12/21/10 Tues am AmEx Leads Dow Down on Rating Cut; AT&T Buys Unit of Qualcomm

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Post No. 787 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 Dec. 7, 2010 and Dow 30 component's SEC filings as of Dec. 11, 2010.

A read of Tuesday's Wall St. Journal, Financial Times, New York Times, USA Today, Atlanta Journal Constitution & 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 Monday's stock prices and related data.

Dow:The Dow Jones Industrial Average closed Monday at 11,478.13 down 13.78 points or 0.12% from Friday's close of 11,491.91. For the year the Dow is up 10.07%. Of the 30 Dow Jones component companies 17 gained, GE was unchanged and 12 declined. The biggest gainer dollar-wise and percentage-wise was 3M MMM $87.34 +0.97 1.12% 3,975,252 NYSE. The biggest decliner dollar-wise was Boeing BA $63.27 -1.76 2.71% 9,637,917 NYSE and percentage-wise was BofA BAC $12.62 +0.05 0.4% 112,478,363 NYSE.

WSJ pC6 "Fee fears jolt AmEx DJI declines 13.78" by Kristina Peterson says stocks traded in a narrow range as a tumble in American Express dragged down the Dow. AXP is charted under Bad News says Stifel Nicolaus said they are more exposed after the Fed Res proposals on debt card fees and cuts its stock investment rating. Accounting for nearly all of the Dow's drop, American Express fell $1.51 after Stifel Nicolaus cut thier rating. Last week Visa & Mastercard tumbled after the Fed's proposals but it took most investors until Mon to start worrying about the implications for Amex. Helping offset AmEx's drag, 3M rose 97 cents after report that it is working with CEO George Buckley on a succession plan. AT&T lost 8 cents after it said it will pay $1.93 bil for a swath of spectrum licenses from Qualcomm as AT&T looks to bolster its 4G services while Qualcomm said it plans to shut down its mobile broadcast video service.

Fin Times p24 "Deals and online retail sales help stocks edge higher" by Hannah Kuchler says US stocks nudged up as end of year deal activity and a rise in online holiday shopping failed to inspire significant gains. AT&T splashed out $1.93 bil to buy wireless spectrum from Qualcomm to help customers who are using more bandwidth. American Express dropped 3.4% after analysts at Stifel Nicolaus cu tits rating from buy to hold.

NYT pB8 "S&P reaches 2 year high as shares post modest gains" by Reuters says share prices were mostly higher on Mon while trading volume was light and was expected to remain that way through the rest of '10.

USA Today p4B "S&P 50 reaches 2 year high; dow down" by Bloomberg says most stocks rose Mon, sending the S&P 500 to a 2 year high, as analysts raised price estimates or ratings on firms from Amzaon.com to Huntington Bancshares and energy shares rallied.

As of the open of the market Tuesday, 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 is 14.63 down up from Monday's P/E of 14.65 (year ago it was 18.07); the P/E estimate is 13.43 unchanged from Monday's 13.43 (year ago it was 16.00) and the dividend yield is 2.50 up from Monday's dividend yield of 2.49 (last year it was 2.66). 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 1,516.60 down 1.81 from Friday's closing numerator of 1,518.41. 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 for today by the divisor (0.132129493) you get the decrease in today's Dow. 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 $50.55 down $0.06 from Friday's Dow Jones Industrial Average average closing price of $50.61. The median closing price of Monday's Dow Jones Industrial Average was $42.19 (AXP/HPQ) up 0.71 from Friday's closing median price of $41.48. The lowest volume was United Technologies UTX $78.9 +0.10 0.13% 2,782,682 NYSE and the highest volume was again Bank of America BAC $12.62 +0.05 0.4% 112,478,363 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 lost $181 ($151,841 - $151,660)

MarketWatch Monday 12/20/10 4:16 pm by Laura Mandaro says U.S. stocks ended slightly higher Monday, with the S&P 500 and Nasdaq Composite posting gains, buoyed by better sentiment about the economy after some merger activity and rallying energy stocks. The Dow Jones Industrial Average ended lower, however, dragged down by a 3.4% drop in American Express Co. (AXP 42.40, -0.10, -0.24%) shares. The S&P 500 (SPX 1,247, +3.17, +0.26%) ended up 3.17 points, or 0.3%, at 1,247.08, led by rising energy and homebuilding stocks. The Nasdaq Composite (COMP 2,650, +6.59, +0.25%) gained 6.59 points, or 0.3%, to 2,649.56. The Dow fell 13.78 points, or 0.1%, to 11,478.13.

Monday's Closing Dow Numbers and Tuesday's News:

AT&T T $29.13 -0.08 0.27% 19,439,449 NYSE: WSJ pA2 "Net neutality rules set to pass" by Amy Schatz says the FCC is set to pass new rules for Internet traffic that will bar providers from discriminating against legal Internet traffic and require more transparency. Phone & cable firms have said they didn't want new rules on Internet lines but they have mostly backed AT&T's push to compromise with FCC Chair Julius Genachowski's proposal.

WSJ pB7 "AT&T bolsters 4G plans" by Shayndi Raice, NYT pB8 "AT&T will buy more spectrum" by Bloomberg, Fin Times p12 "AT&T buys spectrum", USA Today p1B "AT&T to buy spectrum from Qualcomm", Fin times p15 "AT&T buys Qualcommwireless spectrum band for $1.9 bil" by AlanRappeport say it will pay $1.93 bil to get wireless spectrum from Qualcomm who is getting out of broadcasting tv shows to mobile phones.

WSJ pC6 "Fee fears jolt AmEx DJI declines 13.78" by Kristina Peterson says stocks traded in a narrow range as a tumble in American Express dragged down the Dow. AXP is charted under Bad News says Stifel Nicolaus said they are more exposed after the Fed Res proposals on debt card fees and cuts its stock investment rating. Accounting for nearly all of the Dow's drop, American Express fell $1.51 after Stifel Nicolaus cut thier rating. Last week Visa & Mastercard tumbled after the Fed's proposals but it took most investors until Mon to start worrying about the implications for Amex. Helping offset AmEx's drag, 3M rose 97 cents after report that it is working with CEO George Buckley on a succession plan. AT&T lost 8 cents after it said it will pay $1.93 bil for a swath of spectrum licenses from Qualcomm as AT&T looks to bolster its 4G services while Qualcomm said it plans to shut down its mobile broadcast video service.

Fin Times p24 "Deals and online retail sales help stocks edge higher" by Hannah Kuchler says US stocks nudged up as end of year deal activity and a rise in online holiday shopping failed to inspire significant gains. AT&T splashed out $1.93 bil to buy wireless spectrum from Qualcomm to help customers who are using more bandwidth. American Express dropped 3.4% after analysts at Stifel Nicolaus cu tits rating from buy to hold.

Alcoa AA $14.77 +0.21 1.44% 21,349,235 NYSE: No mentions found.

Amex AXP $42.5 -1.51 3.43% 31,408,777 NYSE: WSJ pC6 "Fee fears jolt AmEx DJI declines 13.78" by Kristina Peterson says stocks traded in a narrow range as a tumble in American Express dragged down the Dow. AXP is charted under Bad News says Stifel Nicolaus said they are more exposed after the Fed Res proposals on debt card fees and cuts its stock investment rating. Accounting for nearly all of the Dow's drop, American Express fell $1.51 after Stifel Nicolaus cut thier rating. Last week Visa & Mastercard tumbled after the Fed's proposals but it took most investors until Mon to start worrying about the implications for Amex. Helping offset AmEx's drag, 3M rose 97 cents after report that it is working with CEO George Buckley on a succession plan. AT&T lost 8 cents after it said it will pay $1.93 bil for a swath of spectrum licenses from Qualcomm as AT&T looks to bolster its 4G services while Qualcomm said it plans to shut down its mobile broadcast video service.

Fin Times p24 "Deals and online retail sales help stocks edge higher" by Hannah Kuchler says US stocks nudged up as end of year deal activity and a rise in online holiday shopping failed to inspire significant gains. AT&T splashed out $1.93 bil to buy wireless spectrum from Qualcomm to help customers who are using more bandwidth. American Express dropped 3.4% after analysts at Stifel Nicolaus cu tits rating from buy to hold.

BofA BAC $12.62 +0.05 0.4% 112,478,363 NYSE: WSJ pC1 Some banks see profit in Muni woes" by Katy Burne says some of the world's biggest banks are lining up to profit from wories about the declining finances of US cities & states. UBS is making markets in muni derivatives. Also Bank of America, JPMorgan, Citi, Goldman and Morgan Stanley met last month in NY to discuss standardizing the paperwork for muni CDSs in an effort to attract more buyers and sellers.

Fin Times p18 "Before and after: how the investment banks had to change shape post-crisis" by Megan Murphy et al examines the top world banks and their status after the financial crisis including JPmorgan and Bank of America/Merrill Lynch.

Boeing BA $63.27 -1.76 2.71% 9,637,917 NYSE: WSJ pB1 "Odd couple: Boeing, rival in satellite deal" by Andy Pasztor says Boeing seeking to boost sales at its satellite manufacturing unit in the face of stalled Pentagon space budgets, announced an unusual $1 bil commercial deal with the Mexican gov featuring some hardware supplied by rival Orbital Sciences Corp.

Boeing plans to boost 777 production '13" by Nathan Becker says Boeing said it will again boost production of its 777 aircraft, the latest sign of increasing demand in the airplane industry. It will build 8.3 of them a month starting in the first quarter of '13.

Caterpillar CAT $93.3 +0.71 0.77% 3,455,620 NYSE: No mentions found.

Chevron CVX $88.8 +0.31 0.35% 7,908,906 NYSE: No mentions found.

CSCO $19.62 +0.07 0.36% 48,783,795 NASDAQ-GS: No mentions found.

Coke KO $65.31 -0.39 0.59% 9,025,984 NYSE: No mentions found.

Disney DIS $37.06 +0.01 0.03% 5,022,157 NYSE: WSJ pB5 "Hulu mulls more pay plans, not an IPO" by Jessica Vascellaro says Hulu owned by GE's NBC, Disney & News Corp, won't do an IPO.

DuPont DD $49.72 -0.14 0.28% 4,344,942 NYSE: No mentions found.

Exxon XOM $72.22 +0.05 0.07% 15,703,982 NYSE: No mentions found.

GE $17.7 unch unch 39,877,819 NYSE: WSJ pB5 "Hulu mulls more pay plans, not an IPO" by Jessica Vascellaro says Hulu owned by GE's NBC, Disney & News Corp, won't do an IPO.

Hewlett-Pack HPQ $41.89 -0.07 0.17% 15,276,213 NYSE: NYT pB4 "SEC is investigating Hurd's departure from HP" by Ashlee Vance, USA Today p3B "HP says it's cooperating with SEC probe" say Fed investigators have been gathering info about Mark Hurd's sudden departure from Hewlett Packard.

Daily Report "Dell attempts turnaround" by Jessica Mintz, AP says Dell lost data storage maker 3 Par to Hewlett-Packard and it is up against HP and IBM in the data center tech area and both HP & IBM have more established reputations and a higher end selection of servers and other gear.

Home Dep HD $35.2 +0.10 0.28% 8,886,716 NYSE: No mentions found.

Intel INTC $21.23 -0.23 1.07% 33,380,692 NASDAQ-GS: No mentions found.

IBM $144.51 -0.49 0.34% 3,932,068 NYSE: Daily Report "Dell attempts turnaround" by Jessica Mintz, AP says Dell lost data storage maker 3 Par to Hewlett-Packard and it is up against HP and IBM in the data center tech area and both HP & IBM have more established reputations and a higher end selection of servers and other gear.

JPMorgan JPM $39.95 +0.28 0.71% 22,603,696 NYSE: WSJ pC1 Some banks see profit in Muni woes" by Katy Burne says some of the world's biggest banks are lining up to profit from wories about the declining finances of US cities & states. UBS is making markets in muni derivatives. Also Bank of America, JPMorgan, Citi, Goldman and Morgan Stanley met last month in NY to discuss standardizing the paperwork for muni CDSs in an effort to attract more buyers and sellers.

Fin times p13 "JPMorgan buys former Lehman London HQ" by Megan Murphy, WSJ pC2 "JPMorgan purchases 2 London buildings" by Patricia Kowsmann say JPM bought 2 buildings in London as a sign that it isn't fazed by new rules that make it more expensive to do business there.

WSJ pC3 "UBS wears well the Asia crown" by Prudence Ho says UBS generated $547 mil this year in investment banking rev in the Asian Pacific region outside Japan ahead of No 2 JPMorgan's $532 mil.

Fin Times p18 "Before and after: how the investment banks had to change shape post-crisis" by Megan Murphy et al examines the top world banks and their status after the financial crisis including JPmorgan and Bank of America/Merrill Lynch.

JNJ $62.49 -0.05 0.08% 8,788,860 NYSE: No mentions found.

KFT $31.73 -0.20 0.63% 9,891,497 NYSE: No mentions found.

MCD $76.92 +0.11 0.14% 4,683,409 NYSE: No mentions found.

MRK $36.5 +0.02 0.05% 10,347,567 NYSE: No mentions found.

MSFT $27.81 -0.0925 0.33% 52,266,999 NASDAQ-GS: No mentions found.

Pfizer PFE $17.17 +0.14 0.82% 39,311,093 NYSE: WSJ pC10 "Getting Pfizer out of the hospital" by John Jannarone says Pfizer trades for just 7.4 times '11 consensus earnings, a 43% discount to the S&P 500 which is the same multiple it traded at a year ago. Since then, the stock has declined 8% while the S&P gained 8%. Pfizer offers an impressive 4.7% dividend and should be enough to compensate investors for Pfizer's growing pains including FDA rising the bar on gettig new drugs approved.

Procter & Gamb PG $64.97 +0.16 0.25% 10,574,939 NYSE: No mentions found.

3M MMM $87.34 +0.97 1.12% 3,975,252 NYSE: WSJ pB2 "3M works on succession plan" by James Hagery, WSJ pC6 "Fee fears jolt AmEx DJI declines 13.78" by Kristina Peterson say stocks traded in a narrow range as a tumble in American Express dragged down the Dow. AXP is charted under Bad News says Stifel Nicolaus said they are more exposed after the Fed Res proposals on debt card fees and cuts its stock investment rating. Accounting for nearly all of the Dow's drop, American Express fell $1.51 after Stifel Nicolaus cut thier rating. Last week Visa & Mastercard tumbled after the Fed's proposals but it took most investors until Mon to start worrying about the implications for Amex. Helping offset AmEx's drag, 3M rose 97 cents after report that it is working with CEO George Buckley on a succession plan. AT&T lost 8 cents after it said it will pay $1.93 bil for a swath of spectrum licenses from Qualcomm as AT&T looks to bolster its 4G services while Qualcomm said it plans to shut down its mobile broadcast video service.

Travelers TRV $55.45 +0.27 0.49% 2,898,703 NYSE: No mentions found.

United Technologies UTX $78.9 +0.10 0.13% 2,782,682 NYSE: No mentions found.

Verizon VZ $34.74 +0.10 0.29% 12,426,675 Dual Listed: No mentions found.

Walmart WMT $53.77 -0.64 1.18% 13,495,355 NYSE: WSJ pB7 Walmart discounts iPhone 4" by Ian Sherr says Walmart began giving consumers a $50 gift card when they purchased an Apple iPhone 4.

AJC pA12 "Survey: Walmart suppliers question CEO" says the majority of Walmart suppliers say CEO Mike Duke and his manages aren't explaining their business plans clearly enough.

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The following are excerpts from Mon. morning's Blog.

A read of Monday's (12/20/10) Barron's, Wall St. Journal,Financial Times, New York Times, USA Today, Atlanta Journal Constitution & 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:
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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 (NY, NY)
American Express AXP Kenneth I. Chenault (NY, NY)
Bank of America BAC Brian T. Moynihan (Charlotte, N.C.)
Boeing BA W. James McNerney, Jr. (Cyhicago, Ill)
Caterpillar CAT Douglas Oberhelman (Peoria, Ill.)
Chevron CVX John Watson (San Ramon, CA)
Cisco CSCO John Chambers (San Jose, CA)
Coca Cola KO Muhtar Kent (Atlanta, GA)
Disney DIS Robert Iger (Burbank, CA)
DuPont DD Ellen Kullman (Wilmington, DE)
ExxonMobil XOM Rex W. Tillerson (Irving, Tx)
GE Jeffrey R. Immelt (Fairfield, CT)
Hewlett-Packard HPQ Leo Apotheker (Palo, Alto, CA)
Home Depot HD Frank Blake (Atlanta, GA)
Intel INTC Paul S. Otellini (Santa Clara, CA)
IBM Samuel J. Palmisano (Armonk, NY)
JPMorgan Chase JPM Jamie Dimon (NY, NY)
Johnson & Johnson JNJ William C. Weldon (New Brunswick, NJ)
Kraft KFT Irene Rosenfeld (Northfield, Ill.)
McDonald's MCD Jim Skinner (Oak Brook, Ill)
Merck MRK Kenneth Frazer 1/1/11 replaces Richard Clark (Whitehouse Station, N.J.)
Microsoft MSFT Steve Ballmer (Redmond, WA)
Pfizer PFE Ian Read (NY, NY)
Procter & Gamble PG Bob McDonald (Cincinnati, OH)
3M MMM George W. Buckley (St. Paul, MN)
Travelers TRV Jay S. Fishman (NY, NY)
United Technologies UTX Louis Chenevert (Hartford, CT)
Verizon VZ Ivan Seidenberg (NY, NY)
Wal-Mart WMT Mike Duke (Bentonville, ARK)

Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest 1/2 billion as of 12/7/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $361 [5]
2. Microsoft MSFT 233 [9]
3. WalMart WMT 200 [3.5]
4. GE 182.5 [10.5]
5. IBM 179 [1]
6. Procter & Gamble PG 176 [3]
7. Chevron CVX 174 [2]
8. Johnson & Johnson JNJ 171 [3]
9. AT&T T 169 [6]
10. JPMorgan Chase JPM 154 [4]
11. Coke KO 149 [2.5]
12. Pfizer PFE 134.5 [8]
13. Intel INTC 120.5 [5.5]
14. Bank of America BAC 117 [10]
15. Cisco CSCO 111 [6]
16. Merck MRK 109 [3]
17. Verizon VZ 98 [3]
18. Hewlett-Packard HPQ 96 [2.5]
19. McDonald's MCD 85 [1]
20. United Technologies UTX 72.5 [1]
21. Disney DIS 71 [2]
22. 3M MMM 60.5 [.5]
23. Caterpillar CAT 57.5 [.5]
24. Home Depot 55 [1.5]
25. American Express AXP 54 [1]
26. Kraft KFT 53.5 [2]
27. Boeing BA 48.5 [1]
28. DuPont DD 45 [1]
29. Travelers 25.5 [.5]
30. Alcoa AA 14.5 [1]

Here are the latest 8K, 10Q & 10K SEC filings as of 12/11/10:

Symbol & Co. Name/Date of Filing/Form Filed/ Comments

AT&T T: 12/7/10 8K re: replacement of existing 5 year $9.4 bil revolving credit facility
12/1/10 8K re: redemption of all 7.8% notes due 3/1/11
11/5 10Q for quarter ending 9/30/10

Alcoa AA: 10/22/10 10Q for 3Q ended 9/30/10
10/12 8K re: transcript of 3Q earnings conference
10/8/10 8K re: 3Q results

American Express AXP: 11/15/10 8K re: delinquency & write-off statistics for period ending 10/31/10
11/3/10 10Q for quarter ending 9/30/10
11/2/10 8K re: changes to retirement plan for officers

Bank of Am BAC: 11/5/10 10Q for quarter ending 9/30/10
11/5/10 8K re: status of Countrywide litigation
10/20/108K re: registration of 50,354,545 shares

Boeing BA: 12/3/10 8K re: election o Ronald A. Williams to Board of Directors and the Audit & Finance Committees
11/16/10 8K re: $2.3 bil 364 day revolving credit agreement

Caterpiller CAT: 12/10/10 8K re: election of Jesse J. Greene, Jr. & Miles D. White to Board of Directors and Greene to the Audit Committee & White to Governance Committee
12/7/10 8K re: entering into bridge loan of up to $8.6 bil
11/18/10 8K re: status of acquisition of Bucyrus
11/18/10 8K 3 month dealer statistics
11/15/10 8K re: acquisition of Bucyrus for $8.6 bil to close mid '11
11/12/10 8K/A resignation of Gail D. Foster from Board of Directors
11/4/10 10Q for quarter ending 9/30/10

Chevron CVX:11/5/10 10Q for quarter ending 9/30/10
10/29 8K re 3Q net income of $3.77 bil down from $3.83 bil for 3Q '09

Cisco CSCO 11/23/10 10Q for quarter ending 10/30/10

Coke KO 12/9/10 8K re: election of Howard G. Buffett to Board of Directors & Public Issue & Diversity Relations Committees
12/1/10 8K/A re: technical amendment of prior 8K
11/23/10 8K re: result of cash tender offer for debt
11/18/10 8K re: completion of note offering
11/16/10 8K re: resignation of Cathleen p. Black from Board to become Chancellor of NYC Schools
11/8/10 8K re: underwriting agreement for issuance of notes
11/4/10 8K re tender offer for CCE debt
10/29/10 10Q for quarter ending 10/1/10

Disney DIS 11/24/10 10K for year ending 10/2/10
11/12/10 8K re: results of 4Qtr earnings

DuPont DD: 12/10 8K re: retirement of Jeffrey L, Keefer as EVP
10/21/10 10Q for 3rd quarter ending 9/30/10
10/26/10 8K re 3Q results

ExxonMobil XOM: 11/30/10 8K re: revisions to officers' compensation plan
11/16/10 10Q re 3Q results ending 9/30/10
10/28/10 8K re: 3Q results
10/22/10 SC TO-C re: offer to buy Clarinet Inc., a cancer diagnostic firm

GE: 11/3/10 10Q re 9/30/10 results

Hewlett-Packard HPQ: 12/2/10 8K re: underwriting agreement for issuance of notes
11/22/10 8K re: 4Q results
10/18/10 8K re: election of Leo Aptheker as Pres/CEO

Home Depot HD: 12/2/10 10Q re: results for period ending 10/31/10
11/16/10 8K re: update of fiscal year '10 guidance

Intel INTC: 11/12/10 8K re: 15% increase of quarterly cash dividend
11/2/10 10Q for quarter ending 9/25/10

IBM: 12/8/10 8K re: underwriting agreement re: debt
12/6/10 8K re: resignatin of Cathleen Black from Board of Directors
10/26/10 10Q for period ending 9/30/10

JPMorganChase JPM: 10/28/10 8K/A re: amendment to replace capital covenants re: debt
10/20/10 & 10/19/10 2 8Ks re: amendment to credit agreements
10/14/10 8K re: investor conference re: 3Q results

Johnson & Johnson JNJ : 11/10/10 10Q for quarter ending 10/3/10

Kraft KFT:12/6/10 8K re: seeking preliminary injunction vs. Starbucks
11/30/10 8K re: arbitration with Starbucks'11/29/10 8K re: cash debt tender offer to holders of $1 bil of notes
11/8/10 8K re: status of agreement with Starbucks'
11/5/10 10Q for quarter ending 9/30/10
11/4/10 8K re: 3Q results

McDonalds MCD: 12/10 8K re: amendment of Cert. of Incorp re: designations of rights of preferred stock
12/9/10 8K re: global sales results
11/9/10 8K re: results of global sales results
11/5/10 8K re: resignation of Denis Hennequin as President of McDonald's Europe to be replaced by Steve Easterbook
11/5/10 10Q for period ending 9/30/10

Merck MRK: 12/10/10 8K re: sale of 2.2% notesw due '16
11/30/10 8K re: election of Kenneth C. Frazier a CEO with Richard T. Clark staing as Chair
11/8/10 10Q for period ending 9/30/10

Microsoft MSFT: 11/19/10 8K re: results of 11/16/10 Annual Meeting of Shareholders

Pfizer PFE: 12/9/10 8K re: resignation of Jeffrey B. Kindler as CEO & election of Ian C. Read as Pres/CEO
11/12/10 10Q for quarter ending 10/3/10
11/2/10 8K re: 3Q results
10/22/10 SC TO-T & 10/12/10 8K both re: Pfizer's purchase of King Pharmaceuticals, Inc.

Procter & Gamble PG: 11/18/10 8K re: close of sale of $1 bil of 1.8% notes due '15
10/28/10 10Q for period ending 9/30/10
10/27/10 8K re: results for quarter ending 9/30/10

3M MMM: 12/7/10 8K re: re: financial outlook for '11
11/5/10 10Q re: quarter ending 9/30/10'
10/28/10 8K re: 3Q results of $6.9 bil sales

Travelers TRV: 11/10/10 8K re: completion of tender offer for 6.25% debentures due '67
11/9/10 8K re: modification of rights of holders of 6.75% notes due '36
11/8/10 re: purchase of 43% of a Brazilian surety
11/8/10 8K & 11/5/10 8K re: amendment of consent solicitation of 6.75% notes
11/1/10 8K re: underwriting agreement for sale of notes
10/27/10 8K re: tender offer to holders of 6.25% due '67

United Technologies UTX: 12/10/10 8K re: election of Ellen Kullman, DuPont CEO to Board of Directors
12/10/10 8K re: resignation of Carlos M. Gutierrez from Board
10/25/10 10Q for period ending 9/30/10

Verizon Communications Inc. VZ: 12/8/10 8K/A re: Board committee assignments of Rodney E. Slater
11/10/10 8K/A re: election of Lowell C. McAdam as Pres/COO & Francis J. Shammo EVP & CFO
10/28/10 10Q for period ending 9/30/10

WalMart WMT: 12/6/10 10Q for period ending 10/31/10
11/16/10 8K re: 3 Qtr EPS 0.95 cents and raising full year EPS guidance from $3.95 to $4.05