6/29/10 Tues. am Kfraft Sells Chocolate Group; Alcoa Buys Traco

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Post No. 507. 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, Georgia Daily Report & 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 Monday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Monday at 10,138.52 down $5.29 or 0.05% from Friday's close of 10,143.81. For the year the Dow is down 2.14%. Of the 30 Dow Companies: 13 gained and 17 declined. The biggest gainer dollar-wise was IBM $128.98 +1.86 1.46% 6,156,776 NYSE and percentage-wise were Coke KO $51.08 +0.82 1.63% 11,386,650 NYSE and Intel INTC $20.36 +0.3275 1.63% 53,991,542 NASDAQ-GS. The biggest decliner dollar-wise was Boeing BA $67.3 -1.47 2.14% 4,827,276 NYSE and percentage-wise was JPMorgan JPM $38.54 -0.90 2.28% 39,478,785 NYSE.

WSJ pC6 "Altria, Lorillard Log Gains" by Donna Yesalavich says stocks closed slightly lower Mon, with Boeing among the decliners as investors grew concerned about the potential impact on global growth from the Group of 20's pledge to cut deficits. JPMorgan was the Dow's worst performer with a decline of 2.3% while Boeing slipped 2.1% and Alcoa dropped 1.8%. Intel climbed 1.6%, Coke advanced 1.6% and Walmart added 1.6%.

WSJ pC1 "Yields Falling as Fears Rise Over Outlook" by Peter McKay says treasurys of all stripes ended Mon within reach of big milestones as fears about the fragile state of the global economy kept investors buying US gov debt. The yield on the 10 year Treasury note was at 3.023% and may go below 3% for the first time since April '09 while the 30 yr Treasury has a yield of 4.01% and could dip below 4%.

NYT pB6 "Consumer Shares Gain, But Indexes Close Lower" says stocks ended slightly lower on Mon as gains in consumer related stocks, including tobacco shares, were offset by losses in the energy sector. Coke and Procter & Gamble were 2 of the Dow's best performers.

Fin Times p22 "Altria bolstered by court snub to anti-tobacco appeal" by Masa Serdarevic says US stocks traded in a tight range Mon, closing slightly lower on the day, as investors digested the details of Fri's bank reform bill as well as the results of the weekend's G20 meeting.

USA Today p6B "Lack of conviction sends stocks down" by Bloomberg says stocks dipped Mon sending the S&P 500 index lower fort he firth time in 6 sessions, as declines in oil and metal prices dragged down commodity producers. Alcoa fell 20 cents as it agreed to buy closely held Traco to expand its offering of windows and doors for commercial buildings.

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 14.74 down from Monday's 14.75 (year ago it was 12.42) the P/E estimate is 12.60 unchanged from Monday's 12.60 (year ago it was 13.62) and the current dividend yield is 2.73 unchanged from Monday's 2.73 (it was 3.339 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 1,341.52 down 0.70 from Friday's closing numerator of 1,342.22. 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 0.70 for Monday by the divisor (0.132319125) you get the decrease in Monday's Dow of 0.29. 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 Monday's Dow Jones Industrial Average was $44.72 down 0.06 from Friday's Dow Jones Industrial Average average closing price of $44.78. The median closing price of Monday's Dow Jones Industrial Average was $40.32 up $2.04 from Friday's median price of $41.06. The lowest volume was 3M MMM $78.98 +0.08 0.1% 3,004,316 NYSE and the highest volume again was Bank of America BAC $15.24 -0.18 1.17% 109,437,492 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 $70 ($ 134,222 - $134,152).

MarketWatch 6/28/10 Mon. 4:50 pm by Peter McKay, Donna Yesalavich, Kristin Peterson says a late-day slump left major stock indexes slightly lower at Monday's close as traders fretted that the Group of 20's pledge to cut deficits could crimp global growth -- a key focus for investors over the past few weeks. Several business-friendly decisions by the U.S. Supreme Court helped to lift traders' sentiment somewhat, keeping the day's selling in check. But investors' newfound caution ultimately carried the day, as stocks fell into the red and bond prices rallied, pushing the yield on the 10-year Treasury note (UST10Y 3.02, -0.09, -2.80%) to 3.032%, the lowest level since April 2009. The Dow Jones Industrial Average (DJIA 10,139, -5.29, -0.05%) shed more than 50 points in the last hour of trading to end down 5.29 points, or 0.1%, at 10,138.52. The Nasdaq Composite Index (COMP 2,221, -2.83, -0.13%) fell 0.1% to 2,221. The S&P 500 Index (SPX 1,075, -2.19, -0.20%) fell 0.2% to 1,075. The telecom sector was a bright spot, up 1% after President Barack Obama signed a memorandum to nearly double the amount of federal and commercial spectrum available for smart phones and wireless Internet devices. Sprint Nextel Corp. (S 4.47, +0.01, +0.22%) jumped 6.2%, while MetroPCS Communications Inc. (PCS 8.41, -0.08, -0.94%) added 0.8% and AT&T Inc. (T 25.00, +0.05, +0.20%) rose 0.7%. Consumer-staples stocks rose after the Supreme Court rejected an appeal by the government, which sought to revive a rejected attempt to get tobacco companies to forfeit up to $280 billion in profits and pay $10 billion for smoking-cessation programs. The tobacco companies had also filed an appeal. Reynolds American (RAI 53.59, +0.14, +0.26%) jumped 4.1%, Altria Group (MO 20.43, +0.09, +0.45%) rose 3.3% and Lorillard (LO 71.83, -1.71, -2.33%) climbed 2.5%. Also providing a boost, a divided Supreme Court struck down some provisions that created a private regulatory body to inspect and discipline public-company accountants. Still, the relatively narrow ruling leaves intact most of the Sarbanes-Oxley Act, passed in 2002 to combat corporate-accounting scandals. Meanwhile, investors grew concerned that a pledge by G-20 nations to halve their deficits by 2013 and stabilize their debt by 2016 sends an important symbolic message that the days of endless stimulus are over. The move comes as investors have gotten worried that the pace of the economic recovery may be slowing, exacerbated by debt issues in Europe and China's efforts to put the brakes on its growth. Those concerns helped lift safety assets. The dollar strengthened against both the yen and the euro, which recently traded around $1.2274, down from $1.2386 late Friday in New York. The U.S. dollar index (DXY 85.70, +0.39, +0.45%) , which tracks the U.S. currency against a basket of six others, rose 0.5%. Demand for Treasurys climbed, with the 10-year note (UST10Y 3.02, -0.09, -2.80%) up, pushing its yield down to 3.032%, the lowest level in more than a year.
Gold futures also rose. Meanwhile, crude-oil futures slipped. Among stocks in focus, Aflac climbed 2.7%. The insurer said it will post an $80 million gain but will also take a $67 million charge in the current quarter on deals involving so-called perpetual securities and the sale of all its Greek sovereign debt.

AT&T T $24.95 +0.16 0.65% 21,408,840 NYSE: USA p1B "AT&T boosts wireless service in NYC" says it completed a project to improve service in NYC, where the proliferation of iPhones has caused dropped calls.

WSJ pB6 "Hacker Worries Persist" by Spencer Ante discusses the hackers who found private info about iPad users through a security hole in AT&T's website earlier this month.

WSJ pC10 "The Curious Case of iPhone 4" by Martin Peers says people are buying it despite an antenna design problem that forces them to hold the phone in a certain way. Now people can't blame AT&T for bad reception.

Alcoa AA $11.03 -0.20 1.78% 18,882,697 NYSE:
USA Today p6B "Lack of conviction sends stocks down" by Bloomberg says stocks dipped Mon sending the S&P 500 index lower fort he firth time in 6 sessions, as declines in oil and metal prices dragged down commodity producers. Alcoa fell 20 cents as it agreed to buy closely held Traco to expand its offering of windows and doors for commercial buildings.

WSJ pC6 "Altria, Lorillard Log Gains" by Donna Yesalavich says stocks closed slightly lower Mon, with Boeing among the decliners as investors grew concerned about the potential impact on global growth from the Group of 20's pledge to cut deficits. JPMorgan was the Dow's worst performer with a decline of 2.3% while Boeing slipped 2.1% and Alcoa dropped 1.8%. Intel climbed 1.6%, Coke advanced 1.6% and Walmart added 1.6%.

Amex AXP $42.11 -0.56 1.31% 8,421,843 NYSE: No mentions found.

Bank of America BAC $15.24 -0.18 1.17% 109,437,492 NYSE: No mentions found.

Boeing BA $67.3 -1.47 2.14% 4,827,276 NYSE: WSJ pC6 "Altria, Lorillard Log Gains" by Donna Yesalavich says stocks closed slightly lower Mon, with Boeing among the decliners as investors grew concerned about the potential impact on global growth from the Group of 20's pledge to cut deficits. JPMorgan was the Dow's worst performer with a decline of 2.3% while Boeing slipped 2.1% and Alcoa dropped 1.8%. Intel climbed 1.6%, Coke advanced 1.6% and Walmart added 1.6%.

Caterpillar CAT $64.4 -0.31 0.48% 6,588,130 NYSE: No mentions found.

Chevron CVX $69.96 -0.10 0.14% 10,442,193 NYSE: No mentions found.

CSCO $22.42 +0.2375 1.07% 42,968,408 NASDAQ-GS: No mentions found.

Coke KO $51.08 +0.82 1.63% 11,386,650 NYSE: WSJ pB1 "Coke Hopes to Score with World Cup Campaign" by Valerie Bauerlein says Coke has spent $600 mil to advertise the Wrold Cup in 160 nations.

WSJ pC6 "Altria, Lorillard Log Gains" by Donna Yesalavich says stocks closed slightly lower Mon, with Boeing among the decliners as investors grew concerned about the potential impact on global growth from the Group of 20's pledge to cut deficits. JPMorgan was the Dow's worst performer with a decline of 2.3% while Boeing slipped 2.1% and Alcoa dropped 1.8%. Intel climbed 1.6%, Coke advanced 1.6% and Walmart added 1.6%.

Disney DIS $33.22 -0.26 0.78% 7,677,750 NYSE: No mentions found.

DuPont DD $36.23 -0.43 1.17% 5,184,014 NYSE: No mentions found.

Exxon XOM $58.47 -0.63 1.07% 40,318,942 NYSE: No mentions found.

GE $15 0.09 +0.6% 58,497,151 NYSE: No mentions found.

Hewlett-Packard HPQ $46.07 +0.15 0.33% 12,863,824 NYSE: No mentions found.

Home Depot HD $29.59 -0.61 2.02% 15,306,548 NYSE: No mentions found.

Intel INTC $20.36 +0.3275 1.63% 53,991,542 NASDAQ-GS: WSJ pC6 "Altria, Lorillard Log Gains" by Donna Yesalavich says stocks closed slightly lower Mon, with Boeing among the decliners as investors grew concerned about the potential impact on global growth from the Group of 20's pledge to cut deficits. JPMorgan was the Dow's worst performer with a decline of 2.3% while Boeing slipped 2.1% and Alcoa dropped 1.8%. Intel climbed 1.6%, Coke advanced 1.6% and Walmart added 1.6%.

IBM $128.98 +1.86 1.46% 6,156,776 NYSE: NYT pb1 "Broad View of Patents on Methods" by John Schwart says the Supreme Court has broadened the possibility of getting patents for business methods and the article widely quotes IBM chief patent counsel Manny Schecter.

JPMorgan JPM $38.54 -0.90 2.28% 39,478,785 NYSE: WSJ pC6 "Altria, Lorillard Log Gains" by Donna Yesalavich says stocks closed slightly lower Mon, with Boeing among the decliners as investors grew concerned about the potential impact on global growth from the Group of 20's pledge to cut deficits. JPMorgan was the Dow's worst performer with a decline of 2.3% while Boeing slipped 2.1% and Alcoa dropped 1.8%. Intel climbed 1.6%, Coke advanced 1.6% and Walmart added 1.6%.

Johnson & Johnson JNJ $59.45 +0.75 1.28% 15,207,369 NYSE: No mentions found.

Kraft KFT $28.94 -0.3925 1.34% 12,172,802 NYSE: WSJ pB4 "Kraft Sells Polish Brand of Chocolate to Lotte" says it is selling Cadbury's E. Wedel chocolate operations in Poland to Tokyo based conglomerate Lotte group.

McDonalds MCD $67.33 -0.09 0.13% 4,366,418 NYSE: No mentions found.

Merck MRK $35.94 +0.01 0.03% 13,429,487 NYSE: WSJ pB3 "Avandia Studies Cite heart Risk" by Alicia Mundy says a study by FDA scientist David Graham says the diabetes drug Avandia is unsafe. It is made by GlaxoSmithKline. Graham was an early critic of Vioxx, the Merck painkiller that was pulled from the market in '04.

MSFT $24.31 -0.2225 0.91% 73,213,300 NASDAQ-GS: No mentions found.

Pfizer PFE $14.54 -0.10 0.68% 42,181,115 NYSE: No mentions found.

Procter & Gamble PG $60.62 +0.83 1.39% 14,016,396 NYSE: NYT pB6 "Consumer Shares Gain, But Indexes Close Lower" says stocks ended slightly lower on Mon as gains in consumer related stocks, including tobacco shares, were offset by losses in the energy sector. Coke and Procter & Gamble were 2 of the Dow's best performers.

3M MMM $78.98 +0.08 0.1% 3,004,316 NYSE: No mentions found.

Travelers TRV $51.07 -0.05 0.1% 3,185,863 NYSE: No mentions found.

United Tech UTX $67.11 -0.75 1.11% 3,280,362 NYSE: No mentions found.

Verizon VZ $28.71 +0.16 0.56% 13,034,340 Dual Listed: No mentions found.

WalMart WMT $49.57 +0.77 1.58% 14,576,725 NYSE: AJC pA10 "WalMart to Cut Back Prices" says a JPMorgan analysts say WalMart has a plan to roll back prices seasonally, e.g. chocolate around Halloween and to discount soft drinks.
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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.