Saturday, December 13, 2014

12/13/14 Sat JPMorgan et al Win Derivative Repeal
by Dan Kolber

Post No. 2,954 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.

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; 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 17280.83 down 315.51  or 1.79%  from Thursday's close of 17596.34. For the week the Dow was down 677.96 or 3.78%  from last Friday's close of 17958.79.  For the year the Dow is up 4.2%. Of the Dow components  all 30 declined.  The biggest decliner dollar-wise was Goldman Sachs down $4.72 and percentage-wise was  IBD down 3.53%.

IBD pB8 "Bears clobber stocks; institutional selling rises" by Paul Whitfield says stock indexes staggered to big losses in rising vol Friday as the current outlook is uptrend under pressure.

Sat. WSJ pB1 "Dow ends week with thud" by Alexandra Scaggs says the Dow fell to tis biggest weekly loss in 3 years as a prolonged slump in oil prices raised doubts about the health of the global economy.

NYT pB1 "Oil prices fall again, and stocks follow suit" by Clifford Krauss, Stanley reed says the swoon in oil prices led to a steep decline in equities as investors feared the declining energy demand meant that the global economy was declining.

FT p14 "Wall Street" by Anna Nicolaou says US equity markets pulled back Friday amid enduring anxiety over oil prices.

As of the open of  the market on Monday the current divisor for the Dow Jones Industrial Average found at page B6 of  Saturday's Wall St. Journal is 0.15571590501117.  Monday's trailing P/E   ratio is 16.71 up from Friday's   trailing P/E ratio of 16.65  (last year it was 16.18).  Monday's P/E estimate is 15.48 down from Friday's P/E estimate of 15.75 (year ago it was 14.98) and Monday's dividend yield is 2.27 up from  Friday's dividend yield of 2.17  (last year it was 2.20). The Dow's all-time high was 17958.79 on December 5,  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 2690.90 down 49.13  from  Thursday's   numerator of 2740.03.  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 $89.70 down $1.63 from Thursday's  average closing price of $91.33.  The median closing price of  Friday's Dow Jones Industrial Average was $90.56  (CAT/MCD) down 52 cents from Thursday's median closing price of $91.08 (PG/DIS). The lowest volume was   Travelers and the highest volume was Microsoft.

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  $4,913  ($273,019 - $269,909).

12/12/14 Fri. 5:06 pm MarketWatch by Anora Mahmudova & Sara Sjolin says  U.S. stocks were pummeled Friday as investors , rattled by concerns about the health of the global economy, fueled tripled-digit losses in blue-chip stocks. The S&P 500 ended the week with the biggest loss in two-and-a-half years, while the Dow Jones Industrial Average recorded its biggest weekly decline since Sep 2011.This week’s jarring selloff came on the heels of seven straight weeks of gains, was closely linked to the precipitous fall in oil prices, sending a measure of volatility, the VIX, to its highest level since Oct 17.The CBOE Volatility Index VIX, +4.98%  also known as the “Wall Street’s fear gauge,” topped 21 on Friday. Crude oil futures dropped more than 10% over the past week as global supply continued to outstrip demand, while International Energy Agency cut its forecast for global demand yet again.Investors grew increasingly concerned that the global economy might be succumbing to deflation, a consistent decline in prices that leads to recessions and depressions. Traders also blamed unwinding of positions at the end of the year for big declines in the market.Kate Warne, investment strategist at Edward Jones pointed out that over time, lower oil prices are one of the best ways to boost global growth, but until prices stabilize volatility in the market will persist.    The S&P 500 SPX, -1.62%  closed 33 points, or 1.6%, lower at 2,002.33 and lost 3.5% over the week. Energy and materials sectors were the biggest decliners over the week, while telecoms also fell out of favor of late.The Dow Jones Industrial Average DJIA, -1.79%  dropped 315.51 points, or 1.8%, to 17,280.83 and recorded a weekly loss of 3.8%. Meanwhile, the tech-heavy Nasdaq Composite COMP, -1.16% ended the day 54.57 points, or 1.2%, lower at 4,653.60 and declined 2.9% over the week. Channing Smith, managing director at Capital Advisors, said that investors are realizing that a decline in oil prices is not only due to supply issues but demand issues.

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

AT&T:  IBD pB2 "Verizon, AT&T fight price war" says telecom stocks slid on a price war, comments by Verizon and AT&T manages and analyst downgrades.  Verizon's CFO said impacts of promotional offers will cut 4Q net and AT&T's CFO said similar things.

American Express:  No mentions found.

Boeing:  No mentions found.

Caterpillar:  No mentions found.

Chevron:   Barron's pM3 "markets plunge as oil panic spreads" by Avi Salzman says energy stocks like Exxon and Chevron fell nearly 8% on the week.

Cisco:  No mentions found.

Coke:  No mentions found.

Disney:  No mentions found.

DuPont:  No mentions found.

Exxon:  Barron's pM3 "markets plunge as oil panic spreads" by Avi Salzman says energy stocks like Exxon and Chevron fell nearly 8% on the week.

GE:  IBD pA2 "GE raises quarterly dividend" says GE raised its dividend 5% to 23 cents pe share payable /26.

Barron's p17 "Wee preview" says on Tues. 12/16 3M and GE will hold company outlook meetings for investors and on Thurs. 12/18 Nike reports results.

Goldman Sachs:  No mentions found.

Home Depot:  No mentions found.

Intel:  No mentions found.

IBM:  No mentions found.

JPMorgan:  Barron's p16 "Week review" says Finra fined JPMorgan and 9 other firms a total of $43.5 mil over their pursuit of underwriting business for the ipo of Toys R Us in '10 such as writing favorable research reports.

Sat. NYT pB3 "Wall St. wins a round in a Dodd-Frank fight" by Peter Eavis says JPMorgan and other large banks won when on Thurs. the House of Representatives passed a bill that rolled back a rule affecting derivatives that would have taken away some subsidies involving derivatives.

FT p11 "JPMorgan Chase's $22bn capital shortfall revealed" by Tom Braithwaite says it was revealed at the Fed res Board meeting on Tues that JPMorgan has a $22bn capital hole.

Johnson & Johnson:  No mentions found.

McDonald's:  No mentions found.

Merck:  No mentions found.

Microsoft:  IBD pA2 "Microsoft" says Microsoft's CEO Satya Nadella's vision led FBR Capital Markets to reiterate an outperform rating and raise its target price to 57 from 53.

Nike: Barron's p17 "Wee preview" says on Tues. 12/16 3M and GE will hold company outlook meetings for investors and on Thurs. 12/18 Nike reports results.

Pfizer:  No mentions found.

Procter & Gamble:  No mentions found.

3M: Barron's p17 "Wee preview" says on Tues. 12/16 3M and GE will hold company outlook meetings for investors and on Thurs. 12/18 Nike reports results.

Travelers:  No mentions found.

United Technologies:  No mentions found.

UnitedHealth:  No mentions found.

Verizon:IBD pB2 "Verizon, AT&T fight price war" says telecom stocks slid on a price war, comments by Verizon and AT&T manages and analyst downgrades.  Verizon's CFO said impacts of promotional offers will cut 4Q net and AT&T's CFO said similar things.

Visa:  No mentions found.

Walmart:  No mentions found.

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 Craig Menear (Atlanta, GA)

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 Greg Hayes (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 11/6/14 ranked in order of market capitalization in billions:

1. Exxon Mobil XOM $407.66
2. Microsoft MSFT 401.43
3. Johnson & Johnson JNJ 305.13
4. GE 264.63
5. Wal-Mart WMT 250.74
6. Procter & Gamble PG 240.22   
7.  JPMorgan Chase JPM 229.94
8. Chevron CVX 225.08
9.  Verizon VZ 208.65
10.  Pfizer PFE 190.48 
11. Coke KO 185.23
12.  AT&T T 180.02  
13. Merck MRK 170.94
14. Intel INTC 163.52
15.  IBM 159.79
16. Disney DIS 157.92
17. Visa V 157.12
18.  Home Depot HD 130.94 
19. Cisco CSCO 128.81
20. 3M MMM 100  
21.  United Technologies UTX 98.99  
22. American Express AXP 95.33
23. UnitedHealth UNH 94.48  
24. McDonald's MCD 92.95   
25. Boeing BA 88.82 
26. Goldman Sachs GS 86.48
27. Nike NKE 81.50
28. DuPont DD 63.53
29. Caterpillar CAT 61.71
30. Travelers TRV 33.77
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of close of business 11/6/14:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments

10/24/14 8K re: completion of sale of Ct. wireline operations to Frontier Comm
3 8Ks (10/22; 10/22 & 9/30/14) re: 3Qtr result
8/1/14 10Q & 7/24/14 8K & 7/23/14 8K  re: qtr ended 6/30

American Express AXP:
10/28/14 10Q  & 10/15/14 8K re: 3Qtr results ended 9/30/14
10/15/14 8K re: delinq. & write-off stats for 3 months ended 9/30/14
9/30/14 8K re: appointment of Neal Sample as Pres., Enterprise Growth
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

Boeing BA:
10/31/14 8K re: issuance of senior notes
10/22/14 10Q & 10/22/14 8K re: 3Qtr results ended 9/30/14
10/16/14 8K re: credit agreements

Caterpillar CAT:
10/31/14 10Q & 10/23/14 8K re: 3Qtr results ended 9/30/14
10/22/14 8K re: sales to retail and OEM
10/14/14 8K re: retirement of Group Presidents Stuart Levenick & Steven Wunning
9/30/14 8K re: price changes
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

Chevron CVX:
10/31/14 8K re: 3Qtr results
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:
9/30/14 2 Proxy filings re: Annual Shareholde Meeting to be held 11/20/14 at 9am at Cisco Building, San Jose, CA
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

Coke KO:
10/29/14 10Q & 10/21/14 8K re: 3Qtr ended 9/26/14
10/1/14 8K re: Guidelines for '14 Equity Plan
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

Disney DIS:
11/6/14 8K re: 4Qtr & FY ended 9/27/14
10/3/14 8K re: CEO Robert Iger's amended employment contract
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:
10/28/14 CEO letter to shareholders
10/28/14 & 10/28/14 8K re: 3Qtr ended 9/30/14
8/5/14 8K re: election of Ulf M.  Mark Scheider

ExxonMobil XOM:
11/5/14 10Q & 10/31/14 8K re: 3Qtr ended 9/30/14
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

11/4/14 10Q & 10/17/14 8K re: 3Qtr ended 9/30/14

Goldman Sachs GS:
11/5/14 10Q & 10/16/14 8K re: 3Qtr ended 9/30/14
10/23/14 8K re: legal opinion re: debt issuance
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:
11/6/14 8K re: breach of payment data system
10/20/14 8-K/A re: promotion of Craig A. Menear to CEO
10/14/14 8K re: resignation of Marvin R. Ellison, EVP
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:
10/29/14 10Q & 10/14/14 8K re: 3rd Qtr ended 9/27/14
9/26/14 8K re: Intel investment in & collaboration with Tsinghua Unigroup

11/5/14 8K re: underwriting contract with JPMorgan
10/28/14 10Q & 2 8Ks (10/20) re: 3Qtr ended 9/30/14
10/20/14 8K re: closing of Lenovo's purchase of IBM's x86 server business
10/20/14 8K re: sale of IBM's global comm'l semiconductor tech business to Globalfoundries
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

JPMorgan Chase JPM:
11/3/14 &  2 8Ks (10/14) re: 3Qtr ended 9/30/14
10/22/14 8K re: sale of 2.2% notes due '19
10/2/14 8K re: cyberattack
10/2/14 8K re: adjustment of warrant price
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

Johnson & Johnson JNJ:
10/30/14 10Q & 10/14/14 8K re: 3Qtr ended 9/28/14
10/2/14 8K re: agreement to purchase Alios Biopharma
8/1/14 10Q & 7/15/14 8K re: Qtr ended 6/29/14

McDonald's MCD:
11/3/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14
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:
10/27/14 8K re: 3Qtr results
10/15/14 8K re: issuance of notes
10/2/14 8K re: completion of sale of Consumer Care Business to Bayer for 414.2 bil
9/29/14 8K re: 2Q results

Microsoft MSFT:
10/23/14 10Q & 10/23/14 8K re: 1Qtr ended 9/30/14
10/21/14 & 10/20/14 & 10/20/14 Proxy re: Annual Shareholder Mtg at 12/3/14 at 8 am at Meydenbauer ctr., Bellevue, WA
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

Nike NKE:
10/7/14 10Q & 9/30/14 8K & 9/25/14 8K re: 1Qtr ended 8/31/14
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.

Pfizer PFE:
11/6/14 10Q & 10/28/14 8K re: 3Qtr ended 9/28/14
8/7/14 10Q for qtr ended 6/29/14

Procter & Gamble PG:
11/4/14 8K re: closing of sale of floating rate notes due '64
11/3/14 8K re: sale of notes
11/3/14 re: Argentina regulatory problems re: taxes
10/24/14 10Q & 2 8Ks (10/24) 1Qtr ended 9/30/14
10/20/14 8K re: voting results of 10/14 Annual Mtg of Shareholders
10/14/14 8K re: dividend of 64 cents payable 11/17 to record holders on 10/24/14
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

10/30/14 10Q & 10/23/14 8K re: 3Qtr ended 9/30/14
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:
10/21/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14
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

United Technologies UTX:
10/24/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14

UnitedHealth Group UNH:
10/16/14 8K re: 3Qtr results
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:
10/28/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14
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:
10/29/14 8K re: 4Qtr & full year ended 9/30/14 results
10/22/14 8K re: 1/28/15 Annual Stockholders Mtg & dividend of 48 cents payable 12/2 to record holders on 11/14/14
9/24/14 8K re: new conversion rate of Class B Common
9/11/14 8K re: deposit of $450 mil in litigation escrow account

WalMart WMT:
10/30/14 8K re: Closing of Walmart Seiyu stores in Japan
10/17/14 8K re: issuance of notes
9/29/14 8K re: election to Bd. of Instagram CEO & Founder Kevin Systrom
9/5/14 10Q & 8/14/14 8K re: results for qtr ended 7/31/14


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