New ERISA law interpretation encourages impact investing
In October, the U.S. Department of Labor
issued an interpretation that will accelerate the mainstreaming of
Impact Investing, which are investment strategies that consider
environmental, social and governance (“ESG”) factors. This trend is
driven by millennials who invest based on the impact their investment
has on society and not just on economic yields. According to The Forum
for Sustainable and Responsible Investment, U.S. domiciled assets under
management using ESG principles rose 76 percent to $6.57 trillion at the
start of 2014 from $3.74 trillion at the start of 2012.
Sections 403 and
404 of the Employee Retirement Income Security Act (“ERISA”) require a
fiduciary of retirement assets to act prudently, which, up to now, the
DOL interpreted to mean that fiduciaries could never subordinate the
economic interests of their investment choices to unrelated objectives,
such as ESG factors. Now, according to the new Interpretive Bulletin
2015-01 “fiduciaries need not treat commercially reasonable investments
as inherently suspect or in need of special scrutiny merely because they
take into consideration environmental, social or other such factors.”
A DOL Fact Sheet and the Interpretative Bulletin can be found at the Department of Labor’s website at dol.gov/ebsa.
Previously, the
DOL had said that fiduciaries who were willing to accept reduced returns
or greater risk to secure collateral benefits such as impact on society
were in violation of ERISA. Such ESG factors could only be considered
by fiduciaries as “tie-breakers” when choosing between investment
alternatives that were otherwise equal with respect to return and risk
over the appropriate time horizon. This standard was referred to as the
“all things being equal test” test. In 2008, the DOL softened their
position by saying that the fiduciary’s consideration of ESG,
non-economic factors in selecting investments should be “rare” and
should be documented in a manner that demonstrated compliance with
ERISA’s “rigorous fiduciary standards.”
Now the DOL is whistling a different tune. The new DOL Interpretative Bulletin states that:
1.
Environmental, social, and governance issues may have a direct
relationship to the economic value of an investment, not as
tie-breakers, but as components of the fiduciary’s primary analysis of
the economic merits of competing investment choices.
2.
ERISA does not prohibit a fiduciary from incorporating ESG factors in
investment policy statements or integrating ESG-related tools, metrics
and analyses to evaluate an investment’s risk or return or choose among
otherwise equivalent investments.
3.
Fiduciaries who consider ESG criteria in making investment decisions
are not required to maintain additional documentation to demonstrate
compliance with ERISA’s fiduciary provisions.
Even Goldman Sachs
is getting on the impact investing bandwagon through two recent
experiments in issuing “social impact bonds”. The first issuance failed
followed by a successful issuance last month. Here’s how Social Impact
Bonds work: Goldman Sachs raises money and then lends the money to a
government via a bond to meet certain social goals. If the goals are
met, the government agency that received the bond proceeds, pays back
the full amount of the amount borrowed plus an above-market return. If
the goals are not met, the government pays nothing.
The failure
involved Goldman Sachs issuing a bond this summer that funded a program
to reduce recidivism at Rikers Island Prison in New York. Since
recidivism was not reduced, Goldman Sachs lost the full amount of the
bond. But last month, there was a different, better result. In Utah,
Goldman Sachs issued a $4.6 million bond to fund programs in Utah to
help students with special education needs. If the kids were
mainstreamed, the government would pay back to Goldman $2,500 for each
student. Result: Enough students were mainstreamed to repay Goldman back
the full amount plus more than 5 percent.
KOLBER'S TIPS
1.
This is not the final word by DOL because in the DOL Fact Sheet the DOL
makes the statement that ERISA fiduciaries are still required to
“choose economically and financially superior investments.” If you are
an ERISA fiduciary getting into impact investing, consult your lawyer.
2.
Before engaging in impact investing, do your due diligence. For
example, just because someone says his products are “organic” doesn’t
mean that they are.
3.
If you are raising capital abroad for impact investing, Europeans are
more advanced than the U.S. in this area but the European Union recently
adopted a law called the AIFMD Directive that restricts marketing of
funds there.
4.
Traditionally, most impact investments have been issued as exempt,
unregistered securities via Regulation D. Increasing, there are socially
responsible publicy-traded mutual funds. Morningstar said it will
attach impact scores to these funds.
Dan Kolber is an Atlanta attorney and owner of Intellivest Securities Research Inc.
The
following article appears in the September 25 - October 1, 2015 issue
of Atlanta Business Chronicle page 35A. It is also available at
www.BizJournals.com but the entire article is only available for
subscribers. All rights reserved.
SEPTEMBER 25 - OCTOBER 1, 2015 ATLANTA BUSINESS CHRONICLE 35A
LEGAL STRATEGIES Dan Kolber is an Atlanta attorney and owner of Intellivest Securities Research Inc.
DAN@KOLBER.COM
FIRED UP Ten business lessons learned from the recent Burning Man festival
I
went to Burning Man this month, joining a sold-out crowd of 70,000
people who paid $390 to spend the week before Labor Day in the Black
Rock Desert near Reno, Nev., where temperatures ranged from 38 to 105
degrees. Burning Man is an art festival of sorts but it is also the
world's biggest week-long party.
My bus from Reno was
stuck in a 60-mile traffic jam but was able to bypass the main entrance
gate on opening day. No. 3 of the event's Ten Principles is "radical
self-reliance" so only tea, coffee, lemonade and ice are sold at Burning
Man, but no water. I schlepped in 10 gallons of water, my tiny tent, a
bike and food.
On the second day I biked out a mile to
the main entrance gate to see why it took so long to enter. Here's
why: Everyone was ordered to leave their vehicle while it was searched
for trespassers. I thought this police action and lack of trust
inconsistent with Principle No. 7 -"Civic Responsibility" and said so to
one of the supervisors at the gate.
"Why are you asking so many questions?" she asked me.
"I'm thinking of writing a column for my local business newspaper," I said.
"So you're a journalist!" she snapped.
"I guess you could say that," I said proudly.
"Then you must leave this area immediately and report to the Media Mecca at Center Camp so they can register you," she said.
More blah, blah from her at which point I sort of lost it and siad the "F" word as in: "Sounds a bit fascist to me."
Fearing
ejection, I retreated to the main camp, where I found a sympathetic ear
from two of the minds behind the Black Rock Beacon, the "Black Rock
City's saltiest independent newspaper." Mitchell A. Martin, who in the
"default world" is an editor for Bloomberg News, and Ron "Rockstar"
Garmon, former arts editor for L.A. CitiBeat.
Here atre 10 business lessons I learned from Burning Man:
1. A good product needs no marketing or advertising. Burning Man has sold out the past five years and does neither.
2.
The U.S. government can be a good business partner. Burning Man
operates pursuant to a lease and permit from the U.S. Bureau of Land
Manageement. According to The Beacon, 3 percent of the gross ticket
sales goes to the BLM.
3. The use of a
not-for-profit structure can be a good public relations ploy but means
very little in terms of giving up control or economic benefits.
Although claiming to be nonprofit, individuals still own the real value
of Burning Man - its intellectual property.
4.
Ticket prices can be secretly manipulated via the Internet. While
condemning scalping, an event organizer could sell tickets at inflated
prices via consolidators.
5. Increasingly, the
value of a company will be in the brand and not a particular product.
Buring Man will need to adapt in order to survivie.
6.
Increasingly, consuermers are expecting goods and services to have a
societal benefit. Part of Burning Man's success is its aiblity to build
a community through its Ten Principles.
7.
Increasingly, hierarchical structrures are being flattened. Despite my
confronation with an authority figure at Burning Man, others in power
there openly shared my belief that there shold be transparency at the
event.
8. Burning Man is a great place to plug into the language and ideas of some of the best minds of global movers and shakers.
9. Buring Man is a great place to network for clients and jobs.
10.
If you really want to get off the grid and recharge your creative
juices, attend Burning Man soon. The founder, Larry Harvey, according
to The Beacon, intends to find a new venue.
The following article appears in the September 25 - October 1, 2015 issue of Atlanta Business Chronicle page 35A. It is also available at www.BizJournals.com but the entire article is only available for subscribers. All rights reserved.
SEPTEMBER 25 - OCTOBER 1, 2015 ATLANTA BUSINESS CHRONICLE 35A
LEGAL STRATEGIES Dan Kolber is an Atlanta attorney and owner of
Intellivest Securities Research Inc.
DAN@KOLBER.COM
FIRED UP Ten business lessons learned from the recent Burning Man festival
I went to Burning Man this month, joining a sold-out crowd of 70,000 people who paid $390 to spend the week before Labor Day in the Black Rock Desert near Reno, Nev., where temperatures ranged from 38 to 105 degrees. Burning Man is an art festival of sorts but it is also the world's biggest week-long party.
My bus from Reno was stuck in a 60-mile traffic jam but was able to bypass the main entrance gate on opening day. No. 3 of the event's Ten Principles is "radical self-reliance" so only tea, coffee, lemonade and ice are sold at Burning Man, but no water. I schlepped in 10 gallons of water, my tiny tent, a bike and food.
On the second ay I biked out a mile to the main entrance gate to see why it took so long to enter. Here's why: Everyone was ordered to leave their vehicle while it was searched for trespassers. I thought this police action and lack of trust inconsistent with Principle No. 7 -"Civic Responsibility" and said so to one of the supervisors at the gate.
"Why are you asking so many questions?" she asked me.
"I'm thinking of writing a column for my local business newspaper," I said proudly.
"Then you must leave this area immediately and report to the Media Mecca at Center Camp so they can register you," she said.
More blah, blah from her at which point I sort of lost it and siad the "F" word as in: "Sounds a bit fascist to me."
Fearing ejection, I retreated to the main camp, where I found a sympathetic ear from two of the minds behind the Black Rock Beacon, the "Black Rock City's saltiest independent newspaper." Mitchell A. Martin, who in the "default world" is an editor for Bloomberg News, and Ron "Rockstar" Garmon, former arts editor for L.A. CitriBeat.
Here atre 10 business lessons I learned from Burning Man:
1. A good product needs no marketing or advertising. Burning Man has sold out the past five years and does neither.
2. The U.S. government can be a good business partner. Burning Man operates pursuant to a lease and permit from the U.S. Bureau of Land Manageement. According to The Beacon, 3 percent of the gross ticket sales goes to the BLM.
3. The use of a not-for-profit structure can be a good public relations ploy but means very little in terms of giving up control or economic benefits. Although claiming to be nonprofit, individuals still own the real value of Burning Man - its intellectual property.
4. Ticket prices can be secretly manipulated via the Internet. While condemning scalping, an event organizer could sell tickets at inflated prices via consolidators.
5. Increasingly, the value of a company will be in the brand and not a particular product. Buring Man will need to adapt in order to survivie.
6. Increasingly, consuermers are expecting goods and services to have a societal benefit. Part of Burning Man's success is its aiblity to build a community through its Ten Principles.
7. Increasingly, hierarchical structrures are being flattened. Despite my confronation with an authority figure at Burning Man, others in power there openly shared my belief that there shold be transparency at the event.
8. Burning Man is a great place to plug into the language and ideas of some of the best minds of global movers and shakers.
9. Buring Man is a great place to network for clients and jobs.
10. If you really want to get off the grid and recharge your creative juices, attend Burning Man soon. The founder, Larry Harvey, according to The Beacon, intends to find a new venue.
Post No. 3,318 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.
The Dow Jones Industrial Average closed Friday at 16643.01 down 11.76 or 0.07% from Thursday's close of 16654.77. For the week the Dow was up 183.26 or 1.11$ from last week's close of 16459.75. Of the 30 Dow components 13 gained and 17 declined. The biggest gainer dollar-wise and percentage-wise was Chevron up $2.79 or 3.59%. The biggest decliner dollar-wise was Goldman Sachs down $1.46 and percentage-wise was Pfizer down 1.8%.
As of the open of the market on Friday the current divisor for the Dow Jones Industrial Average found at page C6 of Friday's Wall St. Journal is 0.14967727343149. Friday's trailing P/E ratio is 15.94 up from yesterday's trailing P/E ratio of 15.59 (last year it was 16.23). Today's P/E estimate is 15.57 unchanged from Thursday's P/E estimate of 15.57 (year ago it was 15.05) and today's dividend yield is 2.56 down from yesterday's dividend yield of 2.62 (last year it was 2.21). The Dow's all-time high was 18312.39 on May 19, 2015. The 12 year low close for the Dow was on March 9, 2009 when it fell to 6,547.05.
Friday's closing Dow Jones Industrial Average numerator is 2491.08 down 1.76 from Thursday's closing average numerator of 2492.84. 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 (0.14967727343149) you get the change in today's Dow. A dollar increase or decrease in a Dow stock results in a $5.08 change in the Dow Index.
The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was $83.04 down 5 cents from Thursday's closing average of $83.09. The median closing price of Friday's Dow Jones Industrial Average was $76.32 (CAT/AXP) up5 cents from Thursday's median closing price of $76.27 (CVX/CAT). The lowest volume was Travelers and the highest volume was Apple.
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 $176 ($249,284 - $249,108).
8/28/15 Fri. 4:445 pm MarketWatch by Anora Mahmudova & Barbara Kollmeyer says U.S. stocks wrapped up one of the most tumultuous weeks of trading in
recent memory with modest weekly gains after closing little changed on
Friday. The main indexes spent most of Friday’s session diving in
and out of negative territory, as investors seemed undecided on how to
interpret comments from Federal Reserve officials, which followed the
pattern of trading for the week. Fed Vice Chairman Stanley Fischer
indicated suggested that the central bank might move toward raising
interest rates this year, but didn’t specify the month. Fisher and other
Fed officials are meeting at Jackson Hole.“The
prospect of a rate hike in September is a mixed blessing. On the one
hand, it would signal the economy is growing adequately, on the other
hand it will add to the strength of the dollar and have an impact on
overseas revenues,” said Albert Brenner, director of asset allocation
strategy at People’s United Wealth Management.Hand-wringing
around when the Fed will hike rates has been one of the driving forces
of stock-market uncertainty, along with China’s troubled economy. The Dow Jones Industrial Average
DJIA, -0.07%
which suffered a 1,000 point
loss in a matter of minutes on Monday, traded in a 120-point range on
Friday, and closed down 11.76 points, or less than 0.1% at 16,643.01.
The blue-chip index gained 1.1% over the week. The S&P 500
SPX, +0.06%
closed about a point higher at
1,988.87. Most of the gains came from a rally in the energy sector,
thanks to a big jump in oil prices. The benchmark index recorded a 0.9%
weekly gain. The Nasdaq Composite
COMP, +0.32%
ended the day up 15.62 points, or 0.3% at 4,828.32 and rose 2.6% over the week.Earlier in the session, market reaction to consumer spending and inflation,
both of which ticked up less than expected, was largely muted.
Inflation, which has remained below the Federal Reserve’s target, is
likely to influence policy makers’s decision over the rate increases
this year.
************
The following are excerpts from Friday morning's Blog:
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 16654.77 up 369.26 or 2.27% from Wednesday's close of 16285.51. For the year the Dow is down 6.55%. Of the 30 Dow components all 30 gained and none declined. The biggest gainer dollar-wise was Goldman Sachs up $4.81 and percentage-wise was Chevron up 6.23%.
IBD pB3 "Stocks rally in last hour: big gains, lower volume" by Paul Whitfield says Thursday's action was up in declining vol while the current outlook is market in correction.
AJC pA9 "US stocks rise sharply; Chinese market surges" by Alex Velga, AP says US stocks rallied for the 2nd straight day and the Dow recouped almost 1,000 points in the last 2 days.
Thursday's closing Dow Jones Industrial Average numerator is 2492.84 up 55.27 from Wednesday's closing average numerator of 2437.57. 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 (0.14967727343149) you get the change in today's Dow. A dollar increase or decrease in a Dow stock results in a $5.08 change in the Dow Index.
The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was $83.09 up $1.84 from Wednesday's closing average of $81.25. The median closing price of Thursday's Dow Jones Industrial Average was $76.27 (CAT/AXP) up $2.82 from Wednesday's median closing price of $73.45 (CVX/CAT). The lowest volume was Travelers and the highest volume was Apple.
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 gained $5,527 ($249,284 - $243,757).
8/27/15 Thurs. 5:05 pm MarketWatch by Anora Mahmudova & Wallace Witkowski says U.S. stocks rallied to close near their intraday highs for a second straight session Thursday, as China showed signs that measures to stabilize its economy and stock market may be taking hold. In afternoon trade, stocks made a dramatic turn lower but stormed back in the final hour of trading, repeating a pattern of roller-coaster activity that has come to be a trademark of the past several sessions. The Dow Jones Industrial Average DJIA, +2.27% rose 369.26 points, or 2.3%, to close at 16,654.77, with all 30 members of the blue-chip index trading higher. Earlier, the Dow was up by as many as 381 points. The S&P 500 SPX, +2.43% finished up 47.15 points, or 2.4% to 1,987.66, after posting a 49-point gain. All 10 of the index’s main sectors traded higher. The Nasdaq Composite COMP, +2.45% climbed 115.17 points, or 2.5% at 4,812.71, after being up by as many as 121 points.As a result, for the week, the Dow is up 1.2%, the S&P is 0.9% higher, and the Nasdaq is up 2.3%. The implied volatility on the S&P 500—the so-called “fear index”—as measured by the CBOE Volatility Index VIX, -13.92% fell 14% to 26.10.A larger-than-expected upward revision to U.S. gross domestic product data, showing that U.S. economy grew at a faster 3.7% in the second quarter, helped lift the spirits of investors that have been unsettled by a spate of volatility. Weekly data on jobless claims, which pointed to continued strength in the labor market, added to the optimism.“Today’s revision means the U.S. economy is growing faster and [the] consumer spending portion points to a stronger growth in the second half of the year. With this kind of growth, we expect $135 earnings per share by the end of 2016,” said Phil Orlando, chief equity strategist and senior portfolio manager at Federated Investors. That translates to a 35% rise in the S&P 500 from its current level by the end of 2016, according to Orlando.Global equity markets rallied following a 5.3% surge in the Shanghai Composite SHCOMP, +5.34% overnight, snapping a losing streak that wiped out nearly a quarter of its value in a week. That jump cheered investors world-wide, as fears about China have been blamed for much of the recent intense selling around the globe.
Friday's Dow News followed by Thursday's Closing Dow Numbers:
American Express:
Apple: WSJ pB6 "Data show solid debut for Apple's new watch" by Daisuke Wakabayashi says Apple sold more watches in their first quarter of availability than it did iPad or iPhones - 3.6 mil.
AJC pA10 "Apple announces new product event sept. 9" says Apple has introduced a new iPhone model every year around this time and it is being vague about what it will say on 9/9 in San Fran.
Boeing: IBD pA1 "Boieng tanker woes raise bomber doubt" by Gillian Rich says it is a tossup as to who will win the contract to replace the Air Force's Boeing B-52s for the $80 bil contract between Boeing or Northrop Grumman.
Caterpillar:
Chevron:
Cisco:
Coke:
Disney:
DuPont:
Exxon: WSJ pB6 "Oil explorers look to pare costs" by Selina Williams says Exxon cut its capital and exploration expenditure by 16% in 2Q this year vs. prior year.
GE:
Goldman Sachs:
Home Depot:
Intel:
IBM:
JPMorgan:
Johnson & Johnson:
McDonald's: WSJ pA1 "Ruling clears way for unions" by Melanie Trottman, IBD pA1 "Labor board widens employer liability for subcontractors" by Jed Graham say in Browning-Ferris Industries of California Inc. and Leadpoint Business Services the NLRB revised its joint employer standard for determining when one company shares responsibility for employees hired by another. Now McDonald's cold be held responsible for violations at franchised restaurants.
WSJ pB4 "McDonald's, Tyson drop a supplier" by Jacob Bunge says they cut ties with a Tennessee poultry farm that allegedly mistreated chickens.
Merck:
Microsoft:
Nike:
Pfizer:
Procter & Gamble:
3M:
Travelers:
United Technologies:
UnitedHealth:
Verizon:
Visa:
Walmart: AJC pA10 "Walmart gets early start on layaway plan" says it is starting 2 weeks earlier than last year.
AJC pA10 "Walmart ends assault rifle sales" by NYT News service, as previously reported.
********************
Here are the current CEOs of the Dow 30 Companies:
Apple: Tim Cook (Cupertino, CA)
American Express AXP Kenneth I. Chenault (NY, NY)
Boeing BA Dennis A. Muilenburg (Chicago, Ill)
Caterpillar CAT Douglas Oberhelman (Peoria, Ill.)
Chevron CVX John Watson (San Ramon, CA)
Cisco CSCO Charles H. "Chuck" Robbins
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 M. 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 Steve Easterbrook (Oak Brook, Ill)
Merck MRK Kenneth Frazier (Kenilworth, N.J.)
Microsoft MSFT Satya Nadella (Redmond, WA)
Nike NKE Mark Parker (Beaverton, OR)
Pfizer PFE Ian Read (NY, NY)
Procter & Gamble PG A. G. Lafley (Cincinnati, OH) (//David S. Taylor replaces 11/1)
3M MMM Inge Thulin (St. Paul, MN)
Travelers TRV Jay S. Fishman (NY, NY) (Alan D. Schnitzer replaces Fishman 12/1).
UnitedHealth UNC Stephen Hemsley (Minnetonka, MN)
United Technologies UTX Greg Hayes (Hartford, CT)
Verizon VZ Lowell McAdam (NY, NY)
Visa V Charles W. Scharf (San Francisco, CA)
Wal-Mart WMT Doug McMillon (Bentonville, ARK)
***************************
Here are the Dow Jones Industrial Average 30 as of 8/4/15 ranked in order of market capitalization in billions:
1. Apple AAPL $653.76
2. Microsoft MSFT 381.6
3. Exxon Mobil XOM 322.66
4. Johnson & Johnson JNJ 276.75
5. GE 260.97
6. JPMorgan Chase JPM 254.03
7. Wal-Mart WMT 232.68
8. Pfizer PFE 222.35
9. Disney DIS 206.48
10. Procter & Gamble PG 205.94
11. Verizon VZ 189.76
12. Visa V 183.12
13. Coke KO 182.41
14. Merck MRK 165.84
15. Chevron CVX 160.24
16. IBM 155.55
17. Home Depot HD 152.67
18. Cisco CSCO 142.56
19. Intel INTC 138.19
20. UnitedHealth UNH 115.05
21.Nike NKE 99.02
22. Boeing BA 97.53
23. McDonald' s MCD 95.03
24. 3M MMM 93.96
25. Goldman Sachs GS 92.6
26. United Technologies UTX 88.2
27. American Express AXP 75.87
28. DuPont DD 49.46
29. Caterpillar CAT 46.24
30. Travelers TRV 33.18
****************************************
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 8/4/15 for the prior 90 day period:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
American Express AXP:
7/29/15 10Q & 7/22/15 8K re: 2Q ended 6/30/15
7/15/15 8K re: delinq & write off stats for 3 mos. ended 6/30/15
6/15/15 8K re: delinq. & write off stats. for 3 mos. ended 5/31/15
5/29/15 8K re: death of Pres. Edward P. Gilligan
5/15/15 8K re: delinq. & write-off stats for 3 mos. thru 4/30/15
5/11/15 8K re: Voting results of annual mtg of shareholders
Apple AAPL:
8/3/15 Form 8-A re: Registration of Notes & 7/31/15 Issuance of the notes
7/27/15 & 7/24/15 Prospectus re: 3.05% Notes due '29 & 3.65 Notes due '42
7/22/15 10Q & 7/21 & 6/10 8Ks re: 3 Qtr. results ended 6/27/15
5/13/15 8K re: issuance of notes
Boeing BA:
7/22/15 10Q & 7/22/15 8K re: 2Q results ended 6/30/15
7/17/15 8K re: charge to earnings due to KC-46 Tanker program
6/23/15 8K re: replacement of CEO W. James McNerney, Jr. with Dennis A. Muilenberg eff. 7/1/15 & amendment to bylaws to increase directors from 10 to 11
Caterpillar CAT:
7/31/15 10Q & 7/23/15 8K re: 2Q results ended 6/30/15
7/222/15 8K re: OEM sales figures for June
6/18/15 re: OEM sales figures for May
6/12/15 8K re: voting results of annual stockholder meeting of 6/10.
6/10/15 8K re: quarterly cash div. of 77 cents per share payable 8/20 for record holders on 7/20
6/1/15; 5/28/15; & 5/22/15 Proxy material
5/20/15 8K re: April retail stats
Cisco CSCO:
7/29/15 8K/A election of Charles H. Robbins to replace John T. Chambers as CEO eff. 7/26/15
6/18/15 8K & 6/12/15 8K & 6/10/15 8K re: issuance and closing of notes offering
6/1/15 8K re: termination of execs Robert w. Lloyd, Pres. Dev. & sales & Gary B. Moore, Pres/COO
5/20/15 10Q & 5/13/15 8K re: 3Q results ended 4/25/15
5/4/15 8K re: election of Charles H. Robbins CEO eff 7/26/15
JPMorgan Chase JPM:
8/3/15 10Q & 7/14/15 2 8Ks re: 2Q results ended 6/30
7/29/15 8K re: issuance of pref stock
7/21/15 8K re: issuance of notes
6/16/15 8K re: redemption of notes
6/4/15 8K re: issuance of preferred stock
5/22/15 8K re: results of voting of 5/19 shareholder mtg
5/20/15 & 5/14/15 8Ks re: settlement with U.S. Dept of Justice & Fed. Res. re: foreign exchange charges and guilty plea to violation of fed antitrust law & payment of $550 mil fine
5/6/15 & 4/3/15 8Ks re: redemption of Bear Stearns notes
5/5/15 10Q & 4/14/15 8Ks re: 1Q ended 3/31
Johnson & Johnson JNJ:
7/31/15 10Q & 7/14/15 8K re: 2Q results ended 6/28
6/9/15 8K re: election of Dr. Mary Beckerle, CEO of Hunstsman Cancer Inst. to Board
5/21/15 8K re: retirement of Controller Stephen J. Cosgrove and replaced by Ronald a. Kapusta
McDonald's MCD:
7/23/15 8K re: 2Q & 6 month results ended 6/30
7/21/15 8K re: exec comp awards
7/17/15 8K re: cash dividend of 85 cents payable 9/16 to record holders on 9/1
6/8/15 8K re: May sales
5/27/15 8K re: voting results from 5/21/15 Shareholder meeting
5/26/15 8K re: issuance of notes
5/11/15 8K re: April sales
5/11/15 Proxy
5/7/15 10Q & 4/22/15 8K re: 1Q ended 3/31/15
5/4/15 8K re: restructuring and turn around plans
Merck MRK:
7/28/15 8K e: election to Board of Pamela J. Craig & Paul B. Rothman, MD
7/28/15 2Q results
7/24/15 8K re: retirement of General Counsel Bruce Kuhlik
5/28/15 & 5/26/15 8Ks re: voting results of 5/26/15 shareholder mtg
5/7/15 10Q & 4/28/15 8K re: 1Q ended 3/31/15
Microsoft MSFT:
7/31/15 10K for FY ended 6/30/15
7/21/15 8K re: 4Q results
7/8/15 8K re: restructuring of phone hardware business and termination of 7,80 employees
Nike NKE:
7/27/15 & 7/20/15 Prelim. Proxy re: Annual Meeting of Shareholders on 9/17/15 at 10 am at Tiger Woods Conf. center, Beaverton, Oregon
7/6/15 8K re: election of Chris Abston as Corp. controller
6/30/15 8K re: election of Travis A. Knight, son of Philip H. Knight, as Director
6/29/15 8K re: 4Q Conference Call
6/25/15 8K re: 4Q ended 5/31
6/18/15 8K re: retirement from Board of Douglas G. Houser & Orin C. Smith
Pfizer PFE:
7/28/15 8K 2Q results
6/25/15 8K re: election to Board of Joseph J. Echevarria
5/14/15 8K re: resignation of director Marc Tessier-Lavigne
5/7/15 10Q & 4/28/15 8K re: 1Q ended 3/29
Procter & Gamble PG:
7/30/15 8K re: 4Q results
7/30/15 8K re: FY '15 results
7/29/15 8K re: replacement of CEO A.G. Lafley by David Taylor effective 11/1/15
7/14/15 8K re: quarterly div of .6629 cents payable 8/17 to record holders on 7/4
7/9/15 8K re: sale of 43 beauty brands to Coty
6/12/15 amendment to Code of Regulations
5/7/15 8K re: issuance of notes
3M MMM:
8/4/15 8K & 6/24/15 8K re: completion of acquisition of Capital Safety from KKR for $2.5 bil
7/30/15 10Q & 7/23/15 8K re: 2Q ended 6/30
5/18/15 8K re: issuance of notes
5/13/15 8K re: results of voting from 5/12 stockholder meeting
United Technologies UTX:
7/27/15 8K re: retirement of Geraud Damis as CEO of UTC Building & Industrial Services eff. 1/16
7/24/15 10Q & 7/21/15 8K re: 2Q results ended 6/30
7/20/15 8K & 6/15/15 8K re: sale of Sikorsky Aircraft Corp. to Lockheed Martin
5/22/15 8K re: issuance of notes
5/4/15 8K re: remarketing of notes
UnitedHealth Group UNH:
7/31/15 8K re: presentation at InvestMNt Conf on 8/5
7/29/15 10Q & 7/16/15 8K re: 2Q results ended 6/30
7/23/15 8K re: purchase of Catamaran Corp.
7/23/15 8K re: issuance of notes
7/1/15 8K re: reincorporation from Minn. to Delaware
6/5/15 8K re: amendment to stock incentive plan
5/26/15 FD disclosure re: NYC 5/28 Bernstein's Conference
5/6/15 10Q & 4/16/15 8K re: 1Q ended 3/31/15
Verizon Communications Inc. VZ:
7/28/15 10Q & 7/21/15 8K re: 2Q results ended 6/30
6/8/15 8K re: amendment of bylaws re: annual mtg of stockholders
5/13/15 8K re: retirement of Randal s. Milch, VP
5/12/15 8K re: Verizon to buy AOL for $4.4 bil
Visa V:
7/23/15 10Q & 7/23/15 8K re: 3Q results ended 6/30
7/22/15 8K re: dividend of 12 cents payable 9/1 to record holders on 8/14
6/12/15 8K re: election to Board of Lloyd A. Carney
6/10/15 8K re: presentation at William Blair 35th Annual growth Stock Conference
4/30/15 10Q & 4/30/15 8K re: 2Q ended 3/31
4/23/15 8K re: 12 cents a share dividend payable 6/2 to record holders of 5/15
4/14/15 8K re: resignation of Antonio Lucio, EVP and Chief Brand Officer
Post No. 3,317 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 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 16654.77 up 369.26 or 2.27% from Wednesday's close of 16285.51. For the year the Dow is down 6.55%. Of the 30 Dow components all 30 gained and none declined. The biggest gainer dollar-wise was Goldman Sachs up $4.81 and percentage-wise was Chevron up 6.23%.
IBD pB3 "Stocks rally in last hour: big gains, lower volume" by Paul Whitfield says Thursday's action was up in declining vol while the current outlook is market in correction.
AJC pA9 "US stocks rise sharply; Chinese market surges" by Alex Velga, AP says US stocks rallied for the 2nd straight day and the Dow recouped almost 1,000 points in the last 2 days.
As of the open of the market on Friday the current divisor for the Dow Jones Industrial Average found at page C6 of Friday's Wall St. Journal is 0.14967727343149. Friday's trailing P/E ratio is 15.94 up from yesterday's trailing P/E ratio of 15.59 (last year it was 16.23). Today's P/E estimate is 15.57 unchanged from Thursday's P/E estimate of 15.57 (year ago it was 15.05) and today's dividend yield is 2.56 down from yesterday's dividend yield of 2.62 (last year it was 2.21). The Dow's all-time high was 18312.39 on May 19, 2015. The 12 year low close for the Dow was on March 9, 2009 when it fell to 6,547.05.
Thursday's closing Dow Jones Industrial Average numerator is 2492.84 up 55.27 from Wednesday's closing average numerator of 2437.57. 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 (0.14967727343149) you get the change in today's Dow. A dollar increase or decrease in a Dow stock results in a $5.08 change in the Dow Index.
The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was $83.09 up $1.84 from Wednesday's closing average of $81.25. The median closing price of Thursday's Dow Jones Industrial Average was $76.27 (CAT/AXP) up $2.82 from Wednesday's median closing price of $73.45 (CVX/CAT). The lowest volume was Travelers and the highest volume was Apple.
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 gained $5,527 ($249,284 - $243,757).
8/27/15 Thurs. 5:05 pm MarketWatch by Anora Mahmudova & Wallace Witkowski says U.S. stocks rallied to close near their intraday highs for a second straight session Thursday, as China showed signs that measures to stabilize its economy and stock market may be taking hold. In afternoon trade, stocks made a dramatic turn lower but stormed back in the final hour of trading, repeating a pattern of roller-coaster activity that has come to be a trademark of the past several sessions. The Dow Jones Industrial Average DJIA, +2.27% rose 369.26 points, or 2.3%, to close at 16,654.77, with all 30 members of the blue-chip index trading higher. Earlier, the Dow was up by as many as 381 points. The S&P 500 SPX, +2.43% finished up 47.15 points, or 2.4% to 1,987.66, after posting a 49-point gain. All 10 of the index’s main sectors traded higher. The Nasdaq Composite COMP, +2.45% climbed 115.17 points, or 2.5% at 4,812.71, after being up by as many as 121 points.As a result, for the week, the Dow is up 1.2%, the S&P is 0.9% higher, and the Nasdaq is up 2.3%. The implied volatility on the S&P 500—the so-called “fear index”—as measured by the CBOE Volatility Index VIX, -13.92% fell 14% to 26.10.A larger-than-expected upward revision to U.S. gross domestic product data, showing that U.S. economy grew at a faster 3.7% in the second quarter, helped lift the spirits of investors that have been unsettled by a spate of volatility. Weekly data on jobless claims, which pointed to continued strength in the labor market, added to the optimism.“Today’s revision means the U.S. economy is growing faster and [the] consumer spending portion points to a stronger growth in the second half of the year. With this kind of growth, we expect $135 earnings per share by the end of 2016,” said Phil Orlando, chief equity strategist and senior portfolio manager at Federated Investors. That translates to a 35% rise in the S&P 500 from its current level by the end of 2016, according to Orlando.Global equity markets rallied following a 5.3% surge in the Shanghai Composite SHCOMP, +5.34% overnight, snapping a losing streak that wiped out nearly a quarter of its value in a week. That jump cheered investors world-wide, as fears about China have been blamed for much of the recent intense selling around the globe.
Friday's Dow News followed by Thursday's Closing Dow Numbers:
American Express:
Apple: WSJ pB6 "Data show solid debut for Apple's new watch" by Daisuke Wakabayashi says Apple sold more watches in their first quarter of availability than it did iPad or iPhones - 3.6 mil.
AJC pA10 "Apple announces new product event sept. 9" says Apple has introduced a new iPhone model every year around this time and it is being vague about what it will say on 9/9 in San Fran.
Boeing: IBD pA1 "Boieng tanker woes raise bomber doubt" by Gillian Rich says it is a tossup as to who will win the contract to replace the Air Force's Boeing B-52s for the $80 bil contract between Boeing or Northrop Grumman.
Caterpillar:
Chevron:
Cisco:
Coke:
Disney:
DuPont:
Exxon: WSJ pB6 "Oil explorers look to pare costs" by Selina Williams says Exxon cut its capital and exploration expenditure by 16% in 2Q this year vs. prior year.
GE:
Goldman Sachs:
Home Depot:
Intel:
IBM:
JPMorgan:
Johnson & Johnson:
McDonald's: WSJ pA1 "Ruling clears way for unions" by Melanie Trottman, IBD pA1 "Labor board widens employer liability for subcontractors" by Jed Graham say in Browning-Ferris Industries of California Inc. and Leadpoint Business Services the NLRB revised its joint employer standard for determining when one company shares responsibility for employees hired by another. Now McDonald's cold be held responsible for violations at franchised restaurants.
WSJ pB4 "McDonald's, Tyson drop a supplier" by Jacob Bunge says they cut ties with a Tennessee poultry farm that allegedly mistreated chickens.
Merck:
Microsoft:
Nike:
Pfizer:
Procter & Gamble:
3M:
Travelers:
United Technologies:
UnitedHealth:
Verizon:
Visa:
Walmart: AJC pA10 "Walmart gets early start on layaway plan" says it is starting 2 weeks earlier than last year.
AJC pA10 "Walmart ends assault rifle sales" by NYT News service, as previously reported.
********************
Here are the current CEOs of the Dow 30 Companies:
Apple: Tim Cook (Cupertino, CA)
American Express AXP Kenneth I. Chenault (NY, NY)
Boeing BA Dennis A. Muilenburg (Chicago, Ill)
Caterpillar CAT Douglas Oberhelman (Peoria, Ill.)
Chevron CVX John Watson (San Ramon, CA)
Cisco CSCO Charles H. "Chuck" Robbins
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 M. 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 Steve Easterbrook (Oak Brook, Ill)
Merck MRK Kenneth Frazier (Kenilworth, N.J.)
Microsoft MSFT Satya Nadella (Redmond, WA)
Nike NKE Mark Parker (Beaverton, OR)
Pfizer PFE Ian Read (NY, NY)
Procter & Gamble PG A. G. Lafley (Cincinnati, OH) (//David S. Taylor replaces 11/1)
3M MMM Inge Thulin (St. Paul, MN)
Travelers TRV Jay S. Fishman (NY, NY) (Alan D. Schnitzer replaces Fishman 12/1).
UnitedHealth UNC Stephen Hemsley (Minnetonka, MN)
United Technologies UTX Greg Hayes (Hartford, CT)
Verizon VZ Lowell McAdam (NY, NY)
Visa V Charles W. Scharf (San Francisco, CA)
Wal-Mart WMT Doug McMillon (Bentonville, ARK)
***************************
Here are the Dow Jones Industrial Average 30 as of 8/4/15 ranked in order of market capitalization in billions:
1. Apple AAPL $653.76
2. Microsoft MSFT 381.6
3. Exxon Mobil XOM 322.66
4. Johnson & Johnson JNJ 276.75
5. GE 260.97
6. JPMorgan Chase JPM 254.03
7. Wal-Mart WMT 232.68
8. Pfizer PFE 222.35
9. Disney DIS 206.48
10. Procter & Gamble PG 205.94
11. Verizon VZ 189.76
12. Visa V 183.12
13. Coke KO 182.41
14. Merck MRK 165.84
15. Chevron CVX 160.24
16. IBM 155.55
17. Home Depot HD 152.67
18. Cisco CSCO 142.56
19. Intel INTC 138.19
20. UnitedHealth UNH 115.05
21.Nike NKE 99.02
22. Boeing BA 97.53
23. McDonald' s MCD 95.03
24. 3M MMM 93.96
25. Goldman Sachs GS 92.6
26. United Technologies UTX 88.2
27. American Express AXP 75.87
28. DuPont DD 49.46
29. Caterpillar CAT 46.24
30. Travelers TRV 33.18
****************************************
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 8/4/15 for the prior 90 day period:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
American Express AXP:
7/29/15 10Q & 7/22/15 8K re: 2Q ended 6/30/15
7/15/15 8K re: delinq & write off stats for 3 mos. ended 6/30/15
6/15/15 8K re: delinq. & write off stats. for 3 mos. ended 5/31/15
5/29/15 8K re: death of Pres. Edward P. Gilligan
5/15/15 8K re: delinq. & write-off stats for 3 mos. thru 4/30/15
5/11/15 8K re: Voting results of annual mtg of shareholders
Apple AAPL:
8/3/15 Form 8-A re: Registration of Notes & 7/31/15 Issuance of the notes
7/27/15 & 7/24/15 Prospectus re: 3.05% Notes due '29 & 3.65 Notes due '42
7/22/15 10Q & 7/21 & 6/10 8Ks re: 3 Qtr. results ended 6/27/15
5/13/15 8K re: issuance of notes
Boeing BA:
7/22/15 10Q & 7/22/15 8K re: 2Q results ended 6/30/15
7/17/15 8K re: charge to earnings due to KC-46 Tanker program
6/23/15 8K re: replacement of CEO W. James McNerney, Jr. with Dennis A. Muilenberg eff. 7/1/15 & amendment to bylaws to increase directors from 10 to 11
Caterpillar CAT:
7/31/15 10Q & 7/23/15 8K re: 2Q results ended 6/30/15
7/222/15 8K re: OEM sales figures for June
6/18/15 re: OEM sales figures for May
6/12/15 8K re: voting results of annual stockholder meeting of 6/10.
6/10/15 8K re: quarterly cash div. of 77 cents per share payable 8/20 for record holders on 7/20
6/1/15; 5/28/15; & 5/22/15 Proxy material
5/20/15 8K re: April retail stats
Cisco CSCO:
7/29/15 8K/A election of Charles H. Robbins to replace John T. Chambers as CEO eff. 7/26/15
6/18/15 8K & 6/12/15 8K & 6/10/15 8K re: issuance and closing of notes offering
6/1/15 8K re: termination of execs Robert w. Lloyd, Pres. Dev. & sales & Gary B. Moore, Pres/COO
5/20/15 10Q & 5/13/15 8K re: 3Q results ended 4/25/15
5/4/15 8K re: election of Charles H. Robbins CEO eff 7/26/15
JPMorgan Chase JPM:
8/3/15 10Q & 7/14/15 2 8Ks re: 2Q results ended 6/30
7/29/15 8K re: issuance of pref stock
7/21/15 8K re: issuance of notes
6/16/15 8K re: redemption of notes
6/4/15 8K re: issuance of preferred stock
5/22/15 8K re: results of voting of 5/19 shareholder mtg
5/20/15 & 5/14/15 8Ks re: settlement with U.S. Dept of Justice & Fed. Res. re: foreign exchange charges and guilty plea to violation of fed antitrust law & payment of $550 mil fine
5/6/15 & 4/3/15 8Ks re: redemption of Bear Stearns notes
5/5/15 10Q & 4/14/15 8Ks re: 1Q ended 3/31
Johnson & Johnson JNJ:
7/31/15 10Q & 7/14/15 8K re: 2Q results ended 6/28
6/9/15 8K re: election of Dr. Mary Beckerle, CEO of Hunstsman Cancer Inst. to Board
5/21/15 8K re: retirement of Controller Stephen J. Cosgrove and replaced by Ronald a. Kapusta
McDonald's MCD:
7/23/15 8K re: 2Q & 6 month results ended 6/30
7/21/15 8K re: exec comp awards
7/17/15 8K re: cash dividend of 85 cents payable 9/16 to record holders on 9/1
6/8/15 8K re: May sales
5/27/15 8K re: voting results from 5/21/15 Shareholder meeting
5/26/15 8K re: issuance of notes
5/11/15 8K re: April sales
5/11/15 Proxy
5/7/15 10Q & 4/22/15 8K re: 1Q ended 3/31/15
5/4/15 8K re: restructuring and turn around plans
Merck MRK:
7/28/15 8K e: election to Board of Pamela J. Craig & Paul B. Rothman, MD
7/28/15 2Q results
7/24/15 8K re: retirement of General Counsel Bruce Kuhlik
5/28/15 & 5/26/15 8Ks re: voting results of 5/26/15 shareholder mtg
5/7/15 10Q & 4/28/15 8K re: 1Q ended 3/31/15
Microsoft MSFT:
7/31/15 10K for FY ended 6/30/15
7/21/15 8K re: 4Q results
7/8/15 8K re: restructuring of phone hardware business and termination of 7,80 employees
Nike NKE:
7/27/15 & 7/20/15 Prelim. Proxy re: Annual Meeting of Shareholders on 9/17/15 at 10 am at Tiger Woods Conf. center, Beaverton, Oregon
7/6/15 8K re: election of Chris Abston as Corp. controller
6/30/15 8K re: election of Travis A. Knight, son of Philip H. Knight, as Director
6/29/15 8K re: 4Q Conference Call
6/25/15 8K re: 4Q ended 5/31
6/18/15 8K re: retirement from Board of Douglas G. Houser & Orin C. Smith
Pfizer PFE:
7/28/15 8K 2Q results
6/25/15 8K re: election to Board of Joseph J. Echevarria
5/14/15 8K re: resignation of director Marc Tessier-Lavigne
5/7/15 10Q & 4/28/15 8K re: 1Q ended 3/29
Procter & Gamble PG:
7/30/15 8K re: 4Q results
7/30/15 8K re: FY '15 results
7/29/15 8K re: replacement of CEO A.G. Lafley by David Taylor effective 11/1/15
7/14/15 8K re: quarterly div of .6629 cents payable 8/17 to record holders on 7/4
7/9/15 8K re: sale of 43 beauty brands to Coty
6/12/15 amendment to Code of Regulations
5/7/15 8K re: issuance of notes
3M MMM:
8/4/15 8K & 6/24/15 8K re: completion of acquisition of Capital Safety from KKR for $2.5 bil
7/30/15 10Q & 7/23/15 8K re: 2Q ended 6/30
5/18/15 8K re: issuance of notes
5/13/15 8K re: results of voting from 5/12 stockholder meeting
United Technologies UTX:
7/27/15 8K re: retirement of Geraud Damis as CEO of UTC Building & Industrial Services eff. 1/16
7/24/15 10Q & 7/21/15 8K re: 2Q results ended 6/30
7/20/15 8K & 6/15/15 8K re: sale of Sikorsky Aircraft Corp. to Lockheed Martin
5/22/15 8K re: issuance of notes
5/4/15 8K re: remarketing of notes
UnitedHealth Group UNH:
7/31/15 8K re: presentation at InvestMNt Conf on 8/5
7/29/15 10Q & 7/16/15 8K re: 2Q results ended 6/30
7/23/15 8K re: purchase of Catamaran Corp.
7/23/15 8K re: issuance of notes
7/1/15 8K re: reincorporation from Minn. to Delaware
6/5/15 8K re: amendment to stock incentive plan
5/26/15 FD disclosure re: NYC 5/28 Bernstein's Conference
5/6/15 10Q & 4/16/15 8K re: 1Q ended 3/31/15
Verizon Communications Inc. VZ:
7/28/15 10Q & 7/21/15 8K re: 2Q results ended 6/30
6/8/15 8K re: amendment of bylaws re: annual mtg of stockholders
5/13/15 8K re: retirement of Randal s. Milch, VP
5/12/15 8K re: Verizon to buy AOL for $4.4 bil
Visa V:
7/23/15 10Q & 7/23/15 8K re: 3Q results ended 6/30
7/22/15 8K re: dividend of 12 cents payable 9/1 to record holders on 8/14
6/12/15 8K re: election to Board of Lloyd A. Carney
6/10/15 8K re: presentation at William Blair 35th Annual growth Stock Conference
4/30/15 10Q & 4/30/15 8K re: 2Q ended 3/31
4/23/15 8K re: 12 cents a share dividend payable 6/2 to record holders of 5/15
4/14/15 8K re: resignation of Antonio Lucio, EVP and Chief Brand Officer
