Wednesday, July 14, 2010

7/14/10 Wed. am Intel's Reports Record Profits

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Post No. 531. 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 7/11/10 and an update of the Dow 30 component's SEC filings as of 7/11/10.

A read of Wednesday's issue of Wall Street Journal, Financial Times, New York Times, 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 Tuesday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Monday at 10,363.02 up 146.75 or 1.44% from Monday's close of 10,216.27. For the year the Dow is down 0.62%. Of the 30 Dow Companies: 29 gained and only Pfizer declined. The biggest gainer dollar-wise and percentage-wise was Caterpillar CAT $66.79 +2.51 3.9% 9,990,651 NYSE. The only decliner dollar-wise and percentage-wise was Pfizer PFE $14.79 -0.14 0.94% 46,273,294 NYSE.

WSJ pC1 "Blue chips rally 146.75, 6 day steak; up 65 in July" by Jonathan Cheng says a strong start to earnings season drove stocks toa 6th day of gains bring the Dow to within a stone's throw of where it started the year. Investors looking to earnings to help pull stocks out of a 2 month funk were cheered by a strong report from Alcoa. Intel followed suit on Tues and rose 2.1% during the day and a further 7.3% after hours.

WSJ pC5 "Caterpillar Gains; Apple's pain grows" by Donna Yesalavich says stocks shot higher Tues, extending their winning streak to 6 sessions as better than expected earnings from Alcoa and CSX boosted expectations for reports from bellwethers like Caterpillar. Chevron climbed 1.9% after it said it expects 2Q profit to be above the prior quarter and said that its earnings in its production and exploration ops will be in line with 1Q.

Fin Times p20 "Alcoa climbs as higher metal prices bolster rev" by Masa Serdarevic says Us stocks rallied on Wall St yesterday for the 6th straight session as the earnings season got off to a better start than many had feared.

NYT pB10 "A 6 day winning streak, energized by strong earnings" by Christine Hauser says stock indexes in the uS rose for a 6th consecutive session on Tues, propelled by a strong start to the corporate earnings season.

USA p4B "Stocks' upward streak: trend or fad?" by Matt Krantz says a powerful winning streak lifted stocks again Tues, giving investors hope the market might be finding its footing again.

As of the open of the market Wednesday, 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 15.05 up from Tuesday's 14.83 (year ago it was 12.33) the P/E estimate is 12.51 unchanged from Tuesday's 12.51 (year ago it was 13.00) and the current dividend yield is 2.68 down from Tuesday's 2.68 (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.

Tuesday's Dow Jones Industrial Average closing numerator was 1,371.22 up 19.41 from Monday's closing numerator of 1351.81. 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 19.41 for Tuesday by the divisor (0.132319125) you get the increase in Tuesday's Dow of 146.75. 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 Tuesday's Dow Jones Industrial Average was $45.71 up 0.65 from Monday's Dow Jones Industrial Average average closing price of $45.06. The median closing price of Tuesday's Dow Jones Industrial Average was $42.33 up $2.32 from Monday's median price of $41.01. The lowest volume was United Tech UTX $67.76 1.08 1.62% 4,977,620 NYSE and the highest volume again was Bank of America BAC $15.67 +0.46 3.02% 128,469,453 NYSE.

If Tuesday 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 $1,949 ($137,130 - 135,181).

MarketWatch 7/13/10 Tues. 4:21 pm by Nick Godt says U.S. stocks finished Tuesday's session sharply higher to post their sixth straight session of gains as investors cheered upbeat earnings from aluminum giant Alcoa Inc. and railway operator CSX Corp. [s:csx]. The Dow Jones Industrial Average (DJIA 10,363, +146.75, +1.44%) gained 146.75 points, or 1.4%, to 10,363.02, about 65 points away from where the blue-chip average started the year. Blue chip gains were led Caterpillar Inc. (CAT 67.10, +0.31, +0.46%) , with the equipment maker's stock gaining 3.9%. Alcoa (AA 11.07, +0.07, +0.64%) shares rose 1.2%. The S&P 500 index (SPX 1,095, +16.59, +1.54%) gained 16.59 points, or 1.5%, to end at 1,095.34, led by a 2.6% advance in financials and a 2.5% gain in the consumer discretionary sector. The Nasdaq Composite (COMP 2,242, +43.67, +1.99%) rose 43.67 points, or 2%, to end at 2,242.03.

A read of Tuesday's issue of Wall Street Journal, Financial Times, New York Times, 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.

AT&T T $24.95 +0.11 0.44% 25,089,256 NYSE: No mentions found.

Alcoa AA $11 +0.13 1.2% 58,221,826 NYSE: WSJ pC1 "Blue chips rally 146.75, 6 day steak; up 65 in July" by Jonathan Cheng says a strong start to earnings season drove stocks toa 6th day of gains bring the Dow to within a stone's throw of where it started the year. Investors looking to earnings to help pull stocks out of a 2 month funk were cheered by a strong report from Alcoa. Intel followed suit on Tues and rose 2.1% during the day and a further 7.3% after hours.

Amex AXP $44.17 +1.34 3.13% 8,404,842 NYSE: No mentions found.

Bank of Am BAC $15.67 +0.46 3.02% 128,469,453 NYSE: WSJ pC1 "Banks Results are on tap, and the bar is low' by David Reilly says markets aren't epecting too much from the biggest banks that begin reporting 2Q results this week. JPMorgan is first on Thurs, followed by Bank of America and Citigroup on Fri.

Boeing BA $64.43 +0.09 0.14% 6,156,064 NYSE:WSJ pB1 "FedEx looks to 777 s to deliver an edge" by Jennifer Levitz says Fedex hopes to use its growing fleet of long range 777s to win biz from competitors like UPS in the lucrative market for int'l package delivery and to cater to the rising middle classes in India, China & Brazil.

Caterpillar CAT $66.79 +2.51 3.9% 9,990,651 NYSE: WSJ pC5 "Caterpillar Gains; Apple's pain grows" by Donna Yesalavich says stocks shot higher Tues, extending their winning streak to 6 sessions as better than expected earnings from Alcoa and CSX boosted expectations for reports from bellwethers like Caterpillar. Chevron climbed 1.9% after it said it expects 2Q profit to be above the prior quarter and said that its earnings in its production and exploration ops will be in line with 1Q.

Chevron CVX $73.23 +1.38 1.92% 13,394,790 NYSE: WSJ pC5 "Caterpillar Gains; Apple's pain grows" by Donna Yesalavich says stocks shot higher Tues, extending their winning streak to 6 sessions as better than expected earnings from Alcoa and CSX boosted expectations for reports from bellwethers like Caterpillar. Chevron climbed 1.9% after it said it expects 2Q profit to be above the prior quarter and said that its earnings in its production and exploration ops will be in line with 1Q.

CSCO $23.09 +0.23 1.01% 44,607,832 NASDAQ-GS: No mentions found.

Coke KO $52.72 +0.27 0.51% 6,784,061 NYSE: No mentions found.

Disney DIS $34.45 +0.68 2.01% 8,567,907 NYSE: No mentions found.

DuPont DD $37.31 +0.79 2.16% 6,306,909 NYSE: No mentions found.

Exxon XOM $59.42 +0.48 0.81% 30,299,839 NYSE: No mentions found.

GE $15.21 +0.28 1.88% 57,371,262 NYSE: AJC pA10 "GE to fund new power projects" says GE will spend $200 mil to fund new r & d projects to create a more energy efficient power grid by soliciting idas from entrepreneurs, researchers and startups over the net 10 weeks.

Hewlett-Packard HPQ $46.77 +1.09 2.39% 14,344,802 NYSE: No mentions found.

Home Depot HD $28.64 +0.33 1.17% 21,932,120 NYSE: No mentions found.

Intel INTC $21.01 +0.44 2.14% 84,513,467 NASDAQ-GS: WSJ pB1 "Intel surfs wave of PC Upgrades" by Don Clark, NYT pB1 "intel reports record sales as upgrades start again" by Ashle VanceAJC pA10 "Intel's Q profit largest in a decade" say Intel benefited from a stronger computer market and more sophisticated factories as well as sales from its most expensive chips. It had its strongest quarterlyr esults in its 42 year history and swung to a 2Q profit of $3 bil compared with a loss in the year earlier period because of an antitrust fine. It had a 34% rev jump that topped all estimates. Its gross profit margin of 67% was an all time record. Shares surged 7.3% in after hours trading. Intel had earnings for the period ended 6/26 of $2.89 bil or 51 cents a share compared with a year earlier loss of $398 mil or 7 cents which included a $1.45 bil antitrust fine. Rev rose to $10.77 bil from $8.0 a year earlier.

WSJ pC1 "Blue chips rally 146.75, 6 day steak; up 65 in July" by Jonathan Cheng says a strong start to earnings season drove stocks toa 6th day of gains bring the Dow to within a stone's throw of where it started the year. Investors looking to earnings to help pull stocks out of a 2 month funk were cheered by a strong report from Alcoa. Intel followed suit on Tues and rose 2.1% during the day and a further 7.3% after hours.

IBM $130.48 +1.81 1.41% 6,623,867 NYSE: No mentions found.

JPMorgan JPM $40.48 +1.29 3.29% 47,726,206 NYSE: WSJ pC1 "Banks Results are on tap, and the bar is low' by David Reilly says markets aren't epecting too much from the biggest banks that begin reporting 2Q results this week. JPMorgan is first on Thurs, followed by Bank of America and Citigroup on Fri.

Johnson & John JNJ $60.5 +0.29 0.48% 10,832,809 NYSE: No mentions found.

KFT $29.4 +0.40 1.38% 7,745,964 NYSE: No mentions found.

McDonalds MCD $70.84 +0.90 1.29% 6,015,484 NYSE: No mentions found.

MRK $36.45 +0.36 1% 12,823,151 NYSE: No mentions found.

MSFT $25.13 +0.30 1.21% 60,398,937 NASDAQ-GS: No mentions found.

Pfizer PFE $14.79 -0.14 0.94% 46,273,294 NYSE: No mentions found.

Procter & Gamble PG $62.39 +0.30 0.48% 10,424,306 NYSE: No mentions found.

MMM $83.55 +1.29 1.57% 5,080,807 NYSE: No mentions found.

Travelers TRV $51.2 +0.08 0.16% 5,126,302 NYSE: No mentions found.

United Tech UTX $67.76 1.08 1.62% 4,977,620 NYSE: No mentions found.

Verizon VZ $26.89 +0.40 1.51% 22,600,624 Dual Listed: No mentions found.

Walmart WMT $50.54 +0.42 0.84% 13,143,240 NYSE: No mentions found.

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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 7/11/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $276 [4.5]
2. Procter & Gamble PG 247.5 [4]
3. Microsoft MSFT 212.5 [9]
4. WalMart WMT 183.5 [4]
5. Johnson & Johnson JNJ 167 [3]
6. IBM 164 [1]
7. GE 159.5 [10.5]
8. JPMorgan Chase 154.5 [4]
9. Bank of America BAC 151.5 [10]
10. AT&T 147 [6]
11. Chevron CVX 144 [2]
12. Cisco CSCO 129.5 [6]
13. Coke KO 121 [2.5]
14. Pfizer PFE 119 [8]
15. Merck MRK 113 [3]
16. Intel INTC 112.5 [5.5]
17. Hewlett-Packard HPQ 105.5 [2.5]
18. Verizon VZ 75.5 [3]
19. McDonald's MCD 74.5 [1]
20. Disney DIS 66 [2]
21. United Technologies UTX 63 [1]
22. 3M MMM 58.5 [1]
23. American Express AXP 51 [1]
24. Kraft KFT 50.5 [2]
25. Boeing BA 49 [1]
26. Home Depot 47.5 [1.5]
27. Caterpillar CAT 40.5 [.5]
28. DuPont DD 33.5 [1]
29. Travelers 25.5 [.5]
30. Alcoa AA 11 [1]

Here are the latest SEC filings as of 7/11/10 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: 6/25/10 8K: re: amendments to employee compensation plans.

5/24/10 8K: re: sale of its Sterling Commerce subsidiary to IBM for $1.4 billion in cash.

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: 6/15/10 8K re: delinquency statistics through 5/31/10.

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

Bank of Am BAC: 7/9/10 Free Writings Prospectuses

6/4/10 Free Writing Prospectuses

5/10/10 Rule 424(b) Prospectus

5/7/10 10-Q

Boeing BA: 6/10/10 8K re: election of Edward M. Liddy to Board of Dirs. & Audit & Fin. Committees. By-laws were amended to increase number of directors from 12 to 13.

4/28/10 8-K re: results of its Annual Meeting of Shareholders on April 26, 2010

Caterpiller CAT: 6/18/10 8K re: dealer statistics.

6/17/10 8K re: plans to produce a full range of mining shovels and increase dump truck production.

6/11/10 8K re: as previously announced, Board elected Douglas R. Oberhelman as CEO effective 8/1/10.

6/11/10 8K re: results of 6/9 annual meeting of shareholders.

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.

Disney DIS 10Q for 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: 6/25/10 8K re: completion of its acquisition of XTO Energy Inc.

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

5/6/10 10Q

GE: 6/11/10 8K re; election of James S. Tisch to Board of Directors. He is Pres. & CEO of Loew's.

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

5/7/10 10Q

Hewlett-Packard HPQ: 6/1/10 10Q

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: 6/22/10 8K re: agreed upon suspension of FTC admin. proceedings while settlement discussions are held.

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.

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: 6/24/10 8K re: closing of sale of $1.25 bil of 3.40% Notes due '15.

6/24/10 8K re: election of Douglas L. Braunstein as CFO.

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 : /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: 6/9/10 8K re: year to date sales figures

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: 7/8/10 8K re: global restructuring program in conjunction with the integration of the Schering-Plough acquisition; reduction of work force by 15% & closing of plants and research sites.

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: 6/18/10 8K re: sale of $1.25 bil of Zero Coupon Convertible Sr. Notes due '13 (and related 6/9 8K).

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: 6/28/10 8K re: projected sales range for 2Q '10.

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: 6/15/10 8K re: $1 bil 3 year revolving credit agreement.

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: 7/1/10 8K re: completion of acquisition of Frontier Communications Corp. and spin off of shares to VZ shareholders.

6/11/10 8K re: agreement with certain unions.

5/27/10 8K re: record date of 6/7/10 re: proposed spin off 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: 7/7/10 8K re: underwriting to the public of several series of notes.

7/2/10 8K re: departure of John E. Fleming EVP & Chief Merchandizing Officer effective 8/1/10.

6/29/10 8K re: appointment of Eduwardo Castro-Wright as CEO fo global.com & William S. Simon as CEO of Walmart U.S.

6/9/10 8K re: results of 6/4 annual meeting of shareholders.

6/14/10 10Q.

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