1/20/11 Thurs. am IBMps Profits Rose 9.2%; AmEx Lowers Earnings Est, Cuts Jobs

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Post No. 835 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 and Dow 30 component's SEC filings as of January 10, 2011.

A read of the print editions of Thursday'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 Wednesday's stock prices and related data.

Dow Jones Industrial Average: The Dow Jones Industrial Average closed Wednesday at 11,825.29 down 12.64 points or 0.11% from Tuesday's close of 11,837.93. For the year the Dow is up 2.14%. Of the 30 Dow Jones component companies 6 gained, AT&T was unchanged and 23 declined. The biggest gainer dollar-wise and percentage-wise was IBM $155.69 +5.04 3.35% 12,134,534 NYSE. The biggest decliner dollar-wise was American Express AXP $45.24 -1.13 2.44% 14,392,925 NYSE and percentage-wise was Bank of America BAC $14.37 -0.63 4.2% 245,754,311 NYSE.

WSJ pC5 "Bank results push down stocks" by Jonathan Cheng says stocks suffered their steepest one day drop in 2 months but you wouldn't know it by looking at the Dow as it fell a mere 12.64 points since the Dow doesn't include some of the day's biggest losers like Ford, Office Depot, US Steel and Goldman Sachs. The Dow was also boosted to the heavy weighting of IBM as it soared 3.4% after a strong earnings report. Wed's declines were led by Bank of America and American Express after Amex lost 2.4% after it projected Q4 earnings below Wall St. estimates. It is charted under Bad News. IBM is charted under Good News. Bank of America fell 4.2% ahead of its earnings results on Fri, amid general gloominess around the US's largest banks.

Fin times p24 "Goldman's quarterly profit fall drags down fin'l sector" by Michael Stothard says fin'l stocks fell after Goldman reported disappointing results.

NYT pB13 "Wall St slips on bank earnings" by Bloomberg says lower than expected bank earnings 7 housing starts dragged down the S&P to its biggest drop since Nov.

USA Today p4B "Stocks drop on Goldman,home starts" by Bloomberg says stocks fell Wed as the S&P 500 had its biggest drop since Nov, after Goldman reported profit that failed to exceed analysts' est. and housing starts slid more than forecast.

As of the open of the market Thursday, 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 14.84 down from Wednesday's 14.93 (year ago it was 17.78); the P/E estimate is 12.35 down from Wednesday's 12.75 (year ago it was 13.65), and the dividend yield is 2.43 unchanged from yesterday's 2.43 (last year it was 2.58). 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.

Wednesday's Dow Jones Industrial Average closing numerator was 1,562.47 down 1.67 from Tuesday's closing numerator of 1,564.14. 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 7.57 change in the average.

The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was $52.08 down $0.06 from Tuesday's Dow Jones Industrial Average average closing price of $52.14. The median closing price of Wednesday's Dow Jones Industrial Average was $45.76 (HPQ/AXP) down $0.59 from Tuesday's median closing price of $46.35. The lowest volume was 3M MMM $87.96 -0.18 0.2% 2,299,299 NYSE and the highest volume was again Bank of America BAC $14.37 -0.63 4.2% 245,754,311 NYSE.

If Wednesday 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 $167 ($156,414 - $156,247).

MarketWatch Wednesday 1/19/11 4:36 by Kate Gibson says the benchmark S&P 500 Index posted its largest percentage decline yet this year Wednesday as American Express Co. projected earnings below expectations and Goldman Sachs Group Inc.’s revenue disappointed. “Markets don’t move in straight lines, and to me, it looks like the normal course of a little bit of profit-taking kicking in. Does it turn into that pullback that everyone is calling for? I don’t know,” said Michael Gibbs, director of equity strategy at Morgan Keegan. The Dow Jones Industrial Average (DJIA 11,825, -12.64, -0.11%) fell 12.64 points, or 0.1%, to 11,825.29, with 21 of its 30 components in the red. Bank of America Corp. (BAC 14.37, -0.63, -4.20%) , off 4.2%, followed by more than 2% drops in shares of both American Express (AXP 45.24, -1.13, -2.44%) and J.P. Morgan Chase & Co. (JPM 43.71, -1.04, -2.32%) paced blue-chip decliners. On Tuesday, the Dow finished up 50.55 points, or 0.4%, to 11,837.93 — its highest close since June 23, 2008. International Business Machines Corp. (IBM 155.69, +5.04, +3.35%) led the Dow’s gains, its shares up 3.4% after the technology giant reported higher earnings due to improved results in its outsourcing-services unit. Read about IBM’s results. The S&P 500 (SPX 1,282, -13.10, -1.01%) fell 13.10 points, or 1%, to 1,281.92, with natural-resource companies and financials the greatest laggards among its 10 industry groups. “Right now, we don’t know whether this is just a one-day dip or the start of a real pullback or correction,” said Elliot Spar, market strategist at Stifel Nicolaus & Co. Goldman Sachs disappointsThe bank posts fourth-quarter earnings that fell by more than 50%, disappointing analysts. Shares of Goldman Sachs (GS 166.49, -8.19, -4.69%) slipped 4.7% after the bank reported that earnings fell 53% in the fourth quarter, citing drops in its investment-banking and trading businesses. Wells Fargo & Co. (WFC 31.81, -0.68, -2.09%) was also hit, its shares off 2.1% after the bank reported a 21% rise in quarterly earnings. The bank’s revenue declined, however, due in part to new rules that curb the amount of overdraft fees it and other banks can charge on checking accounts. American Express said it would cut 550 jobs in a restructuring that will trim the credit-card company’s fourth-quarter profit. The Nasdaq Composite Index (COMP 2,725, -40.49, -1.46%) declined 40.49 points, or 1.5%, to 2,725.36. It was the worst percentage drop for both the S&P and the Nasdaq since Nov. 16. Decliners outpaced advancers by a ratio of nearly four to one on the New York Stock Exchange, where volume approximated 1.1 billion shares.

Wednesday's Closing Dow Numbers and Thursday's News:

AT&T T $28.33 unch unch 31,487,975 NYSE: WSJ pB3 "Justices apear skeptical in AT&T privacy case" by Jess Bravin, USA Today p3B "High court hars case on company privacy" by Joan Biskupic say the Supreme Court heard arguments Wed in a suit brought by AT&T involving A&T's efforts to block public disclosure of emails and other docs in a FTC case alleging overbilling.

WSJ pB7 "Nokia cancels US launch of phone intended for AT&T network" by Chris Lawton say Nokia had intended to unveil its touchscreen smartphone, the X7, in conjunction with At&T ahead of the Mobile world Congress Trade show next month in Barcelona, Spain which would have been the first Nokia phone for a US carrier since former Microsoft exec Stephen Elop took over as Nokia's CEO last Sept.

Alcoa AA $16.06 -0.211 1.3% 35,981,069 NYSE: No mentions found.

American Express AXP $45.24 -1.13 2.44% 14,392,925 NYSE: WSJ pC2 "AmEx warns about profit, says it will cut 550 jobs" by Lauren Pollock, NYT pB6 "Amex to cut 550 jobs and relocate others" by Reuters say this will happen as Amex consolidates facilities projected Q4 earnings slightly below estimates. This will lead to charges of $38 to 51 mil and save $70 mil. AmEx has 58,000 employees.

WSJ pC5 "Bank results push down stocks" by Jonathan Cheng says stocks suffered their steepest one day drop in 2 months but you wouldn't know it by looking at the Dow as it fell a mere 12.64 points since the Dow doesn't include some of the day's biggest losers like Ford, Office Depot, US Steel and Goldman Sachs. The Dow was also boosted to the heavy weighting of IBM as it soared 3.4% after a strong earnings report. Wed's declines were led by Bank of America and American Express after Amex lost 2.4% after it projected Q4 earnings below Wall St. estimates. It is charted under Bad News. IBM is charted under Good News. Bank of America fell 4.2% ahead of its earnings results on Fri, amid general gloominess around the US's largest banks.

Bank of America BAC $14.37 -0.63 4.2% 245,754,311 NYSE: WSJ pC5 "Bank results push down stocks" by Jonathan Cheng says stocks suffered their steepest one day drop in 2 months but you wouldn't know it by looking at the Dow as it fell a mere 12.64 points since the Dow doesn't include some of the day's biggest losers like Ford, Office Depot, US Steel and Goldman Sachs. The Dow was also boosted to the heavy weighting of IBM as it soared 3.4% after a strong earnings report. Wed's declines were led by Bank of America and American Express after Amex lost 2.4% after it projected Q4 earnings below Wall St. estimates. It is charted under Bad News. IBM is charted under Good News. Bank of America fell 4.2% ahead of its earnings results on Fri, amid general gloominess around the US's largest banks.

Boeing BA $71.73 -0.74 1.02% 8,588,911 NYSE: WSJ pB4 "Two planes grounded after tail strikes" by Andy Pasztor says American Airlines has grounded a Boeing 757 and 767 after their tails struck the runway on takeoff after a slow takeoff, no one was injured.

Caterpillar CAT $95.54 -0.69 0.72% 6,455,195 NYSE: No mentions found.

Chevron CVX $92.97 -0.38 0.41% 6,050,937 NYSE: WSJ pC4 "Chevron hopes to advance start of its Thai gas project" by max Lin says Chevron hopes to advance the start up of a $3.1 bil natural gas project in the Gulf of Thailand to this year, the latest step to cash in on booming Asian demand for clener burning fuels.

Cisco CSCO $20.82 -0.395 1.86% 53,410,407 NASDAQ-GS: No mentions found.

Coke KO $63.42 -0.06 0.09% 9,156,467 NYSE: Fin Times p12 "Case study" by John Walsh focuses on Coke and alks about the challenges it faced as the growth of the sparkling drinks industry from the 70s to the 90s came to a halt.

Disney DIS $39.09 -0.30 0.76% 8,352,422 NYSE: WSJ pC12 "Comcast's NBC eality show" by Martin Peers says now that the Comcast deal has been approved, Comcast, as a conglomerate will trade at a discount to its purer peers. Time Warner trades at 7.2 times, Disney at 9.3 and Comcast is valued at 5.3 times '11 estimates.

DuPont DD $48.88 -0.82 1.65% 6,279,244 NYSE: No mentions found.

Exxon XOM $78.24 -0.47 0.6% 21,804,463 NYSE: WSJ pB5 "Exxon delays projects, is over budget in Australia" by Ross Kelly says Exxon said its Australian offshope oils projects face delays and rising costs for engineering services and a tight labor market.

GE $18.33 -0.27 1.45% 82,070,556 NYSE: WSJ pC12 "Comcast's NBC eality show" by Martin Peers, Fin Times p16 "Comcast deal set to reshape mediaindustry" by David Gelles say now that the Comcast deal has been approved, Comcast, as a conglomerate will trade at a discount to its purer peers. Time Warner trades at 7.2 times, Disney at 9.3 and Comcast is valued at 5.3 times '11 estimates.

Hewlett-Packard HPQ $46.32 -0.02 0.04% 16,500,932 NYSE: No mentions found.

Home Depot HD $35.63 -0.39 1.08% 9,103,448 NYSE: No mentions found.

Intel INTC $21.01 -0.0725 0.34% 43,243,361 NASDAQ-GS: No mentions found.

IBM $155.69 +5.04 3.35% 12,134,534 NYSE: WSJ pC5 "Bank results push down stocks" by Jonathan Cheng says stocks suffered their steepest one day drop in 2 months but you wouldn't know it by looking at the Dow as it fell a mere 12.64 points since the Dow doesn't include some of the day's biggest losers like Ford, Office Depot, US Steel and Goldman Sachs. The Dow was also boosted to the heavy weighting of IBM as it soared 3.4% after a strong earnings report. Wed's declines were led by Bank of America and American Express after Amex lost 2.4% after it projected Q4 earnings below Wall St. estimates. It is charted under Bad News. IBM is charted under Good News. Bank of America fell 4.2% ahead of its earnings results on Fri, amid general gloominess around the US's largest banks.

JPMorgan JPM $43.71 -1.04 2.32% 44,838,860 NYSE: No mentions found.

Johnson &JNJ $62.56 +0.46 0.74% 9,518,150 NYSE: No mentions found.

Kraft KFT $31.18 +0.13 0.42% 8,472,742 NYSE: No mentions found.

McDonalds MCD $75.35 +0.67 0.9% 10,682,954 NYSE: WSJ pB1 "Arby's put on auction block" by Julie Jargon says McDonald's had the the fast food pack in remodeling restaurants and expanding its menu with new coffee drinks, oatmeal & fruit smoothies.

Merck MRK $33.91 +0.04 0.12% 29,741,442 NYSE: WSJ pB2 "Merck anticlotting drug suffers a setback" by Ron Winslow says Merck said concerns about an increased risk of hemorrhagic stroke, or bleeding in the brain, in patients with a history of stroke led it to halt its one major study of Vorapaxar, its experimental heart drug and curb participation in another, TRA-2P.

Microsoft MSFT $28.47 -0.19 0.66% 49,981,519 NASDAQ-GS: WSJ pB7 "Nokia cancels US launch of phone intended for AT&T network" by Chris Lawton say Nokia had intended to unveil its touchscreen smartphone, the X7, in conjunction with At&T ahead of the Mobile world Congress Trade show next month in Barcelona, Spain which would have been the first Nokia phone for a US carrier since former Microsoft exec Stephen Elop took over as Nokia's CEO last Sept.

Pfizer PFE $18.32 -0.06 0.33% 38,176,561 NYSE: No mentions found.

Procter & Gamble PG $65.35 -0.15 0.23% 11,756,276 NYSE: No mentions found.

3M MMM $87.96 -0.18 0.2% 2,299,299 NYSE: No mentions found.

Travelers TRV $54.45 -0.22 0.4% 2,627,557 NYSE: No mentions found.

United Technologies UTX $79.91 +0.34 0.43% 4,105,658 NYSE: No mentions found.

Verizon VZ $34.6 -0.24 0.7% 24,504,658 DualListed: Fin Times p10 "Verizon may face iPhone shortage" says Apple's biggest problem is that it can't make the iPhone fast enough, such is the level of demand.

Walmart WMT $55.03 -0.11 0.2% 9,879,157 NYSE: WSJ pB1 "Walmart takes a healthy turn" by Sheryl Stolberg says Walmart will start a 5 year plan to make thousands of its packaged foods lower in fats, sugars and salts and to drop prices on fruits vegetables.

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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 1/10/11 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $378.5 [5]
2. Microsoft MSFT 241 [8.5]
3. GE 198 [10.5]
4. WalMart WMT 191.5 [3.5]
5. IBM 183.5 [1]
6. Procter & Gamble PG 182.5 [3]
7. Chevron CVX 182 [2]
8. Johnson & Johnson JNJ 171 [3]
9. JPMorgan Chase JPM 169.5 [4]
10. AT&T T 167.5 [6]
11. Coke KO 146 [2.5]
12. Pfizer PFE 146 [8]
13. Bank of America BAC 145 [10]
14. Intel INTC 115.5 [5.5]
15. Cisco CSCO 115.5 [5.5]
16. Merck MRK 115 [3]
17. Verizon VZ 107 [3]
18. Hewlett-Packard HPQ 98 [2]
19. McDonald's MCD 78 [1]
20. Disney DIS 74.5 [2]
21. United Technologies UTX 72.5 [1]
22. 3M MMM 62 [.5]
23. Caterpillar CAT 59.5 [.5]
24. Home Depot 56.5 [1.5]
25. Kraft KFT 54.5 [2]
26. American Express AXP 53.5 [1]
27. Boeing BA 51 [1]
28. DuPont DD 44.5 [1]
29. Travelers 24.5 [.5]
30. Alcoa AA 17 [1]

Here are the latest 8K, 10Q & 10K SEC filings as of 1/10/11:

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

AT&T T: 12/21/11 8K re: borrowing up to $8 bil
12/20/11 8K re: purchase of spectrum licenses from Walcomm
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: 12/16/11 8K re acquisition of Loyalty Partner, a marketing firm active in Germany, Poland & India
12/15/11 8K re; delinquency & write-off statistics through 10/31/10
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: 1/3/11 8K re: Agreement with Freddie Mac & Fannie Mae to repurchase $3 bil of loan to settle Countrywide dispute
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: 12/16/10 8K re: Nov. dealer statistics
12/14/10 8K re: changes to By-laws re: holding of Board meetings
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 12/17/10 8K re: pre-arranged exec stock trading plan
11/23/10 10Q for quarter ending 10/30/10

Coke KO 12/15/10 8K re: expiration of tender offer for notes
12/15 & 12/9/10 8Ks re: election of Howard G. Buffett to Board of Directors & Public Issue & Diversity Relations Committees
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 12/14/10 8K re: issuance of $5 bil of Noes
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: 12/16/10 8K re: departure of Director Sir William M. Castell
11/3/10 10Q re 9/30/10 results

Hewlett-Packard HPQ: 12/15/10 10K
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 Apotheker 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: 1/4/11 8K re: amendment of By-laws to decrease directors to 12
12/8/10 8K re: underwriting agreement re: debt
12/6/10 8K re: resignation of Cathleen Black from Board of Directors
10/26/10 10Q for period ending 9/30/10

JPMorganChase JPM: 12/13/10 8K re: termination of Replacement capital Covenants
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: 12/28/10 8K re: expiration & results of tender offer for notes
12/22/10 8K re: adoption of long term exec comp. program
212/13/10 28Ks re: status of tender offerfor notes
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: 12/20/10 8K re: departure and settlement re: Denis Hennequin as Pres. of MCD Europe
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% notes due '16
11/30/10 8K re: election of Kenneth C. Frazier a CEO with Richard T. Clark staying 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: 12/17/10 8K re: proposed settlement of shareholder derivative lawsuit in US Dist. Ct. SDNY
12/16/10 8K re: election of George A. Lorch as non-Exec Chair
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: 12/14/10 8K re: election of Susan Desmond-Hellmann, 53, Chancellor of U of Cal. SF to Board
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: 12/29/10 8K re: updated fin'l info re: divestiture of properties as a result of acquisition of Alltel Corp. in Jan '09
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