6/27/10 Sun/Sat Barron's Thinks Merck & Pfizer Undervalued

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Post No. 504. 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 6/28/10 issue of Barron's, Saturday's Wall Street Journal, Financial Times, Sun. & Sat.'s New York Times, & 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 Friday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Friday at 10,143.8152.80 down 8.99 or 0.09% from Thursday's close of 10,152.80. For the week the Dow is down 306.83 or 2.94% from last Friday's close of 10,450.64. For the year the Dow is down 2.73%. Of the 30 Dow Companies: 14 gained and 16 declined. The biggest gainer dollar-wise and percentage-wise was American Express AXP $42.67 +1.61 3.92% 16,520,034 NYSE. The biggest decliner dollar-wise was American Express AXP $42.67 +1.61 3.92% 16,520,034 NYSE and percentage-wise was JPMorgan JPM $39.44 +1.41 3.71% 68,014,155 NYSE.

WSJ pB2 "Coca-Cola, WalMart Decline" by Donna Yesalavich says blue chip stocks slipped Fri, weighed down by consumer staples such as Coke as investors grew more concerned about consumer spending. However, the St& P 500 eked out a gain, led by fin'l stocks including JPMorgan and Bank of America, as an agreement on a fin'l regulation overhaul removed some of the uncertainty that had been weighing on the sector. Investors' concerns over consumer firms rose after the gov cuts its estimate for 1Q economic growth, citing weaker consumer spending. Coca-Cola fell 1.54%, while Walmart dropped 2.5%. American Express climbed 3.9% while JPMorgan rose 1.41%.

WSJ pB1 "DJIA Declines 2.9% on Week" by Kristina Peerson says bank stocks surged Fri after lawmakers reached a long awaied deal in fin'l regulation, but the gains failed to wipe out more than a fraction of the broader market's heavy losses for the week.

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 14.75 down from Friday's 14.76 (year ago it was 12.29) the P/E estimate is 12.90 unchanged from Friday's 12.90 (year ago it was 13.62) and the current dividend yield is 2.73 unchanged from Friday's 2.73 (it was 4.72 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 1,342.22 down 1.39 from Thursday's closing numerator of 1,343.41. 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 1.39 for Friday by the divisor (0.132319125) you get the decrease in Friday's Dow of 8.99. 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 $44.74 down 0.04 from Thursday's Dow Jones Industrial Average average closing price of $44.78. The median closing price of Friday's Dow Jones Industrial Average was $41.06 up $2.04 from Thursday's median price of $39.02. The lowest volume was 3M MMM $78.9 -0.72 0.92% 4,184,063 NYSE and the highest volume again was Bank of America BAC $15.42 +0.40 2.66% 169,324,975 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 lost $119 ($134,341 - 134,222).

MarketWatch 6/25/10 Fri. 4:18 pm by Nick Godt says US stocks finished a listless trading session fractionally higher on Friday, as relief over Congressional legislation boosted the financial sector but economic worries still took a heavy toll on the week, which was the first down week in three. The Dow Jones Industrial Average (DJIA 10,144, -8.99, -0.09%) fell 8.99 points, or 0.1%, to 10,143.81 on Friday and it slumped 2.9% this week. The broad S&P 500 index (SPX 1,077, +3.07, +0.29%) rose 3.07 points, or 0.3%, to 1,076.76 on Friday, as the financial sector jumped 2.8%. The Nasdaq Composite (COMP 2,223, +6.06, +0.27%) rose 6.06 points, or 0.3%, to 2,223.48 Friday. For the week, both the S&P 500 and the Nasdaq fell 3.7%

AT&T T $24.79 -0.26 1.04% 44,606,086 NYSE: Barron's p27 "How Apple Could Go Sour" by Mark Veverka mentions that Apple recently surpassed Microsoft to become the largest US tech firm by market cap. Once a firm has a large market cap it becomes harder to sustain its performance. Microsoft and Cisco under performed Nasdaq upon becoming the largest tech firms by amrket cap in '97 and '00 respectively. In '09, Apple accounted for 39% of smartphone market share among its carrier partners, including AT&T in the US.

Alcoa AA $11.23 +0.12 1.08% 25,930,882 NYSE: No mentions found.

American Express AXP $42.67 +1.61 3.92% 16,520,034 NYSE: No mentions found.

Bank of America BAC $15.42 +0.40 2.66% 169,324,975 NYSE: Barron's p28 "Merrill Plays Defense Online" by Theresa Carey says Merrill Lynch which was bought by Bank of America in '09, is putting its tamp on the banking giant's online brokerage unit, Merrill Edge which opened its virtual doors on 6/21 and replaces BofA's existing online offering.

WSJ pB14 "A Bank Overhaul Too Weak to hail" By Peter Eavis lists the top five &S banks in terms of assets in trillions as follows: Bank of America $2.34; JPMorgan Chase $2.14; Citigroup $2; Wells Fargo $1.222 and Goldman Sachs $0.88.

WSJ pB2 "Coca-Cola, WalMart Decline" by Donna Yesalavich says blue chip stocks slipped Fri, weighed down by consumer staples such as Coke as investors grew more concerned about consumer spending. However, the St& P 500 eked out a gain, led by fin'l stocks including JPMorgan and Bank of America, as an agreement on a fin'l regulation overhaul removed some of the uncertainty that had been weighing on the sector. Investors' concerns over consumer firms rose after the gov cuts its estimate for 1Q economic growth, citing weaker consumer spending. Coca-Cola fell 1.54%, while Walmart dropped 2.5%. American Express climbed 3.9% while JPMorgan rose 1.41%.

Boeing BA $68.77 +1.34 1.99% 9,391,930 NYSE: Barron's pM2 charts (edited by Miriam Gottfried) Boeing saying freports emerged a while ago of cracks in a few of the 767 models and now its new 787 Dreamliner encountered manufacturing problems.

AJC pA15 "787s not testing while problem addressed" says Boeing is halting flight tests on its 787 jet after finding that some of the planes have improperly installed aprts int he tail involving shims and fasteners.

Caterpillar CAT $64.71 +1.34 2.11% 9,658,523 NYSE: No mentions found.

Chevron CVX $70.06 -0.77 1.09% 18,323,037 NYSE: No mentions found.

Cisco CSCO $22.182 -0.3875 1.72% 57,427,347 NASDAQ-GS: Barron's p27 "How Apple Could Go Sour" by Mark Veverka mentions that Apple recently surpassed Microsoft to become the largest US tech firm by market cap. Once a firm has a large market cap it becomes harder to sustain its performance. Microsoft and Cisco under performed Nasdaq upon becoming the largest tech firms by amrket cap in '97 and '00 respectively. In '09, Apple accounted for 39% of smartphone market share among its carrier partners, including AT&T in the US.

Coke KO $50.26 -1.54 2.97% 24,080,257 NYSE: Barron's p34 "Interview with David Winters, manager of the Wintergreen Fund" by Lawrence Strauss says Winters during the '08 - '09 meltdown bought Coca Cola and McDonald's.

WSJ pB2 "Coca-Cola, WalMart Decline" by Donna Yesalavich says blue chip stocks slipped Fri, weighed down by consumer staples such as Coke as investors grew more concerned about consumer spending. However, the St& P 500 eked out a gain, led by fin'l stocks including JPMorgan and Bank of America, as an agreement on a fin'l regulation overhaul removed some of the uncertainty that had been weighing on the sector. Investors' concerns over consumer firms rose after the gov cuts its estimate for 1Q economic growth, citing weaker consumer spending. Coca-Cola fell 1.54%, while Walmart dropped 2.5%. American Express climbed 3.9% while JPMorgan rose 1.41%.

Disney DIS $33.48 -0.12 0.36% 11,035,101 NYSE: Fin Times p9 "Hulu set to test paid-for video service" by Kenneth Li says Hulu is expected to launch a limited test of a subscription service next week, to assess consumers' readiness to pay for tv shows on mobile devices and video game consoles. It will be called Hulu Plus and cost $10 per month and will be offered on Apple's iPad and Mcirosoft's Xbox video and Sony's Playstation 3. Hulu's owners include Disney's ABC and GE's NBC.

DuPont DD $36.66 +0.14 0.38% 9,146,849 NYSE: No mentions found.

Exxon XOM $59.1 -0.97 1.61% 85,274,034 NYSE: No mentions found.

GE $14.91 -0.17 1.13% 111,193,519 NYSE: No mentions found.

Hewlett-Packard HPQ $45.92 +0.03 0.07% 19,416,876 NYSE: No mentions found.

Home Depot HD $30.2 +0.53 1.79% 31,228,703 NYSE: No mentions found.

Intel INTC $20.0325 -0.2875 1.41% 74,288,884 NASDAQ-GS: No mentions found.

IBM $127.12 -1.07 0.83% 8,944,137 NYSE: No mentions found.

JPMorgan JPM $39.44 +1.41 3.71% 68,014,155 NYSE: NYT pB1 "Rules May Hit Every Corner of JPMorgan" by Eric Dash, Andrew Martin says for a diverse banks such as JPMorgan, the new regulations may prove painful, as this story gives a history of JPMorgan Chase.

Barron's p12 "Week in REview" says JPMorgan shuffled its top execs, naming CFO Michael Cavanaugh to run a big unit.

WSJ pB14 "A Bank Overhaul Too Weak to hail" By Peter eavis lists the top five &S banks in terms of assets in trillions as follows: Bank of America $2.34; JPMorgan Chase $2.14; Citigroup $2; Wells Fargo $1.222 and Goldman Sachs $0.88.

WSJ pB2 "Coca-Cola, WalMart Decline" by Donna Yesalavich says blue chip stocks slipped Fri, weighed down by consumer staples such as Coke as investors grew more concerned about consumer spending. However, the St& P 500 eked out a gain, led by fin'l stocks including JPMorgan and Bank of America, as an agreement on a fin'l regulation overhaul removed some of the uncertainty that had been weighing on the sector. Investors' concerns over consumer firms rose after the gov cuts its estimate for 1Q economic growth, citing weaker consumer spending. Coca-Cola fell 1.54%, while Walmart dropped 2.5%. American Express climbed 3.9% while JPMorgan rose 1.41%.

Johnson & Johnson JNJ $58.7 -0.90 1.51% 30,107,581 NYSE: Barron's Cover Story p20 "Wonder Drugs" by Andrew Bary says the stocks of some drug makers could rally 30%. The nine major US and European drug firms, Pfizer, Merck, Eli Lilly, Bristol-Myers Sqibb, Novartis, Roche, AstraZeneca, Sanofi Aventis and GlaxoSmithKline now trade for an aveage of just nine times projected '10 profits, far below the S& P's 500 multiple of 18. The article focuses on the purer play drug firms that get most of their sales from pharamceuticals, as opposed to more diversified operators like Johnson & Johnson, the subject of a bullish Barron's cover story on 5/3.

Kraft KFT $29.3325 -0.1375 0.47% 16,435,039 NYSE: No mentions found.

McDonalds MCD $67.42 -0.31 0.46% 7,042,502 NYSE: Barron's p34 "Interview with David Winters, manager of the Wintergreen Fund" by Lawrence Strauss says Winters during the '08 - '09 meltdown bought Coca Cola and McDonald's.

Merck MRK $35.93 +0.32 0.9% 24,601,435 NYSE: Barron's Cover Story p20 "Wonder Drugs" by Andrew Bary says the stocks of some drug makers could rally 30%. The nine major US and European drug firms, Pfizer, Merck, Eli Lilly, Bristol-Myers Sqibb, Novartis, Roche, AstraZeneca, Sanofi Aventis and GlaxoSmithKline now trade for an aveage of just nine times projected '10 profits, far below the S& P's 500 multiple of 18. The article focuses on the purer play drug firms that get most of their sales from pharamceuticals, as opposed to more diversified operators like Johnson & Johnson, the subject of a bullish Barron's cover story on 5/3.

NYT pB2 Jury Says Merck Must Pay $8 mil, AJC pA15 "$8 mil jury verdict in suit vs. Mmerck" say Merck was hit Fri with an $ 8 mil jury verdict int he case of a Fla woman who says Merck's osteoporosis drug destryed her jaw bone, the firm's first loss of a Fosamax trial.

Microsoft MSFT $24.5325 -0.4675 1.87% 100,159,566 NASDAQ-GS: Barron's p27 "How Apple Could Go Sour" by Mark Veverka mentions that Apple recently surpassed Microsoft to become the largest US tech firm by market cap. Once a firm has a large market cap it becomes harder to sustain its performance. Microsoft and Cisco under performed Nasdaq upon becoming the largest tech firms by amrket cap in '97 and '00 respectively. In '09, Apple accounted for 39% of smartphone market share among its carrier partners, including AT&T in the US.

Pfizer PFE $14.64 +0.18 1.24% 54,133,812 NYSE: Barron's Cover Story p20 "Wonder Drugs" by Andrew Bary says the stocks of some drug makers could rally 30%. The nine major US and European drug firms, Pfizer, Merck, Eli Lilly, Bristol-Myers Sqibb, Novartis, Roche, AstraZeneca, Sanofi Aventis and GlaxoSmithKline now trade for an aveage of just nine times projected '10 profits, far below the S& P's 500 multiple of 18. The article focuses on the purer play drug firms that get most of their sales from pharamceuticals, as opposed to more diversified operators like Johnson & Johnson, the subject of a bullish Barron's cover story on 5/3.

Procter & Gamble PG $59.79 1.08 1.77% 29,445,210 NYSE: Barron's p16 "Oprah Brightens Discovery's Picture" by Sandra Ward says her network, OWN, has signed a deal with Prcoter & Gamble which will spend $100 mil in the next 3 years advertising on it.

3M MMM $78.9 -0.72 0.92% 4,184,063 NYSE: Barron's p13 "Week Preview" says on Tues 6/29 3M hosts a consumer and office biz review and plant tour.

Travelers TRV $51.12 +0.58 1.15% 6,587,432 NYSE: No mentions found.

Untited Technologies UTX $67.86 +0.51 0.76% 7,134,368 NYSE: No mentions found.

Verizon VZ $28.55 -0.41 1.42% 18,504,334 Dual Listed: No mentions found.

WalMart WMT $48.8 -1.23 2.46% 34,319,494 NYSE: WSJ pB5 "Supervalue Faces Suit" by Ann Zimmerman says 2 Ill. real estate developers filed a fed suit against Suervalue alleging the supermarket engaged in dirty tricks to impede the building of WalMart stores in the state.

WSJ pB2 "Coca-Cola, WalMart Decline" by Donna Yesalavich says blue chip stocks slipped Fri, weighed down by consumer staples such as Coke as investors grew more concerned about consumer spending. However, the St& P 500 eked out a gain, led by fin'l stocks including JPMorgan and Bank of America, as an agreement on a fin'l regulation overhaul removed some of the uncertainty that had been weighing on the sector. Investors' concerns over consumer firms rose after the gov cuts its estimate for 1Q economic growth, citing weaker consumer spending. Coca-Cola fell 1.54%, while Walmart dropped 2.5%. American Express climbed 3.9% while JPMorgan rose 1.41%.

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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.