sporting reasonable price/earnings ratios and have good growth prospects, helped by exposure to the developing world. Major drug stocks now trade for an average of just 10 times estimated '10 profits while consumer stocks like PepsiCo, Coca-Cola and Procter & Gamble generally in the range of 13 to 15 times forward earnings, with dividend yields of about 3%. Microsoft fetches about 14 times earnings with a cash rich balance sheet, while Exxon trades for about 11 times forward earnings, with a dividend yield of almost 3%.

Disney DIS $33.41 -0.60 1.76% 22,551,381 NYSE: WSJ pB1 ""2-D Draw: Iron man Sales Soar" by Lauren Schuker says Disney's "Iron Many" series has now become as popular as the more established franchises like SpiderMan and Batman.

Barron's p17 says Goldman Sachs & JPMorgan are due at UBS' financial services conference on Tues., 5/11 and the same day Intel will meet investors. Disney reports earnings on Tues. 5/11. On Wed, 5/12 Microsoft will launch Office 2010.

DuPont DD $36.23 -0.46 1.25% 12,623,061 NYSE: Barron's p18 "Pressure Grows on Monsanto" by Kopin Tan says generic copetition has forced down prices in the herbicide biz, while competition from DuPont and Syngenta is increasing.

Exxon XOM $63.7 -0.19 0.3% 69,001,510 NYSE: Barron's p26 "Bear Scare" by Andrew Bary says the sovereign debt problem in Europe, as well as potential fiscal trouble in the US & Japan, underscore how gov credit quality has eroded while corp balance sheet have improved. It's arguable that cash rich firms such as Apple, Google, Berkshire Hathaway, ExxonMobil, Johnson & Johnson & Nestle are better credit risks than many nations. US blue chips are sporting reasonable price/earnings ratios and have good growth prospects, helped by exposure to the developing world. Major drug stocks now trade for an average of just 10 times estimated '10 profits while consumer stocks like PepsiCo, Coca-Cola and Procter & Gamble generally in the range of 13 to 15 times forward earnings, with dividend yields of about 3%. Microsoft fetches about 14 times earnings with a cash rich balance sheet, while Exxon trades for about 11 times forward earnings, with a dividend yield of almost 3%.

GE $16.88 -0.43 2.48% 165,267,862 NYSE:

Hewlett-Packard HPQ $46.73 -1.60 3.31% 38,629,827 NYSE:

Home Depot HD $33.43 -0.53 1.56% 28,585,762 NYSE:

Intel INTC $21.31 -0.20 0.93% 139,274,797 NASDAQ-GS: Barron's p17 says Goldman Sachs & JPMorgan are due at UBS' financial services conference on Tues., 5/11 and the same day Intel will meet investors. Disney reports earnings on Tues. 5/11. On Wed, 5/12 Microsoft will launch Office 2010.

IBM $122.1 -1.82 1.47% 10,571,640 NYSE: No mentions found.

JPMorgan JPM $40.76 -0.05 0.12% 72,866,004 NYSE: Barron's p17 says Goldman Sachs & JPMorgan are due at UBS' financial services conference on Tues., 5/11 and the same day Intel will meet investors. Disney reports earnings on Tues. 5/11. On Wed, 5/12 Microsoft will launch Office 2010.

Johnson & John JNJ $63.31 -0.09 0.14% 20,466,917 NYSE: Barron's p20 "Pill Maker's Shares Stay tranquil" says that last week Barron's published a favorable cover story about Johnson & Johnson and just as it went to press on April 30, news hit that JNJ's had to recall pediatric Tylenol, Motrin and several other liquid products. The market shrugged off the news o the recall.

Barron's p26 "Bear Scare" by Andrew Bary says the sovereign debt problem in Europe, as well as potential fiscal trouble in the US & Japan, underscore how gov credit quality has eroded while corp balance sheet have improved. It's arguable that cash rich firms such as Apple, Google, Berkshire Hathaway, ExxonMobil, Johnson & Johnson & Nestle are better credit risks than many nations. US blue chips are sporting reasonable price/earnings ratios and have good growth prospects, helped by exposure to the developing world. Major drug stocks now trade for an average of just 10 times estimated '10 profits while consumer stocks like PepsiCo, coca-Cola and Procter & Gamble generally in the range of 13 to 15 times forward earnings, with dividend yields of about 3%. Microsoft fetches about 14 times earnings with a cash rich balance sheet, while Exxon trades for about 11 times forward earnings, with a dividend yield of almost 3%.

Kraft KFT $30.07 +0.86 2.94% 34,280,651 NYSE:

McDonald's MCD $68.01 -1.41 2.03% 15,280,226 NYSE: No mentions found.

Merck MRK $33.49 -0.78 2.28% 26,416,687 NYSE:

MSFT $28.21 -0.77 2.66% 173,680,713 NASDAQ-GS: Barron's p17 says Goldman Sachs & JPMorgan are due at UBS' financial services conference on Tues., 5/11 and the same day Intel will meet investors. Disney reports earnings on Tues. 5/11. On Wed, 5/12 Microsoft will launch Office 2010.

Barron's p26 "Bear Scare" by Andrew Bary says the sovereign debt problem in Europe, as well as potential fiscal trouble in the US & Japan, underscore how gov credit quality has eroded while corp balance sheet have improved. It's arguable that cash rich firms such as Apple, Google, Berkshire Hathaway, ExxonMobil, Johnson & Johnson & Nestle are better credit risks than many nations. US blue chips are sporting reasonable price/earnings ratios and have good growth prospects, helped by exposure to the developing world. Major drug stocks now trade for an average of just 10 times estimated '10 profits while consumer stocks like PepsiCo, Coca-Cola and Procter & Gamble generally in the range of 13 to 15 times forward earnings, with dividend yields of about 3%. Microsoft fetches about 14 times earnings with a cash rich balance sheet, while Exxon trades for about 11 times forward earnings, with a dividend yield of almost 3%.

Pfizer PFE$16.46 -0.28 1.67% 106,684,300 NYSE:

Procter & Gamble PG $60.31 -0.44 0.72% 23,976,520 NYSE: Barron's p11 "The Infants' Intifada" by Alan Abelson says last Thurs. Yahoo publsihed an AP piece that said there reports of rashes from a new type of Pampers diaper made by Procter & Gamble which caused P&G's stock to drop 22 points to under 40 but it ended up closing back over 60. PG is charted at Barron's pM5 saying a trading glitch briefly took its stock down 40% last week.

Barron's p26 "Bear Scare" by Andrew Bary says the sovereign debt problem in Europe, as well as potential fiscal trouble in the US & Japan, underscore how gov credit quality has eroded while corp balance sheet have improved. It's arguable that cash rich firms such as Apple, Google, Berkshire Hathaway, ExxonMobil, Johnson & Johnson & Nestle are better credit risks than many nations. US blue chips are sporting reasonable price/earnings ratios and have good growth prospects, helped by exposure to the developing world. Major drug stocks now trade for an average of just 10 times estimated '10 profits while consumer stocks like PepsiCo, Coca-Cola and Procter & Gamble generally in the range of 13 to 15 times forward earnings, with dividend yields of about 3%. Microsoft fetches about 14 times earnings with a cash rich balance sheet, while Exxon trades for about 11 times forward earnings, with a dividend yield of almost 3%.


MMM $82.63 -1.61 1.91% 8,368,800 NYSE: No mentions found.

Travelers TRV $49.26 -0.54 1.08% 7,935,534 NYSE: No mentions found.

United Tech UTX $69.46 -1.78 2.5% 10,284,948 NYSE: No mentions found.

Verizon VZ $28.19 +0.18 0.64% 36,476,880 Dual Listed: No mentions found.

WalMart WMT $52.4 -0.83 1.56% 28,910,835 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 5/1/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $319 [5]
2. Microsoft MSFT 268 [9]
3. WalMart WMT 201 [4]
4. GE 201 [10.5]
5. Procter & Gamble PG 180 [3]
6. BAC 179 [10]
7. Johnson & Johnson JNJ 177 [3]
8. JPMorgan Chase 169 [4]
9. IBM 166 [1]
10. Chevron CVX 163 [2]
11. AT&T 154 [6]
12. Cisco CSCO 154 [6]
13. Pfizer PFE 135 [8]
14. Intel INTC 126 [5.5]
15. Coke KO 123 [2]
16. Hewlett-Packard HPQ 122 [2]
17. Merck MRK 109 [3]
18. Verizon VZ 82 [3]
19. McDonald's MCD 76 [1]
20. Disney DIS 71 [2]
21. United Technologies UTX 70 [1]
22. 3M MMM 63 [.5]
23. Home Depot 60 [1.5]
24. Boeing BA 55 [1]
25. American Express AXP 55 [1]
26. Kraft KFT 51 [1.5]
27. Caterpillar CAT 43 [.5]
28. DuPont DD 36 [1]
29. Travelers 25 [.5]
30. Alcoa AA 14 [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