12/27/12 Fri. am Caterpillar & 3M Profits Up: AT&T Has Loss

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Post No. 1,443 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 January 1, 2012.

A read of the print editions of Friday's Wall St. Journal, Financial Times, Investor's Business Daily, 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 Thursday's stock prices and related data.

Dow Jones Industrial AverageThe Dow Jones Industrial Average closed Thursday at 12,734.63 down 22.33 or 0.18% from Wednesday's close of 12,758.85. For the year the Dow is up 4.23%. Of the 30 Dow components 24 gained and 6 declined. The biggest gainer dollar-wise and percentage-wise was Caterpillar CAT $111.31 +2.26 2.07% 18,517,144 NYSE. The biggest decliner dollar-wise was AT&T T $29.45 -0.76 2.52% 55,980,811 and percentage-wise was Chevron CVX $106.59 -1.14 1.06% 6,991,718 NYSE.

WSJ pC4 "Stocks enthusiasm wanes" by Christian Berthelsen says stocks slid in a late day selloff after a round of disappointing economic data overshadowed strong earnings from blue chips & the Fed Res' pledge to hold interest rates. All 3 measures started higher due to strong earnigns report from Caterpillar and 3M as well as early economic releases that were bullish for markets. WSJ pC12 "Banks' zero tolerance is tested by the Fed" by David Reilly says the Fed has had a zero interest rate policy since Dec '08 and this has pressured banks' profits. JPMorgan says that a 1% rise in interest rates would boost pretax earnings over 12 months by $2.5 bil. Bank of America says their interest income would rise by $1.4 bil.

Inv. Bus. Daily pA1 "leaders roughed up as stocks reverse" by Paul Whitfield says the market hammered many leading stocks Thurs as indexes erased early gains and closed lower. Thursday's action was "reverses lower, volume up" as the current outlook is the market is in a confirmed uptrend.

NYT pB7 "markets fall as bank shares and home sales decline" by Bloomberg says stocks fell reversing a rally that sent the Dow toward its highest level since '08 after bank shares tumbled & a report showed that sales of new homes declined unexpectedly.

Fin Times p22 "Netflix stages dramatic recovery after surge in subscriber numbers" by Ajay Makan says Netflix surged as its delivery business added 600,000 subscribers in 4Q. AT&T fell 2.5 as it posted a 4Q loss despite surging smartphone sales.

USA Today p4B "Markets fall back as banks falter, home sales slump" by Bloomberg says stocks fell Thurs reversing an earlier rally that sent the Dow toward its highest level since '08 as banks tumbled & a report showed that sales of new homes unexpectedly slumped.

As of the open of the market Friday, the current divisor for the Dow Jones Industrial Average found at page C5 of Friday's Wall St. Journal is 0.132129493. Friday's trailing P/E ratio is 13.98 up from Thursday's trailing P/E ratio of 13.77 (year ago it was 14.80); Friday's P/E estimate is 12.05 unchanged from yesterday's P/E estimate of 12.05 (year ago it was 12.59), and today's dividend yield is 2.52 up from yesterday's dividend yield of 2.51 (last year it was 2.40). 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. AT&T is charted under Bad news as a charge for the failed takeover of T-Mobile contributed to a quarterly loss.

Thursday's Dow Jones Industrial Average closing numerator was 1,682.62 down 3.2 from Wednesday's closing numerator of 1,685.82. 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 Thursday's Dow Jones Industrial Average was $56.09 down $0.10 from Wednesday's average closing price of $56.19. The median closing price of Thursday's Dow Jones Industrial Average was $47.47 (AXP/HD) down $0.26 from Wedneday's median closing price of $47.73. The lowest volume was Travelers TRV $58.7 -0.45 0.76% 4,047,937 NYSE and the highest volume again was Bank of America BAC $7.3 -0.05 0.68% 264,255,811 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 lost $320 ($168,582 - 168,270).

MarketWatch Thursday 1/26/12 4:19 pm by Kate Gibson says U.S. stocks lost Thursday’s gains after new-home sales unexpectedly declined last month, marking the slowest year for builders since the government began tracking the data. The market’s disappointment in the Commerce Department data showed the “enthusiasm we’re seeing is not complete insanity yet,” said Bruce McCain, chief investment strategist at Key Private Bank. “Investor enthusiasm and optimism seems to be as high as [they’ve] been for years, and it just doesn’t seem to be justified in terms of the economic and fundamental realities,” McCain said. AT&T posted a nearly $6.7 billion loss as it booked several large charges, but telecommunications giant's revenue rose 3.6% on continued subscriber growth, Anton Troianovski reports on Markets Hub. After rising more than 84 points, the Dow Jones Industrial Average DJIA -0.18% ended off 22.33 points, or 0.2%, at 12,734.63. Caterpillar Inc. CAT -.00% led blue-chip gains that included just six of its 30 components. The heavy-equipment maker gained 2.1% after topping analysts’ estimates last quarter. AT&T Inc. T -2.52% fell 2.5%, the most among the Dow-30, with the telecom reporting a $6.7 billion quarterly loss related to its failed merger with T-Mobile USA. The S&P 500 SPX -0.58% fell 7.63 points, or 0.6%, to 1,318.43, with telecommunications services the greatest laggard and natural-resource companies the only advancing sector among its 10 industry groups. The Nasdaq Composite COMP -0.46% lost 13.03 points, or 0.5%, to close at 2,805.28. Decliners edged just past advancers on the New York Stock Exchange, where 866.5 million shares traded hands. The Commerce Department said U.S. sales of new homes fell 2.2% in December to a seasonally adjusted annual rate of 307,000. For all of 2011, sales of new homes fell 6.2% to 302,000 -- the worst on record. Ahead of the home-sales report, investors had warmly greeted a round of better-than-expected earnings from companies including Caterpillar and economic reports that had jobless claims remaining under 400,000. Netflix soars on earnings newsThe latest markets and money news from Ann Cates, including a rally in recently downtrodden Netflix and a jump in demand for big-ticket items. “Jobless claims are basically on track with what we’ve seen, it’s a good number, but not outstanding,” said McCain at Key Private Bank. Also bolstering sentiment, data from the Commerce Department had orders for U.S. durable goods rising 3% in December. While “encouraging,” it remains to be seen how much a tax-break that expired at the end of the year had to do with corporate purchases of long-lasting goods, McCain said. Wall Street’s higher close on Wednesday had the Dow industrials hitting its highest close since May 10, while the S&P 500 advanced for its 13th session so far this year, with the broad-market gauge so far losing ground on only three trading days for 2012.

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

Symbol Last Sale Change % Change Share Volume Market
AT&T T
$29.45 -0.76 2.52% 55,980,811 NYSE: NYT pB2 "AT&T in $6.7 bil loss on failure of T-Mobile deal" by Jenna Wortham, Fin times p14 "AT&T renews attack on watchdogs for blocked bid" by Andrew Edgecliffe-Johnson, USA Today p1B "AT&T", AJC pA15 "AT&T: increase wireless capacity" by Kristi Swartz say AT&T had its first quarterly loss in 3 years due to T-Mobile deal. It had a $6.68 bil 4Q loss vs $1.09 bil profit last year. AT&T's '11 net income was $3.9 bil or 66 cents a share vs $19.9 bil or $3.35 for '10. Rev for '11 rose 2% to $126.7 bil.

WSJ pB1 "Confessions of an iPhone data hog" by Walla Plank says AT&T sent out an email to the top 5% of the heaviest data users warning about using some much data.

Inv. Bus. Daily pA4 "Wireless tower firms heightened by trends" by Reinhardt Krause looks at the shares of cellphone tower operators who serve the telecom carriers such as AT&T, Verizon and Sprint.

Fin Times p22 "Netflix stages dramatic recovery after surge in subscriber numbers" by Ajay Makan says Netflix surged as its delivery business added 600,000 subscribers in 4Q. AT&T fell 2.5 as it posted a 4Q loss despite surging smartphone sales.

Alcoa AA
$10.36 -0.12 1.15% 27,146,913 NYSE: No mentions found.

American Express AXP
$49.98 -0.19 0.38% 6,217,191 NYSE: No mentions found.


Bank of America BAC
$7.3 -0.05 0.68% 264,255,811 NYSE: WSJ pC12 "Banks' zero tolerance is tested by the Fed" by David Reilly says the Fed has had a zero interest rate policy since Dec '08 and this has pressured banks' profits. JPMorgan says that a 1% rise in interest rates would boost pretax earnings over 12 months by $2.5 bil. Bank of America says their interest income would rise by $1.4 bil.

Inv. Bus. Dialy pA10 States stall on foreclosure settlement" by AP says Cal is holding up a settlement among state Attorneys General with banks including BofA and JPMorgan over their foreclosure practices.

Boeing BA
$75.31 -0.51 0.67% 4,185,109 NYSE: Inv. Bus. Daily pA9 Acquisitions help aircraft parts maker's profits take off" by Marie Beerens says as Boeing and Airbus address the largest backlog in history, production rates in the comm'l equipment manufacturing sector are expected to go up 40% over the next few years.

Fin times p16 "Boeing gains altitude after record orders" by hal Weitzman says Boeing struck a deal this week with Norwegian Air Shuttle to buy 122 737 aircraft worth $11.4 bil.

Caterpillar CAT
$111.31 +2.26 2.07% 18,517,144 NYSE: WSJ pB3 "Caterpillar builds optimism" by James Hagerty, WSJ pA3 "Businesses ramp up spending on goods" by Josh Mitchell, Inv. Bus. Daily pA1 "Cat guides higher; 3M beats", NYT pB4 "Gaining 60%, Caterpillar is upbeat" by AP, Fin times p11 "Top N. Ameri industrial groups forecast strong US growth" by hal Weitzman, USA Today p1B "Caterpillar", AJC pA16 "Caterpillar anticipates continued growth" say Caterpillar's 4Q profit jumped 60% boosted by demand for replacement equipment and good growth in developing nations. Caterpillar's overall 4Q profit was $1.55 bil or $2.32 a share vs $968 mil or $1.47 a year earlier. Sales & rev, including finance business, increased 34% to $17.24 bil.

Chevron CVX
$106.59 -1.14 1.06% 6,991,718 NYSE: WSJ pB5 "Oil giant dealt setback in Ecudador judgment" by Chad Bray, USA Today p1B "Appeals court ruling disappoints Chevron, AJC pA16 "Court: ban on Chevron judgment out of line" say a fed appeals court says a NY judge wasn't allowed to ban enforcement of an $18 bil judgment against Chevron for environmental damage in Ecuador.

CSCO
$19.83 unch unch 36,714,751 NASDAQ-GS: No mentions found.

Coke KO
$68.01 -0.42 0.61% 7,321,407 NYSE: AJC pA16 "Coke's polar bears star in Super Bowl ads" says what the headline says which was reported yesterday.

Disney DIS
$39.35 -0.21 0.53% 7,151,976 NYSE: Fin Times p10 "When sweet Disney dreams became a nihilistic nightmare" by Matthew Garrahan says Disney is selling a Joy Division themed Mickey Mouse T shirt. It has been pulled. Disney is now allowing employees to wear beards at its parks.

DuPont DD
$50.94 +0.35 0.69% 7,299,315 NYSE: No mentions found.

Exxon XOM
$86.77 -0.45 0.52% 15,654,596 NYSE: No mentions found.

GE
$19.07 -0.06 0.31% 42,370,681 NYSE: WSJ pB3 "Caterpillar builds optimism" by James Hagerty says GE last week promised double digit earnings growth in '12 despite Europe's debt woes & slower growth in China.

Hewlett-Packard HPQ
$27.99 -0.33 1.17% 11,396,034 NYSE: No mentions found.

Home Depot HD
$44.95 -0.31 0.68% 11,149,782 NYSE: WSJ pC12 "Renvation work: building a case for Home Depot and Lowe's" by Justin Lahart says the uptick in new home construction and the improvement in home builders' moods suggests better sales of building materials could be near. Home Depot shares are up 58% from its low in Aug and trade at 19 times past year's earnings.

Intel INTC
$26.75 -0.15 0.56% 53,909,304 NASDAQ-GS: No mentions found.

IBM
$190.98 -0.77 0.4% 3,997,747 NYSE: No mentions found.

JPMorgan JPM
$37.49 -0.11 0.29% 33,151,392 NYSE: WSJ pC12 "Banks' zero tolerance is tested by the Fed" by David Reilly says the Fed has had a zero interest rate policy since Dec '08 and this has pressured banks' profits. JPMorgan says that a 1% rise in interest rates would boost pretax earnings over 12 months by $2.5 bil. Bank of America says their interest income would rise by $1.4 bil.

Fin Times p2 "Bank looked at eurozone exit, says Dimon" by Patrick Jenkins says JPMorgan considered pulling out of the eurozone due to a $15 bil exposure there.

Inv. Bus. Dialy pA10 States stall on foreclosure settlement" by AP says Cal is holding up a settlement among state Attorneys General with banks including BofA and JPMorgan over their foreclosure practices.

Johnson & Johnson JNJ
$65.7 +0.49 0.75% 12,518,653 NYSE: No mentions found.

Kraft KFT
$38.6 +0.23 0.6% 6,493,425 NYSE: No mentions found.

McDonald's MCD
$99.18 -0.05 0.05% 4,574,746 NYSE: Inv. Bus. Daily pB3 "Eateries show strong charts, fundamentals" by Alan Elliott says McDonald's has some of the strongest fundamentals in the market.

Merck MRK
$38.78 +0.10 0.26% 12,353,019 NYSE: No mentions found.

Microsoft MSFT
$29.5 -0.06 0.2% 49,087,614 NASDAQ-GS: Fin times p14 "Windows platform fails to curb slide at Nokia" by Daniel Thomas says Nokia's smartphone sales fell by a third in 4Q.

Pfizer PFE
$21.63 -0.09 0.41% 129,888,381 NYSE: No mentions found.

Procter & Gamble PG
$64.8 -0.18 0.28% 11,926,991 NYSE: WSJ pC1 "Storm clouds loom on P&G's horizon" by Justin Lahart says P&G reports 2Q results today and analysts expect eps of $1.07. US markets are looking better but the rest of the world isn't.

3M MMM
$87.58 +1.10 1.27% 4,892,396 NYSE: WSJ pB1 "#M board gets stuck over CEO's contract" by Joann Lublin, Inv. Bus. Daily pA1 "Cat guides higher; 3M beats", NYT pB7 "3M's profit beats analysts' estimates" by Bloomberg, AJC pA16 "Growth in home, office product sales boost 3M" say 3M's profit inched 3% higher in 4Q as it earned $954 mil or $1.35 per share vs $928 mil or $1.28 year ago. Sales increased 5.7% to $7.09 bil.WSJ says there is no succession plan even though CEO George Buckley is due to expire next month when he turns 65.

Travelers TRV
$58.7 -0.45 0.76% 4,047,937 NYSE: No mentions found.

United Technologies UTX
$77.41 -0.24 0.31% 4,917,942 NYSE: No mentions found.

Verizon VZ
$37.34 -0.35 0.93% 16,689,981 DualListed: Inv. Bus. Daily pA4 "Wireless tower firms heightened by trends" by Reinhardt Krause looks at the shares of cellphone tower operators who serve the telecom carriers such as AT&T, Verizon and Sprint.

Walmart WMT
$60.97 +0.50 0.81% 7,358,677 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 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)
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 1/1/12 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $406 [5]
2. Microsoft MSFT 218 [8.5]
3. IBM 216 [1]
4. Chevron CVX 212 [2]
5. WalMart WMT 204.5 [3.5]
6. GE 189 [10.5]
7. Procter & Gamble PG 183.5 [3]
8. Johnson & Johnson JNJ 179 [3]
9. AT&T T 179 [6]
10. Pfizer PFE 166.5 [7.5]
11. Coke KO 159 [2.5]
12. JPMorgan Chase JPM 126.5 [4]
13. Intel INTC 123.5 [5]
14. Merck MRK 115 [3]
15. Verizon VZ 113.5 [3]
16. McDonald's MCD 102.5 [1]
17. Cisco CSCO 97 [5.5]
18. Disney DIS 67.5 [2]
19. United Technologies UTX 66 [1]
20. Kraft KFT 66 [2]
21. Home Depot HD 65 [1.5]
22. Caterpillar CAT 58.5 [.5]
23. 3M MMM 57 [.5]
24. Bank of America BAC 56.5 [10]
25. American Express AXP 54.5 [1]
26. Boeing BA 54.5 [1]
27. Hewlett-Packard HPQ 51 [2]
28. DuPont DD 42 [1]
29. Travelers TRV 24.5 [.5]
30. Alcoa AA 9 [1]

Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 1/1/12:

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

AT&T T: 11/28 8K re: redemption of subsidiary Cingular Wirelss' $2.97 bil debt
11/25/11 8K re: withdrawal from FCC of application to buy T-Mobile
11/7/11 10Q for qtr ended 9/30/11
10/27/11 8K re: redemption of 5.87% Notes due 2/1/12
10/20/11 2 8Ks re: 3Qtr results

Alcoa AA: 11/16/11 8K re: exec changes
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: 12/15/11 8K re: delinq. & write-off stats for prior 3 months
11/15/11 8K re: delinq. & write-off stats for Aug, Sept & Oct
11/4/11 8K re: exec changes
11/2/11 10Q for Qtr ended 9/30/11
10/19/11 8K re: 3Qtr results
10/17/11 8K re: delinq & write-f stats for 3 months eded 9/30/11

Bank of Am BAC: 12/16/11 8K re: unregistered sale of $885.4 of Senior Notes
12/6/11 8K re: stating it is unaffiliated from IPIC Group's mini-tender off of 4.86% of its common
12/2/11 8K re exchange of $442.3 of senior notes
12/1/11 Proxy re: amendment of Dec. of Trust for Preferred HITs
11/17/11 8K re: exchange of preferred shares
11/2/11 10Q for Qtr ended 9/30/11
10/18/11 8K re: 3Qtr results
10/7/11 8K re: separation contracts with Sallie L. Krawcheck & Joe L. Price

Boeing BA: 12/15/11 8-K/A election of Gregory D. Smith as CFO
11/14/11 8K re: $2.3 bil revolving credit agrmt.
11/1/11 8K re: exec changes
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

Caterpiller CAT: 12/19/11 8K re pst 3 months dealer stats.
12/16/11 8K re extension of stock repurchase plan
11/18/11 8K re: past 3 monts dealer stats
11/4/11 10Q for Qtr ended 9/30
10/24/11 8K re: 3 month dealer stats
10/24/11 8K re: results for quarter ended 9/30/11

Chevron CVX: 12/12/11 8K re grant of exec stock options
11/3/11 10Q for Qtr ended 9/30/11
10/28/11 8K re: 3Qtr results
10/11 8K re: 3Qtr results

Cisco CSCO 12/16/11 8K re pre-arranged exec stock trading plan
12/8/11 8K re amendment of stock option plan
11/22/11 10Q & 8K for Qtr ended 10/29
10/18/11 14A proxy (two) re: Annual Shareholder Meeting to be held 12/7/11 at Santa Clara, CA

Coke KO 12/19/11 re election of ex Mayor of Chicago Richard M. Daley to Board of Dirs.
11/10/11 Prospectus re: exchange of $1.6 bil of 2016 Notes
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

Disney DIS 12/1/11 8K re sale of $1.6 bil of Global Notes
11/23/11 10K & 11/10/11 8K re: results for fiscal year ened 10/1/11
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

DuPont DD: 11/22/11 8K : re: election of Lee M. Thomas as Director
10/25/11 10Q & 8K re: results for 3Qtr ended 9/30/11

ExxonMobil XOM: 12/6/11 8K re disclosure of exec bonuses and salaries (CEO's Rex Tillerson's base effective 1/1/12 is $2,567,000 and no exec has a contract, all are employees at will
11/29/11 8K re: exec changes
11/3/11 10Q for Qtr ended 9/30/11
10/27/11 8K re: 3Qtr results

GE: 11/8/11 10Q for Qtr ended 9/30/11
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: 12/14/11 10Q for year ended 10/31/11
12/12/11 8K re close of sale of $3.5 bil of Global Notes
11/8/11 10Q & 11/21/11 8K re: results of year and Qtr ended 10/31/11
11/17/11 8K re: election of Ralph V. Whitworth to Board of Dirs
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 floating global notes
9/13/11 8K re: purchase of Autonomy Corp.

Home Depot HD: 11/29/11 10Q & 11/15/11 8K re: results of Qtr ended 10/31/11
9/1/11 10Q for quarter ended 7/31/11

Intel INTC: 11/4/11 10Q for Qtr ended 10/1/11
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

IBM: 11/14/11 8K re: $10 bil Credit Agrmt
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: 12/22/11 8K re closing of $1.25 bil 5.4% Notes
12/8/11 8K re increase to share repurchase program
12/8/11 8K re FD disclosure re guidance presentation
11/8/11 8K re: election of James A. Bell as Dir.
11/4 28ks & 10Q re: Qtr ended 9/30/11
10/26/11 8K re: offering of $1.75 mil of 4.35% Notes due '21
10/13/11 8K re: 3Qtr results

Johnson & Johnson JNJ : 12/13/11 8K re closing of divestiture of assets of Ortho Dematologics division which made Retin-!
11/30/11 8K re: purchase of Synthes & offer to hire its CEO
11/22/11 8K re: exec changes
11/8/11 10Q for Qtr ended 10/2
10/27/11 S-4 re: acquisition of Synthes
10/18/11 8K re: results for Qtr ended 10/2/11

Kraft KFT: 12/5/11 8K re appointment of Irene Rosenfeld to lead Global Snacks and Tony Vernon as CEO fo N. American Grocery company
11/4/11 10Q & 11/2/11 8K re: Qtr ended 9/30/11
9/7/11 8K re: FD Disclosure re: presentation at investor conference

McDonald's MCD: 12/2/11 8K re Nov sales rose 7.4%
11/14/11 8K re: Investor Release re: Growth Plans
11/8/11 8K re: Oct sales
11/4/11 10Q for Qtr ended 9/30/11
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

Merck MRK: 12/21/11 8K re: technical amendments to bylaws
12/1/11 8K re: election of CEO Ken Frazier to Bd & retirement of former CEO Richard Clark from Board
11/10/11 8K & 11/8/11 10Q re Investor Presentation re results for Qtr ended 9/30/11
10/28/11 8K re: results for 3Qtr
10/12/11 8K/A re: frequency of shareholder advisory votes on exec comp

Microsoft MSFT: 12/22/11 8K/A re frequency of advisory votes on exec pay
11/17/11 8K re: voting results from Annual Shareholder Meeting
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: 12/13/11 8K re election of 3 new members to Board
11/10/11 10Q & 11/1/11 8K for Qtr ended 10/2/11

Procter & Gamble PG: 11/3/11 8K re: Guidance
11/1/11 8K re: delay of sale of Pringles to Diamond Food
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

3M MMM: 12/6/11 8K re eps guidance
11/3/11 10Q re Qtr ended 9/30/11
11/3/11 8K re: pre-arranged stock trading plan for an exec
10/25/11 8K re: results of 3Qtr
9/29/11 8K re: offer of $4 bil of notes

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

United Technologies UTX: 11/16/11 8K re: edemption of $500 mil of 6/1% Notes due 5/15/12
11/15/11 8K re: $15 bil Credit Agrmt
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

Verizon Communications Inc. VZ: 12/6/11 8K re: election of Lowell McAdam as new CEO
12/2/11 8K re purchase of spectrum for $3.6 bil
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: 12/8/11 8K re registration rights agreement with certain selling shareholders
12/8/11 10Q for qtr ended 10/1/11
11/15/11 8K re: results for 3 & 9 months ended 10/31/11
9/29/11 8K re: adoption of Deferred Com Plan