6/8/10 Tues am Bank of America to Pay $18 Mil in FTC Case

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Post No. 471. 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 St. Journal, Financial Times, New York Times & USA Today 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 9,931.97 down 323.31 or 3.15% from Friday's close of 9,931.97. Of the 30 Dow Companies: 4 gained and 26 declined. For the year the Dow is down 5.86%. The biggest gainer dollar-wise and percentage-wise was Merck MRK $33.31 +0.14 0.42% 14,130,990 NYSE. The biggest decliner dollar-wise was Caterpillar CAT $55.83 -1.93 3.34% 8,907,089 NYSE and percentage-wise was Bank of America BAC $14.83 -0.52 3.39% 158,959,006 NYSE.

WSJ pC1 "DJIA Slides Under Flash Crash Low" by peter McKay, Carolyn Cui says stocks fell on Mon in a late day selloff that took the Dow below its lows of the 5/6 Flash Crash.

WSJ pC5 "BofA and Caterpillar Drop More than 3%" by Donna Yesalavich says stocks fell, with Bank of America, Caterpillar and Alcoa among the decliners as investors continued to worry about European sovereign debt, while data on US consumer spending also sparked concerns about the economic recovery. AT&T is charted under Good News says it changed its phone upgrade policy to allow more of its customers to purchase a new Apple iPhone soon Microsoft's Bind search engine will be available on iPHone 4, though Google's search engine would remain the default. Microsoft fell 1.9%. Caterpillar slid 3.3% due to concerns about how its profitability may be impacted by currency translations due to the Euro's decline. Bank of America is charted under bad news due to the $108 mil Countrywide settlement.

Fin Times p26 "Sell off puts stocks at lowest point since Nov." by Masa Serdarevic says US stocks closed at their lowest level since last Nov yesterday as Fri's sell off continued, and accelerated in the last hour of the session.

NYT pB8 "Uncertainty leads to a broad Decline" by Susanna Kim, David Jolly says just as the economy is searching for direction,t he markets also seem to be groping for positive signs. All of the indexes sank below their lowest points on May 6, the day of the so called flash crash.

USA Today p1B "Stocks test price flors amid wave of selling" by Adam Shell says a fragile US economy unable to create enough private sector jobs to quell fears of an economic relapse caused the market to sink.

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 14.27 down from Monday's 14.44 (year ago it was 12.77) the P/E estimate is 12.36 unchanged from Monday's 12.36 (year ago it was 25.00) and the current dividend yield is 2.82 up from Monday's 2.78 (it was 3.31 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 1,298.91 down 15.28 from Friday's closing numerator of 1,314.19. 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 15.28 for Monday by the divisor (0.132319125) you get the decrease in Monday's Dow of 115.48. 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 $43.30 down 0.51 from Friday's Dow Jones Industrial Average average closing price of $43.81. The median closing price of Monday's Dow Jones Industrial Average was $37.22 down 0.79 from Friday's median price of $38.01. The lowest volume was Travelers TRV $48.27 -0.34 0.7% 5,780,403 NYSE and the highest volume again was Bank of America BAC $14.83 -0.52 3.39% 158,959,006 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 $1,539 ($131,430 - $129,891).

MarketWatch Mon. 6/7/10 5:18 pm by Kate Gibson says U.S. stocks took a beating on Monday, with the Dow industrials slumping below the lows they hit during last month's "flash crash," as worries about the euro and global growth kept markets volatile. A report that U.S. consumer credit, excluding real-estate loans, rose by $1 billion in April also weighed on sentiment. After seesawing in a tight range, the major stock indexes pulled decisively lower in the final 30 minutes of trade. The Dow Jones Industrial Average (DJIA 9,816, -115.48, -1.16%) fell 115.48 points, or 1.2%, to end at 9,816.49, below the blue-chip average's May 6 low of 9,869. Bank of America Corp. (BAC 14.83, -0.52, -3.39%) was the heaviest weight among blue chips, its shares down 3.4% after the financial institution's Countrywide Financial unit agreed to pay $108 million to settle government allegations it misled and overcharged customers. The S&P 500 Index (SPX 1,050, -14.41, -1.35%) fell 14.41 points, or 1.4%, to 1,050.47, weighed down by a 2% drop in financials and a 1.9% drop in the technology sector. The Nasdaq Composite Index (COMP 2,174, -45.27, -2.04%) dropped 45.27 points, or 2%, to 2,173.90. For every stock on the rise nearly three were falling on the New York Stock Exchange, where 1.4 billion shares traded.
The Financial Crisis Inquiry Commission on Monday said it had subpoenaed documents from Goldman Sachs Group Inc. (GS 138.68, -3.57, -2.51%) after the investment bank failed to provide information in a timely manner. Goldman shares dropped 2.5%.
Bristol-Myers Squibb Co. (BMY 23.86, +1.42, +6.33%) rose 6.3% after Goldman Sachs hiked its rating on the drug manufacturer from neutral to buy. Shares of BP PLC (BP 36.76, -0.40, -1.08%) were off 1.1% after the Coast Guard said a containment cap is now collecting about 15,000 barrels of the oil in the Gulf of Mexico and Goldman Sachs pared its rating from buy to neutral on the oil giant, facing what the White House estimates are "many billions" in fines. The euro(CUR_EURUSD 1.1936, +0.0020, +0.1678%) pared earlier losses against the U.S. dollar, lately at $1.1916.
On the New York Mercantile Exchange, crude futures topped $71 a barrel while gold futures rallied $22.10 to end at $1,240.80 an ounce. Manufacturing activity increased in Germany in April for a second month as the euro slid against the U.S. dollar, making European goods less costly in global markets. Investor sentiment also brightened some as Hungarian officials backed away from comments about a possible default that shook nerves on Friday, pushing stocks to four-month lows. On Friday, stocks dropped sharply after the Labor Department's May employment report pointed to a slowdown in hiring in the private sector.

AT&T T $24.32 -0.15 0.62% 37,372,688 NYSE: WSJ pB2 "AT&T Denies Talks with Relaince" by Spencer Ante, Amol Sharma says AT&T said it isn't in talks with Indian wireless firm Reliance Communications Ltd.

WSJ pC5 "BofA and Caterpillar Drop More than 3%" by Donna Yesalavich says stocks fell, with Bank of America, Caterpillar and Alcoa among the decliners as investors continued to worry about European sovereign debt, while data on US consumer spending also sparked concerns about the economic recovery. AT&T is charted under Good News says it changed its phone upgrade policy to allow more of its customers to purchase a new Apple iPhone soon Microsoft's Bind search engine will be available on iPHone 4, though Google's search engine would remain the default. Microsoft fell 1.9%. Caterpillar slid 3.3% due to concerns about how its profitability may be impacted by currency translations due to the Euro's decline. Bank of America is charted under bad news due to the $108 mil Countrywide settlement.

Alcoa AA $10.51 -0.33 3.04% 28,362,867 NYSE: WSJ pC5 "BofA and Caterpillar Drop More than 3%" by Donna Yesalavich says stocks fell, with Bank of America, Caterpillar and Alcoa among the decliners as investors continued to worry about European sovereign debt, while data on US consumer spending also sparked concerns about the economic recovery. AT&T is charted under Good News says it changed its phone upgrade policy to allow more of its customers to purchase a new Apple iPhone soon Microsoft's Bind search engine will be available on iPHone 4, though Google's search engine would remain the default. Microsoft fell 1.9%. Caterpillar slid 3.3% due to concerns about how its profitability may be impacted by currency translations due to the Euro's decline. Bank of America is charted under bad news due to the $108 mil Countrywide settlement.

Amex AXP $37.71 -0.70 1.82% 11,257,269 NYSE: No mentions found.

Bank of America BAC $14.83 -0.52 3.39% 158,959,006 NYSE: WSJ pC1 "BofA to Pay $108 Mil In FTC Case" by Thomas Catan, NYT pB1 "Countrywide Settles Fees Complaint" by Ed Wyatt, say Bank of America agreed to pay this fine to settle US claims that Countrywide, the mortgage lender it bought 2 years ago, cheated hundreds of thousands of customers facing foreclosure on their homes.

Boeing BA $60.11 -1.0425 1.7% 5,918,574 NYSE: WSJ pB2 "Boeing Aims for marine One Deal" by Nathan Hodge says Boeing has reached a licnesing deal to make an Italian helicopter design in the US in an effort to win orders for a new fleet of presidential helicopters.

Caterpillar CAT $55.83 -1.93 3.34% 8,907,089 NYSE: WSJ pC5 "BofA and Caterpillar Drop More than 3%" by Donna Yesalavich says stocks fell, with Bank of America, Caterpillar and Alcoa among the decliners as investors continued to worry about European sovereign debt, while data on US consumer spending also sparked concerns about the economic recovery. AT&T is charted under Good News says it changed its phone upgrade policy to allow more of its customers to purchase a new Apple iPhone soon Microsoft's Bind search engine will be available on iPHone 4, though Google's search engine would remain the default. Microsoft fell 1.9%. Caterpillar slid 3.3% due to concerns about how its profitability may be impacted by currency translations due to the Euro's decline. Bank of America is charted under bad news due to the $108 mil Countrywide settlement.

Chevron CVX $71.35 +0.07 0.1% 12,325,059 NYSE: No mentions found.

CSCO $22.76 -0.195 0.85% 50,264,802 NASDAQ-GS: No mentions found.

Coke KO $50.8 -0.47 0.92% 10,088,827 NYSE:WSJ pB3 "Coke Buys Dr Pepper Rights" by Paul Ziobro, Valerie Bauerlien says Coke will pay $715 mil for the rights to continue to distribute some of Dr PepperSsnapple Group's most popular brands.

Disney DIS $33.04 -0.65 1.93% 14,577,624 NYSE:

DuPont DD $34.09 -0.32 0.93% 8,114,027 NYSE :

Exxon XOM $59.3 -0.225 0.38% 28,391,757 NYSE: Fin Times p4 "Likely litiants look to Exxon Valdez case" by Sheila McNulty says it took 2 decades and more than $1 bil in damages for ExxonMobil to resolve the last of the lawsuits from the '89 Exxon Valdez oil spill in Alasa but BP's spill is already bigger.

GE $15.41 -0.30 1.91% 73,216,071 NYSE: No mentions found.

Hewlett-Packard HPQ $45.2375 -0.8125 1.76% 15,493,158 NYSE: WSJ pB4 HP's New Printers Shed Reliance on PCs" by Benjamin Pimentel says Hewlett-Packard announced plans to make it easier for smartphone users to print out documents. It will start adding microchips and software to connect al its printers to the Internet.

Home Depot HD $31.55 -0.60 1.87% 20,854,700 NYSE: No mentions found.

Intel INTC $20.3075 -0.6375 3.04% 65,435,177 NASDAQ-GS: No mentions found.

IBM $124.13 -1.15 0.92% 6,951,325 NYSE: No mentions found.

JPMorgan JPM $36.72 -0.90 2.39% 44,528,215 NYSE: No mentions found.

Johnson & John JNJ $58 -0.01 0.02% 13,844,130 NYSE: No mentions found.

KFT $28.32 -0.19 0.67% 11,341,799 NYSE: No mentions found.

McDonalds MCD $66.75 -0.05 0.07% 9,808,876 NYSE: No mentions found.

Merck MRK $33.31 +0.14 0.42% 14,130,990 NYSE: No mentions found.

MSFT $25.29 +0.50 1.94% 80,456,154 NASDAQ-GS: WSJ pB1 "Jobs Tries to Keep iPHone Momentum Going" by Yukari Kane, Ian Sherr says Apple is adding Microsoft's Bing search engine to the iPHone,a lthough Google will remain the default option.

WSJ pC5 "BofA and Caterpillar Drop More than 3%" by Donna Yesalavich says stocks fell, with Bank of America, Caterpillar and Alcoa among the decliners as investors continued to worry about European sovereign debt, while data on US consumer spending also sparked concerns about the economic recovery. AT&T is charted under Good News says it changed its phone upgrade policy to allow more of its customers to purchase a new Apple iPhone soon Microsoft's Bind search engine will be available on iPHone 4, though Google's search engine would remain the default. Microsoft fell 1.9%. Caterpillar slid 3.3% due to concerns about how its profitability may be impacted by currency translations due to the Euro's decline. Bank of America is charted under bad news due to the $108 mil Countrywide settlement.

Pfizer PFE $14.52 -0.235 1.59% 68,785,729 NYSE: No mentions found.

Procter & Gamble PG $60.62 -0.18 0.3% 13,182,795 NYSE: No mentions found.

MMM $74.74 -1.36 1.79% 5,947,801 NYSE: No mentions found.

Travelers TRV $48.27 -0.34 0.7% 5,780,403 NYSE: No mentions found.

United Tech UTX $63.22 -1.92 2.95% 8,310,661 NYSE: No mentions found.

Verizon VZ $27.08 -0.13 0.48% 16,489,325 Dual Listed: No mentions found.

WalMart WMT $50.74 +0.34 0.67% 19,501,312 NYSE: WSJ pB7 "Walmart's Walton Family Backs Art Hotel in Ark" by Kris Hudson says the art themed hotel will be in downtown Bentonville, Ark near WMT's headquarters.

WSJ pC1 "Bang for Your Buck? ot dolalr Gneral" by Kelly Evans says since being taken private 3 years ago by Kohlberg Kravis Roberts, its shares have risen about 32% but enthusiasm for the stock may be overdone. WalMart has rolled out an aggressive price cutting campaign.

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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.

5/5/10 10Q

Cisco CSCO: 5/26/10 10Q

5/12/10 8K re: results of operations for its fiscal third quarter 2010 ended May 1, 2010.

Coke KO: 4/29/10 10Q

4/26/10 8K re: results of 4/21/10 voting results from annual meeting in Duluth, Ga.

Disney DIS: 5/11/10 10Q

5/11/10 8-K re: press release re: 10Q re: quarter ended 4/3/10.

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.