11/21/11 Mon pm Dow Closes at 11,547.31 down 248.85 or 2.11%

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Post No. 1,332 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, and a ranking of the Dow 30 components by market capitalization and Dow 30 components' SEC filings in each case as of November 1, 2011.

The Dow Jones Industrial Average closed Monday at 11,547.31 down 248.85 or 2.11% from Friday's close of 11,796.16. Of the 30 Dow components all 30 declined. The biggest decliner dollar-wise was IBM
$181.48 -3.76 2.03% 5,140,601 NYSE and percentage-wise was Bank of America BAC $5.49 -0.29 5.02% 268,165,891 NYSE.

As of the open of the market Monday, the current divisor for the Dow Jones Industrial Average found at page C5 of Monday's Wall St. Journal is 0.132129493. Monday's trailing P/E ratio is 12.66 up from Friday's trailing P/E ratio of 12.64 (year ago it was 14.30); Monday's P/E estimate is 12.10 down from yesterday's P/E estimate of 12.22 (year ago it was 13.17), and today's dividend yield is 2.65 down from Friday's dividend yield of 2.66 (last year it was 2.55). 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 1,525.74 down 32.88 from Friday's closing numerator of 1,558.62. 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 Monday's Dow Jones Industrial Average was $50.86 down $1.09 from Friday's average closing price of $51.95. The median closing price of Monday's Dow Jones Industrial Average was $40.78 (DD/VZ) down 0.66 from Friday's median closing price of 41.44. The lowest volume was Travelers TRV $54.76 -1.46 2.6% 4,407,256 NYSE and the highest volume again was Bank of America BAC $5.49 -0.29 5.02% 268,165,891 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 $32,880 ($155,862 - $152,574).

MarketWatch Monday 11/21/11 4:23 pm by Kate Gibson says US stocks sank Monday, pulling the Dow Jones Industrial Average into negative territory for 2011, as the lack of progress by American lawmakers in reaching a deficit-cutting agreement magnified worry that Europe’s debt crisis would spur a global downturn. “The good news is being totally discounted, and the fear of the worst-case scenarios are being priced in,” said Tim Courtney, chief investment officer of Burns Advisory Group. “The markets are aligning themselves like we’re going to have a global recession. Not only are stocks going down but commodities and real estate, so it’s betting against the economy,” said Courtney. After falling as much as 342 points, the Dow Jones Industrial Average finished at 11,547.31, losing 248.85 points, or 2.1%, and leaving the index off 0.3% for the year. All 30 of the Dow’s components lost value, led by Bank of America Corp., which declined 5%. Yet the Dow remained more than 900 points above its Oct. 3 close of 10,655.30. “It seems like it does not want to go down below roughly the 11,000 mark,” said Courtney. “There is only so low the market can go, until you say this is assuming we’re not even going to have an economy, that people won’t be going to work that they’ll just stay at home and tend to their gardens,” he added. Extending losses into a fourth consecutive session, the S&P 500 Index fell 22.67 points, or 1.9%, to 1,192.98, with financial companies hit hardest among its 10 major industry sectors. The Nasdaq Composite Index declined 49.36 points, or 1.9%, to 2,523.14.
For every stock on the rise nearly half a dozen fell on the New York Stock Exchange, where 931 million shares traded. “A lot of the data recently is looking better than expected — retail sales, industrial production, LEI [leading economic indicators] and today home sales. But investors are saying, ‘That’s nice, but backwards looking, we could be pushed back into recession by Europe,’ ” said Sam Stovall, chief equity strategist at S&P Capital IQ. “Monday is also traditionally a capitulation day,” said Stovall, pointing out that Oct. 3, when the S&P 500 closed at its lowest level so far this year, was also a Monday. And March 9, 2009, when the S&P hit the bottom of a months-long stretch of selling that came with the financial crisis, was a Monday as well. The question for investors is whether the current slide is a retest of the Oct. 3 low, in which case it would “represent a very nice buying opportunity,” or the start of a bigger drop, according to Stovall. “It gets bleakest at the time it’s best to be buying,” he observed. In Washington, the supercommittee, comprising six Democrats and six Republicans from the House and Senate, was formed in August by the legislation that hiked the U.S. debt ceiling. The panel has until Wednesday to come up with at least $1.2 trillion in deficit reduction to avoid automatic spending cuts of the same amount in 2013.“The fact that our economy has been able to plug along and post rather decent data during the global financial crisis should be viewed as a success. However, it is completely overshadowed by the dire and incompetent actions of the supercommittee,” Marc Pado, U.S. market strategist at Cantor Fitzgerald, noted in emailed commentary. The National Association of Realtors on Monday reported sales of previously owned U.S. homes climbed 1.4% last month to a seasonally adjusted annual rate of 4.97 million, suggesting slight improvement in the troubled sector. Another report issued Monday had rating agency Moody’s Investors Service warning that elevated borrowing costs and a wobbly economy pose a threat to France’s credit outlook.

Monday's Closing Dow Numbers:
Symbol Last Sale Change % Change Share Volume Market
AT&T T
$28.36 -0.28 0.98% 22,197,565 NYSE

Alcoa AA
$9.47 -0.22 2.27% 33,264,002 NYSE

American Express AXP
$46.06 -0.82 1.75% 8,196,818 NYSE

Bank of America BAC
$5.49 -0.29 5.02% 268,165,891 NYSE

Boeing BA
$65.56 -1.90 2.82% 8,084,807 NYSE

Caterpillar CAT
$91.12 -2.81 2.99% 9,842,077 NYSE

Chevron CVX
$95.66 -2.22 2.27% 15,012,173 NYSE

Cisco CSCO
$18 -0.42 2.28% 54,311,332 NASDAQ-GS

Coke KO
$65.95 -1.44 2.14% 9,285,118 NYSE

Disney DIS
$34.33 -1.30 3.65% 39,952,068 NYSE

DuPont DD
$45.48 -0.93 2% 7,120,372 NYSE

Exxon XOM
$76.91 -0.99 1.27% 20,185,686 NYSE

GE
$15.24 -0.41 2.62% 67,043,715 NYSE

Hewlett-Packard HPQ
$26.86 -1.13 4.04% 33,981,325 NYSE

Home Depot HD
$37.06 -0.82 2.16% 11,597,316 NYSE

Intel INTC
$23.57 -0.72 2.96% 58,542,362 NASDAQ-GS

IBM
$181.48 -3.76 2.03% 5,140,601 NYSE

JPMorgan JPM
$29.91 -0.71 2.32% 39,589,725 NYSE

Johnson & Johnson JNJ
$62.94 -0.91 1.43% 32,773,984 NYSE

Kraft KFT
$34.3 -0.47 1.35% 12,516,193 NYSE

McDonald's MCD
$92.28 -0.46 0.5% 5,855,301 NYSE

Merck MRK
$34.14 -0.81 2.32% 16,449,649 NYSE

Microsoft MSFT
$25 -0.30 1.19% 61,822,425 NASDAQ-GS

Pfizer PFE
$18.96 -0.57 2.92% 54,165,923 NYSE

Procter & Gamble PG
$61.66 -1.58 2.5% 13,193,705 NYSE

3M MMM
$78.39 -2.15 2.67% 5,431,965 NYSE

Travelers TRV
$54.76 -1.46 2.6% 4,407,256 NYSE

United TechnologiesUTX
$74.07 -2.04 2.68% 4,688,185 NYSE

Verizon VZ
$36.07 -0.39 1.07% 12,174,610 DualListed

Walmart WMT
$56.66 -0.57 1% 9,926,876 NYSE




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The following are excerpts from Monday morning's Blog.

A read of the print editions of Monday's Barron's, The Wall St. Journal, Financial Times, New York Times, USA Today, 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 AverageThe Dow Jones Industrial Average opened Monday at 11,796,16 up 25,43 or 0.223% from Thursday's close of 11,170.73. For the week the Dow is down 357.52 or 2.94% from last Friday's close of 12,153.68. For the year the Dow is up 1.89%. Of the 30 Dow components 21 gained and 9 declined. The biggest gainer dollar-wise was Bank of America BAC $5.8 +0.02 0.34% 226,674,585 NYSE and percentage-wise was ewlett-Packard HPQ $27.99 +0.70 2.57% 29,275,282 NYSE. The biggest decliner dollar-wise and percentage-wise was Chevron CVX $97.88 -2.20 2.2% 13,668,656 NYSE.

Sat. WSJ pB4 "Modest gains wrap up dreary week" by Steve Russolillo says blue chip stocks closed higher while other indexes fell slightly, capping a week of broad losses, as investors continued fretting over Europe's sovereign-debt crisis & Washington's debt negotiations. Average daily trading volume ths week was the lowest since mid-July. Hewlett-Packard led the Dow higher, rising 70 cents as it said it will give activist shareholder Ralph Whitworth, co-founder of Relational Investors LLC, a seat on the board. Boeing gained $1.37 while Disney rose 48 cents. On the downside Chevron fell $2.20 & Microsoft declined 24 cents.

Friday's Dow Jones Industrial Average closing numerator was 1,558.62 down 3.46 from Thursday's closing numerator of 1,555.16. 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 $51.95 up 0.11 from Thursday's average closing price of $51.84. The median closing price of Friday's Dow Jones Industrial Average was $41.44 (DD/VZ) down 0.01 from Thurday's median closing price of 41.45. The lowest volume was Travelers TRV $56.22 +0.49 0.88% 3,169,130 NYSE and the highest volume again was Bank of America BAC $5.8 +0.02 0.34% 226,674,585 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 $356 ($155,862 - $155,516).

MarketWatch Friday 11/18/11 5:06 pm by Kate Gibson says US blue chip stocks rose Friday as a gauge of leading indicators climbed, boosting views of the U.S. economy. But the major indexes lost about 3% for the week, their worst performance in nearly two months.“Today we had some good U.S. economic news, and it continues a string of good news on the economy,” Mitch Schlesinger, chief investment officer at FBB Capital Partners, said of the Conference Board’s index of leading economic indicators, which climbed 0.9% in October, its biggest jump since February. Read more on leading indicators. “Expectations are pretty good for the retail environment in the U.S., and most of the data we’ve seen recently is supportive of a moderately growing U.S. economy despite what is going on in the rest of the world,” said Schlesinger.The Dow Jones Industrial Average ended up 25.43 points, or 0.2%, to 11,796.16, off 2.9% from last Friday’s close. That was its worst week since Sept. 23.Twenty-one of index’s 30 blue-chip, or established-company components advanced, led by Hewlett-Packard Co. HPQ -0.32%. Shares rose 2.6% a day after the personal-computer maker said it had added Ralph Whitworth of hedge fund Relational Investors LLC to its board.Down 3.8% on the week, the S&P 500 Index ended down 0.5 point, or 0.04%, at 1,215.65 Friday, with utilities and financial companies faring best and technology and energy the weakest performers among its 10 industry groups. It was also the S&P 500’s worst week since Sept. 23.Leading declines on the S&P 500, shares of Salesforce.com Inc. CRM +0.76% fell 10% a day after the provider of Web-based customer-management software projected a lackluster fourth quarter. The Nasdaq Composite fell 15.49 points, or 0.6%, to 2,572.50, a level that has it down nearly 4% from last Friday’s close. For every stock falling more than one gained on the New York Stock Exchange, where 956 million shares traded. NYSE Composite volume was about 3.8 billion, under the year-to-date daily average. Gold futures for December delivery GC1Z +0.34% finished the week at $1,725.10 an ounce, while crude-oil futures for December delivery, the benchmark contract that expired Friday, closed at $97.41 a barrel. More actively traded January CL2F -1.15% closed at $97.67 a barrel, down more than 1%. Read more on oil futures.From the start, stocks were supported from European official comments about the region’s efforts to prevent a deeper crisis. “We had a pretty constructive first speech out of the new ECB President Mario Draghi, who alluded to the fact there would be more interest-rate cuts coming from the ECB and also he was pressing hard for implementation of the EFSF (Financial Stability Facility),” said Art Hogan, an equity strategist at Lazard Capital Markets.“And, overnight the ECB stepped in and bought some euro bonds, about $225 million euros’ worth, 70% from Italy and 30% from Spain, which certainly helped calm things down,” Hogan added. Read more on Europe Markets.The euro EURUSD +0.39% bought $1.3512, up from the prior session. Yields on 10-year Spanish bonds fell to 6.353%. Yields on benchmark French and Italian debt, which reflect borrowing costs, also fell. “There are many factors in play in Europe, some of them economic or financial, but most of them political, and that adds a greater degree of uncertainty for stocks,” said Schlesinger at FBB Capital Partners.In Washington, the bipartisan group of members of the supercommittee assigned with cutting debt have five days to reach agreement or at least $1.2 trillion in automatic cuts would come in 2013, divided between defense and domestic programs.“Given the automatic cuts that will get triggered if they don’t come up with a plan they’ll probably get some focus in the next few days,” said Lazard’s Hogan.

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

Symbol Last Sale Change % Change Share Volume Market
AT&T T $28.64 +0.03 0.1% 22,080,202 NYSE: Flin Times p18 "Prospects darkening for At&T's merger hopes" by Paul Taylor says AT&T's chances of acquiring T-Mobile for $39 bil were lowered when US Justice Dept on 8/30 filed an antitrust suit to block it. Now there is less than 50/50 chance the deal will close.

Alcoa AA $9.69 +0.07 0.73% 22,326,264 NYSE: No mentions found.

American Express AXP $46.88 +0.18 0.39% 5,316,182 NYSE: Barron's p43 "Enjoying their freedom" by Beverly Goodman says Morty Schaja, Mitch Rubin & Conrad van Tienhoven of RiverPark Capital like payment processors such as American Express, Via and eBay which owns PayPal because "it's not about who's lending the money, it's how people are paying."

Bank of America BAC $5.78 +0.02 0.34% 226,674,585 NYSE: Barron's p48 "From recent Barron's.com stories" says hedge fund manager John Paulson for the 3qtr reported no stake in previous holdings of JPMorgan. Paulson raised his stake in Bank of America by 6% to 64.3 mil shares and made a large cut in his holdings of Hewlett-Packard, a 35% drop in shares from 2Q to 3Q.

Boeing BA $67.46 -1.37 2.07% 7,055,291 NYSE: WSJ pB6 "For Bombardier's top gun, new jetliner's ETA is priority" by Caroline Van Hasselt says in this interview with CEO Pierre Beaudoin that Bombardier is tryingto improve customer satisfaction & efficiency to compete with Boeing and EADS.

Barron's p16 "Week review" says Berkshire Hathaway bought $10.7 bil of IBM shares this year beginning in March and now has a 5.4% stake. Boeing won $39.7 bil in orders from Indonesia's Lion Air & Dubai's Emirates.

Caterpillar CAT $93.93 +0.12 0.13% 6,065,632 NYSE: WSJ pB4 "Caterillar's sales rise despite slower areas" by Bob tita says Caterpillar's global retail sales of its construction machinery rose 31% in the past 3 months, although growth slowed in Latin America & Europe.

Chevron CVX $97.88 -2.20 2.2% 13,668,656 NYSE: WSJ pB3 "Chevron mea culpa in spill" by Dan Gilbert, USA Today p1B "Chevron takes blame for Brazil oil spill, say Chevron is taking responsibility for an oil spill off Brazil's coast in a spill that had oil leaking at the rate of 200 to 330 barrels a day from 11/8 to 11/15.

Cisco CSCO $18.42 -0.06 0.32% 38,219,570 NASDAQ-GS: WSJ pB3 "Outlays, debt put spotlight on how H-P handles cash" by Ben Worthen says Hewlett-Packard ended July had $13 bil in the bank but then spent $11.7 bil to buy a software copany and announced a $1 bil cash charge for closing its tablet business. There's no room for any deals over a billion dollars if it wants to preserve its credit rating. Microsoft had $45 bil in cash at the end of its most recent quarter & Cisco had $28 bil.

Coke KO $67.39 +0.77 1.16% 9,344,160 NYSE: Barron's p20 "Don't rule out Pepsi breakup yet" by Andrew Bary says Pepsi has had a disappointing year during which it twice reduced fin'l guidance & continues to face pressure in its global soft drink business from a revived Coca-Cola. A split of Pepsi would probably lift its shares as investors have reacted favorably to Kraft Foods' move to separate its grocery & snack food businesses.

Disney DIS $35.63 +0.48 1.37% 32,200,229 NYSE: WSJ pC0 "Google embarks on a career tin tv" by John Jannarone says even Disney, whose ESPN unit is a big beneficiary of pay TV, is selling material to Google.

DuPont DD $46.41 +0.34 0.74% 6,107,922 NYSE: No mentions found.

Exxon XOM $77.9 +0.04 0.05% 23,104,490 NYSE: No mentions found.

GE $15.65 0.01 +0.06% 46,838,615 NYSE: No mentions found.

Hewlett-Packard HPQ $27.99 +0.70 2.57% 29,275,282 NYSE: Fin Times p24 "Weak ahead", WSJ pB2 "Happening this week", NYT pB2 "Corporate earnings", Barron's p17 "Week preview" say Hewlett-Packard reports results after the close on Mon. Consensus estimate is $1.13 vs. a year ago $1.33. On Thurs. Walmart, in a departure, will open its doors for holiday shopping at 10 pm.

WSJ pB3 "Outlays, debt put spotlight on how H-P handles cash" by Ben Worthen says Hewlett-Packard ended July had $13 bil in the bank but then spent $11.7 bil to buy a software copany and announced a $1 bil cash charge for closing its tablet business. There's no room for any deals over a billion dollars if it wants to preserve its credit rating. Microsoft had $45 bil in cash at the end of its most recent quarter & Cisco had $28 bil.

Barron's p39 "Big spenders' attraction to big tech" by Dimitra DeFotis says while Warren Buffertt took a big stake in IBM, hedge fund manager Seth Klarman was buying Hewlett-Packard shares. Klarman, a famed value investor, also holds 12 mil shares of Microsoft worth $306 mil. Klarman couldn't resist HP's valuation which is trading 6 times earnings (expected).

Barron's p48 "From recent Barron's.com stories" says hedge fund manager John Paulson for the 3qtr reported no stake in previous holdings of JPMorgan. Paulson raised his stake in Bank of America by 6% to 64.3 mil shares and made a large cut in his holdings of Hewlett-Packard, a 35% drop in shares from 2Q to 3Q.

Home Depot HD $37.88 +0.26 0.69% 11,816,001 NYSE: Barron's p36 "Speaking of dividends" by Shirley Lazo says Home Depot is sprucing up its dividend for the 2nd time this year & for the 2nd year in a row. After holding its payout steady at 22.5 cents for 3 years, it tacked on about a penny to its quarterly in Feb '10 & then raised it to 25 cents a year later & Tues brought a 16% hike to 29 cents a share.

Intel INTC $24.29 -0.05 0.21% 45,683,560 NASDAQ-GS: No mentions found.

IBM $185.24 -0.49 0.26% 4,440,837 NYSE: Barron's p16 "Week review" says Berkshire Hathaway bought $10.7 bil of IBM shares this year beginning in March and now has a 5.4% stake. Boeing won $39.7 bil in orders from Indonesia's Lion Air & Dubai's Emirates.

Barron's p18 "Buffett validates IBM's resurgence" says the news that Buffett has taken a big position in IBM, his most expensive minority stake ever in a public firm, allowed the shares to outperform the S&P in a sharply declining market.

JPMorgan JPM $30.62 +0.13 0.43% 39,029,836 NYSE: Barron's p48 "From recent Barron's.com stories" says hedge fund manager John Paulson for the 3qtr reported no stake in previous holdings of JPMorgan. Paulson raised his stake in Bank of America by 6% to 64.3 mil shares and made a large cut in his holdings of Hewlett-Packard, a 35% drop in shares from 2Q to 3Q. David Einhorn's Greenlight Capital beefed up its position in Microsoft while selling out of Pfizer.

Johnson & Johnson JNJ $63.85 -0.09 0.14% 12,659,593 NYSE: WSJ pB4 "Ex-Synthes officers in court" by Peter Loftus says 4 former Synthes execs will be sentenced today in fed ct in Phil for their roles in the promotion of a bone cement for an unsafe unauthorized use. Synthes will be bought by Johnson & Johnson for $21 bil which will close next year.

Barron's p31 "Reeling in the yields" by Karen Hube says Erin Botsford, CEO of the Botsford Group says investors should hunt for dependable dividend paying stocks whose earnings are at least twice their payouts such as Chevron which yields 3% & Johnson & Johnson which yields 3.5%.

Kraft KFT $34.77 -0.19 0.54% 7,735,812 NYSE: Barron's p20 "Don't rule out Pepsi breakup yet" by Andrew Bary says Pepsi has had a disappointing year during which it twice reduced fin'l guidance & continues to face pressure in its global soft drink business from a revived Coca-Cola. A split of Pepsi would probably lift its shares as investors have reacted favorably to Kraft Foods' move to separate its grocery & snack food businesses.

McDonald's MCD $92.74 +0.45 0.49% 4,791,408 NYSE: Barron's p48 "McDonald's feeds off its success" by Bob O'Brien says both McDonald's top line & its profitability have exceeded expectations and it is reasonably certain it'll continue to do just that.

Merck MRK $34.95 +0.11 0.32% 12,595,380 NYSE: No mentions found.

Microsoft MSFT $25.3 -0.24 0.94% 47,626,107 NASDAQ-GS: NYT pB1 "Mixed results as Google enters Microsoft's turf" by Quentin Hardy says Google Apps performs many of the same functions as Microsofts Office but through a brower instead of local software it is cheaper to own and operate. Microsoft says Google's efforts are hardly noticeable.

NYT pB4 "Microsoft office missing for table says Microsoft will come out with Windows 8 for phones & tablets next year.

WSJ pB3 "Outlays, debt put spotlight on how H-P handles cash" by Ben Worthen says Hewlett-Packard ended July had $13 bil in the bank but then spent $11.7 bil to buy a software copany and announced a $1 bil cash charge for closing its tablet business. There's no room for any deals over a billion dollars if it wants to preserve its credit rating. Microsoft had $45 bil in cash at the end of its most recent quarter & Cisco had $28 bil.

Barron's p48 "From recent Barron's.com stories" says hedge fund manager John Paulson for the 3qtr reported no stake in previous holdings of JPMorgan. Paulson raised his stake in Bank of America by 6% to 64.3 mil shares and made a large cut in his holdings of Hewlett-Packard, a 35% drop in shares from 2Q to 3Q. David Einhorn's Greenlight Capital beefed up its position in Microsoft while selling out of Pfizer.

Pfizer PFE $19.53 +0.06 0.31% 38,778,684 NYSE: WSJ pB1 "Pfizer near settlement on bribery" by Chris Matthews says Pfizer will pay more than $60 mil to resolve US gov probes into whether it paid bribes to win busienss oversea. The investigation has changed how pharma conducts business overseas. Pfizer & Johnson & Johnson which settled a bribery probe earlier this year told the gov how industry practices violate the Foreign Corrupt Practices Act.

Barron's p48 "From recent Barron's.com stories" says hedge fund manager John Paulson for the 3qtr reported no stake in previous holdings of JPMorgan. Paulson raised his stake in Bank of America by 6% to 64.3 mil shares and made a large cut in his holdings of Hewlett-Packard, a 35% drop in shares from 2Q to 3Q. David Einhorn's Greenlight Capital beefed up its position in Microsoft while selling out of Pfizer.

Procter & Gamble PG $63.24 +0.30 0.48% 7,623,903 NYSE: WSJ pA5 "P&G chief snapped up brands, led GM overhaul" by stephen Miller is a remembrance of John Smale who died at age 84 and was P&G's brand manager for Crest which was one of the first to have fluoride and ended up as CEO in '81 and pushed P&G into Asia causing sales & profits to double over a decade.

3M MMM $80.54 +0.11 0.14% 3,928,297 NYSE: No mentions found.

Travelers TRV $56.22 +0.49 0.88% 3,169,130 NYSE: No mentions found.

United Technologies UTX $76.11 +0.42 0.55% 3,442,245 NYSE: No mentions found.

Verizon VZ $36.46 -0.24 0.65% 11,795,898 DualListed: No mentions found.

Walmart WMT $57.23 +0.50 0.88% 8,982,262 NYSE: WSJ pB1 "Some retailers wish extra hard" by Miguel Bustillo says Walmart is trying to win back cost conscious shoppers it has lost to the Internet and dollar stores. More than half of Walmart's $260 bil in US sales now come from low profit groceries.

Barron's p17 "Week preview" says Hewlett-Packard reports results after the close on Mon. Consensus estimate is $1.13 vs. a year ago $1.33. On Thurs. Walmart, in a departure, will open its doors for holiday shopping at 10 pm.

Barron's pM13 "Research reports" says MKM Partners has a report on Walmart as a neutral saying while the sales picture has improved, the outlook for margins has deeriorated and there will be continued margin pressure in 4Q11 & into FY12.

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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 Meg Whitman (Palo, Alto, CA)
Home Depot HD Frank Blake (Atlanta, GA)
Intel INTC Paul S. Otellini (Santa Clara, CA)
IBM Virginia M. Rometty (replaces Samuel J. Palmisano 1/1/12) (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 Lowell McAdam (NY, NY) Lowell C. McAdam
Wal-Mart WMT Mike Duke (Bentonville, ARK)

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Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest 1/2 billion as of 11/1/11 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $379.5 [5]
2. Microsoft MSFT 223 [8.5]
3. IBM 217.5 [1]
4. Chevron CVX 210.5 [2]
5. WalMart WMT 195.5 [3.5]
6. GE 177 [10.5]
7. Johnson & Johnson JNJ 176.5 [3]
8. Procter & Gamble PG 176 [3]
9. AT&T T 173.5 [6]
10. Coke KO 155 [2.5]
11. Pfizer PFE 150.5 [8]
12. JPMorgan Chase JPM 135.5 [4]
13. Intel INTC 129 [5]
14. Merck MRK 106 [3]
15. Verizon VZ 104.5 [3]
16. Cisco CSCO 102 [5.5]
17. McDonald's MCD 96 [1]
18. United Technologies UTX 70.5 [1]
19. Bank of America BAC 69 [10]
20. Disney DIS 65 [2]
21. Kraft KFT 62 [2]
22. Caterpillar CAT 61 [.5]
23. American Express AXP 60.5 [1]
24. Home Depot HD 56 [1.5]
25. 3M MMM 56 [.5]
26. Hewlett-Packard HPQ 53 [2]
27. Boeing BA 49 [1]
28. DuPont DD 44.5 [1]
29. Travelers TRV 24 [.5]
30. Alcoa AA 11.5 [1]

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

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

AT&T T: 10/27/11 8K re: redemption of 5.87% Notes due 2/1/12
10/20/11 2 8Ks re: 3Qtr results
9/8/11 8K re: redemption of certain notes
9/1/11 8K re: Dept. of Justice lawsuit to block AT&T acquisition of T-Mobile saying it will lessen competition & raise prices
8/5/11 10Q for quarter ended 6/30/11
8/2/11 8K re: sale of global notes
8/1/11 8K re: tendering of all its shares of Telefonos de Mexcio

Alcoa AA: 10/20/11 10Q for Qtr ended 9/30/11
10/14/11 8K re: transcript of 3Qtr earnings call
10/12/11 8K re: 3Qtr results

American Express AXP: 10/19/11 8K re: 3Qtr results
10/17/11 8K re: delinq & write-f stats for 3 months eded 9/30/11
9/15/11 & 9/14/11 8Ks re: delinquency & write-off stats for 3 months ended 8/3/1/11
8/15/11 8K re: delinq. & write-off stats for months of May, June, and July 2011
8/3/11 10Q for quarter ended 6/30/11

Bank of Am BAC: 10/18/11 8K re: 3Qtr results
10/7/11 8K re: separation contracts with Sallie L. Krawcheck & Joe L. Price
9/7/11 8K re: exec changes including departure of Sallie Krawcheck
9/1/11 8K re: Amend Cert of Inc to designate Pref. Shares sold to Berkshire Hathaway for $5 bil
8/29/11 8K re: selling of 13.1 bil shares of China Construct Bank
8/25/11 8K re: sale of securities to Berkshire Hathaway, Inc.

Boeing BA: 10/26/11 10Q for Qtr ended 9/30/11
10/26/11 8K re: 3Qtr results
10/4/11 8K re: election of ex-Contintel CEO Larry Kellner as Director
9/30/11 8K & 8KA re: frequency of shareholder advisory votes

Caterpiller CAT: 10/24/11 8K re: 3 month dealer stats
10/24/11 8K re: results for quarter ended 9/30/11
9/30/11 8K re: price increases
9/29/11 8K re: 3 month dealer stats
9/20/11 8KA 3 Mos dealer stats thru Aug
9/16/11 re: credit agreement
8/18/11 8K re: 3 mos. dealer stats
8/12/11 8K re: clarification of order backlog
8/4/11 10Q for quarter ended 6/30/11

Chevron CVX: 10/28/11 8K re: 3Qtr results
10/11 8K re: 3Qtr results
9/7/11 8K/A re: frequency of shareholder advisory votes
8/4/11 10Q for quarter ended 6/30/11

Cisco CSCO 10/18/11 14A proxy (two) re: Annual Shareholder Meeting to be held 12/7/11 at Santa Clara, CA
9/20/11 8K re: contract with Exec VP Wim Elfrink
9/14/11 10K for year ended 7/30/11
8/24/11 8K re: pre-arranged stock trading plan for CEO John Chambers
8/10/11 8K re: 4Qtr results

Coke KO 10/28/11 S-4 re: exchange of 3.3% Notes due '21 for 1.8% Notes due '16
10/27/11 10Q for Qtr ended 9/30/11
10/18/11 8K re: 3Qtr results
9/1/11 8K re: issuance of senior notes
8/24 & 8/8 8Ks re: issuance of securities as an off-alance sheet arrangement re: Coca-Cola Refreshments USA, Inc.
8/1/11 10Q 2 results ended 7/1/11

Disney DIS 10/25/11 8K re: resignation of Director John E. Bryson to become U.S. Secretary of Commerce
10/7/11 8K re: extension of CEO Robert A. Iger's employment contract
8/19/11 8K re: sale of $750 mil of Global Notes
8/19 10Q & 8/9 8K re: results of quarter ended 7/2/11

DuPont DD: 10/25/11 10Q & 8K re: results for 3Qtr ended 9/30/11
8/8/11 10Q for quarter ended 6/30/11

ExxonMobil XOM: 10/27/11 8K re: 3Qtr results
8/4/11 10Q for quarter ended 6/30/11

GE: 10/21/11 8K re: 3Qtr results
9/13/11 8K re: redemption of shares held by Berkshire Hathaway for $3.3 bil

Hewlett-Packard HPQ: 10/27/11 8K re: decision to keep PC unit
10/3/11 8K re: acceptance of offers to acquire Autonomy
9/29/11 8K re: separation contract with ex-CEO Leo Apotheker
9/28/11 8K re foreign antitrust approval of acquisition of Autonomy
9/22/11 8K re: replacement of CEO Leo Apotheker with Meg Whitman effective immediately
9/19/11 8KA & 8K re: issuance of flotaing global notes
9/13/11 8K re: purchase of Autonomy Corp.
9/9/11 10Q for quarter ended 7/31/11
8/19/11 8K re: offer to purchase Autonomy Corp plc
8/18/11 8K re: 3rd Quarter results ended 7/31/11

Home Depot HD: 9/1/11 10Q for quarter ended 7/31/11
8/16/11 8K re: results of quarter ended 7/31/11

Intel INTC: 10/19/11 & 10/18/11 8Ks re: Results for Qtr ended 10/1/11
9/19/11 & 9/14/11 8Ks re; offering of $5 bil of notes
8/8/11 10Q for quarter ended 7/2/11

IBM: 10/31/11 8K re: offering of $1.85 bil of debt
10/26/11 8K re: election of Virginia M. Rometty as CEO
10/25/11 8K re: election of David Farr, CEO of Emerson, to Bd.
10/25/11 10Q & 10/18/11 8K & 10/17/11 8K re: results for Qtr ended 9/30/11

JPMorganChase JPM: 10/26/11 8K re: offering of $1.75 mil of 4.35% Notes due '21
10/13/11 8K re: 3Qtr results
9/30/11 8K re: reorganiz. of Retail Fin'l Services & Card Business segments
9/13/11 8K re: FD Disclosure re: guidance given at investor conference
8/24/11 8K re: Master Agency Agreement re: Notes offering from time to time
8/10/11 8K re: closing of sale of $1.25 bil of 4.35% notes due 2021
8/5/11 8K re: 10Q for quarter ended 6/30/11
8/5/11 8K re: closing of sale of notes due 2016

Johnson & Johnson JNJ : 10/27/11 S-4 re: acquisition of Synthes
10/18/11 8K re: results for Qtr ended 10/2/11
8/9/11 10Q for quarter ended 7/3/11

Kraft KFT: 9/7/11 8K re: FD Disclosure re: presentation at investor conference
8/5/11 10Q for quarter ended 6/30/11
8/14/11 8K re: amendment of severance agreement with ex-CFO Tim McLevish
8/4/11 8K re: Board of Dirs. intent to spin off global snack business & a N. Amer. grocery business
8/4/11 8K re: 2nd quarter results for quarter ended 6/30/11

McDonald's MCD: 10/21/11 8K re: results for 3Qtr ended 9/30/11
9/30/11 8K re: issuance of $500 mil med-term notes
9/26/11 8K re; declaration of quarterly cash dividend
9/12/11 8K re: August sales
8/19/11 8Ka re: plans to hold annual advisory vote on exec compensation
8/8/11 8K re: investors release
8/5/11 10Q for quarter ended 6/30/11

Merck MRK: 10/28/11 8K re: results for 3Qtr
10/12/11 8K/A re: frequency of shareholder advisory votes on exec comp
8/8/11 10Q for quarter ended 6/30/11

Microsoft MSFT: 10/20/11 10Q & 8K re: results for Qtr ended 9/30/11
10/18/11 & 10/4/11 & 10/3/11 14A Proxies re: Annual Meeting of Shareholders to be held 11/15/11 at Bellevue, Wash.

Pfizer PFE: 8/11 10Q for quarter ended 7/3/11
8/2/11 8K re: 2Q results

Procter & Gamble PG: 10/27/11 10Q & 8Ks (two) re: results of 3 Qtr ended 9/30/11
10/14/11 8K re: voting results of annual meeting of shareholders
10/11/11 *K re: quarterly dividend of 52.5 cents
10/11/11 CEO's Bob McDonald speech at annual shareholders meeting
10/6/11 8K re: political contribution policy
9/7/11 Def. 14A Proxy Material re: voting recommendations for directors
8/26/11 Def. 14A Proxy Statement for Notice of Annual Meeting of Shareholder on 10/11/11
8/15/11 8K re: closing of public offering of $1 bil 1.4% Notes due '16
8/10/11 10K for year ended 6/30/11
8/5/11 8K re: results for quarter ended 6/30/11

3M MMM: 10/25/11 8K re: results of 3Qtr
9/29/11 8K re: offer of $4 bil of notes
9/8/11 8K re: Distribution Agrmt with Goldman Sachs re: $3 bil of notes
8/30/11 8K re: $200 mil credit agreement with HSBC Bank
8/10/11 8K re: $1.5 bil 5 year revolving credit agreement with J.P.Morgan Chase
8/4/11 10Q for quarter ended 6/30/11
8/2/11 2 8Ks re: adoption of executive pre-arranged stock trading plans
8/2/11 8K re: results of 2nd quarter

Travelers TRV: 10/19/11 10Q & 8K re: results for Qtr ended 9/30/11
9/20/11 8K/A re: frequency of non-binding advisory shareholder votes
8/8/11 8K re: restatement of articles of incorporation to cancel Series B Conv. Pref. Stock

United Technologies UTX: 10/24/11 10Q & 10/19/11 8K re: results for Qtr ended 9/30/11
10/18/11 8K re: Pratt & Whitney & Rolls Royce partnership to develop next generation engines for mid-size aircraft
9/29/11 8K re: exec personnel changes
9/23/11 8K & Def. 14A Proxy Material re: acquisition of Goodrich

Verizon Communications Inc. VZ: 10/25/11 10Q & 10/21/11 8K re: results for Qtr ended 9/30/11
9/14/11 8K re: presentation to Merrill Lynch Media, Communication & Entertainment Conf.

WalMart WMT: 9/29/11 8K re: adoption of Deferred Com Plan
9/27/11 8K re: retirement of Vice-Chair Eduardo Castro-Wright
9/1/11 10Q for quarter ended 7/31/11
8/16/11 8K re: results for 3 and 6 months ended 7/31/11