8/9/10 Mon pm Dow Closes 10,698.75 up 45.19 or 0.42%

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Post No. 578. 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.

On August 2, 2010 Intellivest Securities Research, Inc. published a 66 page research report on AT&T saying it was a buy. For information as to how to obtain a copy of the Report please contact Dan Kolber at email: dkolber@intellivestsecurities.com or call him at 678-595-9756. For excerpts see this Blog's 8/4/10 Entry Headlined "AT&T Research Report."

The Dow Jones Industrial Average closed Monday at 10,698.75 up 45.19 or 0.42% from Friday's close of 10,653.56. Of the 30 Dow Companies: 26 gained, Intel was unchanged and 3 declined. The biggest gainer dollar-wise was IBM $132 +1.86 1.43% 6,127,391 NYSE and percentage-wise was Cisco CSCO $24.77 +0.70 2.91% 63,912,913 NASDAQ-GS. The biggest decliner dollar-wise was J.P.Morgan Chase JPM $39.82 -0.62 1.53% 37,635,811 NYSE and percentage-wise was GE $16.38 -0.07 0.43% 39,840,742 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 14.41 down from Friday's 14.43 (year ago it was 15.14) the P/E estimate is 12.80 up from Friday's 12.70 (year ago it was 14.75) and the current dividend yield is 2.62 up from Friday's 2.61 (it was 3.04 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 1,413.62 up 5.97 from Friday's closing numerator of 1,407.65. 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 5.97 for Monday by the divisor (0.132129493) you get the increase in Monday's Dow of 45.19. 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 $47.12 up $0.20 from Friday's Dow Jones Industrial Average average closing price of $46.92. The median closing price of Monday's Dow Jones Industrial Average was $41.79 down $0.18 from Friday's median price of $41.97. The lowest volume was Travelers TRV $50.61 +0.34 0.68% 2,244,764 NYSE and the highest volume again was Bank of America BAC $13.91 -0.05 0.36% 121,308,493 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 $597 ($140,765 - $141,362 - $140,765).

MarketWatch 8/9/10 Fri. 4:20 pm by Nick Godt says U.S. stocks ended higher on Monday, with investors for now overcoming concerns about the slowing economy amid speculation the Federal Reserve will revive measures to provide a boost. The central bank meeting is on Tuesday. The Dow Jones Industrial Average (DJIA 10,699, +45.19, +0.42%) rose 45.19 points, or 0.4%, to end at 10,698.75, with 25 of its 30 component stocks rising, led by a 2.9% gain in shares of Cisco Systems (CSCO 24.81, +0.04, +0.16%) . Shares of Hewlett-Packard (HPQ 42.70, +0.10, +0.24%) slumped 8% after the resignation of chief executive Mark Hurd in the wake of a sexual-harrassment probe. The S&P 500 (SPX 1,128, +6.15, +0.55%) gained 6.15 points, or 0.6%, to 1,127.79, led by the consumer discretionary sector. The Nasdaq Composite (COMP 2,306, +17.22, +0.75%) rose 17.22 points, or 0.8%, to 2,305.69

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

AT&T T $26.86 +0.32 1.21% 22,420,028 NYSE
Alcoa AA $11.66 +0.07 0.6% 14,546,787 NYSE
American Express AXP $43.75 +0.25 0.57% 5,069,433 NYSE
Bank of America BAC $13.91 -0.05 0.36% 121,308,493 NYSE
Boeing BA $68.99 +0.29 0.42% 2,896,352 NYSE
Caterpillar CAT $72.07 +0.51 0.71% 3,624,306 NYSE
Chevron CVX $79.29 +0.56 0.71% 7,009,967 NYSE
Cisco CSCO $24.77 +0.70 2.91% 63,912,913 NASDAQ-GS
Coca-Cola KO $57.11 +0.36 0.63% 9,289,945 NYSE
Walt Disney DIS $35.16 +0.16 0.46% 7,808,612 NYSE
DuPont DD $42.41 +0.28 0.66% 4,957,445 NYSE
ExxonMobil XOM $62.45 +0.48 0.77% 14,722,673 NYSE
GE $16.38 -0.07 0.43% 39,840,742 NYSE
Hewlett-Packard HPQ $42.6 +0.60 1.43% 200,485,418 NYSE
Home Depot HD $28.7 +0.02 0.07% 8,352,979 NYSE
Intel INTC $20.65 unch unch 46,044,284 NASDAQ-GS
IBM $132 +1.86 1.43% 6,127,391 NYSE
J.P.Morgan Chase JPM $39.82 -0.62 1.53% 37,635,811 NYSE
Johnson & Johnson JNJ $60.05 +0.09 0.15% 6,659,827 NYSE
Kraft KFT $30.39 +0.03 0.1% 7,402,018 NYSE
McDonald's MCD $72.92 +1.18 1.64% 8,919,834 NYSE
Merck MRK $35.36 +0.38 1.09% 10,293,683 NYSE
Microsoft MSFT $25.61 +0.06 0.23% 57,064,674 NASDAQ-GS
Pfizer PFE $16.42 +0.18 1.11% 47,133,078 NYSE
Procter & Gamble PG $60.38 +0.36 0.6% 11,104,651 NYSE
3M MMM $88.03 +0.74 0.85% 3,187,053 NYSE
Travelers TRV $50.61 +0.34 0.68% 2,244,764 NYSE
United Technologies UTX $73.35 +0.62 0.85% 2,665,728 NYSE
Verizon VZ $29.86 +0.31 1.05% 15,324,794 Dual Listed
Walmart WMT $52.06 +0.27 0.52% 8,262,497 NYSE





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The following are excerpts from Monday morning's Blog:

A read of Monday's issues of August 9, 2010 issue of Barron's, Wall St. Journal, Financial Times, New York Times, USA Today, Atlanta Journal Constitution 8/8/10 issue of Atlanta Business Chronicle & Daily Report (Ga) 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 Jones Industrial Average: The Dow Jones Industrial Average closed Friday at 10,653.56 down 21.42 or 0.2% from Thursday's close of 10,674.98. For the year the Dow is up 2.16%. For the week the Dow is up 187.62 or 1.7 % from last Friday's close of 10,465.94. Of the 30 Dow Companies: 11 gained, Verizon was unchanged and 18 declined. The biggest gainer dollar-wise and percentage-wise was Kraft KFT $30.36 +0.70 2.36% 15,434,205 NYSE. The biggest decliner dollar-wise was IBM $130.14 -1.69 1.28% 6,100,735 NYSE and percentage-wise was J.P.Morgan JPM $40.44 -0.83 2.01% 34,373,072 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 14.41 down from Friday's 14.43 (year ago it was 15.14) the P/E estimate is 12.80 up from Friday's 12.70 (year ago it was 14.75) and the current dividend yield is 2.62 up from Friday's 2.61 (it was 3.04 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 1,407.65 down 2.62 from Thursday's closing numerator of 1,410.47. 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 2.62 for Friday by the divisor (0.132129493) you get the decrease in Friday's Dow of 21.42. 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 $46.92 down up $0.10 from Thursday's Dow Jones Industrial Average average closing price of $47.02. The median closing price of Friday's Dow Jones Industrial Average was $41.97 down $0.28 from Thursday's median price of $42.25. The lowest volume was 3M MMM $87.29 -0.43 0.49% 2,691,391 NYSE and the highest volume again was Bank of America BAC $13.96 -0.06 0.43% 134,339,675 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 $282 ($141,047 - $140,765).

MarketWatch 8/6/10 Fri. 4:45 pm by Kristina Peterson says U.S. stocks finished well off earlier lows on Friday, leaving intact strong weekly gains, as investors re-assessed news of worse-than-expected job losses in July amid hopes that the Federal Reserve might next week hint at new steps to boost the economy. The Dow Jones Industrial Average /(DJIA 10,654, -21.42, -0.20%) fell 21.42 points, or 0.2%, to end at 10,653.56. The blue-chip index recovered much of a 160-point morning drop to gain 1.8% during a week of light volumes. Investors piled into Treasurys after the release of the government's monthly jobs data, pushing the yield on the 10-year note to its lowest level in more than a year. Read about Treasury bonds. Also weighing Friday was a decline in consumer credit amid increased saving by American households. Consumer credit outstanding fell 0.7% in June, while the national savings rate rose to 6.4% from 6.3% in May, the Federal Reserve said in a report late Friday. The Nasdaq Composite (COMP 2,288, -4.59, -0.20%) pared its losses to end 0.2% lower at 2288.47, while the Standard & Poor's 500-stock index (SPX 1,122, -4.17, -0.37%) finished down 0.4% at 1,121.64, hovering around its 200-day moving average after falling below it earlier in the day. Cyclical stocks declined, while defensive shares in health-care, utilities and consumer staples helped limit the damage. The jobs report, which showed nonfarm payrolls fell by a larger-than-expected 131,000 last month, added to a stream of economic data over recent weeks that indicate the American recovery continues to weaken, and stoked fears the country could still fall back into a recession. Compounding worries is that consumer spending, which makes up 70% of economic activity, could further erode in the face of persistently high unemployment rates. And investors remain wary about how the weak job numbers will influence the Federal Reserve's decision at next week's meeting whether to alter its strategy for managing its $1.1-trillion portfolio of mortgage-backed securities or take other measures to spur the economy. Treasurys rallied as demand for the safe-haven assets surged. The 10-year Treasury note rose, pushing its yield (UST10Y 2.82, -0.08, -2.72%) down to 2.824%, hitting its lowest level since April 2009. The stock slide has "breathed new life into the 10-year," said Kevin Flanagan, fixed income strategist for global wealth management with Morgan Stanley. The dollar hit its 2010 low against the yen and weakened against the euro. After piercing $1.33 to a three-month high, the euro (EURUSD 1.3281, +0.0095, +0.7205%) was trading recently around $1.3290, up from $1.3186 late Thursday in New York. The U.S. Dollar Index (DXY 80.39, -0.43, -0.54%) , which tracks the U.S. currency against a basket of six others, shed 0.6%. Read about the dollar, euro.
Gold prices rose above the $1,200 psychological benchmark as investors moved to the perceived safety of the metal. The U.S. dollar, which weakened after the jobs report, is further helping the dollar-denominated metal by making it less expensive for buyers using other currencies. Read about gold. European markets lost earlier gains on encouraging earnings from European banking and insurance groups. The Europe Stoxx 600 (ST:SXXP 258.71, -2.77, -1.06%) closed down 1.1%, turning negative in the wake of the U.S. jobs report. Stocks tend to move more dramatically when volume is light, as it was on the U.S. exchanges Friday, with 3.1 billion shares changing hands in New York Stock Exchange Composite volume. Traders said there were few incentives to stake out new positions ahead of the weekend, especially in the wake of such disappointing data. Nonfarm payrolls fell by 131,000 last month, more than the drop of 60,000 economists had expected, the Labor Department said Friday. Only 71,000 private-sector jobs were added last month. The government also revised lower June's data to reflect a payrolls drop of 221,000, more than the 125,000 decline previously reported. Among stocks in focus, AIG AIG 40.83, -0.10, -0.24%) rose 2.6% as the company's insurance business generated an operating profit, though the bailed-out insurance behemoth swung to a second-quarter loss after taking a $3.3 billion write-down on the operations set to be sold to MetLife (MET 41.17, -0.25, -0.60%). Kraft Foods (KFT 30.43, +0.07, +0.24%) gained 2.4% after reporting a 13% jump in its second-quarter profit as its new Cadbury business helped drive sales in developing markets in Asia and Latin America. Earnings topped Wall Street's expectations and Kraft affirmed its 2010 earnings outlook.

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

AT&T T $26.54 -0.20 0.75% 26,269,920 NYSE: Daily Report p6 "AT&T, Verizon to test mobile payment system" by Bloomberg says the 2 firms picked cities in Texas, Minn and & Utah to test a smartphone payments system that may supplant plastic debit and credit cards.

Barron's p22 "A better BlackBerry: nothing less, but nothing more" by Eric J. Savigtz says the new BlackBerry will start shipping to AT&T customers this week,well ahead of when most mobile-phone gurus had expected. In the coming months, the competition for BlackBerry will grow more competitive, late this year the market will see 2 more major OS upgrades as the first devices emerge on Nokia's Symbian 3 and Microsoft's Phone 7.

Barron's p23 "Our gadget of the week" carrying the torch" says Reserch in Motion will start selling on Thurs through AT&T its BlackBerry Torch, a new version of its signature messaging phone that features a slide out keyboard and a touch sensitive screen.

Barron's pM14 "Research Reports - Research in Motion" by Wunderlich Securities says AT&T s the first operator with the BlackBerry Torch9800, but others are to follow shortly, with GSM/UMTS carriers before CDMA legacy operators like Verizon. Wunderlich has a Buy on Research in Motion.

Alcoa AA $11.59 +0.01 0.09% 17,546,960 NYSE: No mentions found.

American Express AXP $43.5 +0.28 0.65% 8,026,928 NYSE: No mentions found.

Bank of America BAC $13.96 -0.06 0.43% 134,339,675 NYSE:Fin times p13 "Earnings bring respite fro banks" by Megan Murphy says for 2Q Bank of America made $3.1 bil compared to $3.2 in Q1 and $3.2 bil in Q2 '09.

WSJ pC3 "Street ready to slim down" by Liz Rappaport says Bank of America, Goldman Sachs and Morgan Stanely are trying to decide what to do with their proprietary trading and private equity activities in light of the Dodd-Frank law restrictions on fin'l institutions trading exclusively for their own accounts and limiting their investments in private equity or henge funds to 3% of Tier 1 capital.

USA Today p1B "Special Report: Corporation Philanthropy by Christie Garton has a lit of firms with their '09 charitable contributions compared to '08. Leading the the list is WalMart down 10.1% with contributions in '09 of $288,091,839. ExxonMobil is second, Chevron third, 4: GE, 5th is Bank of America with virtually every Dow component on the list.

Barron p16 "Visa to a digital world" by Mark Veverka says Visa shares have taken a 20% whack from the uncertainty created in May by an amendment to the Fin'l Reform Act that mandates the Fed Res regulate the fees debit card issuers charge merchants. Bank of America warned that fees could be cut by as much as 60% to 80% costing Bank of America $2.3 bil in rev. Big retailers like Walmart will benefit.

Boeing BA $68.7 -0.01 0.01% 4,482,010 NYSE: WSJ pA1 "US to sell F-15s to Saudis" by Adam Entous says the Obama admin plans to sell advanced F-15 fighter jets to Audi Arabia bu won't equip them with long range weapons systems and other arms whose inclusion was strongly opposed by israel. It is a $30 bil, 10 year arms package. The 84 Boeing F-15s will have onboard targeting systems. The Saudi deal will include dozens of HU-60 Black Hawk helicpoters made by United Technologies Crop.s Sikorsky Aircraft unit.

Caterpillar CAT $71.56 -0.40 0.56% 5,448,822 NYSE: No mentions found.

Chevron CVX $78.73 -0.34 0.43% 8,963,711 NYSE: USA Today p1B "Special Report: Corporation Philanthropy by Christie Garton has a lit of firms with their '09 charitable contributions compared to '08. Leading the the list is WalMart down 10.1% with contributions in '09 of $288,091,839. ExxonMobil is second, Chevron third, 4: GE, 5th is Bank of America with virtually every Dow component on the list.

Cisco CSCO $24.07 -0.10 0.41% 40,396,606 NASDAQ-GS: WSJ pB2 "Happening This Week" says on Tues Disney reports & on Wed Cisco Systems reports.

WSJ pC2 "The Ticker" says Disney is estimated to have 58 cents a share vs. actual 52 a year ago and Cisco is 42/31.

Coca-Cola KO $56.75 +0.38 0.67% 8,964,382 NYSE: Barron's pM11 "How to avoid seller's remorse" by Steven Sears says there area list of stocks that are trading at prices above their one year average prices so it may be good to buy calls that expire in Sept. The list includes Coca-Cola.

Walt Disney DIS $35 +0.02 0.06% 8,052,034 NYSE: WSJ pB2 "For Disney, magic comes from movies" by Ethan Smith says when Disney reports quarterly fin'l results on Tues, it will include a box amount from Alice in Wonderland, Toy Story 3 and Iron Man 2.

WSJ pB2 "Happening This Week" says on Tues Disney reports & on Wed Cisco Systems reports.

WSJ pC2 "The Ticker" says Disney is estimated to have 58 cents a share vs. actual 52 a year ago and Cisco is 42/31.

DuPont DD $42.13 -0.35 0.82% 7,985,570 NYSE: Barron's p25 "Talking with Mark Freeman, Portfolio Manger, WHG Income Opportunity" by Michael Shari says he likes DuPont as a high quality firm that gets snubbed despite reporting earnings that top Wall St. estimates. It is a company that does better than expected and the market just yawns. DuPont has free cash flow yield of 11.6% and a dividend yield of 4.5%.

ExxonMobil XOM $61.97 -0.74 1.18% 23,057,881 NYSE: Barron's pM3 "Slow Growth story restrains gain in stocks" by Kopin Tan says QCI Asset Management's Ed Shill likes ExxonMobil which boosts a 2.8% dividend.

GE $16.45 -0.07 0.42% 58,771,277 NYSE: USA Today p1B "Special Report: Corporation Philanthropy by Christie Garton has a lit of firms with their '09 charitable contributions compared to '08. Leading the the list is WalMart down 10.1% with contributions in '09 of $288,091,839. ExxonMobil is second, Chevron third, 4: GE, 5th is Bank of America with virtually every Dow component on the list.

WSJ pB4 "Brands are friending social gaming" by Suzanne Vranica says Mcdonald's, Honda and others are making a push into social gaming to promote their brands, as Madison Ave begins to take notice of the latest Web craze that is drawing growing numbers of people to games on social networks. Firms such s Microsoft and Ge's Universal Studio Home Entertainment have been experimenting with advertising on social games.

Hewlett-Packard HPQ $46.3 -0.05 0.11% 14,474,632 NYSE: WSJ pA1 "Woman in Hurd case regrets dismissal" by Ben Worthen says Jodie Fisher, 50, regrets costing Hurd his job, says that wasn't her intent and they didn't have a sexual relationship. Related stories: WSJ pB1 "Mark Hurd neglected to follow H-P code" by Ben Worthen, WSJ pB1 "H-P looks beyond its ranks" by Pui-Wing Tam, NYT pB2 "Division of roles could help HP." & Fin Times p12 "Lapses mark out corporate morality tale" by Richard Waters.

USA Today p1B "Will Hurd's sex harassment scandal tarnish HP?" y Jon Swartz says experts are split on how Hurd's abrupt resignation will play out. HPQ had $114.6 bil in rev in its last fiscal year and has 300,000 employees.

Barron's p12 "Week in Review" "HP's Hurd Quit", WSJ pA1 Headline "H-P Chief Quits in Scandal" by Ben Worthen, NYT pA1 "Hewlett-Packard ousts chief for hiding payments to friend" by Ashlee Vance, AJC pA12 "CEO resigns after probe" by Ap says Hewlett-Packard's CEO Mark Hurd stepped down following a proble that found he falsified expense repports related to a former HP contractor who accused him of sexual harassment. HP's shares dropped 10%. CFO Cathie Lesjak, 51, was named acting CEO. Hewlett-Packard was founded in 1939, is based in Palo Alto, Ca, ships 48 million pc units a year, manages 200 data centers, has a market cap of about $98 bil, with rev of $114.6 bil for fiscal year ended 10/31 and has 304,000 employees. Related story pA10 "H-P Curse: one departure after another" by Scott Thurm.

Barron's p11 "Not so happy talk at happy hour" by Michael Santoli says professional investors seem to be in a persistent sate of reverse sticker shock regarding Big Tech stocks. The margquee names of the go go tech market of the 90s look cheap by most measures,and yet the stocks just sit there. Microsoft, Intel, Oracle, IBM and Hewlett-Packard are the big five and they all trade at between 70% and 90% ofthe broad market's price/aernings multiple based on the next 12 months' forecasts, after having spent a decade or more at often wild premiums to the average stock, without even accoutning for the tens of billions in collective cash on their balance sheets. This is jarring to a generation of investors. The market has finally figured out tech firms are subject to all the familiar economic forces. Are Intel chips better than Cheerios or unleadeed regular. Big Tech lack sponsorship and are held back by an abidingly high risk premium being assigned by a skeptical shock wary market.

Barron's p14 "Hurd's resignation may offer opportunity in HP shares" Helwett-Packard EO Mark Hurd was famous for reducing operating costs through slashing payroll. Shares plunged after his resignation cutting $9 bil in market capitalization.

Home Depot HD $28.68 0.03 0.1% 11,184,911 NYSE: No mentions found.

Intel INTC $20.65 -0.0-2 0.1% 50,693,769 NASDAQ-GS: Barron's p11 "Not so happy alk at happy hour" by Michael Santoli says professional investors seem to be in a persistent sate of reverse sticker shock regarding Big Tech stocks. The margquee names of the go go tech market of the 90s look cheap by most measures,and yet the stocks just sit there. Microsoft, Intel, Oracle, IBM and Hewlett-Packard are the big five and they all trade at between 70% and 90% of the broad market's price/earnings multiple based on the next 12 months' forecasts, after having spent a decade or more at often wild premiums to the average stock, without even accounting for the tens of billions in collective cash on their balance sheets. This is jarring to a generation of investors. The market has finally figured out tech firms are subject to all the familiar economic forces. Are Intel chips better than Cheerios or unleaded regular. Big Tech lack sponsorship and are held back by an abidingly high risk premium being assigned by a skeptical shock wary market.

IBM $130.14 -1.69 1.28% 6,100,735 NYSE: Barron's p11 "Not so happy talk at happy hour" by Michael Santoli says professional investors seem to be in a persistent sate of reverse sticker shock regarding Big Tech stocks. The margquee names of the go go tech market of the 90s look cheap by most measures,and yet the stocks just sit there. Microsoft, Intel, Oracle, IBM and Hewlett-Packard are the big five and they all trade at between 70% and 90% of the broad market's price/aernings multiple based on the next 12 months' forecasts, after having spent a decade or more at often wild premiums to the average stock, without even accounting for the tens of billions in collective cash on their balance sheets. This is jarring to a generation of investors. The market has finally figured out tech firms are subject to all the familiar economic forces. Are Intel chips better than Cheerios or unleadeed regular. Big Tech lack sponsorship and are held back by an abidingly high risk premium being assigned by a skeptical shock wary market.

Barron's pM10 "Global bond yields do the limbo" by Randall W. Forsyth says the biggest beneficiaries of the slide in interest rates continue to be bluechip corporations. IBM last week sold $1.5 bil of 3 year notes at just 1%, thelowest coupon rate on corp debt extant and just 30 basis points over the comparable Treasury note at the pricing.

J.P.Morgan JPM $40.44 -0.83 2.01% 34,373,072 NYSE: No mentions found.

Johnson & Johnson JNJ $59.96 +0.20 0.33% 8,511,273 NYSE: No mentions found.

Kraft KFT $30.36 +0.70 2.36% 15,434,205 NYSE: No mentions found.

McDonald's MCD $71.74 +1.29 1.83% 6,756,214 NYSE: No mentions found.

Merck MRK $34.98 -0.09 0.26% 11,629,428 NYSE: WSJ pB3 "Merck: All pediatric vaccines are available" says for the first time since '07, its entire lineup of pediatric vaccines is now available, a milestone in its efforts to recover from a series of vaccine manufacturing and supply setbacks.

Microsoft MSFT $25.55 +0.18 0.71% 55,916,161 NASDAQ-GS: WSJ pB4 "Brands are friending social gaming" by Suzanne Vranica says Mcdonald's, Honda and others are making a push into social gaming to promote their brands, as Madison Ave begins to take notice of the latest Web craze that is drawing growing numbers of people to games on social networks. Firms such s Microsoft and Ge's Universal Studio Home Entertainment have been experimenting with advertising on social games.

Barron's p11 "Not so happy alk at happy hour" by Michael Santoli says professional investors seem to be in a persistent sate of reverse sticker shock regarding Big Tech stocks. The marquee names of the go go tech market of the 90s look cheap by most measures,and yet the stocks just sit there. Microsoft, Intel, Oracle, IBM and Hewlett-Packard are the big five and they all trade at between 70% and 90% of the broad market's price/earnings multiple based on the next 12 months' forecasts, after having spent a decade or more at often wild premiums to the average stock, without even accounting for the tens of billions in collective cash on their balance sheets. This is jarring to a generation of investors. The market has finally figured out tech firms are subject to all the familiar economic forces. Are Intel chips better than Cheerios or unleadeed regular. Big Tech lack sponsorship and are held back by an abidingly high risk premium being assigned by a skeptical shock wary market.

Barron's p22 "A better BlackBerry: nothing less, but nothing more" by Eric J. Savigtz says the new BlackBerry will start shipping to AT&T customers this week,well ahead of when most mobile-phone gurus had expected. In the coming months, the competition for BlackBerry will grow more competitive, late this year the market will see 2 more major OS upgrades as the first devices emerge on Nokia's Symbian 3 and Microsoft's Phone 7.

Pfizer PFE $16.24 +0.05 0.31% 51,542,053 NYSE: Barron's pM12 "A return to fertility" by Shirley A. Lazo says Pfizer whose stock yields 4.4% hopes to boost its dividend in Dec and thereby begin increasing its payout ratio to 40%, the industry average, over the next 3 years from 33%. Each penny increase is worth $80.7 mil a year to investors. Pfizer is the 4th largest dividend payer in the S&P 500.

Procter & Gamble PG $60.02 +0.16 0.27% 12,618,861 NYSE: No mentions found.

3M MMM $87.29 -0.43 0.49% 2,691,391 NYSE: No mentions found.

Travelers TRV $50.27 -0.40 0.79% 3,140,762 NYSE: No mentions found.

United Technologies UTX $72.73 -0.47 0.64% 3,205,444 NYSE: WSJ pA1 "US to sell F-15s to Saudis" by Adam Entous says the Obama admin plans to sell advanced F-15 fighter jets to Audi Arabia bu won't equip them with long range weapons systems and other arms whose inclusion was strongly opposed by israel. It is a $30 bil, 10 year arms package. The 84 Boeing F-15s will have onboard targeting systems. The Saudi deal will include dozens of HU-60 Black Hawk helicpoters made by United Technologies Crop.s Sikorsky Aircraft unit.

Verizon VZ $29.55 unch unch 13,034,484 Dual Listed: Daily Report p6 "AT&T, Verizon to test mobile payment system" by Bloomberg says the 2 firms picked cities in Texas, Minn and & Utah to test a smartphone payments system that may supplant plastic debit and credit cards.

Barron's pM14 "Research Reports - Research in Motion" by Wunderlich Securities says AT&T s the first operator with the BlackBerry Torch9800, but others are to follow shortly, with GSM/UMTS carriers before CDMA legacy operators like Verizon. Wunderlich has a Buy on Research in Motion.

Walmart WMT $51.79 +0.17 0.33% 8,253,447 NYSE: WSJ pB4 "Brands are friending social gaming" by Suzanne Vranica says Mcdonald's, Honda and others are making a push into social gaming to promote their brands, as Madison Ave begins to take notice of the latest Web craze that is drawing growing numbers of people to games on social networks. Firms such s Microsoft and Ge's Universal Studio Home Entertainment have been experimenting with advertising on social games.

USA Today p1B "Special Report: Corporation Philanthropy by Christie Garton has a lit of firms with their '09 charitable contributions compared to '08. Leading the the list is WalMart down 10.1% with contributions in '09 of $288,091,839. ExxonMobil is second, Chevron third, 4: GE, 5th is Bank of America with virtually every Dow component on the list.

Barron p16 "Visa to a digital world" by Mark Veverka says Visa shares have taken a 20% whack from the uncertainty created in May by an amendment to the Fin'l Reform Act that madates the Fed Res regulate the fees debit card issuers charge merchants . Bank of America wanred that fees could be cut by as much as 60% to 80% costing Bank of America $2.3 bil in rev. Big retailers like Walmart will benefit.

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Here are the current CEOs of the Dow 30 Companies:

AT&T T Randall L. Stephenson (Dallas, TX)
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan (Charlotte, N.C.)
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 Cathie Lesjak (Interim) (Palo, Alto, CA)
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini (Santa Clara, CA)
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld (Northfield, Ill.)
McDonald's MCD Jim Skinner
Merck MRK Richard Clark (Whitehouse Station, N.J.)
Microsoft MSFT Steve Ballmer (Redmond, WA)
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.