8/2/10 Mon. pm Dow Closes at 10,674.38 up 208.44 or 1.99%

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Post No. 564. 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.

The Dow Jones Industrial Average closed Monday at 10,674.38 up 208.44 or 1.99% from Friday's close of 10,465.94. Of the 30 Dow Companies: all 30 gained and 0 declined. The biggest gainer dollar-wise was IBM $130.76 2.36 1.84% 6,390,057 NYSE and percentage-wise was Alcoa AA $11.71 +0.54 4.83% 25,859,021 NYSE.

As of the open of the market Monday, 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 14.18 down from Friday's 14.38 (year ago it was 14.76) the P/E estimate is 12.70 unchanged from Friday's 12.59 (year ago it was 14.50) and the current dividend yield is 2.66 unchanged from Friday's 2.66 (it was 3.13 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 1,410.40 up 27.54 from Friday's closing numerator of 1,382.86. 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 27.54 for Monday by the divisor (0.132129493) you get the increase in Monday's Dow of 208.44. 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 $47.01 up 0.91 from Friday's Dow Jones Industrial Average average closing price of $46.10. The median closing price of Monday's Dow Jones Industrial Average was $43.32 up $0.93 from Friday's median price of $42.39. The lowest volume was 3M MMM $87.41 +1.87 2.19% 3,605,795 NYSE and the highest volume again was Bank of America BAC $14.44 +0.40 2.85% 129,830,354 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 made $2,744 ($141,030 - $138,286).

MarketWatch 8/2/10 Mon. 4:58 pm by Jonathan Cheng, Kristina Peterson says U.S. stock investors Monday kicked off the month with a bang, pouring into stocks, oil and the euro as hopes grew for a robust global economic rebound. The Dow Jones Industrial Average (DJIA 10,674, +208.51, +1.99%) closed up 208.44 points, or 1.99%, at 10,674.38, with all of its 30 components in the black. The strong start to August comes on top of a July that saw the Dow climb 7.1%, its biggest monthly gain since July 2009. The market burst out of the gate with triple-digit gains following stronger-than-expected quarterly reports from European banks, and hung on to its gains after a better-than-forecast July reading of the Institute for Supply Management's manufacturing index and an unexpected climb in June construction spending. Also helping stocks were encouraging manufacturing numbers from Europe.
The Nasdaq Composite (COMP 2,295, +40.66, +1.80%) gained 1.8% to 2,295.36. The Standard & Poor's 500 (SPX 1,126, +24.26, +2.20%) jumped 2.2% to 1,125.86. Those gains helped the two indexes climb back into the black for the year. Volumes, however, were relatively light, with New York Stock Exchange composite volume of 4.3 billion shares. Companies with significant global exposure led the Dow's climb as confidence mounted in the overseas economic recovery. Alcoa shares(AA 11.75, +0.04, +0.34%) were the biggest gainers, adding 4.8%, while DuPont shares (DD 41.60, -0.02, -0.05%) rose 2.3%. Financials strengthened, boosted by upbeat earnings from HSBC Holdings (HBC 53.84, +0.10, +0.19%) and BNP Paribas (BNPQY 36.76, +2.50, +7.30%) . Bank of America (BAC 14.43, -0.01, -0.07%) advanced 2.9%, and J.P. Morgan Chase (JPM 41.60, -0.04, -0.10%) rose 3.4%. Investors said strong earnings in Europe were contributing to a rise not just in financials but across the broad market. This July resembled the previous July in several key respects. U.S.-listed shares of HSBC (HBC 53.84, +0.10, +0.19%) , Europe's largest bank by market capitalization, jumped 5.2% after the bank's first-half net profit more than doubled to $6.76 billion, as loan impairments and other provisions fell to their lowest level since the start of the financial crisis. BNP Paribas shares np (FR:BNP 55.49, +2.78, +5.27%) (BNPQY 36.76, +2.50, +7.30%) jumped in France and on the pink sheets after the company posted a 31% surge in second-quarter profit, beating market expectations. Monday's bank earnings helped boost European markets. The Stoxx Europe 600 index (ST:SXXP 262.09, +6.74, +2.64%) gained 2.6%, while France's CAC-40 (FR:PX1 3,752, +108.89, +2.99%) climbed 3%. The Hang Seng closed up 1.8%, and the Shanghai Composite gained 1.8%, bucking a weaker-than-expected piece of manufacturing data. China's manufacturing activity expanded at the slowest pace in 17 months in July, a reflection that government tightening measures and growing uncertainty over global demand is weighing on the country's economic expansion. Energy stocks jumped as crude-oil prices climbed above $81 a barrel. Exxon Mobil (XOM 61.90, -0.04, -0.07%) rose 3.8%, and Chevron (CVX 77.86, +0.06, +0.07%) gained 2.1%. Anadarko Petroleum (APC 53.27, +4.11, +8.36%) jumped 8.4% after Western Gas Partners /(WES 24.50, +0.54, +2.25%) agreed to acquire Anadarko's natural-gas assets in northeastern Colorado in a deal valued at $498 million. Telecommunications stocks also strengthened as BlackBerry maker Research In Motion's (RIMM 57.26, +0.28, +0.49%) decline boosted rivals. Research In Motion's shares slipped 1% after the United Arab Emirates said it would block the firm's BlackBerry services starting in October because of a dispute over the way the smartphone maker handles electronic data. Saudi Arabia also indicated it would rein in the services to the device. Meanwhile, Sprint Nextel /(S 4.68, +0.11, +2.41%) climbed 2.4%, AT&T (T 26.62, +0.03, +0.11%) gained 2.5% and Verizon (VZ 29.55, -0.01, -0.03%) advanced 1.7%. Technology components climbed. Hewlett-Packard (HPQ 46.04, -1.52, -3.20%) gained 3.3%, Cisco Systems (CSCO 23.80, +0.73, +3.16%) rose 3.2% and Intel (INTC 21.17, +0.02, +0.10%) climbed 2.7%. Federal Reserve Chairman Ben Bernanke said Monday that, while the U.S. economy continues to grow at a moderate pace, constraints remain on the recovery. Speaking at the 64th annual meeting of the Southern Legislative Conference, Bernanke said the U.S. had a "considerable way to go to achieve a full recovery in our economy, and many Americans are still grappling with unemployment, foreclosure and lost savings." Among stocks in focus, MetLife (MET 42.81, +0.08, +0.19%) gained 1.6% after the life insurer increased by about $1 billion the amount it plans to raise in a share sale to fund its acquisition of American International Group's (AIG 40.24, +0.20, +0.51%) American Life Insurance Co. unit. Humana shares (HUM 47.02, -1.71, -3.51%) climbed 3.6% after the managed-care provider said its second-quarter net income rose to $2 a share from $1.67 a share. The insurer also raised its full-year earnings guidance. The dollar weakened against the euro and gained slightly on the yen. The euro approached the $1.32 level, trading at $1.3170. The U.S. Dollar Index (DXY 80.90, -0.64, -0.78%) , which tracks the U.S. currency against a basket of six others, fell 0.8%. Demand for safe-haven Treasurys fell slightly, with the yield on the 10-year note (UST10Y 2.97, +0.06, +2.17%) rising to 2.96%. Gold futures rose modestly.

Monday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market

AT&T T $26.59 +0.65 2.51% 35,078,652 NYSE
Alcoa AA $11.71 +0.54 4.83% 25,859,021 NYSE
Amex AXP $44.99 +0.35 0.78% 9,517,551 NYSE
Bank of Am BAC $14.44 +0.40 2.85% 129,830,354 NYSE
Boeing BA $69.69 +1.55 2.27% 5,392,494 NYSE
Caterpillar CAT $71.05 +1.30 1.86% 6,268,187 NYSE
Chevron CVX $77.8 +1.59 2.09% 11,820,287 NYSE
CSCO $23.8 +0.73 3.16% 42,901,398 NASDAQ-GS
Coke KO $56.41 +1.30 2.36% 15,793,859 NYSE
Disney DIS $34.48 +0.79 2.34% 9,886,810 NYSE
DuPont DD $41.62 +0.95 2.34% 9,865,997 NYSE
Exxon XOM $61.94 +2.26 3.79% 28,074,704 NYSE
GE $16.41 +0.29 1.8% 67,259,660 NYSE
Hewlett-Pack HPQ $47.56 +1.52 3.3% 12,773,877 NYSE
Home Depot HD $29.12 +0.61 2.14% 17,828,947 NYSE
Intel INTC $21.15 +0.55 2.67% 50,160,649 NASDAQ-GS
IBM $130.76 2.36 1.84% 6,390,057 NYSE
JPMorgan JPM $41.64 +1.36 3.38% 35,495,107 NYSE
Johnson & John JNJ $58.72 +0.63 1.08% 11,420,470 NYSE
Kraft KFT $29.49 +0.28 0.96% 7,691,418 NYSE
McDonalds MCD $70.25 +0.52 0.75% 5,840,248 NYSE
MRK $35.07 +0.61 1.77% 12,064,269 NYSE
MSFT $26.33 +0.52 2.01% 54,906,518 NASDAQ-GS
Pfizer PFE $15.48 +0.48 3.2% 54,709,235 NYSE
Proct & GamPG $62.06 +0.90 1.47% 11,138,377 NYSE
MMM $87.41 +1.87 2.19% 3,605,795 NYSE
Travelers TRV $50.85 +0.40 0.79% 4,932,632 NYSE
United Tech UTX $72.61 +1.51 2.12% 3,757,259 NYSE
Veriz VZ $29.56 +0.50 1.72% 24,983,917 Dual Listed
Walmart WMT $51.41 +0.22 0.43% 13,827,325 NYSE

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The following are excerpts from Monday's morning Blog.


A read of Monday's issue of Wall St. Journal, Financial Times ,New York Times, Atlanta Journal Constitution, & Daily Report (Ga.), 8/2/10 issue of Barron's & 7/30 -8/5/10 issue of Atlanta Business Chronicle 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 10,465.94 down 1.22 or 0.01% from Thursday's close of 10,467.16. For the week the Dow is up 41.32 or 0.04% from last Friday's close of 10,424.62. For the year the Dow is up 0.36%. For the month of July the Dow was up 691.92 points 7.1%. Of the 30 Dow Companies: 16 gained and 14 declined. The biggest gainer dollar-wise was Boeing BA $68.14 +0.92 1.37% 6,008,869 NYSE and percentage-wise was Home Depot HD $28.51 +0.46 1.64% 14,793,828 NYSE NYSE. The biggest decliner dollar-wise was 3M MMM $85.54 -0.80 0.93% 4,601,184 NYSE and percentage-wise was Intel INTC $20.6 -0.43 2.04% 67,166,258 NASDAQ-GS.

Friday's Dow Jones Industrial Average closing numerator was 1,382.86 down 0.16 from Thursday's closing numerator of 1,383.02. 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 0.16 for Friday by the divisor (0.132129493) you get the decrease in Friday's Dow of 1.22. 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 $46.10 unchanged from Thursday's Dow Jones Industrial Average average closing price of $46.10. The median closing price of Friday's Dow Jones Industrial Average was $42.39 down $0.06 from Thursday's median price of $42.39. The lowest volume was 3M MMM $85.54 -0.80 0.93% 4,601,184 NYSE and the highest volume again was Bank of America BAC $14.04 +0.01 0.07% 129,713,831 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 lost $15 ($138,301 - $138,286).

MarketWatch 7/30/10 Fri. 4:31 pm by Claudia Assis, Kate Gibson, Deborah Levine says a modicum of confidence returned to markets in July, as U.S. and European stocks erased much of the losses inked in prior months and investors took heart that slow growth is better than none at all, dumping gold and the U.S. dollar in light of this more sanguine view. The recovery in stocks, oil and other hard-hit investments puts investors on a more stable footing as they head into August. Precious-metals mutual funds lost almost 9% in July as concerns about global economic woes eased. Concerns about a debt debacle in Europe galvanized Wall Street in May and June, punishing stocks and pushing gold to a string of record highs. July was kinder by far, even as solid earnings results were tarnished by concerns about the slow pace of the U.S. recovery. Such worries were reinforced Friday, when the Commerce Department reported the U.S. economy expanded at 2.4% annualized rate in the second quarter, compared to 3.7% in the previous three months. Nonetheless, the stock market, a barometer of the general mood about the economy, has recovered about half the ground lost since the end of April. Treasurys have held onto modest gains, sending yields on short-term maturities to record lows; and gold, traditionally considered a harbinger of doom, has suffered its first monthly loss in four. Markets swung widely in May and June as worries spread that high debt and deficit problems in European countries, starting with Greece, would hit European banks, curtail the region's economic growth, and cascade to the U.S. and other parts of the globe. There was even talk about whether the euro would survive the crisis. Wall Street has moved on from the global economic worries highlighted by Europe's debt trouble. The Dow Jones Industrial Average (DJIA 10,466, -1.22, -0.01%) is on pace to record its biggest month gain in a year, up 7.3% for the nearly ended July. The index, which had finished just above the 11,000 level in April, went on to lose 11% in May and June combined. The Standard & Poor's 500 Index (SPX 1,102, +0.07, +0.01%) has gained 7.2% in July, after losing 8.2% in May and then another 5.4% in June. The Nasdaq Composite Index /quotes/comstock/10y!i:comp (COMP 2,255, +3.01, +0.13%) has gained 7.1% for July, after tumbling 8.3% in May and another 6.6% in June. The Stoxx Europe 600 (ST:SXXP 255.35, -0.91, -0.36%) , a benchmark for European shares, gained 4.9% in July, rebounding from three straight months of losses. And emerging markets have also recovered, with the MSCI Barra Emerging Markets Index up about 8%, on track for its strongest gain since at least March. Still, stocks lost a bit of air as the month wound down, with the major U.S. indexes struggling to post slight gains for the final week. What's proved to be a largely positive second-quarter earnings season has been overshadowed instead by concerns surrounding the domestic recovery, with even bulls agreeing that the U.S. economy hit a rough patch in recent months. Bonds have mostly held their ground, with Treasurys of all maturities returning 0.2% in July, adding to gains of 6.1% so far this year. The current environment is just about perfect for Treasurys. Treasurys remain attractive to many investors as outlook of slow growth reduces the risk of inflation eroding the value of bonds' fixed payments. As bond prices have gained, yields have fallen. Two-year note yields (UST2YR 0.55, -0.03, -5.30%) have fallen to 0.55%, touching a fresh record low Friday, from 0.62% at the end of June and far from the high of the year, 1.18% in early April. See Bond Report for more on falling Treasury yields. Yields on 10-year notes (UST10Y 2.91, -0.08, -2.71%) , the benchmark for many consumer and corporate loans, are down slightly to 2.91% from 2.95% at the end of June. They, too, are far lower than the 3.99% reached in early April, and earlier in July they touched the lowest since April 2009. Thirty-year bonds' yields (UST30Y 3.99, -0.09, -2.21%) are 4%. That's up from 3.85% at the end of June, but still lower than levels seen in late May and the 2010 high of 4.78% in early April. The fading risk of inflation is good for bonds and consumers in general, but has been bad news for gold. The precious metal, bought by some on fears of rampant inflation, has lost nearly 6% since it hit a nominal record high of $1,258.30 an ounce on June 18. Gold lost 5% in July. Investors flocked to gold as concerns about the demise of the euro amid a European debt crisis hit fever pitch. It has suffered as those fears subsided. No sign of inflation in the horizon means that few investors but hard-core gold bugs have any incentive to pile up on gold, he added. The dollar was in a similarly hard spot in July, having lost the engine of its ascent in May and June. As concerns about the European debt crisis faded into the rearview mirror, the U.S. currency lost support from investors seeking a safe-haven from the euro. The dollar suffered a double-whammy, however, as weaker economic news kept away investors who might buy the dollar on the idea that faster U.S. growth would prompt the Federal Reserve to raise interest rates, making the dollar more attractive. But the U.S. is still better positioned to stage a full recovery quicker than euro-zone countries and Great Britain, which implemented more austere government budgets. Tempus looks for the euro to change hands at $1.23 at the end of the year, provided macroeconomic reports show an improving picture in the U.S. The euro has gained 6.8% against the dollar this month, extending its recovery after touching a 4-year low around $1.19 in early June. The dollar index (DXY 81.58, -0.06, -0.07%) , which compares the U.S. currency to a basket of six currencies, has lost 5.2% in July, and is off 7.8% from its high at the beginning of June. For the year, the euro is down 8.8% against the dollar and the dollar index is up 4.7%.
Crude-oil futures gained 4.4% in July to settle just under $79 a barrel, the most-active contract's best month since March. Oil notched losses of 14% in May, and posted a subdued gain of 2.2% in June. Oil futures held a tight correlation with U.S. stocks, as rising equities were taken as signs of improving macroeconomic conditions and future energy demand. A weaker dollar also helped oil, making the hard asset less expensive for holders of other currencies and enhancing its appeal as an alternative investment. But, as GDP numbers made plain on Friday, the macroeconomic situation is still precarious, and challenges abound. While the Europe's recent bank stress tests soothed Wall Street somewhat, the risk remains for further economic trouble in the region, despite positive economic data from the continent, in particular from Germany. July marked the return of investor willingness to take on more risk, with so-called risk currencies such as the euro and pound started to climb. Long-term challenges include still-wobbly housing and jobs markets, rising federal and state government debt, and a subdued consumer, growing more politically and personally averse to spending, which would have negative consequences on growth.

AT&T T $25.94 -0.08 0.31% 25,197,588 NYSE: NYT pB2 "As iPad Gains, Others Will Lose" says a shift from PCs to the iPad would hurt Intel and AMD, the 2 big semiconductor makers. Instead of using a chip whose roots lie in desktop computing where Intel has its stronghold, Apple used one from the cellphone world. Reduced sales of computes running Windows would hurt Microsoft. AT&T says business demand for the iPad is robust. Apple could sell 25 million iPads next year.

Alcoa AA $11.17 +0.15 1.36% 22,584,496 NYSE: No mentions found.

Amex AXP $44.64 +0.08 0.18% 7,309,164 NYSE: Barron's p11 "Week Preview" says Pfizer reports 2Q earnings on Tuesday 8/3 with consensus estimates of 0.52 and a year ago of 0.48, & on Wed. 8/4 American Express holds a semi-annual meeting with the financial community.

Bank of Am BAC $14.04 +0.01 0.07% 129,713,831 NYSE: Barron's p15 "No Card games" by Andrew Bary says Bank of America's stock has suffered partly because it plans to cut its reliance on fees and charges like debit-card overdraft penalties. The article concludes BofA is a buying opportunity. Bank of America shares, at 14, are down from their April peak of $19.50 and since than have fallen more than shares of its rivals: Citigroup, JPMorgan and Wells Fargo. The price drop makes the stock look appealing, trading for just 7 times potential '12 profits of $2 a share and only 1.1 times projected Sept. 30 tangible book value of $13.

Boeing BA $68.14 +0.92 1.37% 6,008,869 NYSE: No mentions found.

Caterpillar CAT $69.75 +0.35 0.5% 7,204,198 NYSE: No mentions found.

Chevron CVX $76.21 +0.19 0.25% 16,958,006 NYSE: No mentions found.

Cisco CSCO $23.07 -0.14 0.6% 41,931,170 NASDAQ-GS: No mentions found.

Coke KO $55.11 +0.12 0.22% 8,155,539 NYSE:

Barron's p12 "Can Coca-Cola Quench Investors' Thirst?" by Christopher Williams says Coke uncapped the most surprising outlook of the earnings season when CEO Muhtar Kend said during the 2Q conference call that No. America will be a growth market of great opportunities for the next 10 years and beyond. Most global giants tout their emerging markets strength these days but Coke claims to see added promise closer to hime, where soda sales have been declining for year.

Atl Bus Chron p1A "Coca-Cola pours $70 M into clean tech fund" by Urvaksh Karkaria says Coke has poured $70 million into cleantech venture funds managed by Element Partners and RockPort Capital Partners.

Disney DIS $33.69 -0.02 0.06% 7,655,391 NYSE: No mentions found.

DuPont DD $40.67 +0.16 0.39% 5,880,246 NYSE: No mentions found.

Exxon XOM $59.68 -0.66 1.09% 29,215,946 NYSE: WSJ pB3 "As profits improve, share buyback programs also increase" by John Shipman, Paul Vigna says Exxon Mobil among other companies are buying back their stock but that Exxon is a perennial leader in buybacks. It bought back 24 million shares in the 2Q, for $1.6 bil down from 1Q when it bought back $2.5 bil.

GE $16.12 -0.03 0.19% 59,944,010 NYSE: WSJ pB1 "Free content isn't a right, nor is his job, CEO Says" by Sam Schechneris an interview with GE's NBC Universal CEO Jeff Zucker.


Hewlett-Packard HPQ $46.04 -0.37 0.8% 12,573,894 NYSE: Barron's p21 "Earnings-Season Worries" by Eric Savitz says uncertainty unsettles investors, but there are bargain stocks, including printer companies. Paul Wick, tech-fund portfolio manager with J.&W. Seligman says he sees a pure cyclical play in the printer and copier sector, which he says i seeing improving demand to the benefit of Hewlett-Packard and Exerox. HP rival Lexmark last week posted blowout 2Q results.

Home Depot HD $28.51 +0.46 1.64% 14,793,828 NYSE: No mentions found.

Intel INTC $20.6 -0.43 2.04% 67,166,258 NASDAQ-GS: NYT pB2 "As iPad Gains, Others Will Lose" says a shift from PCs to the iPad would hurt Intel and AMD, the 2 big semiconductor makers. Instead of using a chip whose roots lie in desktop computing where Intel has its stronghold, Apple used one from the cellphone world. Reduced sales of computes running Windows would hurt Microsoft. AT&T says business demand for the iPad is robust. Apple could sell 25 million iPads next year.

IBM 128.4 +0.38 0.3% 6,002,285 NYSE:

JPMorgan JPM $40.28 +0.07 0.17% 26,320,883 NYSE: Barron's p15 "No Card games" by Andrew Bary says Bank of America's stock has suffered partly because it plans to cut its reliance on fees and charges like debit-card overdraft penalties. The article concludes BofA is a buying opportunity. Bank of America shares, at 14, are down from their April peak of $19.50 and since than have fallen more than shares of its rivals: Citigroup, JPMorgan and Wells Fargo. The price drop makes the stock look appealing, trading for just 7 times potential '12 profits of $2 a share and only 1.1 times projected Sept. 30 tangible book value of $13.

Johnson & Johnson JNJ $58.09 +0.26 0.45% 12,931,124 NYSE: No mentions found.

Kraft KFT $29.21 +0.10 0.34% 6,928,238 NYSE: Fin times p18 "Week Ahead", WSJ pC2 "The Ticker" says on Wed Pfizer with estimates of .52 vs. year ago of .48 and Procter and Gamble (.73/.80) report earnings as does Kraft (.52/.56) on Thurs. Fin Times says US results for Kraft are expected to be lacklustre due to a weak economy and a drive by Walmart to cut prices of basic goods.

McDonalds MCD $69.73 0.35 0.5% 5,745,880 NYSE: Barron's pm4 "Double Dip didn't Happen" by Kopin Tan says the threat of a double-dip recession is over. Treasury buyers drove yields to record lows, and firms like McDonald's and Kimberly Clark are rushing to sell debt to capitalize on low interest rates.

Barron's pM8 "Companies Storm Debt markets" by Randall Forsyth, WSJ pB7 "Hold the lettuce" say McDonald's agreed to pay investors 3.5% on its 10 year debt offering priced on Wed, the lowest rate ever for such an issue by an US firm.

Merck MRK $34.46 +0.60 1.71% 21,623,861 NYSE: No mentions found.

Microsoft MSFT $25.81 -0.22 0.85% 83,058,934 NASDAQ-GS: WSJ pA1 "Microsoft Quashed Effort to boost online privacy" by Nick Wingfield says in '08 Microsoft's product planners for the Explorer 8.0 browser intended to give users a simple way to avoid being tracked online but after heated internal debate they decided to make it difficult for users to turn on privacy settings.

NYT pB2 "As iPad Gains, Others Will Lose" says a shift from PCs to the iPad would hurt Intel and AMD, the 2 big semiconductor makers. Instead of using a chip whose roots lie in desktop computing where Intel has its stronghold, Apple used one from the cellphone world. Reduced sales of computes running Windows would hurt Microsoft. AT&T says business demand for the iPad is robust. Apple could sell 25 million iPads next year.

Pfizer PFE $15 -0.09 0.6% 43,993,725 NYSE: Barron's p11 "Week Preview" says Pfizer reports 2Q earnings on Tuesday 8/3 with consensus estimates of 0.52 and a year ago of 0.48, & on Wed. 8/4 American Express holds a semi-annual meeting with the financial community.

WSJ pC2 "The Ticker" says on Wed Pfizer with estimates of .52 vs. year ago of .48 and Procter and Gamble (.73/.80) report earnings as does Kraft (.52/.56) on Thurs.

Procter & Gamble PG $61.16 -0.51 0.83% 11,850,437 NYSE: WSJ C1 "Ahead of the Tape" by Kelly Evans says Cyclical stocks highly sensitve to US consumer spending have been underperforming lately. Meanwhile, the S&P Consumer Staples index, which includes stodgier defensive names such as Procter & Gamble and Walmart, is down about 3.4%.

WSJ pC2 "The Ticker" says on Wed Pfizer with estimates of .52 vs. year ago of .48 and Procter and Gamble (.73/.80) report earnings as does Kraft (.52/.56) on Thurs.

3M MMM $85.54 -0.80 0.93% 4,601,184 NYSE: No mentions found.

Travelers TRV $50.45 -0.07 0.14% 5,742,188 NYSE: No mentions found.

United Technologies UTX $71.1 -0.05 0.07% 4,702,473 NYSE: No mentions found.

Verizon VZ $29.06 +0.18 0.62% 19,080,073 Dual Listed: No mentions found.

Walmart WMT $51.19 +0.13 0.25% 13,535,627 NYSE: WSJ C1 "Ahead of the Tape" by Kelly Evans says Cyclical stocks highly sensitve to US consumer spending have been underperforming lately. Meanwhile, the S&P Consumer Staples index, which includes stodgier defensive names such as Procter & Gamble and Walmart, is down about 3.4%.


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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 7/25/10 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.