Friday, October 10, 2014

10/10/14 Fri. am Goldman Sachs' Figsco Debt Flops
by Dan Kolber

Post No. 2,881 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 a summary of recent Dow 30 components'  SEC filings as of Sept. 24, 2014.

A  read of the print editions of  Friday's  Wall Street 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 a separate table of Dow component's symbol and Thursday's  closing   stock prices and related data in alphabetical order.

The Dow Jones Industrial Average: The Dow Jones Industrial Average closed  Thursday at 16659.25 down 334.97 or 1.97%  from Wednesday's close of 16994.22. For the year the Dow is up 0.50%.Of the Dow components  all 30  declined.  The biggest decliner   dollar-wise was Goldman Sachs down $5.37 and percentage-wise was Caterpillar down 3.26%.

WSJ pC1 "Dow industrials post worst loss of year" by Chris Dieterich, Dan Strumpf, Mike Cherney says stocks were routed for the 2nd time in 3 sessions with the Dow's largest loss of the year marking a return to wild swings after months of calm.  Traders blamed slowing global growth & tumbling energy prices but said there was no particular news on Thurs. to blame for the Dow's drop.

AJC pA11 "Dow sees year's worst dive: 334" by Ken Sweet, PA says the Dow plunged as a decline in energy stocks & worries about the global economy sent investors fleeing in the biggest point drop since June '13.

NYT pB1 "As alarm bells ring, signs of action" by Nathaniel Popper says renewed fears of an economic slowdown in Europe & Asia have injected a note of fear into what had been some complacent markets, leading to a sharp sell-off in stocks Thurs.

USAT p1A "Swings rattle Wall Street" by Adam Shell, Gary Strauss says volatility is back as the market endures its most violent string of daily swings in more than 3 years.

IBD pB3 "Stocks fall hard on fear of recession in Europe" by Paul Whitfield says stocks indexes on Thurs gave back all of the big gains from the previous session due to worries about Europe's economic situation as Thursday's action was a sell off  in lower trade while the current outlook is market in correction.

As of the open of  the market on Friday the current divisor for the Dow Jones Industrial Average found at page C5 of  Friday's Wall St. Journal is 0.15571590501117.  Friday's trailing P/E   ratio is 16.08 up  from Thursday's   trailing P/E ratio of 15.82  (last year it was 15.57).  Friday's P/E estimate is 14.93 unchanged from Thursday's P/E estimate of 14.93 (year ago it was 13.99) and Friday's dividend yield is 2.22 down from  Thursday's dividend yield of 2.26  (last year it was 2.17). The Dow's all-time high was 17279.74 on September 19,  2014. 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 numerator is 2594.41 down 50.14 from  Wednesday's   numerator of 2646.27.  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 change for today by the divisor (0.15571590501117) you get the change in today's Dow. A dollar increase or decrease in a Dow stock results in a $6.42 change in the Dow Index.

The average closing price (the closing numerator divided by 30) of  Thursday's Dow Jones Industrial Average was $86.47 down $1.74 from Wednesday's  average closing price of $88.21.  The median closing price of  Thursday's Dow Jones Industrial Average was $85.80  (AXP/DIS) down $1.96 from Wednesday's median closing price of $87.76 (AXP/DIS). The lowest volume was  Travelers and the highest volume was Microsoft.

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 or dividends) and sold at the close you would have lost  $5,014 ($264,627 - $259,411).

10/9/14 Thurs. 5:01 MarketWatch by Anora Mahmudova, Victor Reklaitis & Carla Mozee says
U.S. stock investors scrambled for the exits on Thursday, sending the Dow Jones Industrial Average down 335 points, its worst one-day point selloff in more than a year. The S&P 500 SPX, -2.07%  fell 40.68 points, or 2.1%, to 1,928.21, its biggest one-day percentage drop since April 10. The Dow Jones Industrial Average DJIA, -1.97%  slid 334.97 points, or 2%, to 16,659.25, marking its fourth drop of more than 300 points this year. The Nasdaq Composite COMP, -2.02%  fell 90.26 points, or 2.2%, to 4,378.34.Thursday’s brutal losses came on the heels of a 274-point rally, which marked some of the sharpest gains the market had seen in months. Wednesday’s gain followed a 273-point plunge on Tuesday. Those topsy turvy movements highlight what’s been a frenetic series of trading sessions in the past several months. As selling intensified, volatility on the S&P 500 as measured by the CBOE VIX index jumped 23% to 18.59, the highest level not seen since February. Volatility metrics like the VIX serve as a gauge of current fear in the market.The carnage hit small-cap stocks the hardest, with the Russell 2000 RUT, -2.66%   falling 29.13 points, or 2.7%, to 1,067.99, it’s lowest level in nearly a year.Analysts said selling might have been triggered partly by disquieting comments from European Central Bank President Mario Draghi, while others said stocks just got ahead of themselves with Wednesday’s big rally. Draghi said “Europe’s problems are structural, not cyclical, and without reforms there can be no recovery. I think this is weighing a bit on the market,” said Peter Cardillo, chief market economist at Rockwell Global Capital.Meanwhile, prominent activist investor Carl Icahn might also have fueled the slide in stocks. The billionaire investor told CNBC that a market correction is “definitely coming,” adding that he’s hedging his stock bets by shorting the S&P 500.All 30 stocks in the Dow Jones Industrial Average were down with declines in Caterpillar Inc. CAT, -3.26%  Goldman Sachs GS, -2.88% Visa V, -2.19%   and Chevron CVX, +3.00%   weighing heavily on the price-weighted index. Government data showed the number of people applying for unemployment benefits was below 300,000 for the fourth week in a row.
Stocks to watch: PepsiCo Inc. shares PEP, -0.39%  rose 0.5%, with the beverage and snack giant reporting third-quarter profit and sales results that beat expectations.Alcoa Inc. shares AA, -4.23%  fell 4.4% in regular trading despite the aluminum producer beating Wall Street’s third-quarter earnings earnings estimates as stocks were dragged down amid the selloff. Meanwhile, Apple Inc. AAPL, -0.27%  suppliers have delayed plans to mass produce a larger-screen tablet to early next year, according to a Wall Street Journal report. Carl Icahn’s issued a letter to Apple before the opening bell pushing the Apple to return more cash to shareholders and arguing that the share price of the iPhone maker should trade at $203 a share. Apple shares gained 0.6%.Google Inc.’s GOOG, -0.27%  tax deal in France is being challenged, according to a Wall Street Journal report. Shares fell 1.8%.Other markets: In Asia, Japan’s Nikkei Average NIK, -0.75%  fell as the yen strengthened against the greenback. Gold prices GCZ4, +1.54% surged, while oil futures CLX4, -3.32% dropped.

Friday's Dow News followed by Thursday's Closing Dow Numbers:

AT&T:  No mentions found.

American Express: No mentions found.

Boeing: No mentions found.

Caterpillar: No mentions found.

Chevron: No mentions found.

Cisco: No mentions found.

Coke:  AJC pA11 "Mexico's junk food tax hurts Coke, PepsiCo sales there" by Candice Choi, AP says recent declines suffered by Coke and Pepsi in Mexico underscore why the beverage industry in fighting tax proposals on sugary drinks in san Francisco & Berkeley. 

Disney:  WSJ pB1 "Pay TV's new worry: shaving the cord" by Keach Hagey, Shalini Ramachandran says the top 40 channels in '10 during the past 4 years with ESPN at the top, have lost 3% or 3.2 mil subscribers.  ESPN has 95.2 mil subscribers.

DuPont: No mentions found.

Exxon: No mentions found.

GE: No mentions found.

Goldman Sachs:  FT p22 "Sale of Goldman's Figsco debt falls falt" by Tracy Alloway says Goldman Sachs' efforts to test market appetite for a controversial new type of debt fell flat.   The deal known as Fixed Income Global Structured Covered Obligation promised top credit ratings combined with the chance to earn additional returns.  It used a type of derivative known as a total return swap.

Home Depot: No mentions found.

Intel: No mentions found.

IBM: No mentions found.

JPMorgan: No mentions found.

Johnson & Johnson: No mentions found.

McDonald's: No mentions found.

Merck: No mentions found.

Microsoft:  NYT pB1 "Microsoft chief backpedals on women's pay" by Nick Wingfield says CEO Satya Nadella is being criticized for implying that women should not ask for raises as eventually their good work will be recognized.

Nike: No mentions found.

Pfizer: No mentions found.

Procter & Gamble: No mentions found.

3M: No mentions found.

Travelers: No mentions found.

United Technologies: No mentions found.

UnitedHealth: No mentions found.

Verizon: No mentions found.

Visa: No mentions found.

Walmart: No mentions found.

Thursday's Closing Dow Numbers:

SymbolLast SaleChange% ChangeShare VolumeMarket
VZ▼ DualListed

 Here are the current CEOs of the Dow 30 Companies:

AT&T T Randall L. Stephenson (Dallas, TX)

American Express AXP Kenneth I. Chenault (NY, NY)

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)

Goldman Sachs GS Lloyd Blankfein (NY, NY)

Home Depot HD Frank Blake (Atlanta, GA) (Craig Menear Takes Over as CEO on 11/1)

Intel INTC Brian Krzanich (Santa Clara, CA)

IBM Virginia M. Rometty (Armonk, NY)

JPMorgan Chase JPM Jamie Dimon (NY, NY)

Johnson & Johnson JNJ Alex Gorsky (New Brunswick, NJ)

McDonald's MCD Donald Thompson (Oak Brook, Ill)

Merck MRK Kenneth Frazier (Whitehouse Station, N.J.)

Microsoft MSFT Satya Nadella (Redmond, WA)

Nike NK Mark Parker (Beaverton, OR)

Pfizer PFE Ian Read (NY, NY)

Procter & Gamble PG A. G. Lafley (Cincinnati, OH)

3M MMM Inge Thulin (St. Paul, MN)

Travelers TRV Jay S. Fishman (NY, NY)

UnitedHealthUNC Stephen Hemsley (Minnetonka, MN)

United Technologies UTX Louis Chenevert (Hartford, CT)

Verizon VZ Lowell McAdam (NY, NY)

Visa V Charles W. Scharf (Foster City, CA)

Wal-Mart WMT Doug McMillon (Bentonville, ARK)
Here are the Dow Jones Industrial Average 30 as of close of business 9/24/14 ranked in order of market capitalization in billions:

1. Exxon Mobil XOM $408.64
2. Microsoft MSFT 387.93
3. Johnson & Johnson JNJ 306.4
4. GE 260.18
5. Wal-Mart WMT 248.39
6.Chevron CVX 232.43
7.  JPMorgan Chase JPM 231.78
8. Procter & Gamble PG 230.8
9.  Verizon VZ 207.55
10.  Pfizer PFE 192.19 
11. Coke KO 185.39
12.  IBM 191.85 58
13. AT&T T 183.
14. Merck MRK 174.12
15.  Intel INTC 172.05
16. Disney DIS 153.54
17. Visa V 134.71
18. Cisco CSCO 127.38
19. Home Depot HD 125.2
20. United Technologies UTX 97.05
21. McDonald's MCD 93.28 
22. 3M MMM 93.88
23. American Express AXP 93.12
24. Boeing BA 92.66 
25. Goldman Sachs GS 85.98
26. UnitedHealth UNH 85.71
27. Nike NKE 70.19
28. DuPont DD 66.66
29. Caterpillar CAT 63.55
30. Travelers TRV 32.14
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of close of business 9/24/14:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments

8/1/14 10Q & 7/24/14 8K & 7/23/14 8K  re: qtr ended 6/30
7/1/14 S-4 re: purchase of DirecTV

American Express AXP:
9/15/14 8K re: delinq. & write-off stats for 3 months end 8/31/14
8/15/14 8K re: delinq. & write-off stats for 3 months end 7/31/14
7/30/14 10Q & 7/29/14 8K re: qtr. ended 6/30/14
7/15/14 8K re: delinq. & write-off stats for 3 months ended 6/30/14

Boeing BA:
7/23/14 10Q & 7/23/14 8K re: 2Qtr ended 6/30/14

Caterpillar CAT:
9/19/14 8K re: info re: retail sales of OEMs
9/16/14 8K re: credit agreement with Citibank up to $3.15 bil
8/20/14 8K re: rolling 3 month retail sales stats
8/1/14 10Q & 7/24/14 8K re: 2Q ended 6/30/14
7/23/14 8K re: rolling 3 mos. retail sales stats.

Chevron CVX:
8/14/14 8K re: voluntary dismissal of shareholder derivative lawsuit
8/6/14 10Q & 8/1/14 8K & 7/10/14 8K re: 2Q ended 6/30/14

Cisco CSCO:
9/12/14 8K re: departure of director Marc Benioff & reduction of board to 10
9/9/14 10K & 8/13/14 8K re: results for year ended 7/26/14
8/14/14 8K re: restructuring plan & lay-offs of 6,000 or 8% of global workforce
7/31/14 8K re: resignation from BoD of Gregory Q. Brown

Coke KO:
9/22/14 & 9/19/14 8Ks re: close of public offering of long term notes
8/20/14 8K re: purchase of 16.7% state in Monster
7/30/14 10Q & 7/22/14 8K re: qtr ended 6/27/14

Disney DIS:
8/5/14 10Q for quarter ended 6/28/14
8/5/14 & 8/5 8K re: 10Q for 3Qtr ended 6/28/14 

DuPont DD:
8/5/14 8K re: election of Ulf M.  Mark Scheider
7/22/14 10Q & 7/22/14 8K re: qtr ended 6/30/14

ExxonMobil XOM:
8/6/14 10Q & 7/31/14 8K re: 2Qtr ended 6/30/14
8/6/14 8K re: retirement of P.T. Mulva as VP/controller to be replaced by D.S. Rosenthal

7/31/14 10Q & 7/18/14 8K re: qtr ended 6/30/14

Goldman Sachs GS:
8/25/14 8K re: settlement with FHFA re: sale of residential mortgage backed securities to Fannie Mae & Freddie Mac
8/7/14 10Q & 7/15/14 8K re: 2Qtr ended 6/30/14

Home Depot HD:
9/18/14 8K re: update on guidance due to data breach
9/8/14 8K re: breach od payment data systems
8/27/14 10Q & 8/19/14 8K results for quarter ended 8//14
8/21/14 8K re: election of Craig A. Menear as CEO &Pes. and Frank Blake taking on as chairman eff. 11/1/14 & amendment of by-laws to split CEO & Chairman positions

Intel INTC:
7/25/14 10Q & 7/15/14 8K re: qtr. ended 6/28/14

7/29/14 10Q & 7/18/14 8K & 7/17/14 8K re: qtr. ended 6/30/14
7/29/14 8K re: election of CEO of JNJ Alex Gorsky & Peter R. Voser to BoD

JPMorganChase JPM:
9/19/14 8K re: redemption of subord. notes
9/12/14 8K re: cyberattack vs. JPM
9/10/14 8K re: closing of public offering of $3 bil sub. notes due'24
8/4/14 10Q & 7/15/14 8K & 7/15/14 8K re: qtr. ended 6/30/14
7/2/14 8K re: CEO Jamie Dimon having throat cancer
7/1/14 8K re: reduction of warrant exercise price

Johnson & Johnson JNJ:
8/1/14 10Q & 7/15/14 8K re: Qtr ended 6/29/14
7/21/14 8K re: $5 bil share repurchase program

McDonald's MCD:
9/22/14 8K re: raising quarterly div. by 5% to 85 cents payable 12/15 to record holders 12/1
9/9/14 8K re: global sales decreased 3.7% in Aug.
8/27/14 8K re: salary increase of Pres. of Asia, Mid E. & Africa
8/22/14 8K re: election of Make Andres as Pres. - USA replacing Jeff Stratton eff. 10/15
8/11/14 8K re: global sales decreased 2.5% in July
8/4/14 & 7/22/14 & 7/18/14 8K re: qtr. ended 6/30/14

Merck MRK:
9/29/14 8K re: 2Q results

Microsoft MSFT:
9/17/14 8K election of Teri List-Stoll & Charles W. Scharf  (CEO of Visa) to Board eff 10/1 & increase of Board to 12 & retirement from Board of Dave Marquadt & Dina Dublon
8/19/14 8K re: dividend increase to 31 cents up 11% payable 12/111 to holders on 11/20
7/31/14 10K for year ended 6/30/14
7/31/14 8K re: increased BoD to 11 & election of John W. Stanton
7/22/14 8K re: 4Q results
7/17/14 8K re: restruction & related charges

Nike NKE:
9/23/14 8K re: results of annual shareholders meeting
Sec. 14A Proxy re: Annual Meeting of Shareholders to be held 9/18/14 at Tiger Woods Conf. center, Beaverton, Or.
7/25/14 10K for year ended 5/31/14

Pfizer PFE:
8/7/14 10Q for qtr ended 6/29/14
7/29/14 8K re: 2Q results

Procter & Gamble PG:
8/29/14 Proxy re: 10/14/14 Annual Meeting of Shareholders at 9 a.m. at Duke Energy Convention Ctr. Cincinnati,Oh
8/8/14 10K for yr. ended 6/30/14
8/1/14  2 8Ks re: 4Q results
7/8/14 8K re: quarterly div. of 64 cents per share payable 8/15 to record holders of 7/18

8/12/14 8K re: election of Sandra Barbour to Board
8/8/14 8K re: $2.25 bil 5 yr. revolving credit agreement with JPMorgan
7/31/14 10Q & 7/24/14 re: qtr. ended 6/30/14

Travelers TRV:
9/10/14 2 8Ks re: realignment of 2 of 3 business segments
8/11/14 8K re: amendment to bylaws re: timing of shareholder proposals
7/22/14 10Q & 8K re: qtr ended 6/30/14

United Technologies UTX:
7/25/14 10Q & 7/22/14 8K for qtr. ended 6/30/14

UnitedHealth Group UNH:
9/12/14 8K re: FD disclosures re: presentation at Merrill Global Healthcare Conf. London 9/17
9/5/14 8K re: FD disclosure re: presentation at Morgan Stanley Healthcare Conf. NYC 9/9
8/4/14 & 8/1/14 8K & 7/17 8K re: qtr. ended 6/30/14

Verizon Communications Inc. VZ:
9/11/14 8K re: strong customer  growth
9/4/14 8K/A committee Board assignments for Dir. Shellye L. Archambeau
8/20/14 8K re: results of exchange offer of Verizon/Alltel securities
8/6/14 2 8Ks re: terms of exchange offer re: Alltel

Visa V:
9/11/14 8K re: deposit of $450 mil in litigation escrow account
7/24/14 10Q & 7/24/14 8K re: qtr ended 6/30/14
7/23/14 8K re: quarterly div. of 40 cents payable 9/3 to record holders as of 8/15.

WalMart WMT:
9/5/14 10Q & 8/14/14 8K re: results for qtr ended 7/31/14
7/24/14 8K re: election of Greg Foran as Pres/CEO of Walmart USA  to replace Bill Simon


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