6/22/10 Tues. am FCC Meeting with AT&T and Verizon re: Net Neutrality Rules

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Post No. 495. 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 Tuesday's Wall Street Journal, Financial Times, New York Times, USA Today, Atlanta Journal Constitution & Daily Report (Georgia) 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 Monday's stock prices and related data.

Dow:The Dow Jones Industrial Average closed Monday at 10,442.41 fpem 8/23 or 0.08% from Friday's close of 10,450.64.Year to date the Dow is up 0.88%. Of the 30 Dow Companies: 13 gained and 17 declined. The biggest gainer dollar-wise and percentage-wise was Alcoa AA $11.72 +0.61 5.49% 63,177,569 NYSE. The biggest decliner dollar-wise was Merck MRK $35.12 -0.55 1.54% 15,557,297 NYSE and percentage-wise was Microsoft MSFT $25.95 -0.49 1.85% 54,524,208 NASDAQ-GS NYSE.

As of the open of the market Tuesday, 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 15.18 down from Monday's 15.19 (year ago it was 12.15) the P/E estimate is 12.90 unchanged from Monday's 12.90 (year ago it was 13.73) and the current dividend yield is 2.65 unchanged from Monday's 2.65 (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.

Monday's Dow Jones Industrial Average closing numerator was 1,381.73 down 1.09 from Friday's closing numerator of 1,382.82. 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 1.09 for Monday by the divisor (0.132319125) you get the decrease in Monday's Dow of 8.23. A $1 change in the price of any DJIA stock = a 7.56 change in the average.

WSJ pC1 "Rally Fizzles as dow Ends Down 8.23 Points" by Mark Gongloff says the much anticipated rally inspired by china's talk of currency revaluation lasted less than a day after jumping 140 points in the first half hour of trading.

WSJ pC5 "Alcoa Up 5.5" by Donna Yesalavich says a pledge from China to make its exchange rate more flexible boosted materials firms including Alcoa and US Steel and industrials such as 3M on Mon. but gians elsewhere fizzled as a cut to BNP Paribas's debt rating reminded investors of Europes economic woes. Alcoa jumped 5.5% and Alcoa jumped 0.36% as investors' expectations for global demand and growth rose after China said it would drop its currency's 2 year old informal peg to the US dollar. Microsoft dropped 1.9%, while Home Depot declined 1.6/5 and Merck slipped 1.5%. Alcoa is charted under Good News and Home Depot is charted under Bad News

Fin Times p24 "Anadarko rises after accusing BP of Negligence" by masa Serdarevic says a rally in US stock prices triggered by China's decision to allow a more flexible currency valuation evaporated during the session as investors how much impact it wold have on the global economy. Disney fell 0.3% even after Toy Story 3, its latest release, topped US and Canadian box offices with $109 mil in sales for the opening weekend, a record for its Pixar studio. GE added 0.9%.

NYT pB8 "US Sahres Pull Back in late Trading" by Christine Hauser, Bettina Wassener says stocks inthe US ended slightly lower on Mon, reversing a surge that came after the Chinese currency strengthened to its highest level in 2 years.

USAt Today p4B "Stocks fall back after big early gains" by AP says stocks erased big gains Mon. after investors lost some of their enthusiasm about the benefit of Cina's decision to let its currency appreciate against the dollar.

The average closing price (the closing numerator divided by 30) of Monday's Dow Jones Industrial Average was $46.06 down .04 from Friday's Dow Jones Industrial Average average closing price of $46.10. The median closing price of Monday's Dow Jones Industrial Average was $40.74 up 0.13 from Friday's median price of $40615. The lowest volume was Travelers TRV $51.17 -0.18 0.35% 3,325,100 NYSE and the highest volume again was Bank of America BAC $15.79 -0.03 0.19% 108,861,620 NYSE.

If Monday 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 $120 ($138,300 - $138,180).

MarketWatch 6/21/10 Fri. 4:46 pm by Kate Gibson says US stock turned lower Monday as investors considered the pace at which China would revalue its currency and a downgrade of French banking giant BNP Paribas reignited worries about Europe's debt troubles. After rising more than 140 points in morning trade, the Dow Jones Industrial Average (DJIA 10,442, -8.23, -0.08%) finished down 8.23 points, or 0.l%, at 10,442.41, with 17 of its 30 components ending lower. Aluminum maker Alcoa Inc. (AA 11.72, +0.61, +5.49%) retained the bulk of its gains, up 5.5%. Commodities also turned heels on prior gains possibly sending a message for now that their prices will trade more on the short-term concerns of slowing global growth in Europe and the U.S. and less on the reality of a yuan revaluation because of the slow process it will be. The S&P 500 Index (SPX 1,113, -4.31, -0.39%) dropped 4.31 points, or 0.4%, to end at 1,113.20 with consumer-discretionary shares hit the hardest among its 10 industry groups. Fitch Ratings downgraded BNP by a notch, pointing to "structural issues" in the French bank's business mix. For every two issues rising, three declined on the New York Stock Exchange, where nearly 1.1 billion shares traded. China has kept its currency artificially low for nearly two years to support its exports. Also, a cheaper yuan served to make imported consumer goods pricier for those living in the world's most populated country. The People's Bank of China on Sunday said that a stronger yuan would help stem inflation and move investment to service industries from export manufacturing. China's actions were seen to be much more psychological than real, so traders have faded from the rally. Concurrently, the euro-dollar has eroded, and those factors have given Treasuries some support, according to analysts at Action Economics.

AT&T T $25.44 +0.01 0.04% 16,753,737 NYSE: WSJ pB1 "FCC in Talks on Web Rules" by Amy Schatz says senior FCC staffers are meeting with a small group of lobbyist representing Internet providers, including AT&T, Verizon Communications, the Nat'l Cable & Telecom Assoc. and Ingternet services firms such as Google and Skype about a compromise that ouwld give the gov authority over Internet lines that would give the agenyc to enforce net neutrality rules but not make wholesale changes in ow the Internet lines are regulated.

WSJ pB5 "Verizon to Offers Its FiOS Without Contract" by Roger Cheng says Verizon will allow customers to sign up for its FiOS tv and Internet services on a month to month basis at the same price as long terms contracts and without early termination fees. Early termination fees are a hot issue in the wireless business as Verizon Wireless doubled them last year for new smartphone customers and earlier this month AT&T raised its own smartphone fees.

Alcoa AA $11.72 +0.61 5.49% 63,177,569 NYSE: WSJ pB1 "Alcoa Treks Into Jungle to Cut Costs" by Robert Matthews says Alcoa has been batttered by oneo f the fastest, steepest downturns in the mining and metals industry and Alcoa CEO Klaus Kleinfeld's recovery plan has been to buy or build $4 bil of new operations and slash other costs. Deep in the Amazon jungle of Brazil it is spending $1.5 bil to build a new, low cost bauxie mine.

WSJ pC5 "Alcoa Up 5.5" by Donna Yesalavich says a pledge from China to make its exchange rate more flexible boosted materials firms including Alcoa and US Steel and industrials such as 3M on Mon. but gians elsewhere fizzled as a cut to BNP Paribas's debt rating reminded investors of Europes economic woes. Alcoa jumped 5.5% and Alcoa jumped 0.36% as investors' expectations for global demand and growth rose after China said it would drop its currency's 2 year old informal peg to the US dollar. Microsoft dropped 1.9%, while Home Depot declined 1.6/5 and Merck slipped 1.5%. Alcoa is charted under Good News and Home Depot is charted under Bad News.

Amex AXP $42.6 +0.57 1.36% 11,575,203 NYSE: No mentions found.

Bank of Am BAC $15.79 -0.03 0.19% 108,861,620 NYSE: No mentions found.

Boeing BA $67.97 +0.01 0.01% 4,097,108 NYSE: No mentions found.

Caterpillar CAT $66.07 +0.22 0.33% 11,578,329 NYSE: No mentions found.

Chevron CVX $75.72 +0.20 0.26% 9,334,500 NYSE: No mentions found.

CSCO $23.34 -0.15 0.64% 54,787,717 NASDAQ-GS: No mentions found.

Coke KO $52.48 +0.17 0.32% 9,157,540 NYSE: No mentions found.

DuPont DD $38.31 -0.05 0.13% 5,996,276 NYSE: No mentions found.

DIS $35.06 -0.09 0.26% 11,371,906 NYSE: NYT pB3 "disney Seeks to Take Its Phineas and Feb Cartoon Hit to Next level by Brooks Barnes says Phneas and Ferb is the new SongeBob. It is a witty Disney Channel series about 2 stepbrothers and their pet platypus and is a ratings hit among kids.

Fin Times p24 "Anadarko rises after accusing BP of Negligence" by masa Serdarevic says a rally in US stock prices triggered by China's decision to allow a more flexible currency valuation evaporated during the session as investors how much impact it wold have on the global economy. Disney fell 0.3% even after Toy Story 3, its latest release, topped US and Canadian box offices with $109 mil in sales for the opening weekend, a record for its Pixar studio. GE, added 0.9%.

ExxonMobil XOM $63.13 +0.03 0.05% 24,851,332 NYSE: No mentions found.

GE $16.1 +0.15 0.94% 70,990,937 NYSE: USA Today pB3 "Comcast makes Concessions to Win Support at FCC" by David Lieberman says the deadline for objections to Comcast's takeover of GE's NBC Uiversal was midnight. Comcast told the FCC it wold continue to broadcast major sports events including NFC Football and the Olympics on local tv stations.

Fin Times p24 "Anadarko rises after accusing BP of Negligence" by masa Serdarevic says a rally in US stock prices triggered by China's decision to allow a more flexible currency valuation evaporated during the session as investors how much impact it wold have on the global economy. Disney fell 0.3% even after Toy Story 3, its latest release, topped US and Canadian box offices with $109 mil in sales for the opening weekend, a record for its Pixar studio. GE, added 0.9%.

Hewlett-Packard HPQ $47.51 -0.47 0.98% 12,661,497 NYSE: No mentions found.

Home Depot HD $31.43 -0.51 1.6% 16,577,455 NYSE: WSJ pC5 "Alcoa Up 5.5" by Donna Yesalavich says a pledge from China to make its exchange rate more flexible boosted materials firms including Alcoa and US Steel and industrials such as 3M on Mon. but gians elsewhere fizzled as a cut to BNP Paribas's debt rating reminded investors of Europes economic woes. Alcoa jumped 5.5% and Alcoa jumped 0.36% as investors' expectations for global demand and growth rose after China said it would drop its currency's 2 year old informal peg to the US dollar. Microsoft dropped 1.9%, while Home Depot declined 1.6/5 and Merck slipped 1.5%. Alcoa is charted under Good News and Home Depot is charted under Bad News.

Intel INTC $21.19 -0.21 0.98% 48,696,815 NASDAQ-GS: No mentions found.

IBM $130.65 +0.50 0.38% 6,846,088 NYSE: No mentions found.

JPMorgan JPM $38.87 -0.31 0.79% 33,360,207 NYSE: No mentions found.

Johnson & John JNJ $59.13 -0.05 0.08% 11,984,368 NYSE: No mentions found.

KFT $29.94 -0.07 0.23% 7,502,199 NYSE: No mentions found.

McDonalds MCD $69.92 +0.04 0.06% 5,194,639 NYSE: No mentions found.

Merck MRK $35.12 -0.55 1.54% 15,557,297 NYSE: WSJ pC5 "Alcoa Up 5.5" by Donna Yesalavich says a pledge from China to make its exchange rate more flexible boosted materials firms including Alcoa and US Steel and industrials such as 3M on Mon. but gians elsewhere fizzled as a cut to BNP Paribas's debt rating reminded investors of Europes economic woes. Alcoa jumped 5.5% and Alcoa jumped 0.36% as investors' expectations for global demand and growth rose after China said it would drop its currency's 2 year old informal peg to the US dollar. Microsoft dropped 1.9%, while Home Depot declined 1.6/5 and Merck slipped 1.5%. Alcoa is charted under Good News and Home Depot is charted under Bad News.

Microsoft MSFT $25.95 -0.49 1.85% 54,524,208 NASDAQ-GS: WSJ pC5 "Alcoa Up 5.5" by Donna Yesalavich says a pledge from China to make its exchange rate more flexible boosted materials firms including Alcoa and US Steel and industrials such as 3M on Mon. but gians elsewhere fizzled as a cut to BNP Paribas's debt rating reminded investors of Europes economic woes. Alcoa jumped 5.5% and Alcoa jumped 0.36% as investors' expectations for global demand and growth rose after China said it would drop its currency's 2 year old informal peg to the US dollar. Microsoft dropped 1.9%, while Home Depot declined 1.6/5 and Merck slipped 1.5%. Alcoa is charted under Good News and Home Depot is charted under Bad News.

Pfizer PFE $15.1 -0.11 0.72% 45,603,282 NYSE: WSJ pB3 "Justices Reject Pfizer's Appeal Re: Hormone Therapy Trial" by Brent Kendall says the US Sup. Ct. rejected a bid by Pfizer's Wyeth unit to obtain a new trial on an Ark. woman's claims that taking a combo of hormone therapy drugs caused her to develop breast cancer. It only gets a new hearing on punitive damages.

Procter & Gam PG $61.1 -0.20 0.33% 9,673,380 NYSE: No mentions found.

MMM $81.47 +0.29 0.36% 4,058,317 NYSE: No mentions found.

Travelers TRV $51.17 -0.18 0.35% 3,325,100 NYSE: No mentions found.

United Tech UTX $69.37 +0.19 0.27% 4,509,732 NYSE: No mentions found.

Verizon VZ $29.06 -0.07 0.24% 12,528,358 Dual Listed: WSJ pB5 "Verizon to Offers Its FiOS Without Contract" by Roger Cheng says Verizon will allow customers to sign up for its FiOS tv and Internet services on a month to month basis at the same price as long terms contracts and without early termination fees. Early termination fees are a hot issue in the wireless business as Verizon Wireless doubled them last year for new smartphone customers and earlier this month AT&T raised its own smartphone fees.

WSJ pB1 "FCC in Talks on Web Rules" by Amy Schatz says senior FCC staffers are meeting with a small group of lobbyist representing Internet providers, including AT&T, Verizon Communications, the Nat'l Cable & Telecom Assoc. and Ingternet services firms such as Google and Skype about a compromise that ouwld give the gov authority over Internet lines that would give the agenyc to enforce net neutrality rules but not make wholesale changes in ow the Internet lines are regulated.

Walmart WMT $51.02 -0.53 1.03% 14,641,817 NYSE:WSJ pB1 "Target Bets Credit Discount Will lead to More Visists" by Ann Zimmerman says customers using Target branded credit cards will get a 5% discount. Walmart will have a hard time to compete as it has a larger base of lower income shoppers who can't qualify for a credit card.
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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.

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

4/27/10 10Q

ExxonMobil XOM: 6/1/10 8K re: voting results from 5/26/10 Annual Meeting of Shareholders

5/6/10 10Q

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

5/7/10 10Q

Hewlett-Packard HPQ: 6/1/10 8K re: plans to invest $1 billion in its enterprise services business to enhance client experience and better position the business for growth.

5/18/10 8K re: 2Qtr results

Home Depot HD: 6/3/10 10Q

5/25/10 8K re: voting results from 5/20/10 annual meeting of shareholders.

5/18/10 8K re: results for quarter ended 5/2/10

Intel INTC: 5/21/10 8K re: voting results from 5/19/10 annual meeting of stockholders.

5/12/10 8K re: info provided at an Investor meeting by Paul S. Otellini, Pres. & CEO.

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: 5/12/10 8K re: information presented at Investor Briefing on 5/12/10.

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

4/27/10 10Q

JPMorganChase JPM: 6/3/10 Rule 424 Prospectus

5/26/10 8K re: Washington Mutual Litigations.

5/20/10 8K re: voting results from 5/18/10 annual meeting of shareholders

5/10/10 10Q

Johnson & Johnson JNJ : 5/10/10 10 Q

Kraft KFT: 5/21/10 8K: re voting results from 5/18/10 annual meeting of shareholders

5/7/10 10Q

McDonalds MCD: 5/24/10 8K re: voting results of 5/20/10 annual shareholders' meeting

5/17/10 additional proxy materials

5/11/10 8K re: press release re: April and year to date '10 sales.

5/6/10 10Q

Merck MRK: 5/28/10 8K re: Kenneth C. Frazier to succeed Richard T. Clark as Pres. Of the Company as of 5/1/10 and Dr. Sam Their's retirement from the Board & voting results from 5/25/10 annual meeting of shareholders.

5/11/10 8K re: information presented at 5/11/10 Annual Business Briefing

5/7/10 10Q

Microsoft MSFT: 5/28/10 8K re: retirement of Robbie Bach, pres. Of Entertainment & Devices Div.

Pfizer PFE: 5/26/10 8K re: retirement of Dr. Martin Mackay, Sr. VP & Pres, Pharma Therapeutics R&D of Pfizer Inc.

5/13/10 10Q

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: 5/19/10 8K re: closing of 100 bil Euro 0.955 Note Offering due 2015.

4/30/10 10Q

3M MMM: 5/17/10 8K re: reclassification of certain data in 10K for 12/31/09.

5/12/10 8K re: voting results of 5/11/10 annual meeting of stockholders.

5/5/10 10Q

Travelers TRV: 5/7/10 8K re: voting results of 5/4/10 annual meeting of shareholders

4/23/10 10Q

United Technologies UTX: 5/14/10 8K re: exercise of its rights to redeem $500 mil of outstanding 7.125% Notes due 11/15/10.

4/26/10 10Q

Verizon Communications Inc. VZ: 5/27/10 8K re: record date of 6/7/10 re: proposed spinof of shares of New Communications Holdings.

5/12/10 8K re: voting results from 5/6/10 annual meeting of shareholders.

4/28/10 10Q

WalMart WMT: 6/14/10 10Q.

5/18/10 8K reconciliation of non-GAP measures.