5/31/10 Sat. - Mon. Barron's Thinks Microsoft's Shares May Rise

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Post No. 458. 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 Saturday's Wall St. Journal, Financial Times, & Atlanta Journal & Constitution, Sat. Sun. & Mon's New York Times & 5/31/10 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 10,136.63 down 122.36 or 1.19% from Thursday's close of 10,258.99. For the Week the Dow was down 56.76 or 0.55% from last Friday's close of 10,193.39. For the year the Dow is down 2.79%. Of the 30 Dow Companies: 3 gained and 27 declined. The biggest gainer dollar-wise was Coke KO $51.4 +0.17 0.33% 11,449,115 NYSE and percentage-wise was Coke and Procter & Gamble PG $61.09 +0.14 0.23% 13,530,463 NYSE. The biggest decliner dollar-wise was 3M MMM $79.31 -2.12 2.6% 6,365,592 and percentage-wise was Bank of America BAC $15.74 -0.44 2.72% 156,924,599 NYSE.

WSJ pB1 "May Ends With DJIA Falling 122.36" by Peter McKay, Kristina Peterson says stocks ended sharply lower after a downgrade of Spain's credit rekindled investors' fears about Europe's economy. The Dow fell 122.36 or 1.2% to 10,136.63, down 7.9% for May, the biggest monthly drop since Feb. '09 and the worst percentage decline for May since 1940. Volume was light, composite turnover if NYSE listed firms hit 5.1 bil shares, below the month's average daily volume of nearly 7 bil.

WSJ pB2 "May Puts Dow 2.79% Lower for year" by Donna Yesalavich says stocks fell Friday as Walt Disney, Bank of America and Cisco were among the decliners. Only Microsoft had a bigger percentage monthly decline than Cisco for the month as Cisco was down 14% for May.

WSJ pA1 headline "Dow's Wrost May since '40" by Emma Moody says between the Flalsh Crash and angst over the worsening crisis in Europe, stocks posted their worst decline for the month since May 1940.

Fin Times p14 "S&P 500 records worst May since 1962" by Masa Serdarevic says US stocks turned sharply lower late inthe session Fri as Fitch downgraded Spain's credit rating but many of those losses were quickly pared leaving the indices just moderately lower on the day.

Sat. NYT pb1 "Spain news Sends Stocks Into Decline" by Christine Hauser says the Fitch ratings firm announced after noon that it had downgraded Spain's credit rating by one notch, sending indexes on a swift decline of more than 1%. It was a stunning reversal in a day that had been in holiday mode, trading quietly lower at the start of a 3 day weekend.

As of the close of the market Friday, the current divisor for the Dow Jones Industrial Average found at page B4 of today's Wall St. Journal is 0.132319125 unchanged, the trailing P/E ratio is 14.74 down Friday's 14.92 (year ago it was 42.72) the P/E estimate is 12.62 up from Friday's 12.45 (year ago it was 23.66) and the current dividend yield is 2.73 up from Friday's 2.69 (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.

Friday's Dow Jones Industrial Average closing numerator was 1,341.27 down 16.19 from Thursday's closing numerator of 1,357.46. 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 16.19 for Friday by the divisor (0.132319125) you get thede ncrease in Thursday's Dow of 122.36. 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 $44.71 down 0.54 from Thursday's Dow Jones Industrial Average average closing price of $45.25. The median closing price of Friday's Dow Jones Industrial Average was $39.73 down 0.65 from Thursday's median price of $40.38. The lowest volume was United Technologies UTX $67.38 -0.73 1.07% 4,663,019 NYSE and the highest volume again was Bank of America BAC $15.74 -0.44 2.72% 156,924,599 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 havelost $1,623 (135,750 - $134,127).

Market Watch Fri. 5/28/10 at 4:40 pm by Peter McKay says a downgrade of Spain's debt rating rekindled investors' broader fears about European credit sparking a sharp decline in stocks in the last session of May, which saw the market's worst monthly drop since February 2009. Trading was especially volatile in the afternoon after Fitch Ratings lowered its rating on Spain's debt to AA+ from AAA, but said the country's outlook is stable. The downgrade came despite this week's passage of austerity measures by the Spanish government -- a move that bulls had hoped would help the country avoid struggles similar to those of Greece. The Dow Jones Industrial Average (DJIA 10,136, -122.59, -1.20%) fell 122.36 points, or 1.2%, to 10136.63, led by declines of more than 2.5% each in 3M (MMM 79.88, +0.57, +0.71%) , Bank of America (BAC 15.72, -0.02, -0.13%) and Walt Disney (DIS 33.51, +0.09, +0.27% . Industrials weakened as fresh euro-zone concerns reignited worries that global demand may wane. Boeing (BA 64.18, -0.95, -1.46%) fell 1.5%, while Caterpillar (CAT 61.37, +0.61, +1.01%) was off 2.1%. Traders and analysts have recently become less concerned about the chances of a chain reaction of defaults by heavily indebted euro-zone members that might jolt the global financial system. But they're becoming more concerned about a long slog for the continent before it returns to full economic health. The Dow ended down 7.9% for May, its biggest monthly drop since February 2009, when it was still on its way to the lows of the last bear market. The measure also snapped a three-month winning streak and set its worst percentage performance for May since 1962. Volume was light ahead of a three-day weekend. Composite turnover in New York Stock Exchange-listed companies hit 5.1 billion shares, well below the month's average daily volume of nearly 7 billion shares.
The relatively light trading hasn't prevented big swings in major averages, however. The Dow was off as much as 163 points following Spain's credit downgrade, then recovered to trade less than 70 points lower before settling into a relatively narrow range.A slew of economic indicators are on tap for next week, ranging from manufacturing data to the closely watched monthly unemployment report which is due on Friday. The Nasdaq Composite (COMP 2,257, -20.64, -0.91%) tumbled 0.9% to 2257.04, off 8.3% for May, its worst monthly decline since November 2008. The Standard & Poor's 500 (SPX 1,089, -13.65, -1.24%) slipped 1.2% to 1089.40, down 8.2% for May, its worst performance since February 2009. The euro slipped after the Spanish debt downgrade, with the common currency recently trading at $1.2280, from $1.2362 late Thursday. The U.S. Dollar Index (DXY 86.75, +0.57, +0.66%) , tracking the U.S. currency against a basket of six others, jumped 0.6%. Treasury prices also rose, pushing the yield on the 10-year note down to 3.303%. Crude-oil futures fell just below $74 a barrel to end the month down 14.1%, the worst showing since December 2008. Data showed consumer spending was flat last month. U.S. business activity expanded at a slower-than-expected pace in May, according to a survey of Chicago-area purchasing managers. In other economic data, consumer-sentiment levels ticked higher in May, according to the final Reuters/University of Michigan consumer-sentiment index.Among stocks in focus, American depositary shares of BP (BP 42.90, -0.05, -0.12%) fell 5.4% as the company continued efforts to cap a leaking oil well in the Gulf of Mexico.Apple (AAPL 257.07, +0.19, +0.07%) rose 1.4% as its iPad made its debut outside the U.S. on Friday, drawing long lines of eager consumers who were hoping to get their hands on the hot-selling tablet-style computer that is still in short supply at home. In addition, Bank of America Merrill Lynch analysts raised their iPhone and iPad estimates as well as their price target on Apple.

AT&T T $24.3- 0.33 1.34% 29,185,142 NYSE: Barron's "Obama Will Need a Gusher of Money From BP" by Jim Mcague says there is a greased plam index and AT&T gave ghe most to this year's congressional candidates at $2.6 mil while in '08, AT&T they gave $6.7 mil to presidential and congressional candidates and were ranked no. 5. Disney wasn't even on the index.

WSJ pB7 "... Flash Crash of '62" by Jason Zweigh alks about how the Dow fell 5.7%, down 34.95 on May 29, 1962, the second largest point decline then on record and that some blue chips like AT&T came down all day while IBM at 2:48 pm "crashed like a shoulder pushed from a cliff, falling from $375 to $365.

Alcoa AA $11.64 -0.18 1.52% 20,693,970 NYSE: No mentions found.

Amex AXP $39.87 -0.46 1.14% 12,090,092 NYSE: No mentions found.

Bank of America BAC $15.74 -0.44 2.72% 156,924,599 NYSE: WSJ pB2 "May Puts Dow 2.79% Lower for year" by Donna Yesalavich says stocks fell Friday as Walt Disney, Bank of America and Cisco were among the decliners. Only Microsoft had a bigger percentage monthly decline than Cisco for the month as Cisco was down 14% for May.

Boeing BA $64.18 -0.95 1.46% 5,626,990 NYSE: Barron's pM4 The Trader by Kopin Tan profiles Argon St, which makes sensors for military intelligence says it could be shopping itself to Raytheon and Boeing.

Caterpillar CAT $60.76 -1.30 2.09% 7,587,114 NYSE: No mentions found.

Chevron CVX $73.87 -0.49 0.66% 14,092,219 NYSE: No mentions found.

Cisco CSCO $23.15 -0.52 2.2% 52,573,342 NASDAQ-GS:
Barron's pM5 charts Cisco says conlucinndg a disappointing month for most of the tech sector, flat April consumer spending undercut Cisco.

WSJ pB2 "May Puts Dow 2.79% Lower for year" by Donna Yesalavich says stocks fell Friday as Walt Disney, Bank of America and Cisco were among the decliners. Only Microsoft had a bigger percentage monthly decline than Cisco for the month as Cisco was down 14% for May.

Coke KO $51.4 +0.17 0.33% 11,449,115 NYSE: Barron's p12 item by Dimitra DeFotis says James Dinan of York Capital management prefers large firms that can pass along cost increases and Coca Cola Enterprises is among his favorite stocks.

WSJ pB1 B1 "Pfizer Deal Highlights China's Clout in M&A" by James Areddy, Dinny McMahons ays on e $50 mil diversture in China involving Pfizer's sale of a Chinese biz to Harbin Pharmaceutical highlights the growing influence of China's gov over Western mergers and acquisitions as the deal was done to comply with a Chinese Ministry of Commerce antimonopoly review last year of Pfizer's merger with Wyeth. Since the antimonopoly rules went into force 2 years ago, China has set conditions on 5 other deals, including Coca-Cola's $2.4 bil bid for a Chinese juice maker.

Disney DIS $33.42 -0.95 2.76% 15,594,607 NYSE: Barron's "Obama Will Need a Gusher of Money From BP" by Jim Mcague says there is a greased plam index and AT&T gave ghe most to this year's congressional candidates at $2.6 mil while in '08, AT&T they gave $6.7 mil to presidential and congressional candidates and were ranked no. 5. Disney wasn't even on the index.

WSJ pB2 "May Puts Dow 2.79% Lower for year" by Donna Yesalavich says stocks fell Friday as Walt Disney, Bank of America and Cisco were among the decliners. Only Microsoft had a bigger percentage monthly decline than Cisco for the month as Cisco was down 14% for May.

DuPont DD $36.17 -0.62 1.69% 5,302,194 NYSE: No mentions found.

Exxon XOM $60.46 -1 1.63% 30,974,841 NYSE: Barron's p30 "Cool Apple or Stodgy Microsoft: Must an Investor Choose" by Eric J. Savitz says even though Apple overtook Microsoft in stock market capitalization last week now second only to Exxon, Savitz says both Apple and Microsoft have room to have their shares grow.

GE $16.35 -0.31 1.86% 68,674,129 NYSE: Barron's p28 item profiles Siemens saying it competes with GE and makes everything from power turbines to trains to medical equipment.

Hewlett-Packard HPQ $46.01 -0.93 1.98% 18,703,165 NYSE: Barron's p31 "A Boffo Quarter for Net App" by Mark Veverka says specailists in the storage innovation area for firms like EMC and NetAPP are challenging the behemoth one stop show bendors such as IBM and Hewlett-Packard which spread their R&D dollars across myriad product categories.

Home Depot HD $33.86- 0.69 2% 17,206,524 NYSE: No mentions found.

Intel INTC $21.44- 0.32 1.47% 68,912,232 NASDAQ-GS: No mentions found.

IBM $125.26 -1.13 0.89% 7,208,186 NYSE: Barron's p12 "Week Preview" quotes Jamie Dimon on out to fix the European fin'l crisis.

Barron's p13 "Week Preview" says on Thursday 6/3 Johnson & Johnson offers a business review and on Friday 6/4 Walmart hosts an investor Webcast after its annual meeting.

WSJ pB7 "... Flash Crash of '62" by Jason Zweigh alks about how the Dow fell 5.7%, down 34.95 on May 29, 1962, the second largest point decline then on record and that some blue chips like AT&T came down all day while IBM at 2:48 pm "crashed like a shoulder pushed from a cliff, falling from $375 to $365.

JPMorgan JPM $39.58- 0.84 2.08% 40,024,104 NYSE: No mentions found.

Johnson & Johnson JNJ $58.3 -0.73 1.24% 26,360,479 NYSE: WSJ pB5 "More Medicine Made at J&J Plant Is Recalled" by Jonathan Rockoff says 4 kids' cough and cold medicines made at a Johnson & Johnson plant shuttered because of manufacturing problems were recalled Fri, a month after different meds from that plant were recalled. The recall affects PediaCare's Multi-Symptom Cold, Long Acting Could, Decongestant, and Allergy and Cold medicines.

Fin Times p10 "J&J pressed over phantom recall" by Andrew jack says pressure is growing on Johnson & Johnson to explain whether it sought to conceal a recall of children's medicines in the US by requesting that a contractor discreetly buy suspect stocks from retailers. A congressional committee on oversight and gov reform is investigating J&J's recall of packs of a variety of Motrin IB caplets, a pain relief medicine.

Kraft KFT $28.6 -0.46 -1.58% 10,615,471 NYSE: WSJ pB6 "Cdbury Strategist To Depart" by Melissa Korn says Cadbury's Chief Strategy Officer Mark Reckitt will leave Kraft and will be replaced re: the global integration effort by Michael Osanloo currently Kraft's evp of strategy.

McDonalds MCD $66.87 -0.33 0.49% 6,968,040 NYSE: No mentions found.

Merck MRK $33.69 +0.07 0.21% 24,375,877 NYSE: No mentions found.

Microsoft MSFT $25.83 -0.17 0.65% 61,568,667 NASDAQ-GS: Barron's p30 "Cool Apple or Stodgy Microsoft: Must an Investor Choose" by Eric J. Savitz says even though Apple overtook Microsoft in stock market capitalization last week now second only to Exxon, Savitz says both Apple and Microsoft have room to have their shares grow.

WSJ pB2 "May Puts Dow 2.79% Lower for year" by Donna Yesalavich says stocks fell Friday as Walt Disney, Bank of America and Cisco were among the decliners. Only Microsoft had a bigger percentage monthly decline than Cisco for the month as Cisco was down 14% for May.

WSJ pB4 "What Will Drive Apple Stock Higher" by Matt Phillips says investors love Apple so much they pushed its market cap above Microsoft this past week. Apple shares might rise if iPhone sales increase or if Apple delivers better profit margins than analysts have factored into estimates for earnings.

Procter & Gamble PG $61.09 +0.14 0.23% 13,530,463 NYSE: No mentions found.

Pfizer PFE $15.23 -0.14 0.91% 59,855,865 NYSE: WSJ pB1 B1 "Pfizer Deal Highlights China's Clout in M&A" by James Areddy, Dinny McMahons ays one $50 mil diversture in China involving Pfizer's sale of a Chinese biz to Harbin Pharmaceutical highlights the growing influence of China's gov over Western mergers and acquisitions as the deal was done to comply with a Chinese Ministry of Commerce antimonopoly review last year of Pfizer's merger with Wyeth. Since the antimonopoly rules went into force 2 years ago, China has set conditions on 5 other deals, including Coca-Cola's $2.4 bil bid for a Chinese juice maker.

3M MMM $79.31 -2.12 2.6% 6,365,592 NYSE: No mentions found.

Travelers TRV $49.47 -0.26 0.52% 5,297,678 NYSE: No mentions found.

United Technologies UTX $67.38 -0.73 1.07% 4,663,019 NYSE: No mentions found.

Verizon VZ $27.52 -0.06 0.22% 17,877,102 Dual Listed: No mentions found.

WalMart WMT $50.56 -0.14 0.28% 13,686,461 NYSE: Barron's p13 "Week Preview" says on Thursday 6/3 Johnson & Johnson offers a business review and on Friday 6/4 Walmart hosts an investor Webcast after its annual meeting.

AJC pA16 "WalMart pushing soda sales" by Jeremiah McWilliams" says WalMart is giving the shrinking soft drink category a shot in the arm by stocking its shelves with extra cheap soda this Memorial Day weekend.


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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 (except for Microsoft) followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $319 [5]
2. Microsoft MSFT 219 [9] (As of 5/26/10 market close)
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