5/7/10 Fri. am Dows Falls 1,000 Then Bounces

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Post No. 419. 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 Friday'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 Thursday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Thursday at 10,520.32 down 347.8 or 3.2% from Wednesday's close of 10,868.12. For the year the Dow is up 0.88%. Of the 30 Dow Companies all 30 declined. The biggest decliner dollar-wise was IBM $123.92 -3.43 2.69% 13,166,020 NYSE NYSE and percentage-wise was Bank of America BAC 16.28 -1.25 7.13% 463,383,725 NYSE.

WSJ pC5 "BofA, 3M, P&G lead Downfall" by Steven Russolillo says financial shares led the market's plunge, as stocks fell for a 3rd consecutive session amid worries that Greece's debt woes could sprad across the Atlantic to infect banks in the US. The selloff turned ugly quickly, with Bank of America, Procter & Gamble & 3M among the big decliners, as possibly erroneous trades accelerated the drop. JPMorgan fell 4.3%, Citigroup dropped 3.4%.

WSJ pA1 "Market Plunge Baffles Wall St" &y Tom Lauricella, wsj Pc1 "Dow Takes a Harrowing 1,010.14 Point Trip" by Tom Lauricela, Peter McKay, Fin Times p3 "Markets hit amid European debt fears" by Michael Macknezie, Tony Barber, Tom Braithwaite, NYT p1A "Dow Falls 1,000, Then Rebounds, Shaking Market" by Graham Bowley, USA Today "p1A "The machines took over", NYT pB1 "When machines Take Control" by Nelson Schwartz, Louise Story, USA Today p1B "Dow plummets by almost 1,000 points" by Adam Shell, Matt Krantz say the stock market plunged Thurs. in a harrowing 5 minute selloff that appeared to be triggered by a breakdown of trading systems. After dropping nearly 1,000 points, the market rebounded but still closed down 3.2% leaving Wall St. struggling to figue out what happened.

USA Today p6B "Dow has lost 631 points in 3 days" by AP says the stock market had one of its most turbulent days in history Thurs as the Dow fell almost 1,000 points in less than half an hour on fears that Greece's debt problems could halt the global economic recovery.

As of the open of the market Friday, 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 15.66 down from Thursday's open of 16.01 (year ago it was 42.35) the P/E estimate is 13.95 unchanged from Thursday's 13.95 (year ago it was 22.77) and the current dividend yield is 2.61 up from Thursday's 2.52 (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.

Thursday's Dow Jones Industrial Average closing numerator was 1,392.04 down 46.02 from Wednesday's closing numerator of 1,438.06. 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 46.02 for Thursday by the divisor (0.132319125) you get thede crease in Thursday's Dow of 347.8. 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 $46.40 1.54 from Wednesday's Dow Jones Industrial Average average closing price of $47.94. The median closing price of Thursday's Dow Jones Industrial Average was 41.66 down 1.86 from Wednesday's median closing price of $43.53. The lowest volume was Travelers TRV $49.8 -0.82 1.62% 9,009,779 NYSE and the highest volume again was Bank of America BAC $16.28 -1.25 7.13% 463,383,725 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 lost $4,620 ($143,820 - 139,200).

Market Watch Wed. 5/6/10 5:11 p.m. by Kate Gibson says US stocks ended with steep losses Thursday after an afternoon meltdown had the Dow falling nearly 1,000 points - its biggest intraday drop ever - before a comeback of sorts, as Europe's troubles took hold on Wall Street and amid talk errant trades exacerbated the swift selloff.
At the worst of the afternoon freefall, the major stock indexes were all down 8%, with the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (INDU 10,520, -347.87, -3.20%) diving 992.6 points before halting its decline, finishing at 10,520.32, off 347.8 points, or 3.2%. As equities fell the most in more than a year, 10-year treasury notes rallied, with yields dropping the most since September 2008 and the euro falling to a new 14-month low against the U.S. dollar, below $1.26. The finish marked the Dow's biggest point drop since Feb. 10, 2009 and largest percentage decline since April 20, 2009, according to preliminary data from Dow Jones Indexes. The S&P 500 Index (SPX 1,128, -37.72, -3.24%) fell 37.72 points, or 3.2%, to 1,128.15, the worst day for the index since it fell more than 4% on April 20, 2009, according to Standard & Poor's Howard Silverblatt. The Nasdaq Composite (COMP 2,320, -82.65, -3.44%) declined 82.65 points, or 3.4%, to 2,319.64.
Analysts compared the day's trade to the market's reaction to low points in the 2008 financial crisis. More than 17 stocks fell for every one that gained on the New York Stock Exchange, where nearly 2.6 billion shares traded and composite volume topped 10.7 billion. As analysts sifted through the details of the day's yo-yo action, a brief plunge in Procter & Gamble Co.(PG 60.52, -0.23, -0.38%) and other shares, including S&P 500 index futures, came into focus.As Greece looked to a $144 billion rescue from the International Monetary Fund 15 other nations that use the euro to help cover its debt, some questioned if some of the nations helping foot the bill -- namely Portugal and Spain -- would eventually need to be bailed out as well.
U.S. economic data was mixed, while retailers reported April sales slowed from March's robust gains, with a majority of those reporting missing expectations.
Gap Inc. (GPS 22.91, -1.77, -7.17%) was among the underperformers, its shares down 7.2% after the apparel chain reported same-store sales dropped 3%.
INDU 10,520, -347.87, -3.20% Abercrombie & Fitch Co.(ANF 40.75, +0.30, +0.74%) shares declined 8.6% after the teen-clothing seller after its same-store sales fell 7%. Ahead of Friday's jobs report for April, the Labor Department reported initial claims for unemployment benefits fell by 7,000 last week to 444,000.
The government data is expected to show the U.S. economy added between 189,000 to 200,000 jobs last month, while the rate of unemployment held at 9.7%.
Separately, the Labor Department on Thursday said U.S. productivity climbed 3.6% in the first quarter.In Washington, Treasury Secretary Timothy Geithner and former Treasury Secretary Henry Paulson pitched financial reform, telling a fact-finding panel the economic crisis came in large part because regulators didn't have the power to limit risk

At&T T $25.14 -0.63 2.44% 67,734,232 NYSE: No mentions found.

Alcoa AA $11.94 -0.52 4.17% 59,031,035 NYSE: No mentions found.

American Express AXP $42.5 -1.93 4.34% 22,441,536 NYSE: No mentions found.

Bank of America BAC $16.28 -1.25 7.13% 463,383,725 NYSE: WSJ pC5 "BofA, 3M, P&G lead Downfall" by Steven Russolillo says financial shares led the market's plunge, as stocks fell for a 3rd consecutive session amid worries that Greece's debt woes could sprad across the Atlantic to infect banks in the US. The selloff turned ugly quickly, with Bank of America, Procter & Gamble & 3M among the big decliners, as possibly erroneous trades accelerated the drop. JPMorgan fell 4.3%, Citigroup dropped 3.4%. Bank of America is charted under Bad News saying financial stocks dived amid concerns about Greece's woes spreading to US banks and the fin'l overhaul making its way through Congress.

Boeing BA $67.97 -3.03 4.27% 13,769,115 NYSE: AJC pA22 "Boeing books $3 bil order for widebody jets" says it won't identify the buyer for 20 new 777s booked within the past week.

Caterpillar CAT $63.5 -2.46 3.73% 19,359,950 NYSE: No mentions found.

Chevron CVX $77.2 -2.99 3.73% 21,058,032 NYSE: No mentions found.

CSCO $25.488 -1.062 4% 97,876,101 NASDAQ-GS: No mentions found.

Coke KO $52.3 -1.36 2.53% 23,955,273 NYSE: No mentions found.

Disney DIS $34.01 -1.33 3.76% 25,181,134 NYSE: No mentions found.

DuPont DD $36.69 -1.18 3.12% 12,147,911 NYSE: No mentions found.

Exxon XOM $63.89 -2.28 3.45% 57,693,915 NYSE: No mentions found.

GE $17.31 -0.79 4.36% 181,696,358 NYSE: No mentions found.

Hewlett-Packard HPQ $48.33 -2.60 5.11% 37,928,563 NYSE: No mentions found.

Home Depot HD $33.96 -1.28 3.63% 31,182,090 NYSE: No mentions found.

Intel INTC $21.51 -0.6625 2.99% 160,563,366 NASDAQ-GS: No mentions found.

IBM $123.92 -3.43 2.69% 13,166,020 NYSE: No mentions found.

JPMorgan JPM $40.81 -1.87 4.38% 78,072,753 NYSE: WSJ pC5 "BofA, 3M, P&G lead Downfall" by Steven Russolillo says financial shares led the market's plunge, as stocks fell for a 3rd consecutive session amid worries that Greece's debt woes could sprad across the Atlantic to infect banks in the US. The selloff turned ugly quickly, with Bank of America, Procter & Gamble & 3M among the big decliners, as possibly erroneous trades accelerated the drop. JPMorgan fell 4.3%, Citigroup dropped 3.4%.

Johnson & John JNJ $63.4 -1.74 2.67% 24,284,503 NYSE: No mentions found.

KFT $29.21 -0.54 1.82% 20,815,925 NYSE: No mentions found.

McDonalds MCD $69.42 -1.24 1.75% 16,488,468 NYSE: No mentions found.

MRK $34.27 -1.32 3.71% 30,769,216 NYSE: No mentions found.

Microsoft MSFT $28.98 -0.87 2.91% 128,503,570 NASDAQ-GS: No mentions found.

Pfizer PFE $16.74 -0.44 2.56% 118,689,452 NYSE: No mentions found.

Procter & Gamb PG $60.75 -1.41 2.27% 28,544,819 NYSE: WSJ pC5 "BofA, 3M, P&G lead Downfall" by Steven Russolillo says financial shares led the market's plunge, as stocks fell for a 3rd consecutive session amid worries that Greece's debt woes could sprad across the Atlantic to infect banks in the US. The selloff turned ugly quickly, with Bank of America, Procter & Gamble & 3M among the big decliners, as possibly erroneous trades accelerated the drop. JPMorgan fell 4.3%, Citigroup dropped 3.4%.

MMM $84.24 -2.35 2.71% 9,155,741 NYSE: WSJ pC5 "BofA, 3M, P&G lead Downfall" by Steven Russolillo says financial shares led the market's plunge, as stocks fell for a 3rd consecutive session amid worries that Greece's debt woes could sprad across the Atlantic to infect banks in the US. The selloff turned ugly quickly, with Bank of America, Procter & Gamble & 3M among the big decliners, as possibly erroneous trades accelerated the drop. JPMorgan fell 4.3%, Citigroup dropped 3.4%.

Travelers TRV $49.8 -0.82 1.62% 9,009,779 NYSE: No mentions found.

United Tech UTX $71.24 -2.35 3.19% 9,255,923 NYSE: No mentions found.

Verizon VZ $28.01 -0.67 2.34% 39,473,862 Dual Listed: WSJ pB1 "FCC Web Rules Create Pushback" by Amy Schatz, Spencer Ante says the head of the FCC on Thurs outliend a proposal for regulating the Internet that hhe described as a third way or middle ground between heavy handed regulation and a do nothing a pproach that could hurt competition and leave consumers unprotected. FCC chair Julius Genachowski is proposing to apply to broadband Internet service certain provisions of decades old rules designed to regulate traffic on copper wire telephone networks. Verizon Communications evp Tom Tauke attacked the legality of the proposal.

AJC pA22 "Verizon touts core service, fiber optics" says Verizon Wireless' CEO says the firm is focusing on offering video and otehr services through fiber optic lines and will use 4G technology to deliver faster wireless Internet services. Ivan Seidenberg, CEO, said the firm will become smaller after it completes the sale of its wireline biz in 14 states to Frontier.

WalMart WMT $53.23 -1.54 2.81% 24,066,906 NYSE: Fin Times p15 "Walmart thinks small for future" by Jonathan Birchall, Fin Times p12 "Walmart Int'l" say WMT is experimenting with a mini superstore concept outside Los Angeles. It is trying to improve the performance of its int'l business although on its own Walmart Int'l $100 bil of sales would put i among the top 5 retailers globally.

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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