5/5/10 Wed. am Pfizer & Merck Beat Earnings Forecast

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Post No. 415. 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 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 10,926.77 down 255.06 or 2.02% from Monday's close of 11151.83. For the year the Dow is up 4.78%. Of the 30 Dow Companies: 3 gained and 27 declined. The biggest gainer dollar-wise and percentage wise was Merck MRK $35.81 +0.54 1.53% 32,124,271 NYSE NYSE. The biggest decliner dollar-wise and percentage-wise was Caterpillar CAT $66.7 -3.24 4.63% 12,482,621 NYSE.

WSJ pC1 "DJIA Sinks 225.06 Points And Nasdaq Declines 3%" by Peter McKay says the Dow had its worst decline in 3 months as investors fretted about a possible ripple effect of Greece's credit crisis on other other nations.

WSJ pC5 "Caterpillar, HP Weigh on Dow" by Donna Yesalavich says stocks fell broadly with Caterpillar, Alcoa and Hewlett-Packard among the big decliners as heightened concerns over the euro zone's ability to contain its debt crisis sent investors away from equities toward the safety of the dollar. Caterpillar is charted under Bad News saying its economically sensitive shares were especially hard hit as worries about Europe's fin'l stability sparked a global stock plunge.

Fin p22 "Drugs companies provide antidote to sharp sell-off" by Masa Serdarevic says rising fears of contagion to Spain and Portugal inthe wake of Greece's fiscal & debt problems sparked a sharp sell off in US stocks yesterday, with sentiment further damped by uncertainty over the full impact of the oil spill in the Gulf of Mexico. Pfizer rallied 2.1% as it reported better than expected results for 1Qtr, boosted by its recent acquisition of smaller rival Wyeth. Profit was 60 cents a share, beating the 53 cents average analyst estimate. Rival Merck was also higher, rising 1.5% as it reported 1Qtr earnings that also beat estimates.

USA Today p4B "Nasdaq hithardest as stocks tumble" by Bloomberg says stocks tumbled Tues, with benchmark indexes slumping the most since Feb, as concern grew that Europe's gov debt will spread beyond Greece. Alcoa and ExxonMobill fell 57 cents and $1.37 respectively to lead raw materials and energy producers lower as metal and oil prices lumped on a stronger dollar. Bank of America & JPMorgan followed decliens by banks in Europe, where Banco Santander, Banco Comm'l Portugues and Nat'l Bank of Greece plunged at leat 6%. Bank of America lost 50 cents and JPMorgan lost $1.06. Intel lost 70 cents to pace a tumble in chipmakers.

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 16.09 down from Tuesday's open of 16.42 (year ago it was 36.56) the P/E estimate is 13.95 unchanged from Tuesday's 13.95 (year ago it was 22.77) and the current dividend yield is 2.50 up from Tuesday's 2.45 (it was 3.67 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 1,445.82 down 30.08 from Monday's closing numerator of 1,475.60. 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 30.08 for Tuesday by the divisor (0.132319125) you get the decrease in Tuesday's Dow of 255.06. 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 $48.19 down $1.00 from Monday's Dow Jones Industrial Average average closing price of $49.19. The median closing price of Tuesday's Dow Jones Industrial Average was 44.17 down 1.20 from Monday's median closing price of $45.37. The lowest volume was United Technologies UTX $74.16 -2.12 2.78% 5,422,699 NYSE and the highest volume again was Bank of America BAC $17.56 -0.50 2.77% 181,372,471 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 $2,990 ($147,560 -$144,570).

Market Watch Tues. 5/4/10 4:50 p.m. by Kate Gibson says US stocks made their steepest drop in three months Tuesday, as increasing trepidation that Europe would fail to stem a fiscal debt crisis supported a flight from stocks and commodities and into the U.S. dollar and bonds. The Dow Jones Industrial Average (INDU 10,927, -224.76, -2.02%) , which during the day fell more than 280 points, closed down 225.06 points, or 2.02%, to 10,926.77, its worst point-drop since Feb. 4. The S&P 500 Index (SPX 1,174, -28.66, -2.38%) fell 28.66 points, or 2.4%, to 1,173.60. The drop in the U.S. indexes follows even steeper declines in European markets and paralleled a drop in some currencies and commodities. The euro slid below $1.30 for the first time in a year, while oil dropped 4% to under $83 a barrel. Treasury prices rallied to two-month highs. The selloff caught up nearly every sector of the market. Of the Dow average's 30 components, 27 closed lower, with equipment maker Caterpillar Inc. (CAT 66.86, +0.16, +0.24%) and aluminium producer Alcoa Inc. (AA 12.60, +0.02, +0.16%) leading declines with drops of more than 4%. Drug goliaths Pfizer Inc. (PFE 17.27, +0.01, +0.06%) and Merck & Co. (MRK 35.86, +0.05, +0.13%) were among the trio of blue chips on the rise, up 2.1% and 1.5%, respectively, after both companies reported earnings that topped estimates. Investors also sought refuge in discount retailer and Dow component Wal-Mart Stores Inc. (WMT 54.21, +0.19, +0.35%) , its shares up 0.5%.
On the S&P 500, materials and industrials led a broad decline that reached across all 10 industry groups. Among the hardest hit, Dow Chemical Co. (DOW 29.45, +0.14, +0.48%) and Eastman Kodak (EK 5.80, +0.02, +0.35%) shares fell more than 6%. The Nasdaq Composite Index (COMP 2,424, -74.49, -2.98%) fell 74.49 points, or 3%, to 2,424.25, its biggest percentage drop since Feb. 4. For every stock on the rise, more than six were falling on the New York Stock Exchange, with more than 1.5 billion shares traded hands. Composite volume topped 6.7 billion.
European efforts to reach agreement on a rescue package for Greece culminated in an accord during the weekend. Yet the $144 billion tab has investors concerned that Europe would have an even rougher task putting together aid should a bigger nation like Spain or Portugal encounter similar trouble. Feeding into concerns, investment bank Lazard Ltd. said it has been hired by Greece for financial advice, though the bank cautioned that a restructuring of the nation's debt is not being considered. See story on Greece, Lazard. Nasdaq plunges 3% as the technology sector guides the market lower. Apple shares give up more than 2% on a report that an investigation may be launched into the licensing requirements the company imposes on iPhone software developers. The euro (CUR_EURUSD 1.2985, -0.0201, -1.5242%) declined against the dollar as investors fled the currency used by 16 nations in the European Union, Greece included. Gold futures retreated from a five-month high, ending down $14.10, or 1.2%, at $1,169.20 an ounce, while crude oil took its biggest one-day hit in three months, closing below $83 a barrel. The concerns override positive earnings from companies including MasterCard Inc. (MA 252.00, +0.75, +0.30%) , which reported a first-quarter profit rise of 24%, as well as positive U.S. economic data that showed a 5.3% jump in pending home sales and a 1.3% climb in factory orders in March.

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

AT&T T $25.9 -0.38 1.45% 30,979,376 NYSE: No mentions found.

Alcoa AA $12.58 -0.57 4.33% 55,153,583 NYSE: WSJ pC5 "Caterpillar, HP Weigh on Dow" by Donna Yesalavich says stocks fell broadly with Caterpillar, Alcoa and Hewlett-Packard among the big decliners as heightened concerns over the euro zone's ability to contain its debt crisis sent investors away from equities toward the safety of the dollar. Caterpillar is charted under Bad News saying its economically sensitive shares were especially hard hit as worries about Europe's fin'l stability sparked a global stock plunge.

USA Today p4B "Nasdaq hithardest as stocks tumble" by Bloomberg says stocks tumbled Tues, with benchmark indexes slumping the most since Feb, as concern grew that Europe's gov debt will spread beyond Greece. Alcoa and ExxonMobill fell 57 cents and $1.37 respectively to lead raw materials and energy producers lower as metal and oil prices lumped on a stronger dollar. Bank of America & JPMorgan followed decliens by banks in Europe, where Banco Santander, Banco Comm'l Portugues and Nat'l Bank of Greece plunged at leat 6%. Bank of America lost 50 cents and JPMorgan lost $1.06. Intel lost 70 cents to pace a tumble in chipmakers.

American Express AXP $45.86 -1.34 2.84% 10,377,642: No mentions found.

Bank of Am BAC $17.56 -0.50 2.77% 181,372,471 NYSE: USA Today p4B "Nasdaq hithardest as stocks tumble" by Bloomberg says stocks tumbled Tues, with benchmark indexes slumping the most since Feb, as concern grew that Europe's gov debt will spread beyond Greece. Alcoa and ExxonMobill fell 57 cents and $1.37 respectively to lead raw materials and energy producers lower as metal and oil prices lumped on a stronger dollar. Bank of America & JPMorgan followed decliens by banks in Europe, where Banco Santander, Banco Comm'l Portugues and Nat'l Bank of Greece plunged at leat 6%. Bank of America lost 50 cents and JPMorgan lost $1.06. Intel lost 70 cents to pace a tumble in chipmakers.

Boeing BA $72.79 -1.60 2.15% 6,136,084 NYSE: No mentions found.

Caterpillar CAT $66.7 -3.24 4.63% 12,482,621 NYSE: WSJ pC5 "Caterpillar, HP Weigh on Dow" by Donna Yesalavich says stocks fell broadly with Caterpillar, Alcoa and Hewlett-Packard among the big decliners as heightened concerns over the euro zone's ability to contain its debt crisis sent investors away from equities toward the safety of the dollar. Caterpillar is charted under Bad News saying its economically sensitive shares were especially hard hit as worries about Europe's fin'l stability sparked a global stock plunge.

Chevron CVX $80.76 -2.07 2.5% 16,080,032 NYSE: No mentions found.

CSCO $26.5575 -0.9825 3.57% 51,967,865 NASDAQ-GS: No mentions found.

Coke KO $53.18 -0.58 1.08% 11,489,004 NYSE: No mentions found.

Disney DIS $36.59 -0.97 2.58% 13,099,248 NYSE: No mentions found.

DuPont DD $38.6 -1.52 3.79% 10,555,954 NYSE: No mentions found.

Exxon XOM $66.47 -1.37 2.02% 31,364,817 NYSE: USA Today p4B "Nasdaq hithardest as stocks tumble" by Bloomberg says stocks tumbled Tues, with benchmark indexes slumping the most since Feb, as concern grew that Europe's gov debt will spread beyond Greece. Alcoa and ExxonMobill fell 57 cents and $1.37 respectively to lead raw materials and energy producers lower as metal and oil prices lumped on a stronger dollar. Bank of America & JPMorgan followed decliens by banks in Europe, where Banco Santander, Banco Comm'l Portugues and Nat'l Bank of Greece plunged at leat 6%. Bank of America lost 50 cents and JPMorgan lost $1.06. Intel lost 70 cents to pace a tumble in chipmakers.

GE $18.58 -0.68 3.53% 93,280,087 NYSE: No mentions found.

Hewlett-Packard HPQ $50.64 -2.07 3.93% 19,831,999 NYSE: WSJ pC5 "Caterpillar, HP Weigh on Dow" by Donna Yesalavich says stocks fell broadly with Caterpillar, Alcoa and Hewlett-Packard among the big decliners as heightened concerns over the euro zone's ability to contain its debt crisis sent investors away from equities toward the safety of the dollar. Caterpillar is charted under Bad News saying its economically sensitive shares were especially hard hit as worries about Europe's fin'l stability sparked a global stock plunge.

Home Depot HD $35.42 -0.45 1.25% 25,444,753 NYSE: No mentions found.

Intel INTC $22.56 -0.70 3.01% 90,087,857 NASDAQ-GS: No mentions found.

IBM $128.12 -1.48 1.14% 8,181,545 NYSE: No mentions found.

JPMorgan JPM $42.47 -1.06 2.44% 48,280,680 NYSE: USA Today p4B "Nasdaq hithardest as stocks tumble" by Bloomberg says stocks tumbled Tues, with benchmark indexes slumping the most since Feb, as concern grew that Europe's gov debt will spread beyond Greece. Alcoa and ExxonMobill fell 57 cents and $1.37 respectively to lead raw materials and energy producers lower as metal and oil prices lumped on a stronger dollar. Bank of America & JPMorgan followed decliens by banks in Europe, where Banco Santander, Banco Comm'l Portugues and Nat'l Bank of Greece plunged at leat 6%. Bank of America lost 50 cents and JPMorgan lost $1.06. Intel lost 70 cents to pace a tumble in chipmakers.

Johnson & Johnson JNJ $64.7 -0.63 0.96% 14,696,529 NYSE: WSJ pB3 "FDA Ties Recall of TylenolTo Contaminated Materials" by Jonathan Rockoff, Jennifer Dooren, NYT pB2 "Agency Told Tylenol Maker of Many Quality Concerns" by Natasha Singer, say raw materials that were to be used to make Tylenol products for children were recalled over the weekend and found to be contaminated. Johnson & Johnson recalled 1,00 lots of bottled products including pediatric versions of Tylenol, Motrin, Zyrtec and Benadryl which were distributed by its McNeil Consumer Healthcare unit.

Kraft KFT $29.57 -0.33 1.1% 14,456,590 NYSE: WSJ pC14 "Buffett Keeps The Pressure on Kraft" says Warren Buffett railed against Kraft's acquisition of Cadbury and the sale of its frozen pizza biz to Nestle on Sat. Buffett's venting will likely have little impact on Kraft's strategy. Kraft trades at 12.8 times consensus '11 earnings, compared with 13.9 times for Kellogg and 14.3 times for General Mills. With a dividend yield of 4%, Kraft shares are unlikely to drift much lower.

McDonald's MCD $70.64 -0.78 1.09% 7,129,644 NYSE: No mentions found.

Merck MRK $35.81 +0.54 1.53% 32,124,271 NYSE: NYT pB2 "Pfizer & Merck Beat Forecasts for Earnings" by Reuters says Pfizer and Merck posted better than expected 1Qtr results Tues & stood by their long term forecasts. Merck earned $299 mil or 9 cents a share in1Qtr. Results were hurt by special charges & a tax expense related to the health care law. That compared with $1.43 bil or 67 cents a share a year ago. Merck earned 83 cents a share excluding special items. Analysts had expected 75 cents a share. Merck's rev more than doubled to $11.42 bil on the strength of the Schering deal. Analysts looked for $11.18 bil.

Fin p22 "Drugs companies provide antidote to sharp sell-off" by Masa Serdarevic says rising fears of contagion to Spain and Portugal inthe wake of Greece's fiscal & debt problems sparked a sharp sell off in US stocks yesterday, with sentiment further damped by uncertainty over the full impact of the oil spill in the Gulf of Mexico. Pfizer rallied 2.1% as it reported better than expected results for 1Qtr, boosted by its recent acquisition of smaller rival Wyether. Profit was 60 cents a share, beating the 53 cents average analyst estimate. Rival Merck was also higher, rising 1.5% as it reported 1Qtr earnings that also beat estimates.

Microsoft MSFT $30.13 -0.73 2.37% 81,548,345 NASDAQ-GSP: WSJ pB6 "IE Ckontinues to Slip; Google Chrome Rises" by Jennifer Valentino-DeVries says Microsoft's Internet Explore which had moe than 90% of browser share in the early 2000's continues to lose ground to competing browsers like Chrome and Firefox.

WSJ pD3 "Microsoft Reaches for the Sky With Its Kin Phone" by Katherine Boehret says Microsoft has designed a homegrown, col and truly focused mobile device called the Kin and it comes in 2 versions, Kin One and Kin Two, both of which will be available exclusively from Verizon Wireless and in stores on May 13 for $50 & $ $100 exclusively, after a $100 rebate & 2 year contract.

Pfizer PFE $17.26 +0.35 2.07% 119,661,274 NYSE:WSJ pB5 "Profit Drops at Pfizer, Merck as Sales Rise" by Peter Loftus, AJC pA14 say "Pfizer profit declines on charges for Wyeth" says the maker of cholesterol fighter Lipitor and Viagra earned $2.03 bil or 25 cents per share in the latest qtr down 26% from $2.73 bil or 40 cents a share. Charges from the acquisition of Wyeth last Oct caused a jump in 1Qtr rev, but charges pulled down net income.

Fin p22 "Drugs companies provide antidote to sharp sell-off" by Masa Serdarevic says rising fears of contagion to Spain and Portugal inthe wake of Greece's fiscal & debt problems sparked a sharp sell off in US stocks yesterday, with sentiment further damped by uncertainty over the full impact of the oil spill in the Gulf of Mexico. Pfizer rallied 2.1% as it reported better than expected results for 1Qtr, boosted by its recent acquisition of smaller rival Wyether. Profit was 60 cents a share, beating the 53 cents average analyst estimate. Rival Merck was also higher, rising 1.5% as it reported 1Qtr earnings that also beat estimates.

Procter & Gamble PG $61.71 -0.97 1.55% 11,224,798 NYSE: No mentions found.

MMM $87.68 -2.13 2.37% 5,453,227 NYSE: No mentions found.

Travelers TRV $50 -1.21 2.36% 6,094,566 NYSE: No mentions found.

United Technologies UTX $74.16 -2.12 2.78% 5,422,699 NYSE: No mentions found.

Verizon VZ $28.75 -0.54 1.84% 34,348,577 Dual Listed: WSJ pD3 "Microsoft Reaches for the Sky With Its Kin Phone" by Katherine Boehret says Microsoft has designed a homegrown, col and truly focused mobile device called the Kin and it comes in 2 versions, Kin One and Kin Two, both of which will be available exclusively from Verizon Wireless and in stores on May 13 for $50 & $ $100 exclusively, after a $100 rebate & 2 year contract.

WalMart WMT $54.02 +0.28 0.52% 18,640,942 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