7/28/10 Wed. am DuPont's Strong Results Beat Expectations

www.DowJonesMonitor.com

The following is not intended as advertising by a broker-dealer and is not a research report. Any comments by third-parties do not reflect the views of Intellivest Securities Research, Inc. and have not been reviewed by us for completeness or accuracy.

Post No. 555. 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 7/25/10 and an update of the Dow 30 component's SEC filings as of 7/25/10.

A read of Wednesday's issues of Wall St. Journal, Financial Times, New York Times, USA Today, 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 Tuesday at 10,537.69 up 12.26 or 12.26% from Monday's close of 10,525.43. Of the 30 Dow Companies: 20 gained and 10 declined. For the year the Dow is up 1.05%. The biggest gainer dollar-wise and percentage-wise was duPont DD $40.38 +1.39 3.57% 15,610,680 NYSE. The biggest decliner dollar-wise and percentage-wise was American Express AXP $44.55 -0.88 1.94% 9,962,554 NYSE.

WSJ pC5 "DuPont aids dow; BP falls" by Donna Yesalavich says strong ernings from DuPont helped drive the Dow higher on Tues, but the S&P 500 fell as a drop in consumer confidence weighed on consumer sensitive stocks including Home Depot and McDonald's. DuPont is charted under Good News saying 2Q profits almost tripled and rev increased more than expected on better vol. and higher selling prices.

WSJ pC1 "Torn traders churn DJIA to 12.26 rise" by Jonathan Cheng, Donna kardos yesalavich says stocks muddled to a mixed finish as investors balanced weakening consumer confidence against a relatively strong corp. earnings season.

NYT pB9 "Faltering confience leads to a mixed finish" by Susanna Kim says Wall St. struggled Tues onr eports that consumers had become more pessimistic about the job market and the overall economic recovery.

Fin Times p20 "Poor consumer confidence data help erase gains" by Hannah Kuchler says US equities nudged down yestreday after worse than expected consumer confidence figures erased early gains made after positive earnings report. The S&P Fin'l index edged up 0.1% after positive earnings from European banks UBS & Deutsche Bank and news that new tighter Basel III capital rules would be delayed. Bank of America rose 0.3% and Citigroup was up 0.2%.

USA Today p4B "Consumer confidence dip dings S&P" by Bloomberg says most US stocks fel Tues, with the S&P 500 index declining the first time in 4 essions, as sahres of retailers slid after consumer confidence retreated toa 5 month low.

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 0.132129493, the trailing P/E ratio is 14.54 down from Tuesday's 14.65 (year ago it was 14.01) the P/E estimate is 12.59 unchanged from Tuesday's 12.59 (year ago it was 14.34) and the current dividend yield is 2.64 unchanged from Tuesday's 2.64 (it was 3.16 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.

USA Today p3B "companies are sitting on a pile of cash" by Matt Krantz lists S&P 500 firms, excluding financials, that has the most cash in their most recent quarters and the following Dow firms are on it as follows: Name of Firm, rank in list and amount of cash in billions: GE 1/$116; Cisco 2/39.1; Microsoft 3/36.7Intel 9/18.3; Johnson & johnson 10/18; Pfizer 11/17.3; Hewlett-Packard 12/14.2; Exxon 14/13.8; IBM 15/12.2; Chevron 16/11.2; Boeing 19/10.4; Coke 20/10.2; Merck 21/9.8 & Walmart 23/8.5.

Tuesday's Dow Jones Industrial Average closing numerator was 1,392.34 up 1.52 from Monday's closing numerator of 1,390.72. 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 1.52 for Tuesday by the divisor (0.132129493) you get the increase in Tuesday's Dow of 12.26. 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 $46.41 up 0.5 from Monday's Dow Jones Industrial Average average closing price of $46.36. The median closing price of Tuesday's Dow Jones Industrial Average was $42.62 down $0.30 from Monday's median price of $42.29. The lowest volume was 3M MMM $86.8 -0.52 0.6% 4,241,579 NYSE and the highest volume again was Bank of America BAC $14.19 +0.04 0.28% 175,592,029 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 $162 ($$139,234 - $139,072).

MarketWatch 7/27/10 Tues. 4:29 pm by Donna Kardos says strong earnings from DuPont helped drive the Dow Jones Industrial Average higher Tuesday, but the Standard & Poor's 500 fell as a drop in consumer confidence weighed on consumer-sensitive stocks including Home Depot and McDonald's. The Dow Jones Industrial Average eked out a gain of 12.26 points, or 0.12%, to 10537.69, its highest close since May 17. The measure is up 7.81% on the month, on pace for its best month since last July.
DuPont was the Dow's best performer, up 1.39, or 3.6%, to 40.38. The chemical giant's second-quarter profit nearly tripled from the same time a year ago. Revenue increased more than expected on improved volume and higher selling prices. The Dow's gain was limited by its consumer-related components, which fell following data showing U.S. consumer confidence declined again in July. The consumer-confidence reading hit its lowest level since February and missed expectations slightly. Investors said the report was a painful reminder of the divergence between strong earnings and weak economic data. Home Depot dropped 41 cents, or 1.4%, to 28.58, McDonald's slipped 47 cents, or 0.7%, to 70.40, and Walt Disney fell 12 cents, or 0.4%, to 34.28. The Nasdaq Composite dropped 8.18, or 0.36%, to 2288.25. The Standard & Poor's 500 index declined 1.17, or 0.10%, to 1113.84.

AT&T T $26.15 +0.19 0.73% 25,962,462 NYSE: WSJ pB5 "Mobile tv push gets fuzzing reception" by Don Clark says Qualcomm said it may give up a six year quest to bring broadcast tv to mobile pones and other devices. FLO TV which powers mobile tv services marketed by AT&T and Verizon Wirelss has been disappointing.

Alcoa AA $11.21 -0.02 0.18% 24,405,502 NYSE: No mentions found.

American Express AXP $44.55 -0.88 1.94% 9,962,554 NYSE: No mentions found.

Bank of Am BAC $14.19 +0.04 0.28% 175,592,029 NYSE: Fin Times p20 "Poor consumer confidence data help erase gains" by Hannah Kuchler says US equities nudged down yestreday after worse than expected consumer confidence figures erased early gains made after positive earnings report. The S&P Fin'l index edged up 0.1% after positive earnings from European banks UBS & Deutsche Bank and news that new tighter Basel III capital rules would be delayed. Bank of America rose 0.3% and Citigroup was up 0.2%.

Boeing BA $68.62 -0.23 0.33% 5,484,114 NYSE: No mentions found.

CAT $69.18 -0.81 1.16% 11,939,441 NYSE: No mentions found.

CVX $75.3 +0.68 0.91% 8,097,961 NYSE: No mentions found.

Cisco CSCO $23.3 -0.31 1.31% 47,934,371 NASDAQ-GS: No mentions found.

Coke KO $55.05 +0.11 0.2% 8,911,469 NYSE: No mentions found.

Disney DIS $34.28 -0.12 0.35% 7,061,230 NYSE: WSJ pB3 "Disney buys Playdom in $763 mil deal, becoming Hollywood leader in social games" by Brooks Barnes, USA Today p5B "Disney to buy playdom", say Playdom is one of a cluser of tech start ups that make simple online games and sell virtual goods like a $2.50 outfit for a character in Playdom's Sorority Life.

DuPont DD $40.38 +1.39 3.57% 15,610,680 NYSE: WSJ pB4 "DuPont" by Susan Daker,NYT pB5 "DuPont Profit nearly triples" by AP, WSJ pC5 "DuPont aids Dow; BP falls" by Donna Yesalavich say strong ernings from DuPont helped drive the Dow higher on Tues, but the S&P 500 fell as a drop in consumer confidence weighed on consumer sensitive stocks including Home Depot and McDonald's. DuPont is charted under Good News saying 2Q profits almost tripled and rev increased more than expected on better vol. and higher selling prices. DuPont reported a profit of $116 bil or 1.26 a share, up from $417 mil, or 46 cents a share erlier. Earnings rose to $1.17 from 61 cents.

Exxon XOM $60.81 +0.42 0.7% 22,259,048 NYSE: No mentions found.

GE $16.18 +0.04 0.25% 69,804,093 NYSE: WSJ pB2 "GE settles kickback charges from SEC" by Paul Glader says GE agreed to pay $23.5 mil to settle SEC charges that its subssidiaries paid kickbacks early last decade to win health care and water contracts in Iraq.

Hewlett-Packard HPQ $47.57 +1 2.15% 16,459,884 NYSE:

Home Depot HD $28.58 -0.41 1.41% 14,815,006 NYSE: WSJ pC5 "DuPont aids dow; BP falls" by Donna Yesalavich says strong ernings from DuPont helped drive the Dow higher on Tues, but the S&P 500 fell as a drop in consumer confidence weighed on consumer sensitive stocks including Home Depot and McDonald's. DuPont is charted under Good News saying 2Q profits almost tripled and rev increased more than expected on better vol. and higher selling prices.

Intel INTC $21.58 -0.13 0.6% 53,821,472 NASDAQ-GS:WSJ pB5 Intel makes advancein silicon based lasers" by Don Clark says Intel has fashioned a communications device from silicon based lasers that operates at an extremely high speed boosting Intel's confidence that light beams will replace electrons in moving data within and among computers.

IBM $128.63 +0.22 0.17% 4,628,572 NYSE: No mentions found.

JPMorgan JPM $40.69 +0.36 0.89% 44,483,460 NYSE: No mentions found.

Johnson & JohnJNJ $58.1 +0.36 0.62% 16,938,395 NYSE: No mentions found.

KFT $29.88 +0.16 0.54% 7,293,657 NYSE: No mentions found.

McDonalds MCD $70.4 -0.47 0.66% 6,201,694 NYSE: WSJ pC5 "DuPont aids dow; BP falls" by Donna Yesalavich says strong ernings from DuPont helped drive the Dow higher on Tues, but the S&P 500 fell as a drop in consumer confidence weighed on consumer sensitive stocks including Home Depot and McDonald's. DuPont is charted under Good News saying 2Q profits almost tripled and rev increased more than expected on better vol. and higher selling prices.

Merck MRK $35.18 -0.09 0.26% 12,630,208 NYSE: WSJ pB3 "Merck considers China venture" by Peter Loftus says Merck is in talks with China's Sinopharm Group for a venture to market vaccines and Merck drugs . Merck and other drug firms are trying to grab market share in emerging markets such as China and India. Pfizer and GlaxoSmithKline are trying to expand there as well.

MSFT $26.16 +0.06 0.23% 60,594,086 NASDAQ-GS: WSJ pA15 "The Microsoft solution" by Holman Jenkins says CEO of Microsoft Steve Ballmer has yet to create a profitable new business and suggests that he should go in this editorial critical of his leadership.

Pfizer PFE $15.27 +0.25 1.66% 60,518,559 NYSE: WSJ pB3 "Merck considers China venture" by Peter Loftus says Merck is in talks with China's Sinopharm Group for a venture to market vaccines and Merck drugs . Merck and other drug firms are trying to grab market share in emerging markets such as China and India. Pfizer and GlaxoSmithKline are trying to expand there as well.

Procter & Gamble PG $63.08 +0.56 0.9% 12,473,180 NYSE: No mentions found.

3M MMM $86.8 -0.52 0.6% 4,241,579 NYSE: No mentions found.

Travelers TRV $50.58 +0.13 0.26% 6,305,475 NYSE: No mentions found.

United Tech UTX $71.09 -0.50 0.7% 4,613,183 NYSE: No mentions found.

Verizon VZ $28.59 +0.31 1.1% 22,478,418 Dual Listed: No mentions found.

Walmart WMT $50.96 -0.17 0.33% 12,280,611 NYSE: No mentions found.

****************************
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 7/25/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $280.5 [4.5]
2. Procter & Gamble PG 248 [4]
3. Microsoft MSFT 226 [9]
4. WalMart WMT 191.5 [3.5]
5. GE 168 [10.5]
6. IBM 164.5 [1]
7. Johnson & Johnson JNJ 159 [3]
8. JPMorgan Chase 158.5 [4]
9. AT&T 151 [6]
10. Chevron CVX 147.5 [2]
11. Bank of America BAC 138 [10]
12. Cisco CSCO 133.5 [6]
13. Coke KO 126.5 [2.5]
14. Intel INTC 120.5 [5.5]
15. Pfizer PFE 117.5 [8]
16. Merck MRK 109 [3]
17. Hewlett-Packard HPQ 108 [2.5]
18. Verizon VZ 79 [3]
19. McDonald's MCD 75 [1]
20. Disney DIS 67 [2]
21. United Technologies UTX 66 [1]
22. 3M MMM 61.5 [.5]
23. American Express AXP 54 [1]
24. Kraft KFT 51.5 [2]
25. Boeing BA 51.5 [1]
26. Home Depot 47.5 [1.5]
27. Caterpillar CAT 43.5 [.5]
28. DuPont DD 35 [1]
29. Travelers 25 [.5]
30. Alcoa AA 11 [1]

Here are the latest SEC filings as of 7/25/10 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: 7/22/10 8K re: 2Q earnings

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: 7/23/10 8K re: election of Tony Theme CFO Engineered Products & Graeme Bottger, Controller

7/22/10 10Q

7/15 & 7/13/10 8K's relating to 2Q results

5/4/10 8K re: Alcoa Inc.’s 2009 Sustainability Highlights Report.

American Express AXP: 7/22/10 8K 2Q results

7/21/10 8K re: Personnel changes & Board of Dir. elections

7/15/10 8K Delinquency & write-off statistics through 6/30/10

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: 7/22/10 8K re: impairment resulting from fin'l reform legislation passed by Congress

7/16/10 8K re: 2Q results

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: 7/22/10 8K (two of them) dealing with 4Q results for period ending 6/30/10

7/22/10 8K: re: dealer statistics

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: 7/12/10 8K re: updated on 2Q results

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.

Cisco CSCO 6/29/10 8K 6/29/10 10b5-1 re: stock trading plans adopted by insiders

5/26/10 10Q for quarter ending 5/1/10

Coke KO 7/21/10 8K re: 2Q results

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: 7/16/10 8K re: 2Q reports

6/16/10 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: 6/8/10 8K re: 10Q

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: 7/22/10 8K re: agreement with FTC to delay antitrust case while settlement talks continue.

7/16/10 8K re: Intel's interest in SMART Technologies Inc. which did an IPO.

7/14/10 8K re: CFO commenting on 2Q results.

7/13/10 8K re: 2Q results.

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.

IBM: 7/20/10 8K re: 2Q earnings presentation.

7/19/10 8K re: 2Q results ending 6/30/10.

JPMorganChase JPM: 7/22/10 8K re: completion of public offering of debt issues.

7/16/10 & 7/15/10 8Ks re: 2Q results

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 : 7/20/10 8K re: 2Q results ending 7/4/10

7/19/10 8K re: Bd of Dirs. election

7/12/10 K re: agreement to buy Micrus Endovascular.

5/10/10 10 Q

Kraft KFT: 5/21/10 8K: re voting

McDonalds MCD: 7/23/10 8K re: 2Q results ending 6/30/10

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

5/24/10 8K re: voting results of 5/20/10 annual shareholders' meeting

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: 7/22/10 8K re: 4Q results ending 6/30/10.

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: 7/13/10 8K re: declaration of quarterly dividend.

5/19/10 8K re: closing of 100 bil Euro 0.955 Note Offering due 2015.

4/30/10 10Q

3M MMM: 7/22/10 8K re: 2Q results

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: 7/22/10 8K & 10Q

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: 7/21/10 8K re: 2Q results

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: 7/23/10 8K re: 2Q results ending 6/30/10

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 Merchandising 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.
.