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Post No. 1,621 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 recent ranking of the Dow 30 components by market capitalization and recent Dow 30 components' SEC filings.
MarketWatch Friday 4:26 by Kate Gibson says U.S. stocks mostly fell Friday to a second weekly decline as a rise in consumer sentiment failed to outweigh J.P. Morgan Chase & Co.’s $2 billion trading loss . J.P. Morgan's massive trading loss comes at a particularly sensitive time — when the U.S. is finalizing the so-called Volcker rule. Down 1.7% for the week, the Dow Jones Industrial Average DJIA-0.27% fell 34.44 points, or 0.3%, at 12,820.60, with J.P. Morgan JPM-9.28% its heaviest weight, off 9.3%. Jamie Dimon, J.P. Morgan Chase’s chief executive, called the losses “self-inflicted” in revealing them late Thursday. “The J.P. Morgan thing has leveled off. Like anything else, it will blow over. It’s the strongest bank by far, and $2 billion is a big deal, but we’ll weather this very easily,” said Chip Cobb, portfolio manager at BMT Asset Management. The revelation by one of the country’s largest banks “raises a new round of questions about bank proprietary trading,” Fred Dickson, chief investment strategist at Davidson Cos., wrote in emailed comments. It also puts “a handful of banks in the penalty box until the next round of quarterly results hit the tape in two months,” Dickson added. The S&P 500 Index SPX-0.34% shed 4.60 points, or 0.3%, at 1,353.39, with financials getting hit the hardest among its 10 sectors and the index tallying a weekly slide of 1.2%. Helping lift technology shares, Nvidia Corp. NVDA+6.36% reported quarterly revenue and an outlook that beat estimates. Shares of the chip manufacturer rallied 6.4%. The Nasdaq Composite Index COMP+0.01% managed a fractional gain to close at 2,933.82, off 0.8% decline from last Friday’s close. For every two shares that advanced three fell on the New York Stock Exchange, where nearly 586 million shares traded. Composite volume topped 3.8 billion. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment advanced to 77.8 from 76.4 in April. The gauge’s most recent reading is its highest since January 2008. “This market needs confidence; any positive thing we can get out of it will make the next two quarters look better,” said BMT’s Cobb. Wall Street offered little reaction to a report from the Labor Department that had producer prices falling 0.2% in April, with core prices excluding food and energy up 0.2%.
“The PPI was driven lower by energy costs and crude, which is ultimately a positive for the economy and industrials in particular,” said Simon Paterson, an equity-research analyst at Brown Advisory.
On Friday, both oil and gold finished at 2012 lows, with crude futures CLM2-1.52% losing 95 cents, or 1%, to end at $96.13 a barrel and gold futures GCM2-0.99% down $11.50, or 0.7%, to end at $1,584 an ounce, their lowest this year.
Saturday's Dow News:
Dow: Barron's p34 "Mailbag" is a letter from John A/ Prestbo, the Editor and Exec. director of the Dow Jones Indexes saying it is not the job of the Dow committee to see that the index goes as high as possible. The letter makes a compelling case for the relevancy of the index as a reflection of the overall U.S. stock market.
AT&T: Inv. Bus. Daily pA2 "AT&T and Verizon upgraded" says Credit Suisse boosted ratings on them due to new rules that limit how easily consumers can upgrade to new smartphones and because the firms are showing discipline in how they sell the subsidized devices.
Barron's p23 "The end of the traditional telcos" by Tiernan Ray says data such as emails, text messages and tweets is displacing phone calls. This will hurt AT&T and Verizon, which is working on a project with Skype that is owned by Microsoft. Cisco is eying the Wi-Fi offload market.
WSJ pB5 "Dow's week is worst in '12" by Matt Jarzemsky says the Dow capped the biggest weeklyr etreat of the year as a 9.3% drop in JPM's shares weighed on the index. Telecom shares advanced as Verizon rose 61 cents and AT&T gained 46 cents due to upgrade by Credit Suisse.
Alcoa:
American Express:
Bank of America: NYT pB7 "Shares little changed despite JPMorgan loss" by Christine Hauser says the loss by JPM put a damper on the shares of some of the biggest banks on Fri but there was little more than a ripple through the broader market. Bank of America was down 2%.
Boeing: Barron's p18 "Bluer skies for Embraer" by Christopher Williams says Ebraer's shares trade at 10.4 times est. '13 earnings below the PE multiples of Boeng and EAD. Embraer is the 3rd largest comm'l aircraft maker in the world behind Boeing and EADS' Airbus unit.
Caterpillar: Barron's pM13 "A flight to safety, and little else" by Randall Forsyth says IBM tapped the debt market for $900 mil of 0.75% 3 year notes and a $600 mil of 7 year notes at 1.875%, a record low for that maturity. Caterpillar's stocks is off about 18% from its high earlier this year, it had no trouble selling 3 year notes at 1.375%. JPMorgan's $2 bil loss helped push the 10 year Treasury note to 1.84% due to the flight to safety.
Chevron:
Cisco: Barron's p12 "Week review", Inv. Bus. Daily pB2 "Cisco warning raises IT fear", Barron's p24 "Views clash on tech outlays" by Mark Veverka say Cisco guided lower for the current quarter citing weaker IT spending.
Barron's p23 "The end of the traditional telcos" by Tiernan Ray says data such as emails, text messages and tweets is displacing phone calls. This will hurt AT&T and Verizon, which is working on a project with Skype that is owned by Microsoft. Cisco is eying the Wi-Fi offload market.
Coke: Inv. Bus. Daily pB10 "Coke nation outperforms in price, payouts" by Paul Whitfield says if Coca-Cola were a country, you could argue that its economically bigger than the GDP of almost 75 nations including Guatemala, Kenya and Panama. Coke has paid dividends every year since '20 and has increased the payout for 50 straight years. The current yield is 2.6%.
Disney: Barron's p13 "Week preview" says on Tuesday 5/15 ABC, owned by Disney, unveils its fall schedule. On Thurs, 5/17 Walmart Stores reports results before the market opens.
Barron's p14 "Even more magic in the Kingdom" says Disney's bet on Marvel paid off. Disney has to navigate the growth of video content on mobile devices and online and make online games profitable.
WSJ pB3 "CB S accuses ABC of copying show" by William Launder says CBS sued Disney's ABC saying its "Life in a Glass House relaity show is a copy of the hit CBS show Big Brother.
Fin Times p13 "JPMorgan woes serve to put pressure on fin'ls" by Arash Massoudi says a week dominated by fears of slowing European and global growth quickly shifted focus to the banks as JPMorgan declared a $2 bil trading loss on credit derivatives on Thurs. Disney said it beat analysts' forecasts for 2Q despite a $200 mil writedown due to John Carter flop.
DuPont:
Exxon:
GE:
Hewlett-Packard: Barron's p31 "Why Barclays and Hewlett-Packard are good bets" by lawrence Strauss is an interview with Charles Pohl & Diana Strandberg of Doge & Cox Int'l Stock Fund who like Hewlett-Packard since more than 60% of its sales come from outside the US, has a low valuation and is trading at 6 times this year's earnings estimates.
Home Depot:
Intel: Barron's p 27 "Like Father, like son" by Sarah Max, Barron's p13 "Still in the chips" by Shirley Lazo say Intel was named the top dividend stock of the nasdaq 100 by the Dividend Channel Website at dividendchannel.com. Intel did its third payout boost in 18 months on Mon by raising its quarterly payout 7% to 22.5 cents a share from 21 cents, giving it a 3.2% current yield. Max's article is an interview with Mark Oelschlager the Portfolio Manager of Red Oak Tech Select who likes Intel because Intel is the dominant player but has enough competition from AMD to keep the antitrust authorities away.
IBM: Barron's pM13 "A flight to safety, and little else" by Randall Forsyth says IBM tapped the debt market for $900 mil of 0.75% 3 year notes and a $600 mil of 7 year notes at 1.875%, a record low for that maturity. Caterpillar's stocks is off about 18% from its high earlier this year, it had no trouble selling 3 year notes at 1.375%. JPMorgan's $2 bil loss helped push the 10 year Treasury note to 1.84% due to the flight to safety.
JPMorgan: Fin Times p1 "Banks' shares suffer as JPMorgan's $2bn loss raises heat over risk taking" by Tom Braithwaite, Fin Times p9 "Jamie Dimon is a whale of a hedge fund manager" by John Gapper, Fin times p12 "How JPMorgan shock hit war on Volcker", by Tom Braithwaite, Fin Times p12 "Dimon rides shotgun for banks" by Tom Braithwaite, Sat WSJ pA15 "Jamie Dimon stubs Dodd-Frank's toe" by Holman Jenkins, Sat WSJ pA1 "Bank ordered flawed trades" by Dan Fitzpatrick, Sat WSJ pB16 "AT JPM: James and the giant reach" by David Reilly, Sat WSJ pB1 "Polishing the Dimon principle" by Jason Zweig, NYT pB1 "The Bet that blew up for Chase" by Peter Eavis, "Huge Loss stains JPMorgan's Chief" by Nelson Schwartz,Barron's p12 "Week review", Barron's p5 "Vulnerable dragon" by Alan Abelson, Inv. Bus. Daily pA1 "Big JPMorgan loss renews debate on curbing bank risk" by Jed Graham, Barron's p9 "Sesnation and sensationalized" by Michael Santoli, Sat. AJC pA2 "JPMorgan loss rekindles furor" say the SEC is investigating potential civil violations surrounding the $2 bil trading loss at JPMorgan.
Inv. Bus. Daily pB6 "Stocks finish down week in mostly quiet fashion" by Paul Whitfield says stocks had to swallow a negative fin'l surprise Fri but the indexes stayed calm under pressure. JPMorgan reported Thurs that it would lose $2 bil on a trade that backfired. Friday's action was the Nasdaq was flat as S&P 500 falls. The current outlook is the market is in a correction.
Barron's pM13 "A flight to safety, and little else" by Randall Forsyth says IBM tapped the debt market for $900 mil of 0.75% 3 year notes and a $600 mil of 7 year notes at 1.875%, a record low for that maturity. Caterpillar's stocks is off about 18% from its high earlier this year, it had no trouble selling 3 year notes at 1.375%. JPMorgan's $2 bil loss helped push the 10 year Treasury note to 1.84% due to the flight to safety.
WSJ pB5 "Dow's week is worst in '12" by Matt Jarzemsky says the Dow capped the biggest weeklyr etreat of the year as a 9.3% drop in JPM's shares weighed on the index. Telecom shares advanced as Verizon rose 61 cents and AT&T gained 46 cents due to upgrade by Credit Suisse.
Fin Times p13 "JPMorgan woes serve to put pressure on fin'ls" by Arash Massoudi says a week dominated by fears of slowing European and global growth quickly shifted focus to the banks as JPMorgan declared a $2 bil trading loss on credit derivatives on Thurs. Disney said it beat analysts' forecasts for 2Q despite a $200 mil writedown due to John Carter flop.
Johnson & Johnson:
Kraft:
McDonald's:
Merck:
Microsoft: Barron's p23 "The end of the traditional telcos" by Tiernan Ray says data such as emails, text messages and tweets is displacing phone calls. This will hurt AT&T and Verizon, which is working on a project with Skype that is owned by Microsoft. Cisco is eying the Wi-Fi offload market.
Pfizer:
Procter & Gamble:
3M:
Travelers:
United Technologies:
Verizon: Inv. Bus. Daily pA2 "AT&T and Verizon upgraded" says Credit Suisse boosted ratings on them due to new rules that limit how easily consumers can upgrade to new smartphones and because the firms are showing discipline in how they sell the subsidized devices.
Barron's p23 "The end of the traditional telcos" by Tiernan Ray says data such as emails, text messages and tweets is displacing phone calls. This will hurt AT&T and Verizon, which is working on a project with Skype that is owned by Microsoft. Cisco is eying the Wi-Fi offload market.
WSJ pB5 "Dow's week is worst in '12" by Matt Jarzemsky says the Dow capped the biggest weeklyr etreat of the year as a 9.3% drop in JPM's shares weighed on the index. Telecom shares advanced as Verizon rose 61 cents and AT&T gained 46 cents due to upgrade by Credit Suisse.
Walmart: Barron's p13 "Week preview" says on Tuesday 5/15 ABC, owned by Disney, unveils its fall schedule. On Thurs, 5/17 Walmart Stores reports results before the market opens.
A read of the print editions of Monday's Barron's and Investor's Business Daily and the combined Saturday and Sunday issues of thes Wall St. Journal and Financial Times and Saturday's New York Times & Atlanta Journal Constitution 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 a separate table of Dow component's symbol and Friday's stock prices and related data in alphabetical order.
Dow Jones Industrial Average The Dow Jones Industrial Average closed Friday at 12,820.6 down 34.44 or 0.27 from Thursday's close of 12,835.06. For the week the Dow is down 217.67 or 1.67% from last Friday's close of 13,038.27. For the year the Dow is up 4.94%. Of the 30 Dow components 12 gained and 18 declined. The biggest gainer dollar-wise was Verizon and percentage-wise was Intel. The biggest decliner dollar-wise and percentage-wise was JPMorgan Chase.
WSJ pB5 "Dow's week is worst in '12" by Matt Jarzemsky says the Dow capped the biggest weeklyr etreat of the year as a 9.3% drop in JPM's shares weighed on the index. Telecom shares advanced as Verizon rose 61 cents and AT&T gained 46 cents due to upgrade by Credit Suisse.
NYT pB7 "Shares little changed despite JPMorgan loss" by Christine Hauser says the loss by JPM put a damper on the shares of some of the biggest banks on Fri but there was little more than a ripple through the broader market. Bank of America was down 2%.
Fin Times p13 "JPMorgan woes serve to put pressure on fin'ls" by Arash Massoudi says a week dominated by fears of slowing European and global growth quickly shifted focus to the banks as JPMorgan declared a $2 bil trading loss on credit derivatives on Thurs. Disney said it beat analysts' forecasts for 2Q despite a $200 mil writedown due to John Carter flop.
Inv. Bus. Daily pB6 "Stocks finish down week in mostly quiet fashion" by Paul Whitfield says stocks had to swallow a negative fin'l surprise Fri but the indexes stayed calm under pressure. JPMorgan reported Thurs that it would lose $2 bil on a trade that backfired. Friday's action was the Nasdaq was flat as S&P 500 falls. The current outlook is the market is in a correction.
WSJ pB5 "Dow's week is worst in '12" by Matt Jarzemsky says the Dow capped the biggest weeklyr etreat of the year as a 9.3% drop in JPM's shares weighed on the index. Telecom shares advanced as Verizon rose 61 cents and AT&T gained 46 cents due to upgrade by Credit Suisse.
NYT pB7 "Shares little changed despite JPMorgan loss" by Christine Hauser says the loss by JPM put a damper on the shares of some of the biggest banks on Fri but there was little more than a ripple through the broader market. Bank of America was down 2%.
Fin Times p13 "JPMorgan woes serve to put pressure on fin'ls" by Arash Massoudi says a week dominated by fears of slowing European and global growth quickly shifted focus to the banks as JPMorgan declared a $2 bil trading loss on credit derivatives on Thurs. Disney said it beat analysts' forecasts for 2Q despite a $200 mil writedown due to John Carter flop.
Inv. Bus. Daily pB6 "Stocks finish down week in mostly quiet fashion" by Paul Whitfield says stocks had to swallow a negative fin'l surprise Fri but the indexes stayed calm under pressure. JPMorgan reported Thurs that it would lose $2 bil on a trade that backfired. Friday's action was the Nasdaq was flat as S&P 500 falls. The current outlook is the market is in a correction.
As of the close of the market on Friday the current divisor for the Dow Jones Industrial Average found at page B4 of Saturday's Wall St. Journal is 0.132129493. Saturday's trailing P/E ratio is 14.14 down from Friday's trailing P/E ratio of 14.17 (year ago it was 14.49); Saturday's P/E estimate is 12.11 down from Friday's P/E estimate of 12.46 (year ago it was 12.75) and Saturday's dividend yield is 2.66 up from Friday's dividend yield of 2.56 (last year it was 2.35). 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 1,693.98 down 4.55 from Thursday's closing numerator of 1,698.53. 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 Friday's Dow Jones Industrial Average was $56.47 down $0.15 from Thursday's average closing price of $56.62. The median closing price of Friday's Dow Jones Industrial Average was $50.96 (DD/HD) down $0.36 from Thursday's median closing price of $51.32. The lowest volume was United Technologies and the highest volume again was Bank of America.
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 havelost $45 ($169,853 - $169,398).
“The PPI was driven lower by energy costs and crude, which is ultimately a positive for the economy and industrials in particular,” said Simon Paterson, an equity-research analyst at Brown Advisory.
On Friday, both oil and gold finished at 2012 lows, with crude futures CLM2-1.52% losing 95 cents, or 1%, to end at $96.13 a barrel and gold futures GCM2-0.99% down $11.50, or 0.7%, to end at $1,584 an ounce, their lowest this year.
Saturday's Dow News:
Dow: Barron's p34 "Mailbag" is a letter from John A/ Prestbo, the Editor and Exec. director of the Dow Jones Indexes saying it is not the job of the Dow committee to see that the index goes as high as possible. The letter makes a compelling case for the relevancy of the index as a reflection of the overall U.S. stock market.
AT&T: Inv. Bus. Daily pA2 "AT&T and Verizon upgraded" says Credit Suisse boosted ratings on them due to new rules that limit how easily consumers can upgrade to new smartphones and because the firms are showing discipline in how they sell the subsidized devices.
Barron's p23 "The end of the traditional telcos" by Tiernan Ray says data such as emails, text messages and tweets is displacing phone calls. This will hurt AT&T and Verizon, which is working on a project with Skype that is owned by Microsoft. Cisco is eying the Wi-Fi offload market.
WSJ pB5 "Dow's week is worst in '12" by Matt Jarzemsky says the Dow capped the biggest weeklyr etreat of the year as a 9.3% drop in JPM's shares weighed on the index. Telecom shares advanced as Verizon rose 61 cents and AT&T gained 46 cents due to upgrade by Credit Suisse.
Alcoa:
American Express:
Bank of America: NYT pB7 "Shares little changed despite JPMorgan loss" by Christine Hauser says the loss by JPM put a damper on the shares of some of the biggest banks on Fri but there was little more than a ripple through the broader market. Bank of America was down 2%.
Boeing: Barron's p18 "Bluer skies for Embraer" by Christopher Williams says Ebraer's shares trade at 10.4 times est. '13 earnings below the PE multiples of Boeng and EAD. Embraer is the 3rd largest comm'l aircraft maker in the world behind Boeing and EADS' Airbus unit.
Caterpillar: Barron's pM13 "A flight to safety, and little else" by Randall Forsyth says IBM tapped the debt market for $900 mil of 0.75% 3 year notes and a $600 mil of 7 year notes at 1.875%, a record low for that maturity. Caterpillar's stocks is off about 18% from its high earlier this year, it had no trouble selling 3 year notes at 1.375%. JPMorgan's $2 bil loss helped push the 10 year Treasury note to 1.84% due to the flight to safety.
Chevron:
Cisco: Barron's p12 "Week review", Inv. Bus. Daily pB2 "Cisco warning raises IT fear", Barron's p24 "Views clash on tech outlays" by Mark Veverka say Cisco guided lower for the current quarter citing weaker IT spending.
Barron's p23 "The end of the traditional telcos" by Tiernan Ray says data such as emails, text messages and tweets is displacing phone calls. This will hurt AT&T and Verizon, which is working on a project with Skype that is owned by Microsoft. Cisco is eying the Wi-Fi offload market.
Coke: Inv. Bus. Daily pB10 "Coke nation outperforms in price, payouts" by Paul Whitfield says if Coca-Cola were a country, you could argue that its economically bigger than the GDP of almost 75 nations including Guatemala, Kenya and Panama. Coke has paid dividends every year since '20 and has increased the payout for 50 straight years. The current yield is 2.6%.
Disney: Barron's p13 "Week preview" says on Tuesday 5/15 ABC, owned by Disney, unveils its fall schedule. On Thurs, 5/17 Walmart Stores reports results before the market opens.
Barron's p14 "Even more magic in the Kingdom" says Disney's bet on Marvel paid off. Disney has to navigate the growth of video content on mobile devices and online and make online games profitable.
WSJ pB3 "CB S accuses ABC of copying show" by William Launder says CBS sued Disney's ABC saying its "Life in a Glass House relaity show is a copy of the hit CBS show Big Brother.
Fin Times p13 "JPMorgan woes serve to put pressure on fin'ls" by Arash Massoudi says a week dominated by fears of slowing European and global growth quickly shifted focus to the banks as JPMorgan declared a $2 bil trading loss on credit derivatives on Thurs. Disney said it beat analysts' forecasts for 2Q despite a $200 mil writedown due to John Carter flop.
DuPont:
Exxon:
GE:
Hewlett-Packard: Barron's p31 "Why Barclays and Hewlett-Packard are good bets" by lawrence Strauss is an interview with Charles Pohl & Diana Strandberg of Doge & Cox Int'l Stock Fund who like Hewlett-Packard since more than 60% of its sales come from outside the US, has a low valuation and is trading at 6 times this year's earnings estimates.
Home Depot:
Intel: Barron's p 27 "Like Father, like son" by Sarah Max, Barron's p13 "Still in the chips" by Shirley Lazo say Intel was named the top dividend stock of the nasdaq 100 by the Dividend Channel Website at dividendchannel.com. Intel did its third payout boost in 18 months on Mon by raising its quarterly payout 7% to 22.5 cents a share from 21 cents, giving it a 3.2% current yield. Max's article is an interview with Mark Oelschlager the Portfolio Manager of Red Oak Tech Select who likes Intel because Intel is the dominant player but has enough competition from AMD to keep the antitrust authorities away.
IBM: Barron's pM13 "A flight to safety, and little else" by Randall Forsyth says IBM tapped the debt market for $900 mil of 0.75% 3 year notes and a $600 mil of 7 year notes at 1.875%, a record low for that maturity. Caterpillar's stocks is off about 18% from its high earlier this year, it had no trouble selling 3 year notes at 1.375%. JPMorgan's $2 bil loss helped push the 10 year Treasury note to 1.84% due to the flight to safety.
JPMorgan: Fin Times p1 "Banks' shares suffer as JPMorgan's $2bn loss raises heat over risk taking" by Tom Braithwaite, Fin Times p9 "Jamie Dimon is a whale of a hedge fund manager" by John Gapper, Fin times p12 "How JPMorgan shock hit war on Volcker", by Tom Braithwaite, Fin Times p12 "Dimon rides shotgun for banks" by Tom Braithwaite, Sat WSJ pA15 "Jamie Dimon stubs Dodd-Frank's toe" by Holman Jenkins, Sat WSJ pA1 "Bank ordered flawed trades" by Dan Fitzpatrick, Sat WSJ pB16 "AT JPM: James and the giant reach" by David Reilly, Sat WSJ pB1 "Polishing the Dimon principle" by Jason Zweig, NYT pB1 "The Bet that blew up for Chase" by Peter Eavis, "Huge Loss stains JPMorgan's Chief" by Nelson Schwartz,Barron's p12 "Week review", Barron's p5 "Vulnerable dragon" by Alan Abelson, Inv. Bus. Daily pA1 "Big JPMorgan loss renews debate on curbing bank risk" by Jed Graham, Barron's p9 "Sesnation and sensationalized" by Michael Santoli, Sat. AJC pA2 "JPMorgan loss rekindles furor" say the SEC is investigating potential civil violations surrounding the $2 bil trading loss at JPMorgan.
Inv. Bus. Daily pB6 "Stocks finish down week in mostly quiet fashion" by Paul Whitfield says stocks had to swallow a negative fin'l surprise Fri but the indexes stayed calm under pressure. JPMorgan reported Thurs that it would lose $2 bil on a trade that backfired. Friday's action was the Nasdaq was flat as S&P 500 falls. The current outlook is the market is in a correction.
Barron's pM13 "A flight to safety, and little else" by Randall Forsyth says IBM tapped the debt market for $900 mil of 0.75% 3 year notes and a $600 mil of 7 year notes at 1.875%, a record low for that maturity. Caterpillar's stocks is off about 18% from its high earlier this year, it had no trouble selling 3 year notes at 1.375%. JPMorgan's $2 bil loss helped push the 10 year Treasury note to 1.84% due to the flight to safety.
WSJ pB5 "Dow's week is worst in '12" by Matt Jarzemsky says the Dow capped the biggest weeklyr etreat of the year as a 9.3% drop in JPM's shares weighed on the index. Telecom shares advanced as Verizon rose 61 cents and AT&T gained 46 cents due to upgrade by Credit Suisse.
Fin Times p13 "JPMorgan woes serve to put pressure on fin'ls" by Arash Massoudi says a week dominated by fears of slowing European and global growth quickly shifted focus to the banks as JPMorgan declared a $2 bil trading loss on credit derivatives on Thurs. Disney said it beat analysts' forecasts for 2Q despite a $200 mil writedown due to John Carter flop.
Johnson & Johnson:
Kraft:
McDonald's:
Merck:
Microsoft: Barron's p23 "The end of the traditional telcos" by Tiernan Ray says data such as emails, text messages and tweets is displacing phone calls. This will hurt AT&T and Verizon, which is working on a project with Skype that is owned by Microsoft. Cisco is eying the Wi-Fi offload market.
Pfizer:
Procter & Gamble:
3M:
Travelers:
United Technologies:
Verizon: Inv. Bus. Daily pA2 "AT&T and Verizon upgraded" says Credit Suisse boosted ratings on them due to new rules that limit how easily consumers can upgrade to new smartphones and because the firms are showing discipline in how they sell the subsidized devices.
Barron's p23 "The end of the traditional telcos" by Tiernan Ray says data such as emails, text messages and tweets is displacing phone calls. This will hurt AT&T and Verizon, which is working on a project with Skype that is owned by Microsoft. Cisco is eying the Wi-Fi offload market.
WSJ pB5 "Dow's week is worst in '12" by Matt Jarzemsky says the Dow capped the biggest weeklyr etreat of the year as a 9.3% drop in JPM's shares weighed on the index. Telecom shares advanced as Verizon rose 61 cents and AT&T gained 46 cents due to upgrade by Credit Suisse.
Walmart: Barron's p13 "Week preview" says on Tuesday 5/15 ABC, owned by Disney, unveils its fall schedule. On Thurs, 5/17 Walmart Stores reports results before the market opens.
Friday's Closing Dow Numbers:
| Symbol | Last Sale | Change | % Change | Share Volume | Market |
| T |  | NYSE | |||
| AA |  | NYSE | |||
| AXP | | NYSE | |||
| BAC | | NYSE | |||
| BA | | NYSE | |||
| CAT | | NYSE | |||
| CVX | | NYSE | |||
| CSCO | | NASDAQ-GS | |||
| KO | | NYSE | |||
| DIS | | NYSE | |||
| DD | | NYSE | |||
| XOM | | NYSE | |||
| GE | | NYSE | |||
| HPQ | | NYSE | |||
| HD | | NYSE | |||
| INTC | | NASDAQ-GS | |||
| IBM | | NYSE | |||
| JPM | | NYSE | |||
| JNJ | | NYSE | |||
| KFT | | NYSE | |||
| MCD | | NYSE | |||
| MRK | | NYSE | |||
| MSFT | | NASDAQ-GS | |||
| PFE | | NYSE |
| PG | | NYSE | |||
| MMM | | NYSE | |||
| TRV | | NYSE | |||
| UTX | | NYSE | |||
| VZ | | DualListed | |||
| WMT | | NYSE |
****************
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 (Armonk, NY)
JPMorgan Chase JPM Jamie Dimon (NY, NY)
Johnson & Johnson JNJ Alex Gorsky (New Brunswick, NJ)
Kraft KFT Irene Rosenfeld (Northfield, Ill.)
McDonald's MCD Jim Skinner to be replaced July 1 by Don Thompson (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 Inge Thulin (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)
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Here are the Dow Jones Industrial Average 30 as of 4/15/12 ranked in order of market capitalization rounded to the nearest 1/2 billion followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $4391 [5]
2. Microsoft MSFT 258.5 [8.5]
3. IBM 235 [1]
4. WalMart WMT 203.5 [3.5]
5. GE 200 [10.5]
6. Chevron CVX 199 [2]
7. Procter & Gamble PG 181 [3]
8. AT&T T 181 [6]
9. Johnson & Johnson JNJ 175 [3]
10. JPMorgan Chase JPM 165 [4]
11. Pfizer PFE 164.5 [7.5]
12. Coke KO 162 [2.5]
13. Intel INTC 140.5 [5]
14. Merck MRK 115 [3]
15. Cisco CSCO 107 [5.5]
16. Verizon VZ 104.5 [3]
17. McDonald's MCD 98.5 [1]
18. Bank of America BAC 93.5 [10.5]
19. Home Depot HD 77.5 [1.5]
20. Disney DIS 75 [2]
21. United Technologies UTX 72.5 [1]
22. Caterpillar CAT 68.5 [.5]
23. American Express AXP 67 [1]
24. Kraft KFT 66 [2]
25. 3M MMM 59.5 [.5]
26. Boeing BA 54.5 [1]
27. Hewlett-Packard HPQ 48.5 [2]
28. DuPont DD 48.5 [1]
29. Travelers TRV 22.5 [.5]
30. Alcoa AA 10.5 [1]
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 4/15/12:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
AT&T T: 3/12/12 Proxy Materials re: Annual Meeting of Stockholders to be held on 4/27/12 at 9 a.m. at Grand American Hotel, Salt lake City, Utah
2/29/12 8K re: redemption of 5.87% Notes due 5/15/12
2/24/12 10K for FY ended 12/31/11
2/21/12 Prelim Proxy re: Annual Meeting of Stockholders on 4/27/12 Grand America Hotel, Salt Lake City, Utah
2/13 8K re: sale of $3 bil Global Notes
Alcoa AA: 4/11/12 8K re: 1Q results
3/12/12 & 3/1/12 Proxy re: Annual Meeting of Shareholders 5/4/12 9:30 am, Fairmont Hotel, Pittsburgh, PA
2/28/12 10K/A & 2/16/12 10K for FY ended 12/31/11
2/26/12 8K re: amendment to bylaws re: notice to shareholders
American Express AXP: 3/26/12 8K re: dividend of 20 cents a share payable 5/10 to holders at 4/5 & stock buyback plan of up to 150 mil shares
3/20 & 3/2/12 Proxy re: Annual Meeting of Shareholders 4/30/12 9 am American Express HQ, NYC
3/15/12 8K re: delinq. & write-off stats thru 2/29
3/13/12 8K re: Comprehensive Capital Plan
2/29/12 & 2/24/12 10K/A & 10K for FY ended 12/31/11
2/15/12 8K re: Deling & write-off stats for 3 months ended 1/31/12
2/13/12 8K re: retirement of Director Dan Akerson
Bank of Am BAC: 4/11/12 8K re: reclassification of business segments
3/16/12 8K re: sale of preferred stock
2/23/12 10K for FY ended 12/31/11
2/10/12 8K re: settlement of mortgage abuse case with state & fed regulators
Boeing BA: 3/16/12 Proxy materials re: Annual Meeting of Shareholders 4/30/12 10 am Field Museum, Chicago
2/29/12 8K re: grant of stock options to exec
2/9/12 10K for year ended 12/31/11
Caterpillar CAT: 4/12/12 8K re: election of fromer Utah Gov. and Ambassador Jon Huntsman to Board of Dirs.
4/11/12 Proxy materials re: Annual Meeting of Stockholders on 6/13/12 at 8 am, Marriott Riverwalk, San Antonio, Texas
3/20/12 8K re: dealer stats thru 2/12
2/21/12 10K for FY ended 12/31/11
2/21/12 8K re: Jan '12 dealer stats
Chevron CVX: 4/12/12 & 3/29/12 Proxy material re: Annual Meeting og stockholders on 4/4/12 9:30 am HQ, San Ramon, CA
4/10/12 8K re: 1Q update
3/29/12 8K & Proxy materials re: amendment of bylaws re: litigation in Delaware courts, raise of CEO and other execs' salaries and election of Charles "Wick" Moorman to Board of Dirs.
2/23/12 10K for FY ended 12/31/11
Cisco CSCO : 3/27/12 8K re: execs' pre-arranged stock trading plans
3/15/12 8K re: acquisition of NDS Group Ltd, a provider of video software for $5 bil
2/21/12 10Q for Qtr ended 1/28/12
2/17/12 8K re: $3 bil credit agreement with Bank of America
2/8/12 8K re: 2Q results
Coke KO 3/14/12 8K re: closing of sale of over $1 bil of notes
3/8/12 Proxy materials re Annual meeting of shareowners 4/15/12 9:30 am Cobb Galeria, Atlanta
2/23/12 10K for FY ended 12/31/11
2/21/12 8K re: election of Robert A. Kotick as Dir.
2/15/12 8K re: adoption of restricted stock plan
2/7/12 8K re: 4Q & full year '11 results
Disney DIS 3/16/12 8K re: amendment to 2011 Stock Incentive Plan
2/13/12 8K re: sale of $1 bil of 1.125% Global Notes due '17
2/7/12 10Q for 12/31/11
2/7/12 8K re: 1Q results
DuPont DD: 4/3/12 & 3/16/12 Proxy material re: Annual meeting of stockholders 4/25/12 10:30 am HQ Wilmington, Del
3/15/12 8K re: retirement of William K. Reilly from Board of Dirs.
2/9/12 10K re: FY ended 12/31/11
ExxonMobil XOM: 4/12/12 Proxy materials re: Annual meeting of shareholders 5/30/12 9 am Meyerson Center, Dallas
3/28/12 8K re: Fin'l Operations review info on website
3/14/12 8K re: transcript of 3/8 analysts meeting
2/29/12 8K re: election of Henrietta H. Fore as Dir.
2/24/12 10K for FY ended 12/31/11
2/23/12 8K re: worldwide proved oil & gas reserves
GE: 4/9/12 & 3/9/12 Proxy material re: Annual meeting of shareholders on 4/25/12 10 am Detroit Marriott
4/6/12 8K re: downgrade of GE senior unsecured debt rating by Moodys from Aa2 to aa3 and other downgrade
3/16/12 8K re: GE Capital segment fin'l info as of 12/31/11
1/20/12 8K re: 2/24/12 10K re: FY ended 12/31/11
Hewlett-Packard HPQ: 3/23/12 8K re: exec changes and amendment to bylaws decreasing Board of Dirs from 14 to 11
3/12/12 10Q for Qtr ended 1/31/12
3/12/12 8K re: underwriting of $2 bil of Global Notes
2/22/12 8K re: 1Q results ended 1/31/12
2/3/12 Proxy re: 3/21/12 Annual meeting of shareholders at Santa Clara, CA Convention Ctr.
Home Depot HD: 4/2/12 Proxy material and 10K for year ended 1/29/12 and material re: Annual meeting of shareholders on 5/17 at 9 am at Cobb Galeria, Atlanta
2/21/12 8K re: FY '11 results & FY '12 guidance
Intel INTC: 4/4/12 Proxy material re: annual stockhodles meeting 5/17/12 8:30 am HQ, Santa Clara, CA
2/28/12 8K re: expansion of JV with Micron Tech for flash memory
2/23/12 10K for FY ended 12/31/11
2/9/12 8K re: settlement of antitrust case brought by NY Atty Gen'l
IBM: 3/22/12 & 3/12/12 Proxy material re: Annual meeting of stockholders on 4/24/12 10 am Charleston Convention Center, S.C.
2/28/12 10K for FY ended 12/31/11
2/9/12 8K re: underwriting agreement for 2.2% Notes due '17
2/3/12 8K re: underwriting agreement for notes due '15 - '17
2/3/12 8K re: exec salaries for top 5 execs
JPMorganChase JPM: 4/13/12 2 8Ks re: fin'l info on website & 1Q results
4/4/12 Proxy material re: annual meeting of shareholders 5/15/12 at JPM campus in Tampa, Fl
4/4/12 8K re: annual report on website
3/29/12 8K re: Reg. statement re: Global Med. Term Notes'
3/27/12 8K re: changes to Board of Dirs: election of Tim Flynn and retirement of William Gray & David Novak
3/14/12 8K re: dividend of 30 cents payable 4/30 to record holders as of 4/5 and $15 bil share buyback program
3/1/12 8K re: 2/28/12 Investor Day Presentation
2/29/12 10K for FY ended 12/31/11
2/9/12 8K re: global settlement of mortgage foreclosure suits brought by state & fed regulators
Johnson & Johnson JNJ : 4/9/12 8K re: resignation of Vice Chair of Board, Sheri S. McCoy to join Avon as CEO
4/3/12 & 3/14/12 Proxy material re: Annual meeting of Shareholders on 4/26/12 10 am Grand Hyatt New Brunswick, NJ
3/28/12 8K re: new format for sales results
2/23/12 10K for FY ended 12/31/11
2/21/12 8K re: election of Alex Gorsky as CEO & Dir as of 4/26/12
Kraft KFT: 4/2/12 & 3/23/12 Proxy material re: Annual meeting of shareholders on 5/23/12 at North Shore Performing Arts Center in Skokie, Ill.
3/20/12 8K re: $2.1 bil of costs and expenses re: spin-off of N. Amer. grocery business
3/15/12 8K re: nominations of Terry Lundgren & Jorge Mesquita to Board of Dirs.
3/14/12 8K re: revolving credit agreement
2/27/12 10K for FY ended 12/31/11
2/21/12 2 8Ks re: '11 operating results & 4Q results
McDonald's MCD: 4/13/12 & 3/7/12 Proxy materials re: annual meeting of shareholders on 5/24/12 at HQ at Oak Brook, Ill.
3/26/12 8K re: retirement of James Skinner as CEO effective 6/30/12 and his replacement as CEO of Donald Thompson
3/8/12 8K re: Feb. '12 sales results
3/7/12 Prelim Proxy re: Annual Meeting of Shareholders 5/24/12 at McDonald's HQ Oak Brook, Ill.
2/24/11 10K for FY ended 12/31/11
2/10/12 8K re: grant of exec stock options
2/8/12 8K re: Jan '12 sales
2/7/12 8K re: issuance of $750 mil med term notes
Merck MRK: 4/12/12 Proxy materials re: annual meeting of Shareholders on 5/22/12 8:30 am at Bridgewater Marriott in NJ
3/30/12 8K re: Retirement from Board of Dirs of Steven Goldstone & Harry Jacobson
2/28/12 10K for FY ended 12/31/11
2/9/12 8K re: Dr. Thomas Shenk retiring from Board of Dirs.
2/2/12 8K re: full year & 4Q results 12/31/11
Microsoft MSFT: 2/27/12 8K re: election of John W. Thompson as Dir.
1/27/12 10Q/A & 1/19/12 10Q for year ended 12/31/11
1/19/12 8K re: 2Q 12/31/11 results
Pfizer PFE: 3/15/12 Proxy materials re: Annual meeting of shareholders 4/26/12 8:30 am Westin Governor Morris, Morristown, NJ
2/28/12 10K for FY ended 12/31/12
1/31/12 8K re: 4Q & full year 12/31/11 results
Procter & Gamble PG: 4/13/12 8K re: dividend of 0.562 cents payable 5/15/12 to record holders at 4/27
2/23/12 8K re: Consumer Analyst Conference slides 2/23/12
2/15/12 8K re: sale of Pringles to Kellogg for $2.7 bil in cash
2/10/12 8K re: restructuring of Beauty & Grooming Global Business Unit
2/6/12 8K re: issuance of $2 bil 2.3% & floating rate notes
3M MMM: 3/21/12 Proxy materials re: annual meeting of stockhodlers 5/8/12 10 am River Centre, St. Paul, Minn
2 8ks 2/21/12 & 2 8ks 2/16/12 re: exec pre-arranged stock trading plans
2/16/12 10K FY 12/31/11
2/8/12 8K re: Inge G. Thulin replacing George W. Buckley as CEO on 2/24/12
Travelers TRV: 4/10/12 Proxy materials re: Annual meeting of shareholders on 5/23/12 11 am Hartford, Marriott
2/16/12 10K FY 12/31/11
United Technologies UTX: 4/13/12 8K re: retriement of charles Lee from Board of Dirs.
3/22/12 & 2/24/12 Proxy materials re: 4/11/12 Annual Meeting of Shareholders Riviera Theatre Charleston, SC
3/15/12 8K re: structure for proposed Goodrich acquisition
2/17/12 8K re: election of Pedro Baranda as Pres. of Otis Elevator
2/9/12 10K for year ended 12/31/11
Verizon Communications Inc. VZ: 4/2/12 & 3/19/12 Proxy material re: Annual meeting of shareholders on 5/3/12 at 10:30 at Von Braun Center, Huntsville, Al.
2/24/12 10K FY 12/31/11
WalMart WMT: 3/27/12 10K for year ended 1/31/12
2/21/12 8K re: 4Q results
1/25/12 8K re: election of Rosalind Brewer as CEO of Sam's Club
12/8/11 8K re registration rights agreement with certain selling shareholders
12/8/11 10Q for qtr ended 10/1/11
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