6/20/10 Sat/Sun Barrons says Exxon's Shares Are Cheap

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Post No. 492. 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 6/4/10 and an update of the Dow 30 component's SEC filings as of 6/4/10.

A read of 6/21/10 issue of Barron's, Sunday and Saturday's New York Times & Atlanta Journal Constitution, Saturday's Wall Street Journal & Financial Times, & 6/18 - 24/10 issue of Atlanta Business Chronicle 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 10,450.64 up 16.47 or 0.16 from Thursday's close of 10,434.1709.46. For the week the Dow closed up 239.57 or 2.34% from last Friday's close of 10,211.07. For the year the Dow is up 0.22%. Of the 30 Dow Companies: 16 gained, Bank of America and Johnson & Johnson were unchanged and 12 declined. The biggest gainer dollar-wise was Caterpillar CAT $65.85 +0.90 1.39% 10,845,307 NYSE and percentage-wise was DuPont DD $38.36 +0.56 1.48% 9,295,540 NYSE. The biggest decliner dollar-wise was IBM $130.15 -0.83 0.63% 8,955,185 NYSE and percentage-wise was Pfizer PFE $15.21 -0.26 1.68% 69,055,628 NYSE.

Fin Times p14 "European concerns ease but conviction is lacking" by Masa Serdarevic says US stocks closed higher for the second consecutive week Fri., boosted by an easing of concerns about the fiscal situation i Europe, but the week's mixed economic data weighed on investor sentiment. Bank of America rose 1.4%, JPMorgan rose 2.9% as financial stocks were higher on the week as bankr eform legislation continued to be debated in Congress and there was more clarity about how changes would affect the industry. Verizon Communications rose 0.1% after it raised the possibility that Verizon Wireless, the leading US mobile phone operator, could start paying a dividend to Vodafone in '12. On Wed, At&T, the exclusive US wireless carrier of the Apple iPHone, said it had to suspend preorders of the iPHone after running out of its supply. AT&T were up 0.6% for the week.

WSJ pB1 "Dow up 2.3% on Week As Europe Fears Ebb" b Peter McKay, Nesil Staney says stocks extended their winning sreak to a second week, buoyed y Caepillar's report of strong sales in N. America and Asia. Caterpillar rose 1.4%.

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 15.19 up from Thursday's 15.17 (year ago it was 12.46) the P/E estimate is 12.90 up from Friday's 12.56 (year ago it was 13.73) and the current dividend yield is 2.65 down from Friday's 2.66 (it was 3.38 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 1,382.82 up 2.17 from Thursday's closing numerator of 1,380.647. 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 increase of 2.17 for Friday by the divisor (0.132319125) you get the increase in Friay's Dow of 16.47. 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 $46.10 up 0.08 from Thursday's Dow Jones Industrial Average average closing price of $46.02. The median closing price of Friday's Dow Jones Industrial Average was $40.61 up 0.36 from Thursday's median price of $40.25. The lowest volume was 3M MMM $81.18 +0.15 0.19% 5,140,679 NYSE and the highest volume again was Bank of America BAC $15.82 unch unch 103,808,571 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 made $240 ($138,300 - $138,060).

MarketWatch 6/18/10 Fri. 5:15 pm by Peter McKay says US stocks posted mild gains on Friday, but they posted gains for the second week in a row, rising 2.4% as worries about European debt abate further even as mixed U.S. economic reports kept hopes for the global recovery in check. On Friday, upbeat comments about Asia from equipment maker Caterpillar Inc. (CAT 65.85, -0.01, -0.01%) gave a slight boost to the Dow Jones Industrial Average (DJIA 10,451, +16.40, +0.16%) , which ended 16.70 points, or 0.2% higher to end at 10,450.64. The S&P 500 Index (SPX 1,118, +1.47, +0.13%) rose 1.47 points, or 0.1%, to 1,117.51, while the Nasdaq Composite Index (COMP 2,310, +2.64, +0.11%) rose 2.64 points, or 0.1%, to 2,309.80. Stocks edged higher Friday as remarks from Caterpillar Inc. bolstered investors' confidence in Asia's economy, though lingering worries about Europe kept the rally in check. The euro weakened and gold futures closed at a record high for a second day as some investors continued to look for safe havens. Caterpillar was among the measure's top performers on Friday, up 1.4%, after the industrial giant posted a 38% year-over-year jump in machine sales in Asia for May. That encouraged optimism about Asia, and especially China, where efforts to put the brakes on growth have prompted worries about demand. However, the Caterpillar report wasn't as upbeat about Europe. Some traders were also nervous that Group of 20 leaders scheduled to meet in Canada next weekend may end up squabbling about whether China should allow its currency to appreciate versus the euro and the U.S. dollar. Officials in the U.S. and Europe have previously accused China of seeking an unfair trade advantage by undervaluing its currency to make Chinese exports cheaper in other countries. The euro traded at $1.2379, down from $1.2385 late Thursday. Still, the euro posted its strongest weekly gain since September, solidly above its 10-year moving average after successful euro-zone debt auctions soothed some investor anxiety. Read more in Currencies. Traders and analysts said that several events this week, including a successful offering of Spanish debt, have ratcheted worries down about Europe's credit crisis compared to a few weeks ago. But the region's financial health is still something that participants are keeping a close eye on, with a potential return of volatility in stocks, currencies and other assets still possible if there's any hint of renewed trouble. Next week, housing sales reports will dominate economic news, while tech giants Adobe, Oracle and RIM will report earnings results. President The most actively traded gold contract, for August delivery, settled $9.60, or 0.8%, higher at a fresh all-time high of $1,258.30 an ounce on the Comex division of the New York Mercantile Exchange. It also hit an intraday record of $1,263.70. The Nasdaq Composite Index (COMP 2,310, +2.64, +0.11%) and the Standard & Poor's 500 Index (SPX 1,118, +1.47, +0.13%) edged up 0.1% each. The latter's health-care sector weighed on the broad index, although the energy and materials sectors climbed. Among the mining stocks benefiting from the bounce in gold and other metals were Newmont Mining (NEM 61.25, +1.57, +2.63%) , up 2.6%; Coeur d'Alene Mines (CDE 16.80, +1.10, +7.01%) , up 7.1%; and Freeport McMoRan Copper & Gold (FCX 65.90, +0.09, +0.14%) , up 0.1%. The health-care sector was weighed down by a 2.4% drop in Medco Health Solutions (MHS 60.05, -1.46, -2.37%) and a 1.4% decline in Express Scripts (ESRX 52.02, -0.72, -1.37%) after an agreement was struck allowing Walgreen (WAG 30.09, +0.82, +2.80%) to continue participating in CVS Caremark's pharmacy-benefit management network, resolving a spat between the companies. Shares of Walgreen and CVS (CVS 32.43, +0.59, +1.85%) , which are in the consumer staples category, rose on the agreement. Walgreen climbed 2.8% and CVS rose 1.9%. Friday was also a "quadruple witching" day, with stock-index futures, stock-index options, stock options and single-stock futures expiring, prompting investors and traders to readjust their positions. The expirations sometimes prompt increased volume and volatility. However, the CBOE Market Volatility Index (VIX 23.95, -1.10, -4.39%) fell 5% to 23.80, while volume was below the 2010 daily average. Composite activity in New York Stock Exchange-listed companies hit 4.9 billion shares. While the dollar strengthened against the euro, it was lower against the yen. Treasury prices edged down, pushing the yield on the 10-year note up to 3.225%. Crude-oil futures edged rose to just above $77 a barrel, up 4.6% for the week.

AT&T T $25.43 -0.14 0.55% 39,688,642 NYSE: Fin Times p14 "European concerns ease but conviction is lacking" by Masa Serdarevic says US stocks closed higher for the second consecutive week Fri., boosted by an easing of concerns about the fiscal situation i Europe, but the week's mixed economic data weighed on investor sentiment. Bank of America rose 1.4%, JPMorgan rose 2.9% as financial stocks were higher on the week as bankr eform legislation continued to be debated in Congress and there was more clarity about how changes would affect the industry. Verizon Communications rose 0.1% after it raised the possibility that Verizon Wireless, the leading US mobile phone operator, could start paying a dividend to Vodafone in '12. On Wed, At&T, the exclusive US wireless carrier of the Apple iPHone, said it had to suspend preorders of the iPHone after running out of its supply. AT&T were up 0.6% for the week.

Alcoa AA $11.11 -0.07 0.63% 19,707,585 NYSE: No mentions found.

American Express AXP $42.03 -0.03 0.07% 8,787,829 NYSE: No mentions found.

Bank of America BAC $15.82 unch unch 103,808,571 NYSE: Barron's p17 "Week Preview" says Merrill Lynch on Mon. 6/21 will launch an online brokerage service for clients with less than $250,000 and on Wed. 6/23 Verizon Wireless will unveil the latest Droid X phone from Motorola.

Barron's p21 "Growth Among he Laggards" says Stifel Financial, a St. Louis based regional brokerage firm has a research team that covers more US firms than JPMorgan Chase and Bank of America's Merrill Lynch.

WSJ pB7 "The New Bank Fees: How to Fight Back" by Robin Sidel says Bank of America and other large banks won't give up revenues as a rsult of financial reform without a fight and will start charging for checking accounts and for services like fraud alerts, debit cards and credit reports.

Fin Times p14 "European concerns ease but conviction is lacking" by Masa Serdarevic says US stocks closed higher for the second consecutive week Fri., boosted by an easing of concerns about the fiscal situation i Europe, but the week's mixed economic data weighed on investor sentiment. Bank of America rose 1.4%, JPMorgan rose 2.9% as financial stocks were higher on the week as bank reform legislation continued to be debated in Congress and there was more clarity about how changes would affect the industry. Verizon Communications rose 0.1% after it raised the possibility that Verizon Wireless, the leading US mobile phone operator, could start paying a dividend to Vodafone in '12. On Wed, At&T, the exclusive US wireless carrier of the Apple iPHone, said it had to suspend preorders of the iPHone after running out of its supply. AT&T were up 0.6% for the week.

Boeing BA $67.96 +0.70 1.04% 6,070,928 NYSE: No mentions found.

Caterpillar CAT $65.85 +0.90 1.39% 10,845,307 NYSE: WSJ pB1 "Dow up 2.3% on Week As Europe Fears Ebb" b Peter McKay, Nesil Staney says stocks extended their winning sreak to a second week, buoyed y Caepillar's report of strong sales in N. America and Asia. Caterpillar rose 1.4%.

Barron's pM2 charts Caterpillar saying demand in most of the world markets remains subdued but Caterpillar had a 38% surge in Asian sales in May.

Chevron CVX $75.52 +0.20 0.27% 13,413,180 NYSE: Barron's p14 "Healthy, Cheap Exxon Gobbles Up XTO, Stands Ready to Rise Again by Neil Martin says the expected closing of XTO Energy later this month could end a year long slump for Exxon and bring its valuation back up. Exxon shares are down 14% versus Chevron's 4% drop to around 62 since Barron's did a favorable cover story on Exxon on Nov. 16, 2009.

Cisco CSCO $23.49 +0.321 1.39% 51,293,821 NASDAQ-GS: No mentions found.

Coke KO $52.31 -0.05 0.1% 13,892,337 NYSE: Atl Bus Chron p1A "Coke expanding plant to make Freestyle dispenser" Douglas Sams says oke is adding capacity to make the ingredient cartridges for its coca-Cola Freestyle, a touch screen fountain machine unveiled in '09. It will invest $100 mil in the Fulton County plant.

DuPont DD $38.36 +0.56 1.48% 9,295,540 NYSE: No mentions found.

Disney DIS $35.15 +0.08 0.23% 13,866,760 NYSE: No mentions found.

ExxonMobil XOM $63.1 +0.50 0.8% 31,850,739 NYSE: Barron's p14 "Healthy, Cheap Exxon Gobbles Up XTO, Stands Ready to Rise Again by Neil Martin says the expected closing of XTO Energy later this month could end a year long slump for Exxon and bring its valuation back up. Exxon shares are down 14% versus Chevron's 4% drop to around 62 since Barron's did a favorable cover story on Exxon on Nov. 16, 2009.

GE $15.95 +0.04 0.25% 57,863,190 NYSE: No mentions found.

Hewlett-Packard HPQ $47.98 -0.26 0.54% 18,203,819 NYSE: Barron's p30 "Tech Trader"by Eric Savitz says Microsoft will launch Windows Phone 7 this fall and at some point Hewlett-Packard will weigh in with the first fruits of its Palm acquisition.

Home Depot HD $31.94 +0.03 0.09% 19,159,722 NYSE: No mentions found.

Intel INTC $21.4 -0.12 0.56% 60,059,121 NASDAQ-GS: No mentions found.

IBM $130.15 -0.83 0.63% 8,955,185 NYSE: No mentions found.

JPMorgan Chase JPM $39.18 +0.74 1.93% 36,468,875 NYSE: WSJ pB3 "Citi Seeks $3.5 Bil For Alternative Assets" by Amy Osays the proposed Volcker rule would cap the size of big banks and force them to divest hedge funds and private equity units. Tis is a problem for JPMorgan which owns hedge fund manager Highbridge Capital.

WSJ pB14 "Banks' Derivatives Nightmare Isn't Scary After All" by David Reilly says that by regulating deriviatives large banks such as JPMorgan will still be able to deal in derivatives but through affiliates and with better reserves.

WSJ pB7 "The New Bank Fees: How to Fight Bak" by Robin Sidel says Bank of America and other large banks won't give up revenues as a rsult of financial reform without a fight and will start charging for checking accounts and for services like fraud alerts, debit cards and credit reports.

Fin Times p14 "European concerns ease but conviction is lacking" by Masa Serdarevic says US stocks closed higher for the second consecutive week Fri., boosted by an easing of concerns about the fiscal situation i Europe, but the week's mixed economic data weighed on investor sentiment. Bank of America rose 1.4%, JPMorgan rose 2.9% as financial stocks were higher on the week as bankr eform legislation continued to be debated in Congress and there was more clarity about how changes would affect the industry. Verizon Communications rose 0.1% after it raised the possibility that Verizon Wireless, the leading US mobile phone operator, could start paying a dividend to Vodafone in '12. On Wed, At&T, the exclusive US wireless carrier of the Apple iPHone, said it had to suspend preorders of the iPHone after running out of its supply. AT&T were up 0.6% for the week.

Barron's p21 "Growth Among he Laggards" says Stifel Financial, a St. Louis based regional brokerage firm has a research team that covers more US firms than JPMorgan Chase and Bank of America's Merrill Lynch.

Johnson & Johnson JNJ $59.18 unch unch 16,398,060 NYSE: No mentions found.

Kraft KFT $30.01 +0.03 0.1% 12,554,118 NYSE: No mentions found.

McDonald's MCD $69.88 -0.17 0.24% 8,319,384 NYSE: Fin Times p9 ?US fast casual food sales grow" by Greg Farrell says US revenues at McDoanld's went aainst the trend of growth in this segment ass its same store sales suffered in '09 and for the first five months of this year but are up 3% for its most recent reporting period.

Merck MRK $35.67 -0.19 0.53% 19,267,326 NYSE: No mentions found.

Microsoft MSFT $26.44 +0.07 0.27% 50,369,325 NASDAQ-GS: Barron's p30 "Tech Trader"by Eric Savitz says Microsoft will launch Windows Phone 7 this fall and at some point Hewlett-Packard will weigh in with the first fruits of its Palm acquisition.

Pfizer PFE $15.21 -0.26 1.68% 69,055,628 NYSE: No mentions found.

Procter & Gamble PG $61.3 -0.46 0.74% 16,621,951 NYSE: No mentions found.

3M MMM $81.18 +0.15 0.19% 5,140,679 NYSE: No mentions found.

Travelers TRV $51.35 -0.36 0.7% 7,886,963 NYSE: No mentions found.

United Technologies UTX $69.18 +0.62 0.9% 6,101,526 NYSE: No mentions found.

Verizon VZ $29.13 +0.04 0.14% 18,002,008 Dual Listed: WSJ pB1 "Verizon Wireless Opens Door To Dividend" by Roger Cheng, Fin Times p10 "Verizon hints at restroation of dividend payments to Vodafone" by Andrew Parker say Verizon Communications rose 0.1% after it raised the possibility that Verizon Wireless, the leading US mobile phone operator, could start paying a dividend to Vodafone in '12.

Fin Times p14 "European concerns ease but conviction is lacking" by Masa Serdarevic says US stocks closed higher for the second consecutive week Fri., boosted by an easing of concerns about the fiscal situation i Europe, but the week's mixed economic data weighed on investor sentiment. Bank of America rose 1.4%, JPMorgan rose 2.9% as financial stocks were higher on the week as bankr eform legislation continued to be debated in Congress and there was more clarity about how changes would affect the industry. Verizon Communications rose 0.1% after it raised the possibility that Verizon Wireless, the leading US mobile phone operator, could start paying a dividend to Vodafone in '12. On Wed, At&T, the exclusive US wireless carrier of the Apple iPHone, said it had to suspend preorders of the iPHone after running out of its supply. AT&T were up 0.6% for the week.

Walmart WMT $51.55 +0.14 0.27% 23,403,857 NYSE: WSJ pB5 "Consultant Sues Worker Over Artile" by Miguel Bustillo says that a June 7 WSJ article about how grocery chains such as Afeway, Supervalu and Ahold were hiring consultants and using tactics to fight Walmart expansion has resulted in a consultant's ex-employee being sued by one such consultant for allegedly breaching a contractual confidentiality covenant.

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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 1/2 billion as of 6/4/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $283 [4.5]
2. Procter & Gamble PG 244.5 [4]
3. Microsoft MSFT 229 [9]
4. WalMart WMT 190.5 [4]
5. GE 168 [10.5]
6. IBM 161 [1]
7. Johnson & Johnson JNJ 160 [3]
8. Bank of America BAC 155.5 [10]
9. JPMorgan Chase 152 [4]
10. Chevron CVX 144 [2]
11. AT&T 143 [6]
12. Cisco CSCO 132 [6]
13. Pfizer PFE 120 [8]
14. Coke KO 119 [2.5]
15. Intel INTC 117 [5.5]
16. Hewlett-Packard HPQ 108.5 [2.5]
17. Merck MRK 104 [3]
18. Verizon VZ 77 [3]
19. McDonald's MCD 72 [1]
20. Disney DIS 66.5 [2.5]
21. United Technologies UTX 61 [1]
22. 3M MMM 55 [1]
23. Home Depot 54.5 [1.5]
24. Kraft KFT 50 [2]
25. Boeing BA 47 [1]
26. American Express AXP 47 [1]
27. Caterpillar CAT 36.5 [.5]
28. DuPont DD 31 [1]
29. Travelers 24.5 [.5]
30. Alcoa AA 11 [1]

Here are the latest SEC filings as of 6/4/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and third party shareholder proposals:

Symbol & Co. Name/Date of Filing/Form Filed/ Comments

AT&T T: 5/24/10 8K: re: sale ofl its Sterling Commerce subsidiary to IBM for $1.4 billion in cash. Sterling Commerce provides business to business applications and integration solutions to more than 18,000 customers worldwide. AT&T expects the transaction to close in the second half of '10, subject to receipt of regulatory approvals . AT&T expects to record a one-time, pre-tax gain of $750 million for the quarter in which the transaction closes.

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: 6/2/10 8K re: statistics re: worldwide billed business.

5/17/10 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended February 28, March 31 and April 30, 2010.

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: 6/4/10 Free Writing Prospectuses

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: 6/1/10 8K re: purchase of Electro-Motive Diesel, Inc. for $820 million in cash from Berkshire Partners LLC and Greenbriar Equity Group LLC.

5/28/10 8K re: retirement of David B. Burritt, VP & CFO as of 6/1/10.

5/20/10 8K re: statistics re: deliveries to users for its Machinery and Engines lines of business.

5/10/10 Definitive Proxy materials

5/510 8-K re: departure of directors and officers

5/3/10 10Q

Chevron CVX: 6/2/10 8K re: results of 5/26/10 vote at annual meeting for election of Directors & other matters.

5/19/10 definitive proxy materials

5/13/10 8K re: certain revisions of 10-K annual report for year ended 12/31/09.