3/28/11 Mon am Caterpillar Threatens to Leave Ill. due to High Taxes

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Post No. 938 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 components' SEC filings as of March 21, 2011.

A read of Monday's (3/28/11) Barron's, Wall Street Journal, Financial Times, New York Times, Atlanta Journal Constitution & Daily Report (Ga. - carries Bloomberg) 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 12,220.59 up 50.03 points or 0.41% from Thursday's close of 12,170.56. Of the 30 Dow components 26 gained, American Express was unchanged and 13 declined. The biggest gainer dollar-wise and percentage-wise was IBM $162.18 +2.14 1.34% 5,351,526 NYSE. The biggest decliner dollar-wise and percentage-wise was Hewlett-Packard HPQ $42.53 -0.57 1.32% 15,530,861 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 is 14.85 (year ago it was 16.92); the P/E estimate is 12.63 (year ago it was 13.85), and the dividend yield is 2.39 (last year it was 2.51). 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 1,614.70 up 6.61 from Thursday's closing numerator of 1,608.09. 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 for today by the divisor (0.132129493) you get the increase 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 Friday's Dow Jones Industrial Average was $53.82 up 0.22 cents from Thursday's average closing price of 53.61. The median closing price of Tuesday's Dow Jones Industrial Average was $45.72 (JPM/AXP). The lowest volume was Travelers TRV $58.98 +0.15 0.25% 2,244,919 and the highest volume was again Bank of America BAC $13.34 -0.14 1.04% 115,332,233 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 made $661 ($161,470 - $160,809).

MarketWatch Friday 3/25/11 4:16 by Laura Mandaro says [Not reported].

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

AT&T T $28.85 +0.31 1.09% 23,664,562 NYSE: Fin Times p17 "Smaller operators optimistic over the US spectrum crunch" by Andrew Parker says AT&T's takeover of Deutsche Telekom's US mobile phone bizx sows how telecoms need more radio spectrum. Clearwire & Lightsquared are trying to be wholesale network operators AT&T's buying T-Mobile hurt LightSquared becuae it wanted T-Mobile to be one of its first big wholesale customers.

NYT pB8 "For Vodafone in India, a swift but bumpy rise" by Heather Timmons says British Vodafone bought an Indian wireless firm for $11 bil in '07 and is expanding in India while AT&T is expanding in the US.

Barron's p26 "The calculus behind AT&T's T-Mobile deal" by mark Veverka says the deal will win approval in Washington because it will improve the quality of service and could life the entire US mobile industry including Verizon Wireless.

Barron's pM11 "Charting" says AT&T will ask FCC to approve the deal with T-Mobile

Barron's p10 "Week Review" says AT&T is buying T-Mobile for $39 bil.

Alcoa AA $17.09 -0.02 0.12% 15,525,660 NYSE: No mentions found.

American Express AXP $45.59 unch unch 6,162,295 NYSE: No mentions found.

Bank of America BAC $13.34 -0.14 1.04% 115,332,233 NYSE: Barron's pM11 "Charting" says Bank of America was downgraded after the Fed Res rejected its request to raise its dividend.

Barron's p10 "Week Review" says fed regulators denied Bank of America's request to raise its dividend this year.

Boeing BA $73.34 +0.58 0.8% 4,699,751 NYSE: Barron's p5 "No exit, no entry" by Alan Abelson says firms like Boeing and GM who get a lot of its parts from Japan should think about sourcing their supplies closer to home.

Caterpillar CAT $109.09 +0.72 0.66% 7,662,017 NYSE: WSJ pB3 "Caterpillar is urging a retreat on taxes" by James R. Hagerty & Bob Tita says Caterpillar said it could shift jobs out of Ill and is prodding its home state to cut gov spending and roll back tax increases.

Fin times p15 "Uniler tests out dim sum market" by Louise Lucas says Unilever will be the first European multinat'l to launch an offshore renimbi denominated dim sum bond when it raises Rmb300m ($46mil) and now joins other firms that have growing Chinese operations such as McDonald's who was the first US issuer last Aug and Caterpillar who did one in Nov.

Chevron CVX $106.78 +1.40 1.33% 8,986,687 NYSE: NYT pB2 "Exxon's equation" says Exxon Mobil's, decision to its chemicals business as a core business unlike BP and Chevron was a smart move with about 16% of Exxon's earnings last year coming from the chemicals division, compared with 6% at ConocoPhilips.

CSCO $17.28 -0.08 0.46% 53,222,852 NASDAQ-GS: Barron's p31 "Cover Story: 30 Best CEOs" by Andrew Bary includes the following Dow CEOs: JPM's Jamie Dimon, IBM's Sam Palmisano, McDonald's James Skinner, Exxon's Rex Tillerson. Those deopped include Cisco's John Chambers and Hewlett-Packard's Mark Hurd.

Coke KO $65.22 +0.53 0.82% 6,214,449 NYSE: No mentions found.

DIS $42.97 +0.11 0.26% 7,948,125 NYSE: No mentions found.

DuPont DD $54.1 +0.42 0.78% 4,861,842 NYSE: No mentions found.

Exxon XOM $83.62 +0.89 1.08% 16,504,164 NYSE: NYT pB2 "Exxon's equation" says Exxon Mobil's, decision to its chemicals business as a core business unlike BP and Chevron was a smart move with about 16% of Exxon's earnings last year coming from the chemicals division, compared with 6% at ConocoPhilips

Barron's p55 "Interview with Don Yacktman, Chief Investment Officer, Yacktman Asset management" by Dimitra DeFotis says he likes Procter & Gamble and Johnson & Johnson as well as Microsoft and ExxonMobil.

Barron's p31 "Cover Story: 30 Best CEOs" by Andrew Bary includes the following Dow CEOs: JPM's Jamie Dimon, IBM's Sam Palmisano, McDonald's James Skinner, Exxon's Rex Tillerson. Those deopped include Cisco's John Chambers and Hewlett-Packard's Mark Hurd.

GE $19.75 -0.03 0.15% 40,089,875 NYSE: WSJ pR4 "Medicine on the move" by Stephanie Simon says GE has an $8,000 device called the Vscan, made by GE Healthcare which is an example of a portable ultrasound device, just one entry in the booming field of mobile health technology.

Hewlett-Packard HPQ $42.53 -0.57 1.32% 15,530,861 NYSE: Barron's p31 "Cover Story: 30 Best CEOs" by Andrew Bary includes the following Dow CEOs: JPM's Jamie Dimon, IBM's Sam Palmisano, McDonald's James Skinner, Exxon's Rex Tillerson. Those deopped include Cisco's John Chambers and Hewlett-Packard's Mark Hurd.

Home Depot HD $37.42 +0.06 0.16% 7,615,853 NYSE: No mentions found.

Intel INTC $20.37 -0.01 0.05% 52,479,176 NASDAQ-GS: No mentions found.

IBM $162.18 +2.14 1.34% 5,351,526 NYSE: Barron's p31 "Cover Story: 30 Best CEOs" by Andrew Bary includes the following Dow CEOs: JPM's Jamie Dimon, IBM's Sam Palmisano, McDonald's James Skinner, Exxon's Rex Tillerson. Those deopped include Cisco's John Chambers and Hewlett-Packard's Mark Hurd.

JPMorgan JPM $45.86 +0.13 0.28% 20,728,953 NYSE: Barron's p31 "Cover Story: 30 Best CEOs" by Andrew Bary includes the following Dow CEOs: JPM's Jamie Dimon, IBM's Sam Palmisano, McDonald's James Skinner, Exxon's Rex Tillerson. Those deopped include Cisco's John Chambers and Hewlett-Packard's Mark Hurd.

Johnson & Johnson JNJ $58.98 -0.05 0.08% 8,084,807 NYSE: Barron's p55 "Interview with Don Yacktman, Chief Investment Officer, Yacktman Asset management" by Dimitra DeFotis says he likes Procter & Gamble and Johnson & Johnson as well as Microsoft and ExxonMobil.

KFT $31.26 -0.02 0.06% 7,125,143 NYSE: No mentions found.

McDonald's MCD $75.25 +0.32 0.43% 4,654,159 NYSE: Fin times p15 "Uniler tests out dim sum market" by Louise Lucas says Unilever will be the first European multinat'l to launch an offshore renimbi denominated dim sum bond when it raises Rmb300m ($46mil) and now joins other firms that have growing Chinese operations such as McDonald's who was the first US issuer last Aug and Caterpillar who did one in Nov.

Barron's p31 "Cover Story: 30 Best CEOs" by Andrew Bary includes the following Dow CEOs: JPM's Jamie Dimon, IBM's Sam Palmisano, McDonald's James Skinner, Exxon's Rex Tillerson. Those deopped include Cisco's John Chambers and Hewlett-Packard's Mark Hurd.

MRK $32.57 -0.15 0.46% 10,568,856 NYSE: No mentions found.

Microsoft MSFT $25.62 -0.19 0.74% 57,031,023 NASDAQ-GS: Barron's p55 "Interview with Don Yacktman, Chief Investment Officer, Yacktman Asset management" by Dimitra DeFotis says he likes Procter & Gamble and Johnson & Johnson as well as Microsoft and ExxonMobil.

Pfizer PFE $20.35 +0.05 0.25% 38,437,291 NYSE: No mentions found.

Procter & Gamble PG $60.88 -0.26 0.43% 7,764,563 NYSE: Barron's p55 "Interview with Don Yacktman, Chief Investment Officer, Yacktman Asset management" by Dimitra DeFotis says he likes Procter & Gamble and Johnson & Johnson as well as Microsoft and ExxonMobil.

3M MMM $92.27 -0.31 0.33% 2,750,593 NYSE: No mentions found.

Travelers TRV $58.98 +0.15 0.25% 2,244,919 NYSE: No mentions found.

United Technologies UTX $83.52 +0.76 0.92% 4,019,880 NYSE: No mentions found.

Verizon VZ $37.29 +0.11 0.3% 10,849,344 DualListed: Barron's p26 "The calculus behind AT&T's T-Mobile deal" by mark Veverka says the deal will win approval in Washington because it will improve the quality of service and could life the entire US mobile industry including Verizon Wireless.

Walmart WMT $52.35 -0.24 0.46% 7,617,691 NYSE: No mentions found.

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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. (Chicago, 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 (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 as of 3/21/11 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $401 [5]
2. Procter & Gamble PG 243 [4]
3. Microsoft MSFT 212 [8.5]
4. Chevron CVX 207 [2]
5. GE 204 [10.5]
6. IBM 190 [1]
7. WalMart WMT 184 [3.5]
8. JPMorgan Chase JPM 182 [4]
9. AT&T T 165 [6]
10. Pfizer PFE 161 [8]
11. Johnson & Johnson JNJ 160 [3]
12. Coke KO 144 [2.5]
13. Bank of America BAC 142 [10]
14. Intel INTC 111 [5.5]
15. Verizon VZ 101 [3]
16. Merck MRK 98 [3]
17. Cisco CSCO 95 [5.5]
18. Hewlett-Packard HPQ 89 [2]
19. Disney DIS 78 [2]
20. McDonald's MCD 76 [1]
21. United Technologies UTX 74 [1]
22. Caterpillar CAT 67 [.5]
23. 3M MMM 63 [.5]
24. Home Depot HD 59 [1.5]
25. Kraft KFT 54 [2]
26. American Express AXP 53 [1]
27. Boeing BA 51 [1]
28. DuPont DD 49 [1]
29. Travelers TRV 25 [.5]
30. Alcoa AA 17 [1]

Here are the latest 8K, 10Q & 10K & Proxy SEC filings as of 3/21/11:

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

AT&T T: 3/10/11 Proxy Statement re: Annual Meeting of Stockholders to be held on 4/29/11 in Little Rock, Ark
3/7/11 8K re; departure of Richard G. Lindner as CFO to be replaced by John T. Stephens
3/1/11 10K re: Fiscal year ended 12/31/10

Alcoa AA: 3/7/11 Proxy Statement re: Annual Meeting of Shareholders to be held 5/6/11 in Pittsburg, PA
2/17/11 10K re: Fiscal year ended 12/31/10
2/11/11 8K re: resignation of Carlos Ghosen, CEO of Nissan, from Board of Directors
2/3/11 8K re: FD disclosaure re: flat rolled growth opport'ties in Europe
1/25/11 & 1/21/11 8Ks re: contributions to pension plan

American Express AXP: 3/18/11 8K re: Reg. FD disclosures re: its Comprehensive Capital Plan re: share repurchases & dividends
3/15/11 8K re: delinquency & write-off statistics for 3 months ended 2/28/11
3/4/11 Prelim Proxy Statement re: Shareholder Meeting to be held 5/2/11 in NYC
2/2811 10K re: Fiscal year ended 12/31/10
2/15/11 8K re: delinquency & write0off statistics for 3 months ended 1/31/11
1/18/11 8K re: comp to CEO Chanault

Bank of Am BAC: 3/17/11 8K re: issuance of $1.5 bil of 3.625% of Senior Notes due 2016
3/16/11 8K re: election of Mukesh D. Ambani to Board of Directors & Compensation & Benefit Committee & Audit Committee
1/31/11 8K re: compensation of officers
1/21/11 8K re: 4Q & FY 2010 results

Boeing BA: 3/18/11 Proxy Statement re: Annual Meeting of Shareholders to be held 5/2/11 in Chicago
2/9/11 10K & 1/26/11 8K re: 12/31/10 results & FY 2011 guidance
1/11/11 8K re: resignation of William M. Daley from Board to be Chief of Staff to Pres. Obama

Caterpiller CAT: 3/8/11 8K re: price changes of products
3/18/11 8K re: Reg FD disclosures re: 3 months dealer statistics
2/22/11 10K re: Fiscal year ended 12/31/10
2/18/11 8K re: dealer statistics for January

Chevron CVX:
2/24/11 10K re: Fiscal year ended 12/31/10
2/1/11 8K re: compensation to officers including CEO John Watson

Cisco CSCO 3/18/11 8K re: initiation of quarterly cash dividends of 6 cents per share to be paid 4/20
3/16 & 3/15 8Ks re: issuance of debt securities
3/9/11 8K re: recasting of fin'l stmts due to combining Asia Pacific & Japan operations
2/23/11 8K re: election of Gary B. Moore as COO
2/23/11 10Q re: Quarter ended 1/29/11

Coke KO 3/10/11 Proxy Statement re: Annual Meeting of Shareholders to be held 4/27/11 in Atlanta
2/28/11 10K re: Fiscal year ended 12/31/10
2/17/11 8K re: election of Evan G. Greenberg to Board of Directors & Audit Comm.
2/17/11 8K re: Amendment of Stock Option Plan

Disney DIS 3/18/11 two 8Ks re: amendment to employment Agreement of CEO Robert A. Iger & other execs.
3/2/11 Proxy Materials re: shareholder proposal re: exec compensation
2/25/11 8K re: $2.25 bil 4 year Credit Agreement
2/8/11 10Q & 2/8/11 8K re: 1Q results
1/28/11 Proxy statement for annual shareholder meeting to be held 3/23/11 at Salt Lake City, Utah

DuPont DD: 3/18/11 Proxy re: Annual Stockholders Meeting to be held on 4/27/11 in Wilmington, DE
3/8/11 8K re: retirement of Samuel W. Bodman & John T. Dillon from Board of Directors due to reaching age 72
2/8/11 10K re FY 12/31/10
1/27/11 8K re: compensation for CEO Ellen Kullman
1/25/11 8K re: results for quarter ended 12/31/10
1/12/11 8K re: acquisition of Danish firm, Danisco
12/10 8K re: retirement of Jeffrey L. Keefer as EVP

ExxonMobil XOM: 3/15/11 8K re: results of operations presentation at analyst meeting
2/28 10K/A & 2/25 10K re: Fiscal year ended 12/31/10
2/15/11 8K re: FD Disclosure re: worldwide proved oil and gas reserve

GE: 3/14/11 Proxy re: Annual Shareholders Meeting on 4/27/11 in Salt Lake City, Utah
2/25/11 10K re: Fiscal year ended 12/31/10
2/14/11 8K re: amendments to bylaws re: calling of special meetings of shareholders
1/31/11 8K re: closing of Comcast deal giving it control of NBC Universal

Hewlett-Packard HPQ: 3/11/11 Proxy Materials re: opposition to ISS voting recommendations re: exec comp.
3/11/11 & *k 2/22/11 re: Quarter ended 1/31/11
2/1/11 Proxy statement re: 3/23/11 shareholders meeting
1/20/11 8K re: election of 5 new members to Board of Directors

Home Depot HD: 3/2/11 8K re: approval of Stock Option Plan
2/22/11 8K re: fin'l results of fiscal year & quarter ended 1/30/11
1/12/11 8K re: promotion of Aaron Carmack as Pres. of Home Depot Canada

Intel INTC: 2/28/11 8K re: completion of acquisition of McAfee
2/28/11 10K re: Fiscal year ended 12/25/10

IBM: 3/18/11 8K re: settlement with SEC of bribery charges in Asia for $10 mil
3/8/11 8K re: FD disclosure re: presentation at investor briefing
3/7/11 Proxy rel Annual Stockholders Meeting on 4/26 in St. Louis, Mo.
2/22/11 10K re: Fiscal year ended 12/31/10

JPMorganChase JPM: 2/28/11 10K re: fiscal year ended 12/31/10
2/24/11 8K re: clsoing of public offering of $3 bil of 3.45% Notes due 2016

Johnson & Johnson JNJ : 3/16/11 Proxy re: Annual Shareholders Meeting on 4/28 in New Brunswick, NJ
3/10/11 8K re: Entering into a consent decree with the FDA regarding its oversight of JNJ's McNeil Unit plants in Puerto Rico and Pennslyvania
2/25/11 10 K e: fiscal year ended 1/2/11

Kraft KFT: 3/14/11 8K re: departure of CFO timothy R. McLevish to be replaced by David A. Brearton
2/28/11 10K re: Fiscal year ended 12/31/10
2/22/11 8K re: FD disclosure re: presentation at Consumer Analyst Group of NY

McDonalds MCD: 3/9/11 8K re: FD disclosure re: comparable sales rising 3.9% in Feb.
3/3/11 Proxy re: Annual Meeting of Shareholders on 5/19/11 at Oak Brook, Ill.
2/25/11 10K re: fiscal year ended 12/31/10
2/8/11 8K re: Jan 2011 global sales

Merck MRK: 2/28/11 10K re: Fiscal year ended 12/31/10

Microsoft MSFT: 2/8/11 8K re: underwriting agreement for $750 mil of 2.5% Notes due 2016
1/27/11 10 & 1/27/11 8K for quarter ended 12/31/10

Pfizer PFE: 2/28/11 10K re: fiscal year ended 12/31/10

Procter & Gamble PG: 3/1/11 8K re: resignation of Rajat KJ. Gupta from Board of Directors
2/11/11 8K re: election of Meg Whitman to Board of Directors

3M MMM: 3/15/11 8K re: retirement of CFO Patrick D. Cambell to be replaced by David W. Meline
2/16/11 10K re: Fiscal year ended 12/31/10
2/16/11 & 2/15/11 four 8Ks re: adoption by four executives of pre-arranged trading programs

Travelers TRV: 2/17/11 10K re: Fiscal year ended 12/31/10
1/28/11 8K re: departure of Blythe McGarvie from Board
1/25/11 8K results of 4Q

United Technologies UTX: 2/25/11 Proxy re: Annual Meeting of Shareholders on 4/13/11 in Phoenix, AZ
2/10/11 10K for FY 12/31/10

Verizon Communications Inc. VZ: 3/7/11 8K re: election of Lowell C. McAdam to Board of Director (he is Pres/COO)
2/28/11 10K re: fiscal year ended 12/31/10
2/3/11 8K re: increase to stock repurchase program

WalMart WMT: 2/22/11 8K re: revising fin'l info for prior operating results