Sunday, October 12, 2014

10/12/14 Sun/Sat JPMorgan Posts Results Wed.
by Dan Kolber

Post No. 2,884 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  Monday's  Barron's &  Investor's Business Daily; the combined Sat/Sun issues of each of the Wall Street Journal & Financial Times: & Sunday's & 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  closing   stock prices and related data in alphabetical order.

The Dow Jones Industrial Average: The Dow Jones Industrial Average closed  Friday at 16544.10 down 115.15 or 0.69%  from Thursday's close of 16659.25. For the week the Dow was down 465.59 or 2.74% from last Friday's close of 17009.69. For the year the Dow is down 0.20%. Of the Dow components  8 gained, United Technologies was unchanged and 21declined.  The biggest gainer   dollar-wise was Procter & gamble up $1.03 and percentage-wise was Coke up 1.37%. The biggest decliner   dollar-wise was  3M down $4.81 and percentage-wise was Intel down 5.09%.

WSJ pA1Dow erases gains for the year" by E.S. Browning says global stocks tumbled on Fri dragging the Dow into negative territory for '14 and shaking the confidence that many investors had clung to despite lackluster growth around the world.

Sat. NYT pB2" Instead of tumbling, market merely slides downward" & Sat. AJC pA10 "Tech plunge caps sour week" by AP says US stocks ended lower Fri turning in the worst weekly performance since May '12.

As of the open of  the market on Monday the current divisor for the Dow Jones Industrial Average found at page B6 of  Monday's Wall St. Journal is 0.15571590501117.  Monday's trailing P/E   ratio is 15.76 down   from Friday's   trailing P/E ratio of 16.08  (last year it was 15.69).  Monday's P/E estimate is 14.73 down from Friday's P/E estimate of 14.93 (year ago it was 14.13) and Monday's dividend yield is 2.27 up from  Friday's dividend yield of 2.22  (last year it was 2.15). 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.

Friday's Dow Jones Industrial Average numerator is 2576.18 down 18.33 from  Thursday's   numerator of 2594.41.  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  Friday's Dow Jones Industrial Average was $85.87 down 60 cents from Thursday's  average closing price of $86.47.  The median closing price of  Friday's Dow Jones Industrial Average was $85.83  (UNH/DIS) up 3 cents from Thursday's median closing price of $85.80 (AXP/DIS). The lowest volume was  Travelers and the highest volume was Cisco.

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 or dividends) and sold at the close you would have lost  $1,833 ($259,411 - $257,618).

10109/14 Fri. 4:26 MarketWatch by Anora Mahmudova & Carla Mozee says
After a sharp selloff in U.S. stocks on Friday the main benchmarks recorded their deepest weekly declines in more than two years. The tech-heavy Nasdaq Composite COMP, -2.33% dropped 102 points, or 2.3%, to 4,276.24 and suffered its worst weekly decline since May 2012. The index undercut a key support level, prompting fears of further declines.The S&P 500 SPX, -1.15%   fell 22 points, or 1.1%, to 1,906.13, losing 3.1% over the week, its biggest weekly drop since May 2012. The benchmark index is a hair’s breadth away from undercutting its key support level.The Dow Jones Industrial Average DJIA, -0.69% dropped 115 points, or 0.7%, to 16,544.10, and lost 2.7% over the week. The blue-chip index turned negative for the year and also fell below its key support level. The whiplash equity moves have been characterized by a spike in volatility (a measure of fear in the markets) on concerns about slowing global growth. The widely watched CBOE VIX VIX, +13.22% a gauge of current fear in the market, surged 45% over the week and is at highest level since February. “Bad economic data is now being viewed as bad and the dovish signals from central banks are now being taken as a sign of weakness rather than a reason to ramp up equities,” wrote Jonathan Sudaria, a dealer at Capital Spreads, in a Friday note that highlighted the rout in European stocks. The Stoxx Europe 600 SXXP, -1.55%  was looking at its biggest weekly loss in more than a year, with Germany’s economic ministry saying Friday the growth outlook for Europe’s largest economy is dimming. Data: The prices paid for imported goods fell 0.5% in September and declined for the third straight month, another sign that U.S. inflationary pressures remain muted. The main reason: falling worldwide oil prices. Stocks to watch: Biggest losses came from the technology sector. Internet stocks were hit hardest, with the Global X Social Media Index ETF SOCL, -3.09%   down 3.1%. Twitter, Inc TWTR, -8.84%   fell 8.8%, while Facebook, Inc FB, -0.05%   lost 3.9%.Tesla Motors Inc. TSLA, -7.82%  late Thursday unveiled its latest Model S car. But shares slid 7.8% .Symantec Corp. SYMC, -6.40%  shares slid 6.4%. The security-software maker late Thursday said it plans to split into two publicly traded companies. Juniper Networks Inc. JNPR, -9.07% fell 9% after a late Thursday warning that fiscal third-quarter revenue and adjusted earnings are likely to be below its previous estimates. Exact Sciences Corp. EXAS, +35.76%   shares rallied 36% as the company’s Cologuard test to detect colorectal cancer will be covered by Medicare. Alpha Pro Tech Ltd. APT, +53.51%  is up 53% and Lakeland Industries Inc. LAKE, +10.78%  is up 11% following gains from Thursday amid rising Ebola outbreak concerns. Alpha Pro Tech’s infection control unit makes face masks and eye shields, and Lakeland makes protective clothing for health care and first responders.
Other markets: Crude-oil futures ended modestly higher Friday, but notched weekly losses that were the steepest since January for New York-traded oil. Gold futures GCZ4, -0.16% edged lower Friday, with a stronger U.S. dollar trumping a further wave of risk aversion as global equities declined, taking a cue from a sharp selloff in U.S. stocks a day earlier. The dollar DXY, +0.35%  was slightly higher against its rivals after Thursday’s fall to a three-week low. In Asia, Hong Kong’s Hang Seng Index HSI, -1.90%  and Tokyo’s Nikkei Average NIK, -1.15% fell 1.9% and 1.2%, respectively.

Sunday's & Saturday's Dow News followed by Friday'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:  WSJ pA13 "The Coke spat wasn't about CEO pay" by Holman W. Jenkings, Jr. says the Coke flat wasn't about execs getting paid too much, it was about how they were paid and criticisms of stock options.

Disney:  Sat. NYT pB3 "Disney pins hopes on guardians of the Galaxy show" by Brooks Barnes says expanding an effort to put its XD cable network on the ratings map, Disney will introduce an animated show next year based on its film "Guardians" which has taken in $324 mil in the domestic box office, the No. 1 movie of the year.

DuPont: No mentions found.

Exxon:  IBD pA2 "Exxon to plug pipeline leaks" says Exxon will spend billions to pplug leaks in the Kashagan oil pipeline in Kazakhstan.

GE:  Barron's pM3 "The trader" by Vito J. Racanelli says GE has become the worst performer in the Dow down 13%.  GE was badly hit by the '08 crisis and rev has been stuck around $146 bil and net profit margins at 9% the past 2 year. GE reports 3Q results Friday.  Its stock offers bond like stability with the earnings and dividend growth not possible in fixed income securities.

Goldman Sachs: No mentions found.

Home Depot: No mentions found.

Intel: No mentions found.

IBM: No mentions found.

JPMorgan:  Barron's p17 "Week preview" says on Tuesday JPMorgan will post results &  on Wed Walmart holds its annual meeting for the investment community.

WSJ pB2 "Dimon returns to the stage" by Emily Glazwer says Dimon made his first public appearance since July when he said he had throat cancer.

Johnson & Johnson: No mentions found.

McDonald's: No mentions found.

Merck: No mentions found.

Microsoft:  IBD pB7 "Microsoft in '87 proves point: the M in cAN SLI*M dominates" by Ken Hoover says Microsoft went public in March '86, broke out of an IPO base that Oct, then rocketed 259% before topping at 64.13 in May '87.

Sat. NYT pB3 "Tech exec's remark highlights a paradox on women's wages" by Claire Cain Miler & FT p13 "Bad karma haunts Microsoft chief over women's pay" by Brooke Masters is more on Nadella's remarks about women shouldn't ask for raises.

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:  Barron's p16 "Week in review" & IBD pB2 "Walmart wrestles health care" says oen of the week's biggest story is Walmart will cut health benefits to some US part-time employees who work fewer than 30 hours a week.

Friday'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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