11/4/11 Fri am Bank of America Reverses & Says It will Now Sell $3 Bil of Stock

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Post No. 1,302 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.

A read of the print editions of Friday's The Wall St. Journal, Financial Times, New York Times, USA Today, Atlanta Journal Constitution & Daily Report (Ga-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 Thursday's stock prices and related data.

Dow Jones Industrial AverageThe Dow Jones Industrial Average closed Thursday at 12,044.47 up 208.43 or 1.76% from Wednesday's close of 11,836.04. For the year the Dow is up 4.03%. Of the 30 Dow components all 30 gained and 0 declined. The biggest gainer dollar-wise was IBM $187.34 +3.42 1.86% 4,362,696 NYSE and percentage-wise was Hewlett-Packard HPQ $26.88 +0.97 3.74% 14,675,947 NYSE.

WSJ pC4 "Stocks give Greek drama an ovation" by Brendan Conway says stocks advanced after Greece shelved plans for a fin'l bailout referendum & the European Central Bank announced a surprise interest rate cut. Kraft was one of the strongest blue chip stocks, up $1.14 after 3Q earnings & rev exceeded expectations. It also raised its full year outlook.

NYT pB9 "Market anxiety grows over Italy" by Graham Bowley says the latest developments in Greece were seen as supportive for stocks but the big thing was the European rate cut & that is what is driving the market.

Fin Times p24 "Abecrombie & Fitch falls out of fashion on slowing sales growth" by Ajay Makan says shares in Abercrombie & Fitch fell 20% after it reported slowing growth in European stores. The Dow was helped by a 3.6% advance by Kraft which reported strong earnings growth as it passed on rising raw food costs to customers.

USA Today p4B "With Greece closer to taking bialout US stocks surge" by Bloomberg says stocks advanced a 2nd straight day Thurs as Greece moved closer to accepting a bailout deal & the European Central Bank unexpectedly lowered interest rates.

As of the open of the market Friday, the current divisor for the Dow Jones Industrial Average found at page C4 of Friday's Wall St. Journal is 0.132129493. Friday's trailing P/E ratio is 12.95 up from Thursday's trailing P/E ratio of 12.78 (year ago it was 14.60); Friday's P/E estimate is 12.59 unchanged from Thursday's P/E estimate of 12.59 (year ago it was 13.15), and Friday's dividend yield is 2.58 down from yesterday's dividend yield of 2.62 (last year it was 2.47). 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.

Thursday's Dow Jones Industrial Average closing numerator was 1,591.43 up 27.54 from Wednesday's closing numerator of 1,563.89. 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 Thursday's Dow Jones Industrial Average was $53.05 up 0.92 from Wednesday's average closing price of $52.13. The median closing price of Thursday's Dow Jones Industrial Average was $43.14 (DD/VZ) up 0.82 from Wednesday's median closing price of 42.32. The lowest volume was Travelers TRV $58.55 +0.84 1.46% 3,436,117 NYSE and the highest volume again was Bank of America BAC $6.905 +0.185 2.75% 231,474,525 NYSE.

If Thursday 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 $2,754 ($159,143 - $154,036).

MarketWatch Thursday 11/3/11 4:35 pm by Kate Gibson & V.Phani Kumar says US stocks posted a second day of strong gains in volatile trade Thursday, with all three major indexes back in the black for 2011, after Greece dropped voting on its financial rescue and the European Central Bank unexpectedly lowered interest rates. “The cutting of interest rates in Europe certainly helped,” according to Paul Nolte, managing director of Dearborn Partners.
The Dow Jones Industrial Average rose 208.43 points, or 1.8%, to 12,044.47, with all 30 of its components rising and the blue-chip index up 4% for 2011. The S&P 500 Index gained 23.24 points, or 1.9%, to 1,261.14, with energy the best performing of its 10 industry groups and the index up 0.3% for 2011. Notable gainers included Qualcomm Inc. , up 7.5%, after the maker of mobile-phone chips projected sales that topped expectations. Also returning to positive turf for the year, up 1.7% since the end of 2010, the Nasdaq Composite Index rose 57.99 points, or 2.2%, to 2,697.97. For every stock that fell nearly four gained on the New York Stock Exchange, where 962 million shares traded. Composite volume neared 4.6 billion. The session began on an upbeat note after the ECB surprised markets with a quarter-percentage point cut to its key lending rate to 1.25% amid deteriorating economic data from the euro region. In a press conference, new ECB President Mario Draghi suggested the euro area could relapse into a mild recession by the end of the year. Ahead of Thursday’s Group of 20 summit in France, German and French leaders held emergency talks Wednesday at which they opted to hold off on supplying Greece with further financial aid until the debt-riddled country decides whether it wants in or out of the euro zone. The hard line splintered the government of Greek Prime Minister George Papandreou, with his finance minister on Thursday telling party members in Athens that Greece would not be holding a referendum that would amount to whether the country wished to retain its membership in the euro area. Papandreou reportedly indicated he would not call a vote on Greece’s membership, saying he would instead talk to opposition leaders about forming a transitional government. Jefferies Group Inc. shares lost 2.1%, coming back from a double-digit drop that triggered stock-market circuit breakers. The company said it had “no meaningful net exposure” to European sovereign debt. ”When that news hit that’s when market dropped off [its] highs, but we’re still seeing financials on the other side getting hurt,” Nolte said. Largely ignored was U.S. economic data, which had new applications for jobless benefits dropping back below 400,000. A separate report from the labor Department found U.S. productivity climbing in the third quarter for the first time in 2011, rising 3.1% as companies looked to get more from workers without increasing costs. The Institute for Supply Management’s gauge of services-sector activity slid to 52.9% in October from 53% in September, illustrating ongoing expansion. “Markets are not moving on economic data, it’s all based on sovereign debt. It’s very frustrating,” said Nolte at Dearborn Partners.

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

AT&T T
$29.42 +0.34 1.17% 17,619,158 NYSE: No mentions found.

Alcoa AA
$10.855 +0.155 1.45% 25,427,437 NYSE: No mentions found.

American Express AXP
$51.73 +1.41 2.8% 6,806,423 NYSE: No mentions found.

Bank of America BAC
$6.905 +0.185 2.75% 231,474,525 NYSE: NYT pB1 "Bank plans stock trade to cut debt" by Nelson Schwartz says Bank of America plans to issue nearly $3 bil in common stock to raise capital & reduce debt, changing course after saying for months that it did not intend to sell new shares.

Boeing BA
$66.21 +1.81 2.81% 4,483,674 NYSE: No mentions found.

Caterpillar CAT
$96.09 +2.15 2.29% 10,662,984 NYSE: No mentions found.

Chevron CVX
$106.22 +1.68 1.61% 8,122,011 NYSE: No mentions found.

CSCO
$18.18 +0.33 1.85% 38,822,482 NASDAQ-GS: No mentions found.

Coke KO
$68.73 +0.96 1.42% 7,753,388 NYSE: No mentions found.

Disney DIS
$35.03 +0.96 2.82% 8,415,961 NYSE: WSJ pB1 "Google ponders pay tv business" by Sam Schechner says Google has discussed distributing major TV channels from firms including Disney.

DuPont DD
$48.84 +1.01 2.11% 7,171,131 NYSE: No mentions found.

Exxon XOM
$78.88 +1.51 1.95% 20,313,965 NYSE: No mentions found.

GE
$16.66 +0.41 2.52% 47,751,405 NYSE: No mentions found.

Hewlett-Packard HPQ
$26.88 +0.97 3.74% 14,675,947 NYSE: WSJ pB4 "HP is back into tablets" by Tom Loftus says less than 3 months after saying it was shutting down its TouchPad tablet, Hewlett-Packard is back with a tablet computer, the State 2 selling for $699.

Home Depot HD
$36.43 +0.44 1.22% 8,356,285 NYSE: No mentions found.

Intel INTC
$24.2 +0.56 2.37% 56,682,374 NASDAQ-GS: No mentions found.

IBM
$187.34 +3.42 1.86% 4,362,696 NYSE: WSJ pB4 Software finds place in psse" by Jennifer Valentino-DeVries says in Oct IBM acquired data analytics firm i2 which helps gov agencies address security threats by drawing on criminal databases, social media 7 biometrics.

JPMorgan JPM
$34.38 +0.74 2.2% 35,223,012 NYSE: No mentions found.

Johnson & Johnson JNJ
$64.3625 +0.7225 1.14% 9,222,248 NYSE: No mentions found.

Kraft KFT
$35.77 +1.13 3.26% 13,032,426 NYSE: WSJ pC4 "Stocks give Greek drama an ovation" by Brendan Conway says stocks advanced after Greece shelved plans for a fin'l bailout referendum & the European Central Bank announced a surprise interest rate cut. Kraft was one of the strongest blue chip stocks, up $1.14 after 3Q earnings & rev exceeded expectations. It also raised its full year outlook.

Fin Times p24 "Abecrombie & Fitch falls out of fashion on slowing sales growth" by Ajay Makan says shares in Abercrombie & Fitch fell 20% after it reported slowing growth in European stores. The Dow was helped by a 3.6% advance by Kraft which reported strong earnings growth as it passed on rising raw food costs to customers.

McDonald's MCD
$93.065 +0.535 0.58% 4,647,120 NYSE: No mentions found.

Merck MRK
$34.53 +0.34 0.99% 13,459,852 NYSE: No mentions found.

Microsoft MSFT
$26.53 +0.52 2% 59,291,677 NASDAQ-GS: No mentions found.

Pfizer PFE
$19.89 +0.36 1.84% 39,502,046 NYSE: No mentions found.

Procter & Gamble PG
$63.2 +0.34 0.54% 7,518,144 NYSE: WSJ pB5 "P&G enters deal to expand drug offerings" by Ben Rubin says Procter & Gamble & Teva Pharma unveiled details of their new jv to develop & sell branded generic medicines which will be called PGT Healthcare. It will start with $1.3 bil in annual sales.

MMM
$79.65 +1.59 2.04% 4,123,631 NYSE: No mentions found.

Travelers TRV
$58.55 +0.84 1.46% 3,436,117 NYSE: No mentions found.

United Technologies UTX
$78.42 +1.51 1.96% 4,129,479 NYSE: No mentions found.

Verizon VZ
$37.44 +0.64 1.74% 11,809,423 DualListed: No mentions found.

Walmart WMT
$57.42 +0.56 0.98% 9,060,082 NYSE: No mentions found.

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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