7/10/10 Sat. BofA Admits hiding Debt

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Post No. 526. 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 Monday's 7/12,10 issue of Barron's & Investor's Business Daily, Saturday's Wall Street Journal, Financial Times, New York Times, USA Today& 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 10,198.03 up 59.04 or 0.58% from Thursday's close of 10,138.99. For the week the Dow is up 511.55 or 5.3% from last Friday's close of 9,686.48. Of the 30 Dow Companies: 19 gained and 11 declined. The biggest gainer dollar-wise was and percentage-wise was Caterpillar CAT $64.72 +1.55 2.45% 6,446,686 NYSE. The biggest decliner dollar-wise and percentage-wise was Johnson & Johnson JNJ $60.54 -0.84 1.37% 12,120,224 NYSE.

WSJ pB1 "Best week in a year for Dow, up 5.3%" by Donna Yesalavich says stocks climbed fri, capping their best week in nearly 12 months, as optimism about 2Q corp. profits powered a rebound from the Dow's worst levels this year. Alcoa was the Dow's best performer of the week, gaining 9.4% ahead of its 2Q earnings report mon, which marks the official start of the reporting season. Other stocks closely tied to the global growth cycle also fared well, with Caterpillar up 9.3% for the week.

WSJ pB2 "Alcoa leads the Dow's charge" by Donna Yesalavich says stocks extended their bounce back from the prior week's slump, with Alcoa, Caerpillar and Bank of America among the gainers in the rally.

Fin Times p14 "Weak sales see retailers miss out on 4 day rally" by masa serdarevic says US stocks were up for the 4th straight day Fri as the risk on trade returned to the market ahead of Mon's earnings season kick-off.

Fin Times pA1 "Stocks add to win streak, but volume remains low" by Paul Whitfield says stocks added to their new uptrend on Fri, marking their 4th straight gain. Volume was down sharply on both major exchanges and it was the slowest day of trading this year on the Nasdaq.

Sat. NYT pB7 "Shares post biggest weekly gains in a year" by AP says the stock market ended its best week in a year with another gain on Fri. as investors palced their last bets before the start of 2Q earnings reports.

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 14.81 up from Friday's 14.72 (year ago it was 12.02) the P/E estimate is 12.51 up from Friday's 11.95 (year ago it was 13.00) and the current dividend yield is 2.72 down from Friday's 2.74 (it was 3.52 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 1,349.39 up 7.81 from Thursday's closing numerator of 1341.58. 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 7.81 for Friday by the divisor (0.132319125) you get the increase in Friday's Dow of 59.04. 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 $44.98 up 0.26 from Thursday's Dow Jones Industrial Average average closing price of $44.72 The median closing price of Friday's Dow Jones Industrial Average was $40.72 up $0.58 from Thursday's median price of $40.14. The lowest volume was 3M MMM $82.16 +0.94 1.16% 2,814,043 NYSE and the highest volume again was Bank of America BAC $15.11 +0.25 1.68% 86,066,436 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 $781 ($134,939 - $134,158).

MarketWatch 7/9/10 Fri. 4:36 pm by Donna Yesalavich says U.S. stocks climbed Friday, capping their best week in nearly 12 months, as optimism ahead of the second-quarter earnings season powered a strong rebound from the market's worst levels this year. The Dow Jones Industrial Average (DJIA 10,198, +58.73, +0.58%) closed up 58.73 points, or 0.6%, to 10,187.72. The Standard & Poor's 500-stock ndex (SPX 1,078, +7.71, +0.72%) added 7.68 points, or 0.7%, to close at 1,077.93. The four-day rally represents a bounce back after the Dow sank last week to its lowest point since October in its worst five-day performance leading up to July 4 since 1896. The Dow has climbed 5.3% this week, its best weekly performance since the week ended July 17, 2009. The rally comes as investors have grown hopeful that the market's recent drop to 2010 lows may have exaggerated expected effects on corporate earnings from the slumping euro and slower global growth. Earnings Season BeginsAlcoa starts week that includes reports from Intel, Google, GE, Citi and Bank of America. Baseball takes a break for its all-star game; Congress returns from its break to deal with the Kagan nomination and bank reform. Caterpillar Inc. /(CAT 64.61, -0.11, -0.17%) was also strong, up 2.4%, and Chevron Corp. (CVX 71.71, -0.13, -0.18%) climbed 2% as crude-oil futures climbed above $76 a barrel. The Nasdaq Composite (COMP 2,196, +21.05, +0.97%) rose 1%, or 21.05 points, to 2,196.45, bolstered by a 2.4% jump in Google Inc. (GOOG 466.70, -0.79, -0.17%). The company said the Chinese government renewed a license it needed to continue using its Chinese Web address, marking a compromise between the company and Chinese regulators since Google decided to stop cooperating with censorship requirements. The materials sector led the measure's gains, while financial and consumer-discretionary stocks were also strong. Consumer staples were the only category in the red. Data released Friday showed inventories of U.S. wholesalers rose 0.5% in May, in line with expectations, as warehouses were restocked with machinery and other durable goods. However, sales of U.S. wholesalers registered their first decline in 14 months with a 0.3% slip. Investors noted that while the rise in inventories is seen as lifting economic growth, the data also indicates demand is waning. Among stocks in focus, Madison Square Garden Inc. (MSG 19.35, -0.09, -0.46%) fell 4.6% after basketball star LeBron James late Thursday confirmed reports that he will join the Miami Heat, rather than the MSG-owned New York Knicks.

AT&T T $24.83 +0.26 1.06% 19,631,873 NYSE: WSJ pB14 "Overheard" Verizon Communications is down 18% this year and AT&T is off 11% and investors are bearish on both so now may be the time to buy.

Alcoa AA $10.94 +0.22 2.05% 20,991,517 NYSE: Inv. Bus. Daily pA1 "Q2 S&P 500 Profits likely climbed 27%, but outlooks key" by Kevin harlin says Aloca's earnings are due Mon and Intel reports Tues. Alcoa may offer the first clues when it kicks off earnings season late Mon. Other industry bellwethers follow this week. Intel and Yum Brands report Tues with Google and JPMorgan out Thurs. Bank of America, Citigroup and GE are due Fri.

WSJ pB7 ""Intelligent Investor" by Jason Sweig says some technical analysts are predicting the Dow could drop 90%. such a drop in the Dow wold leave only IBM trading above $10 a share, while Alcoa, Bank of America, GE & Pfizer wold be under $2 a share, in danger of being delisted by the New York Stock Exchange. If valuations went to P/E in 5.3 as they did in '79, public companies wold go private. If Coke ever traded at 5 times earnings, the article says Buffett wold buy the whole copany faster tha you cold spell Vanilla Coke Zero.

WSJ pB1 "Best week in a year for Dow, up 5.3%" by Donna Yesalavich says stocks climbed fri, capping their best week in nearly 12 months, as optimism about 2Q corp. profits powered a rebound from the Dow's worst levels this year. Alcoa was the Dow's best performer of the week, gaining 9.4% ahead of its 2Q earnings report mon, which marks the official start of the reporting season. Other stocks closely tied to the global growth cycle also fared well, with Caterpillar up 9.3% for the week.

Amex AXP $42.58 +0.46 1.09% 8,267,944 NYSE: No mentions found.

Bank of Am BAC $15.11 +0.25 1.68% 86,066,436 NYSE: WSJ Headline pA1 "BofA Admits Hiding debt" by Michael Rapoport says Bank of America admitted to making 6 transactions that incorrectly hid from view billions of dollars of debt, following a bid to cut the size of a unit's balance sheet and meet internal financial targets. The disclosaure made in a latter to the SEC comes as the SEC prepares to unveil the results of an inquiry into Bofa's acounting for borrowing deals known as repos.

Inv. Bus. Daily pA1 "Q2 S&P 500 Profits likely climbed 27%, but outlooks key" by Kevin harlin says Aloca's earnings are due Mon and Intel reports Tues. Alcoa may offer the first clues when it kicks off earnings season late Mon. Other industry bellwethers follow this week. Intel and Yum Brands report Tues with Google and JPMorgan out Thurs. Bank of America, Citigroup and GE are due Fri.

Boeing BA $64.66 -0.07 0.11% 3,143,976 NYSE: NYT pB3 "Boeing bids fro tanker, and overhauls 767 production" by Christopher Drew says as Boeing filed its bid on Fri for a $35 bil Air Force tanker contract, it said it was changing the production line of its 767 jets to cut costs and better copete with a rival bid. Boeing's bid was submitted a day after the European Aeronautic Defense & Space copany, the parent of Airbus, filed its paperwork for what could be the largest military contract awarded over the next several years.

Caterpillar CAT $64.72 +1.55 2.45% 6,446,686 NYSE: WSJ pB1 "Best week in ayear for Dow, up 5.3%" by Donna Yesalavich says stocks climbed fri, capping their best week in nearly 12 months, as optimism about 2Q corp. profits powered a rebound from the Dow's worst levels this year. Alcoa was the Dow's best performer of the week, gaining 9.4% ahead of its 2Q earnings report mon, which marks the official start of the reporting season. Other stocks closely tied to the global growth cycle also fared well, with Caterpillar up 9.3% for the week.

Chevron CVX $71.84 +1.43 2.03% 11,380,949 NYSE: No mentions found.

Cisco CSCO $22.7 +0.15 0.67% 41,469,189 NASDAQ-GS: No mentions found.

Coke KO $52.4 -0.02 0.04% 6,468,723 NYSE: No mentions found.

Disney DIS $33.75 +0.41 1.23% 8,523,450 NYSE: No mentions found.

DuPont DD $36.9 +0.61 1.68% 6,041,404 NYSE: No mentions found.

Exxon XOM $58.78 -0.03 0.05% 25,972,973 NYSE: No mentions found.

GE $14.95 +0.12 0.81% 45,977,105 NYSE: Inv. Bus. Daily pA1 "Q2 S&P 500 Profits likely climbed 27%, but outlooks key" by Kevin harlin says Aloca's earnings are due Mon and Intel reports Tues. Alcoa may offer the first clues when it kicks off earnings season late Mon. Other industry bellwethers follow this week. Intel and Yum Brands report Tues with Google and JPMorgan out Thurs. Bank of America, Citigroup and GE are due Fri

Hewlett-Packard HPQ $45.25 -0.23 0.51% 12,749,296 NYSE: Barron's p26 "Pluggged In" by Mark Veverka says whether iPads and other tablet coputers are considered personal computers will be important in analysing the performance of some of the world's major manufacturers of PCs, such as Hewlett-Packard, Acer, Dell and lenovo.

Home Depot HD $28.26 +0.11 0.39% 13,503,316 NYSE: No mentions found.

Intel INTC $20.24 +0.14 0.7% 52,775,127 NASDAQ-GS: WS pB8 "Crystal Ball" says Intel announces 2Q results on Tues. Last qtr, it reported earnings per share of 43 cents.

IBM $127.96 -0.01 0.01% 3,897,964 NYSE: Barron's p13 "Value in the vault" by lawrence Strauss says it's high time for stingy companies to get with the program. IBM's dividend yield is around 2%, well below the 10 year Treasury yield of a shade over 3%.

Barron's p22 "Tiny motor, huge ambitions" by Neil Martin profiles janapn's Nidec, the global leader in micromotrs and says the sotck looks enticing. It sells tiny motors to 3M and IBM for tape recorders (3M) and disk drives (IBM).

JPMorgan JPM $38.85 +0.69 1.81% 30,346,733 NYSE: Inv. Bus. Daily pA1 "Q2 S&P 500 Profits likely climbed 27%, but outlooks key" by Kevin harlin says Aloca's earnings are due Mon and Intel reports Tues. Alcoa may offer the first clues when it kicks off earnings season late Mon. Other industry bellwethers follow this week. Intel and Yum Brands report Tues with Google and JPMorgan out Thurs. Bank of America, Citigroup and GE are due Fri

Johnson & Johnson JNJ $60.54 -0.84 1.37% 12,120,224 NYSE: No mentions found.

Kraft KFT $28.99 -0.04 0.14% 6,013,634 NYSE: No mentions found.

McDonalds MCD $69.22 +0.20 0.29% 4,511,758 NYSE: No mentions found.

Merck MRK $36.3 +0.44 1.23% 11,979,920 NYSE: No mentions found.

Microsoft MSFT $24.27 -0.1395 0.57% 53,798,150 NASDAQ-GS: Inv. Bus. Daily pA8 "Virtual servers, real growth" by J. Bonasia says shift to cloud computing boosts the makers of virtualization software. Microsoft ahs jumped in with its virtualization product called HyperV which it bundles free into Windows Server software pacakages.

Pfizer PFE $14.77 -0.05 0.34% 32,600,155 NYSE: No mentions found.

Procter & Gamble PG $61.75 -0.20 0.32% 9,626,636 NYSE:

3M MMM $82.16 +0.94 1.16% 2,814,043 NYSE: Barron's p22 "Tiny motor, huge ambitions" by Neil Martin profiles janapn's Nidec, the global leader in micromotrs and says the sotck looks enticing. It sells tiny motors to 3M and IBM for tape recorders (3M) and disk drives (IBM).

Travelers TRV $51.15 +1.06 2.12% 3,091,113 NYSE: No mentions found.

United Tech UTX $67.51 +0.28 0.42% 2,919,556 NYSE: No mentions found.

Verizon VZ $26.65 -0.13 0.49% 18,305,626 Dual Listed: No mentions found.

Walmart WMT $49.43 +0.25 0.51% 11,605,843 NYSE: Barron's p16 "Load up the shopping cart" by Sandra Ward says Walmart's shares could scarcely fall any lower and they may rocket. They are making smart moves on the Web and in big cities. It recently won approval to open a second store in Chicago. At around $49 a share, Walmart's stock is as discounted as its merchandise. If some of its new initiatives succeed, it could surge by 33% says the article.

Barron's pM5 "Trader" by Jacqueline Doherty says lost week's retail industry were not too exciting and Walmart is to blame as it, as the industry leader, as a result of becoming more price copetitive had falling operating margins in the latest quarters.

Fin times p7 "Listen to the Walmart moms" says Walmart commissioned pollsters to measure the political mood of mothers who shop there at least once a month and to predict how they will vote in Nov's midterms.

Inv. Bus. DailypA7 "New retailers gain" says Walmart & Kroger are still the No.l 1 & No. 2 US retailers despite a testy economy.
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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 Richard 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.