5/19/10 Wed. am WalMart's Results Sluggish; Home Depot's Strong

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Post No. 438. The following is brought to you by Intellivest Securities Research, Inc. Toward 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 5/10/10.

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 10,510.95 down 114.88 or 1.08% from Monday's close of 10,625.83. For the year the Dow is up 0.80%. Of the 30 Dow Companies; only WalMart gained and 29 declined. The only gainer dollar-wise and percentage-wise was WalMart WMT $53.705 +0.975 1.85% 32,182,828 NYSE. The biggest decliner dollar-wise was Boeing BA $67.725 -1.955 2.81% 8,844,091 NYSE and percentage-wise was American Express AXP $39.84 -1.38 3.35% 18,722,182 NYSE.

WSJ pC1 "Dow Declines 114.88 Points on Bear Hunt" by Peter McKay, Mark Gongloff says fin'l markets were rattled late Tues by Germany's move to restrict some bearish bets on bank stocks and sovereign bonds. US stocks declined, the euro droped to a 4 year low, and oil descended to its first close below $70 a barrel since mid Dec. The Dow's decline was led by American Express which fell 3.4%.

WSJ pC5 "American Express & Boeing Drop"by Donna Yesalavich says stocks fell broadly, with American Express, Boeing and Intel among the decliners as jitters intensified over Europe's ability to control a debt crisis. American express led the Dow's drop. Home Depot slid 22.4% as its quarterly earnings jumped 41% but its full year guidance was cautious. Only Walmart was up at it climbed 1.9% after the 1Qtr earnings rose 10%. It is charted under Good news says it rose after its profits were better than expected at 10% increase. Under the Bad News is Intel, saying tech firms lagged behind other sectors due to concerns over Europe's economic growth and American Express saying credit card firms were under pressure due to concern that their biz could be hurt by the Senate's fin'l overhaul bill.

NYT pB11 "Concerns Over Europe Flare Again, Pushing US Shares Lower" by Christine Hauser, David Jolly says stocks on Wall St fell on Tues and the euro retreated to a new low, in part after Germany moved to impose tighter regulation of fin'l markets.

USA Today p4B "European jitters turn rally into loss" by Ap says investors uneasy about the news coming out of Europe on Tues went back to selling stocks sharply lower. The falling euro and news that German regulators plan to limit some kinds of short selling fed the drop.

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 15.36 down from Tuesday's open of 15.53 (year ago it was 42.60) the P/E estimate is 13.10 unchanged from Tuesday's 13.10 (year ago it was 24.03) and the current dividend yield is 2.62 up from Tuesday's 2.59 (it was 3.61 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.

Tuesday's Dow Jones Industrial Average closing numerator was 1,390.80 down 15.20 from Monday's closing numerator of 1,406.00. 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 15.20 for Tuesday by the divisor (0.132319125) you get the decrease in Tuesday's Dow of 114.88. 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 Monday's Dow Jones Industrial Average was $46.36 down 0.51 from Monday's Dow Jones Industrial Average average closing price of $46.87. The median closing price of Tuesday's Dow Jones Industrial Average was 39.43 down 1.10 from Monday's median closing price of $40.53. The lowest volume was Travelers TRV $49.83 -0.29 0.58% 4,341,669 NYSE and the highest volume again was Bank of America BAC $15.95 -0.40 2.45% 214,566,425 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 $1530.06 ($140,610- $139,079.94).

Market Watch Tues. 5/18/10 4:55 p.m. by Kate Gibson says U.S. stocks landed with a thud Thursday, giving up earlier attempts at gains, as the euro's slide soured sentiment among investors viewing the currency as a proxy for Europe's sovereign-debt troubles. The afternoon tumble in the European currency and U.S. equities coincided with reports that German regulators planned to temporarily ban naked short-selling of some euro-area securities. The Dow Jones Industrial Average (DJIA 10,511, -114.95, -1.08%) closed down 114.88 points, or 1.1%, to 10,510.95, with 29 of its 30 components declining. Earlier it had gained more than 90 points. The euro fell to a fresh four-year low of $1.2159 and recently traded at $1.2214, down 1.4% from late North American trading in the prior session. The U.S. Dollar Index (DXY 87.24, +1.03, +1.20%) rose 1%. Currency analysts said that a ban shorting of some securities, such as European government bonds and company stocks, would make the euro vulnerable to investors looking to bet against Europe's prospects. The S&P 500 Index (SPX 1,121, -16.14, -1.42%) fell 16.14 points, or 1.4%, to 1,120.80, with financials the worst performer among its 10 industry groups. Credit-card stocks were hit particularly hard as wide-ranging bank legislation headed for a vote, and Standard & Poor's said default rates on bank-card loans climbed in April for the third month in a row. Discover Financial Services (DFS 13.46, -0.75, -5.28%) shares fell 5.3%. Visa Inc. (V 69.93, -0.16, -0.23%) shares fell 6.2% and MasterCard Inc. (MA 202.28, -0.53, -0.26%) lost 3.8%. The Nasdaq Composite Index (COMP 2,317, -36.97, -1.57%) declined 36.97 points, or 1.6%, to 2,317.26. For every stock on the rise about three were falling on the New York Stock Exchange, where 1.5 billion shares traded. Composite volume topped 6.4 billion. Crude futures fell 67 cents to finish at $69.41 a barrel on the Comex division of the New York Mercantile Exchange. Stocks had gained early on as the euro made a mild comeback in the wake of last week's agreement on a near $1 trillion rescue plan by the European Union, with its finance ministers meeting Tuesday. Echoes of Black Monday in 'flash crash'Investigators dissecting the May 6 flash crash are stumbling upon surprising echoes of a much-bigger meltdown: Black Monday of Oct. 19, 1987. Wal-Mart Stores Inc. (WMT 53.67, -0.04, -0.07%) were the only gainer on the Dow average. Shares rose 1.9% after the world's largest retailer said profit climbed a better-than-expected 10% in the first quarter. Worries that efforts to cut budgets in countries including Greece and Portugal would curb global economic growth have weighed on the currency in recent days. The Commerce Department reported new home construction climbed 5.8% in April to an annual rate of 672,000 units, its best level since late 2008. Separately, the Labor Department offered a benign view on inflation, with the producer-price index falling 0.1% last month.

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

AT&T T $25.59 -0.18 0.7% 37,917,346 NYSE: No mentions found.

Alcoa AA $11.82 -0.28 2.31% 39,836,427 NYSE: No mentions found.

American Express AXP $39.84 -1.38 3.35% 18,722,182 NYSE: WSJ pC1 "Dow Declines 114.88 Points on Bear Hunt" by Peter McKay, Mark Gongloff says fin'l markets were rattled late Tues by Germany's move to restrict some bearish bets on bank stocks and sovereign bonds. US stocks declined, the euro droped to a 4 year low, and oil descended to its first close below $70 a barrel since mid Dec. The Dow's decline was led by American Express which fell 3.4%.

WSJ pC5 "American Express & Boeing Drop"by Donna Yesalavich says stocks fell broadly, with American Express, Boeing and Intel among the decliners as jitters intensified over Europe's ability to control a debt crisis. American express led the Dow's drop. Home Depot slid 22.4% as its quarterly earnings jumped 41% but its full year guidance was cautious. Only Walmart was up at it climbed 1.9% after the 1Qtr earnings rose 10%. It is charted under Good news says it rose after its profits were better than expected at 10% increase. Under the Bad News is Intel, saying tech firms lagged behind other sectors due to concerns over Europe's economic growth and American Express saying credit card firms were under pressure due to concern that their biz could be hurt by the Senate's fin'l overhaul bill.

Bank of Amer BAC $15.95 -0.40 2.45% 214,566,425 NYSE: No mentions found.

Boeing BA $67.725 -1.955 2.81% 8,844,091 NYSE: USA Today p1B "Boeing will fix 787 design flaw" says it still expects to start delivering the plane by end of this year.

WSJ pC5 "American Express & Boeing Drop"by Donna Yesalavich says stocks fell broadly, with American Express, Boeing and Intel among the decliners as jitters intensified over Europe's ability to control a debt crisis. American express led the Dow's drop. Home Depot slid 22.4% as its quarterly earnings jumped 41% but its full year guidance was cautious. Only Walmart was up at it climbed 1.9% after the 1Qtr earnings rose 10%. It is charted under Good news says it rose after its profits were better than expected at 10% increase. Under the Bad News is Intel, saying tech firms lagged behind other sectors due to concerns over Europe's economic growth and American Express saying credit card firms were under pressure due to concern that their biz could be hurt by the Senate's fin'l overhaul bill.

Caterpillar CAT $63.19 -0.59 0.93% 9,578,909 NYSE: No mentions found.

Chevron CVX $76.8475 -0.8825 1.14% 15,283,331 NYSE: No mentions found.

CSCO $24.3625 -0.5075 2.04% 59,483,664 NASDAQ-GS: No mentions found.

Coke KO $53.1 -0.31 0.58% 10,182,504 NYSE: NYT pB1 "The Battle Over Taxing Soda" by David Leonhardt says Coca-Cola, PepsiCo and the rest of the soda industry are trying to defeat a soda tax now before the D.C. Council. It has succeeded recently in beating back similar taxes in NY and Phil, and in keeping one out of the fed health overhaul bill.

NYT pB18 "John Lupton, 83< Dies, Creator of a coke Bottling Empire" by Peter goodman profiles this Tennessean.

DuPont DD $37.08 -0.57 1.51% 8,425,837 NYSE: No mentions found.

Disney DIS $33.73 -0.47 1.37% 17,207,130 NYSE: No mentions found.

Exxon XOM $62.79 -0.48 0.76% 34,308,897 NYSE: No mentions found.

GE $17.23 -0.33 1.88% 79,298,980 NYSE: No mentions found.

Hewlett-Packard HPQ $46.79 -0.73 1.54% 20,509,618 NYSE: WSJ pB1 "HP's Old Line Businesses Jump as New Softwre, Services Lag" by Justin Scheck, NYT pB2 "HP Posts Higher Profit as Computer Demand Strengthens" by AP say the $20 bil spent by Hewlett-Packard in recent years expanding into tech services and software isn't bringing it out of the recession, it is the old line hardware businesses. It posted a 28% increase in profit to 2.2 bil and a 13% jump in rev to $30.85 bil for its 2Qtr from a year earlier. It raised its full year outlook, underlining improvements in tech spending.

NYT pB1 "One Moos and One Hums, but they Cold Help Power Google" by Ashlee Vance says Hewlett-Packard is designing a daa center that would be powered by cow manure.

Home Depot HD $34.73 -0.86 2.42% 48,986,548 NYSE: WSJ pB7 "Home Depot Profit Jumps,Helped by DIYers" by Mary Ellen LLoyd, Fin Times p15 "Walmart struggles while Home Depot thrives" by Jonathan Birchall, AJC pA11 "Home Depot's sales rise" byRachel Tobin Ramos say quarterly results from Walmart and Home Depot shows that purchases by low income Americans were still lagging the pick up in spending by middle class shoppers. Walmart reported its 4th consecutive quarter of falling US comparable sales with a 1.4% drop during its 1Qtr. In contrst, Home Deport reported the first rise in US same store sales since '06, as sales at its stores rose 3.3% since then. Home Depot's total sales rose 4.3% to $16.9 bil. Its earnings grew more than 21% to 725mill or 43 cents per share vs same period last year. Walmart's total net earnings rose 10% to 3.3 bil or 88 cents per share, 3 cents above its latest guidance. Total sales rose 6% to $99 bil, supported by a 21% rise in int'l sales.

Fin Times p14 "Home Improvement" says the recovery in sales at Home Depot came largely from seasonal sales.

WSJ pC5 "American Express & Boeing Drop"by Donna Yesalavich says stocks fell broadly, with American Express, Boeing and Intel among the decliners as jitters intensified over Europe's ability to control a debt crisis. American express led the Dow's drop. Home Depot slid 22.4% as its quarterly earnings jumped 41% but its full year guidance was cautious. Only Walmart was up at it climbed 1.9% after the 1Qtr earnings rose 10%. It is charted under Good news says it rose after its profits were better than expected at 10% increase. Under the Bad News is Intel, saying tech firms lagged behind other sectors due to concerns over Europe's economic growth and American Express saying credit card firms were under pressure due to concern that their biz could be hurt by the Senate's fin'l overhaul bill.

Intel INTC $21.43 -0.59 2.68% 76,335,870 NASDAQ-GS: WSJ pC5 "American Express & Boeing Drop"by Donna Yesalavich says stocks fell broadly, with American Express, Boeing and Intel among the decliners as jitters intensified over Europe's ability to control a debt crisis. American express led the Dow's drop. Home Depot slid 22.4% as its quarterly earnings jumped 41% but its full year guidance was cautious. Only Walmart was up at it climbed 1.9% after the 1Qtr earnings rose 10%. It is charted under Good news says it rose after its profits were better than expected at 10% increase. Under the Bad News is Intel, saying tech firms lagged behind other sectors due to concerns over Europe's economic growth and American Express saying credit card firms were under pressure due to concern that their biz could be hurt by the Senate's fin'l overhaul bill.

IBM $129.95 -0.49 0.38% 9,215,731 NYSE: No mentions found.

J.P.Morgan JPM $39.02 -0.82 2.06% 61,334,453 NYSE: WSJ pC3 "JPMorgan's Dimon to Keep Twin Roles" by Marshall Eckblad says James Dimon held on to the chairman and ceo jobs despite a shareholder proposal to split the roles. JP Morgan currently pays out 6.14% of its earnings in dividends.

Johnson & Johnson JNJ $62.97 -0.91 1.42% 18,381,549 NYSE: No mentions found.

Kraft KFT $30.03 -0.52 1.7% 15,054,054 NYSE: WSJ pC16 "Overheard" says Warren Buffett despite public announcements to the contrary sold $1 bil of Kraft stock during the past quarter.

McDonald's MCD $70.02 -0.12 0.17% 6,887,893 NYSE: No mentions found.

Merck MRK $32.35 -0.43 1.31% 18,272,632 NYSE: No mentions found.

Microsoft MSFT $28.5975 -0.2125 0.74% 52,623,187 NASDAQ-GS: No mentions found.

Pfizer PFE $15.81 -0.30 1.86% 73,176,844 NYSE: WSJ pB3 "Pfizer Deails Plan for 6,000 Job Cuts" by Jonathan Rockof says Pfizer will stop work at 8 plants, curb production at 6 others and cut 6,000 jobs in its latest step digesting rival drug maker Wyeth after last year's takeover.

PG $63.21 -0.17 0.27% 15,867,711 NYSE: No mentions found.

3M MMM $84.02 -0.66 0.78% 5,219,785 NYSE: No mentions found.

Travelers TRV $49.83 -0.29 0.58% 4,341,669 NYSE: No mentions found.

United Tech UTX $70.68 -0.35 0.49% 6,039,628 NYSE: No mentions found.

Verizon VZ $28.42 -0.24 0.84% 21,450,828 Dual Listed: WSJ pC16 "Crackle on Vodafone's India Line" by Matthew Curtin says Vodafone wrote off $3.33 bil of its investment in India but it overshowdows a strong fiscal 4Qtr. Vodafone has good assets like a 3% stake in China Mobile that it could sell to raise cash and it could get cashf rom its 45% ownership in Verizon Wireless.

WalMart WMT $53.705 +0.975 1.85% 32,182,828 NYSE: Fin Times p15 "Walmart struggles while Home Depot thrives" by Jonathan Birchall, NYT pB3 "WalMart Posts Slower Growth as Luxury & Home Goods Rebound" by Stephanie Rosenbloom say quarterly results from Walmart and Home Depot shows that purchases by low income Americans were still lagging the pick up in spending by middle class shoppers. Walmart reported its 4th consecutive quarter of falling US comparable sales with a 1.4% drop during its 1Qtr. In contrst, Home Deport reported the first rise in US same store sales since '06, as sales at its stores rose 3.3% since then. Home Depot's total sales rose 4.3% to $16.9 bil. Its earnings grew more than 21% to 725mill or 43 cents per share vs same period last year. Walmart's total net earnings rose 10% to 3.3 bil or 88 cents per share, 3 cents above its latest guidance. Total sales rose 6% to $99 bil, supported by a 21% rise in int'l sales.

Fin Times p14 "Home Improvement" says the recovery in sales at Home Depot came largely from seasonal sales.

WSJ pC1 "Target Could Fade as Apple of the Bulls' Eye" by Kelly Evans says Target will deliver good 1Qtr results Wed but its increase has been at the expense of Walmart which is recovering.

WSJ pB1 "WalMart Struggles to keep Shoppers" by Miguel Bustillo, Karen Talley, WSJ pC16 "Walmart Sifts Into Slow Lane of Growth" by John Jannarone say Target is a better buy than WalMart until WalMart shows it can get sales moving again.

WSJ pC5 "American Express & Boeing Drop"by Donna Yesalavich says stocks fell broadly, with American Express, Boeing and Intel among the decliners as jitters intensified over Europe's ability to control a debt crisis. American express led the Dow's drop. Home Depot slid 22.4% as its quarterly earnings jumped 41% but its full year guidance was cautious. Only Walmart was up at it climbed 1.9% after the 1Qtr earnings rose 10%. It is charted under Good news says it rose after its profits were better than expected at 10% increase. Under the Bad News is Intel, saying tech firms lagged behind other sectors due to concerns over Europe's economic growth and American Express saying credit card firms were under pressure due to concern that their biz could be hurt by the Senate's fin'l overhaul bill.


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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 5/10/10 market 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: 5/6/10 10-Q
5/4/10 8K: re: results from the annual meeting of the stockholders of AT&T Inc. held on April 30, 2010, in Chattanooga, Tennessee.

Alcoa AA: 5/4/10 8K re: Alcoa Inc.’s 2009 Sustainability Highlights Report.

American Express AXP: 5/5/10 10Q
4/28/10 8-K re: transcript of 4/22/10 American Express live audio conference call/webcast to discuss the Company’s financial results for the three months ended March 31, 2010

Bank of Am BAC: 5/10/10 Rule 424(b) Prospectus
5/7/10 10-Q

Boeing BA: 4/28/10 8-K re: results of its Annual Meeting of Shareholders on April 26, 2010

Caterpiller CAT: 5/10/10 Definitive Proxy materials
5/510 8-K re: departure of directors and officers
5/3/10 10Q

Chevron CVX: 5/510 10Q
4/30/10 8K re: 4/30/10 press release announcing unaudited first quarter 2010 net income of $4.6 billion

Cisco CSCO: 2/17/10 8K re: amendment of an excec vp's employment agreement.

Coke KO: 4/29/10 10Q
4/26/10 8K re: results of 4/21/10 voting results from annual meeting in Duluth, Ga.

Disney DIS: 3/16/10 8K re: amendment to stock option plan & by-laws

DuPont DD: 4/29/10 8K re: voting results from annual meeting held on 4/28/10.
4/27/10 10Q

ExxonMobil XOM: 5/6/10 10Q

GE: 5/7/10 8K to update fin'l info from form 10K
5/7/10 10Q

Hewlett-Packard HPQ: 4/29/10 Definitive proxy materials

Home Depot HD: 4/7/10 Proxy Statement

Intel INTC: 5/7/10 8K re: Micron Technology, Inc. completed its acquisition of Numonyx Holdings BV & issued shares of common stock to Numonyx shareholders. In exchange for Intel’s investment in Numonyx, Intel received approximately 64.2 million shares of Micron common stock, and issued a $72 million short-term payable.

5/3/10 10Q

IBM: 4/29/10 8K re: voting results from annual meeting of stockholders on 4/27/10
4/27/10 10Q

JPMorganChase JPM: 5/10/10 10Q

Kraft KFT: 5/7/10 10Q

McDonalds MCD: 5/6/10 10Q

Merck MRK: 5/7/10 10Q

Microsoft MSFT: 4/22/10 10Q.

Pfizer PFE: 5/4/10 8K re: 1Qtr results
4/28/10 8K re: voting results of Pfizer's annual meeting of shareholders held on 4/22/10

Procter & Gamble PG: 4/30/10 10Q

3M MMM: 5/5/10 10Q

Travelers TRV: 8K re: voting results of Travlers annual meeting of shareholders on 5/4/10

4/23/10 10Q

United Technologies UTX: 4/26/10 10Q

Verizon Communications Inc. VZ: 4/28/10 10Q

WalMart WMT: 8K re: press release re: negative court decision against WalMart allowing an employee sex discrimination case to go forward