12/28/10 Tues am GE to JV with Russia; Walmart in China Deal

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Post No. 796 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, 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 (market was closed Friday) stock prices and related data.

Dow: The Dow Jones Industrial Average closed Monday at 11,555.03 down 18.46 points or 0.16% from Thursday's close of 11,573.49. For the year the Dow is up 10.81%. Of the 30 Dow Jones component companies 11 gained, Intel was unchanged and 18 declined. The biggest gainer dollar-wise was JPMorgan JPM $42.67 +0.59 1.4% 16,739,731 NYSE and percentage-wise was Cisco CSCO $20.16 +0.47 2.39% 61,811,466 NASDAQ-GS. The biggest decliner dollar-wise was and percentage-wise was Procter & Gamble PG $64.67 -0.57 0.87% 7,089,220 NYSE.

WSJ pC1 "A blanket of snow hushes trading" by Mark Gongloff says stock & bond trading, already due for a sleepy holiday week, turned downright somnambulant after a snowstorm snarled transportation around NYC. 2 bil shares traded in NYSE Composite volume, the lowest full trading day of the year and well below the month's average of 4.5 bil a day.

Fin Times p16 "Profit takers & blizzards blow chill wind for retailers" by Hanah Kuchler says US stocks staged a recovery late in the day, shrugging off earlier worries about China's interest rate rise, while a blizzard in the eastern US pushed the retail sector off a 3 year high. The materials sector closed flat but Alcoa lost 0.7%. Caterpillar was down 0.4%.

NYT pB4 "Investors shrug off china's rate increase as a snowstorm hinders trading" by Reuters says stock indexes were little changed & the dollar lost ground to the Euroo in thin trading on Mon as investors shrugged off China's interst rate increase.

USA Today p4B "Biggest Dec rally since '91 rolls on" by Bloomberg says most stocks rose Mon extending the biggest Dec rally since '91 for the S&P 500 index, as AIG led fin'l shares higher after obtaining $4.3 bil in bank credit lines. Cisco, the largest maker of networking equipment rallied 47 cents as demand for products grows and it initiates a dividend and it mentions a Barron's article.

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 14.73 down from Monday's 14.76 (year ago it was 18.30); the P/E estimate is 13.54 unchanged from Monday's 13.54 (year ago it was 16.00), and the dividend yield is 2.48 unchanged from Monday's 2.48 (last year it was 2.62). 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 1,526.76 down 2.43 from Thursday's closing numerator of 1,529.19. 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 Thursday by the divisor (0.132129493) you get the decrease in Thursday'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 $50.89 down $0.08 from Thursday's Dow Jones Industrial Average average closing price of $50.97. The median closing price of Monday's Dow Jones Industrial Average was $42.44 (AXP/HPQ up $0.18 from Thursday's median closing price of $42.26. The lowest volume was 3M MMM $87.01 +0.54 0.62% 1,582,553 NYSE and the highest volume was again Bank of America BAC $13.27 +0.21 1.61% 114,262,151 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 ljost $243 ($152,919 - $152,676).

MarketWatch Monday 12/27/10 4:20 pm by Tom Bemis says US stocks closed with mixed results in post-Christmas trading Monday, as a snowstorm shuttered much activity on the East Coast. The Dow Jones Industrial Average (DJIA 11,555, -18.46, -0.16%) ended 18 points lower at 11,555, while the S&P 500 Index (SPX 1,258, +0.77, +0.06%) edged up 0.77 to 1257.54 and the Nasdaq Composite Index (COMP 2,667, +1.67, +0.06%) ended up 1.67 at 2667.27. Insurer American International Group Inc. stood out among financial stocks, gaining more than 9% after securing new credit facilities totaling more than $4 billion.

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

AT&T T $29.25 +0.05 0.17% 11,562,421 NYSE: AJC pA12 "AT&T exapnds WiFi zones in public spaces" says AT&T is deploying its first WiFi zone in a public, outdoor area of San Ran in the Embarcadero district.

Alcoa AA $15.23 -0.11 0.72% 13,424,819 NYSE: Fin Times p16 "Profit takers & blizzards blow chill wind for retailers" by Hanah Kuchler says US stocks staged a recovery late in the day, shrugging off earlier worries about China's interest rate rise, while a blizzard in the eastern US pushed the retail sector off a 3 year high. The materials sector closed flat but Alcoa lost 0.7%. Caterpillar was down 0.4%.

Amex AXP $43.05 +0.28 0.65% 4,354,926 NYSE: No mentions found.

Bank of Am BAC $13.27 +0.21 1.61% 114,262,151 NYSE: WSJ pC1 Chartbuster" ranks the world's investment banks for M&A activity and ranks JPMorgan third and JPMorgan 6th.

Boeing BA $64.75 -0.31 0.48% 2,540,267 NYSE:

Caterpillar CAT $94.07 -0.38 0.4% 2,616,992 NYSE: Fin Times p16 "Profit takers & blizzards blow chill wind for retailers" by Hanah Kuchler says US stocks staged a recovery late in the day, shrugging off earlier worries about China's interest rate rise, while a blizzard in the eastern US pushed the retail sector off a 3 year high. The materials sector closed flat but Alcoa lost 0.7%. Caterpillar was down 0.4%.

Chevron CVX $90.12 -0.56 0.62% 3,105,257 NYSE: No mentions found.

Cisco CSCO $20.16 +0.47 2.39% 61,811,466 NASDAQ-GS: USA Today p4B "Biggest Dec rally since '91 rolls on" by Bloomberg says most stocks rose Mon extending the biggest Dec rally since '91 for the S&P 500 index, as AIG led fin'l shares higher after obtaining $4.3 bil in bank credit lines. Cisco, the largest maker of networking equipment rallied 47 cents as demand for products grows and it initiates a dividend and it mentions a Barron's article.

Coke KO $65.07 -0.51 0.78% 4,943,385 NYSE: No mentions found.

Disney DIS $37.48 -0.22 0.58% 3,506,495 NYSE: NYT pB1 "Disney technology tackles a theme park headache: lines" by Brooks Barnes says to handle over 30 mil annual visitors Disney World has turned the art of crowd control into a science. It has spent the last year outfitting an underground nerve center to address long lines as employees watch tvs showing lines.

DuPont DD $49.63 -0.14 0.28% 1,794,314 NYSE: No mentions found.

Exxon XOM $73.01 -0.19 0.26% 9,713,940 NYSE: No mentions found.

GE $18.19 +0.15 0.83% 33,250,386 NYSE: WSJ pB3 "GE, Russia join for energy, health projects by Ida Iosebashvili, USA Today p1B "GE enters jvs with Russian firms" says GE is furthering 2 joint venture agreements, in Russia, a new area of focus for GE as Russian officials aim to improve energy and health care infrastructure. GE will form separate ventures with Russian energy firm Inter RAO and state owned tech holding firm Rotstekhnologili. to sell gas turbines and build a factory near Rybinsk.

WSJ pC8 "Risky patriot games for renewable energy" by Liam Denning says renewable energy is dependent on government support. Just before Xmas, egged on by the United Steelworkers, the US Trade Rep said China's subsidies to its wind power firms blocked US competitors like GE. Protectionism is counterproductive for an industry predicated on global agreements to fix the climate.

Hewlett-Packard HPQ $41.82 +0.08 0.19% 6,545,481 NYSE: WSJ pB5 Lenovo's best fit abroad" by Loretta Chao says Lenovo Group Ltd. is gaining in emerging markets such as Russia & India where the Chinese firm can use experience gained at home to woo lower income customers. It is the world's 4gth largest pc firm by volume. and ranks fourth in India after Dell, Hewlett-Packard and Acer. Lenovo has struggled with weak consumer sales and declining market share after it bought IBM's PC business in '05.

Home Dep HD $35.24 +0.15 0.43% 5,101,119 NYSE: No mentions found.

Intel INTC $20.84 unch unch 18,530,728 NASDAQ-GS: No mentions found.

IBM $145.34 -0.55 0.38% 2,307,485 NYSE: WSJ pB5 Lenovo's best fit abroad" by Loretta Chao says Lenovo Group Ltd. is gaining in emerging markets such as Russia & India where the Chinese firm can use experience gained at home to woo lower income customers. It is the world's 4gth largest pc firm by volume. and ranks fourth in India after Dell, Hewlett-Packard and Acer. Lenovo has struggled with weak consumer sales and declining market share after it bought IBM's PC business in '05.

JPMorgan JPM $42.67 +0.59 1.4% 16,739,731 NYSE: WSJ pC1 Chartbuster" ranks the world's investment banks for M&A activity and ranks JPMorgan third and JPMorgan 6th.

Fin Times p11 "Credit lines of $4.3 bil take AIG closer to regaining independence" by Suzanne Kapner says a group of 36 banks administered by JPMorgan Chase is lending money to AIG.

JNJ $61.93 -0.32 0.51% 5,122,600 NYSE: No mentions found.

KFT $31.61 -0.27 0.85% 4,513,133 NYSE: No mentions found.

MCD $76.43 -0.53 0.69% 2,590,753 NYSE: No mentions found.

MRK $36.23 -0.06 0.17% 4,328,548 NYSE: No mentions found.

Microsoft MSFT $28.07 -0.23 0.81% 21,569,876 NASDAQ-GS: WSJ pB6 "The rise of Apps, iPad & Andorid" by Andrew Dowell says Microsoft, a powerhouse on the desktop, is struggling to find a foothold in mobile computers, with just 2.8% of the market for its mobile operating system in 3Q. It has pinned its hopes on devices running a new version, Windows Phone 7, which are just hitting stores.

Pfizer PFE $17.49 -0.12 0.68% 19,694,811 NYSE: WSJ pB2 "Regeneron's pain drug put on hold by FDA" by Katherine Hobson says the FDA put a clinical hold on an experimental pain drug that Regeneron is developing with Sanofi-Aventis after another drug that is similar made by another firm was linked to a bone disorder. Pfizer said in June that it would suspend osteoarthrritis trials of its tanezumab after reports it caused some to require joint replacements.

AJC pA12 "Pfizer's Quigley unit bankruptcy should end" says Pfizer, the world's largest drug firm, should have the bankruptcy of its Quigley unit, which has protected it from asbestors related health problems since '04 dismissed.

Procter & Gamble PG $64.67 -0.57 0.87% 7,089,220 NYSE: Fin Times p8 "Open innovation powers growth" by Jonathan Birchall says P&G is raising its target for new products developed with external partners. It produced 5 of the top 10 US non-food product launches in '09 but as it pursues its drive to add another 1 bil customers to it the 2.5 bil it already reaches, it need to be even more innovative. P&G's Olay Regenerist cream was rated in partnership with Sederma and gives other examples.

3M MMM $87.01 +0.54 0.62% 1,582,553 NYSE: No mentions found.

TRV $55.79 +0.31 0.56% 1,614,567 NYSE: No mentions found.

United Tech UTX $79.27 -0.23 0.29% 1,385,949 NYSE: No mentions found.

Verizon VZ $35.5 +0.06 0.17% 8,177,516 DualListed: No mentions found.

Walmart WMT $53.57 -0.03 0.06% 5,869,184 NYSE: NYT pB2 "Walmart in deal with Chinese retail site" by David Barboza says Walmart & 5 other firms have agreed to invest $500 mil in 360buy.com, a fast growing online retailer in China. 360buy.com is based in Beijing.

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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