Saturday, February 7, 2015

2/7/15 Sat. WSJ Expose on JPMorgan's China Hiring Practicies
by Dan Kolber

Post No. 3,041 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 as of Feb. 1  and a summary of recent Dow 30 components'  SEC filings as of Feb. 1.

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 17824.29 down 60.59 or 0.34%  from Thursday's close of 17884.88. For the week the Dow was up 659.34 or 3.84%. For the year the Dow is up 0.01 %. Of the Dow components  11 gained   and  19 declined. The  biggest gainer dollar-wise was Goldman Sachs up $2.66 and percentage-wise was Verizon up 3.07%. The  biggest decliner dollar-wise was Visa down $4.38 and percentage-wise was Intel down 1.9%.

IBD pB8 "Stocks indexes retreat, prove unable to end directionless trend" by Paul Whitfield says stocks sagged Fri as the action was sags in mixed vol while the current outlook is uptrend under pressure. 

WSJ pB5 "Stocks lose steam after jobs data" by Corrie Driebusch says a robust US jobs report rippled through the markets Fri sending stocks & gold lower & bond yields higher in a sign that traders are bracing for Us interest rates to rise later this year.  JPMorgan and Goldman Sachs were two of the top performing Dow firms gaining $1.12 and $2.66 respectively.

FT p12 "Wall street" by Mamta Badkar, Eric Platt says the s&P gained 0.4%.

sat. NYT pB2 "Strong Jobs report whets investors' appetities for risk" & Sat. AJC pA10 "Hiring surge sinks safe havens" by AP says a blockbuster Us jobs report sent investors fleeing traditional places of comfort Fri: high dividend stocks, bonds & gold.

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 16.78 down  from Friday's   trailing P/E ratio of 16.85 (last year it was 15.08).  Monday's P/E estimate is 16.64 up from Friday's P/E estimate of 15.83 (year ago it was 14.09) and  Monday's dividend yield is 2.44 down from  Friday's dividend yield of 2.46  (last year it was 2.49). The Dow's all-time high was 18053.71 on December 26,  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 2775.53 down 9.43 from  Thursday's   numerator of 2784.96.  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 $92.52 down 31 cents  from Thursday's  average closing price of $92.83.  The median closing price of  Friday's Dow Jones Industrial Average was $89.42  (WMT/XOM) down 40  cents from Thursday's median closing price of $89.82 (WMT/XOM.  The lowest volume was  3M and the highest volume was Verizon.

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  $943  ($278,496  - $277,533).

2/6/15 Fri. 4:46 pm MarketWatch by Anora Mahmudova  & Victor Reklaitis says U.S. stocks finished lower Friday as investors shrugged off a strong jobs report, which had provided a lift earlier in the day, and turned to fresh concerns about Greece. The worries were sparked midday Friday after Standard & Poor’s downgraded the country’s long-term sovereign-debt rating to B-minus from B. In addition, a euro zone official said Greece faces a Feb. 16 deadline to apply for an extension of its bailout program. The main indexes still booked solid weekly gains, however. The S&P 500 SPX, -0.34%  fell 7.05 points, or 0.3%, to close at 2,055.47 on Friday, according to preliminary FactSet data. That left the benchmark up 3% for the week, representing its largest weekly gain since mid-December, though it’s down 0.2% for the year. The Dow Jones Industrial Average DJIA, -0.34%  dropped 60.59 points, or 0.3%, to close at 17,824.29 on Friday. That put the blue-chip barometer up 3.8% for the week — its biggest weekly percentage gain since January 2013 — and essentially flat for the year.The Nasdaq Composite COMP, -0.43%  slid 20.70 points, or 0.4%, to end at 4,744.40. The tech-heavy index added 2.4% for the week, and it’s up 0.2% in 2015 to date.JJ Kinahan, chief derivatives strategist at TD Ameritrade, said that Friday’s reversal in prices fit with a trend of taking risk off the table on Friday afternoons.“We’ve had good rallies this week, and investors simply do not want to hold long positions going into the weekend. And news of Greece became a good trigger point to start selling,” he added. Brian Fenske,  head of sales trading at ITG, a New York-based brokerage firm, said the downgrade of Greece caught traders off-guard.“People have been ignoring negative news about Greece this week, and today’s downgrade is a delayed reaction that further problems with Green can destabilize the euro,” Fenske said.“There is also concern that the market is toppy. A lot of fundamental investors are afraid to buy stocks when earnings estimates have come down,” Fenske added.The main focus earlier was on the key monthly jobs report, which came in far stronger than expected. The Labor Department report showed that the economy added 257,000 jobs in January, while November and December numbers were revised sharply higher. In another good sign, hourly wages jumped 0.5%. Although the unemployment rate ticked up to 5.7% from 5.6%, it suggests that more people are entering the workforce. The U.S. economy has added more than 200,000 jobs for 12 straight months.

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

AT&T:  No mentions found.

American Express:  IBD pA7 "Amex: learning to deal with wild cards" by Jon friedman says American express is being challenged by new rivals, the vicissitudes of foreign currencies as well as consumer spending habits.

Boeing:  No mentions found.

Caterpillar:  No mentions found.

Chevron:  No mentions found.

Cisco:  Barron's p15 "Week preview" says on Wed. 2/11/15 Cisco Systems reports 2Q results after the market closes.

Coke:  No mentions found.

Disney:  Barron's pM2 "Walt Disney" is charted saying its shares jumped 23% due to strong 1Q results.

DuPont:  No mentions found.

Exxon:  No mentions found.

GE:  No mentions found.

Goldman Sachs: Barron's p27 "Talking with Duilio Ramaloo" by Daren Fonda says this Portfolio Mgr for Robeco Boston Partners All-Cap Value likes Goldman Sachs and JPMorgan.
WSJ pB5 "Stocks lose steam after jobs data" by Corrie Driebusch says a robust US jobs report rippled through the markets Fri sending stocks & gold lower & bond yields higher in a sign that traders are bracing for Us interest rates to rise later this year.  JPMorgan and Goldman Sachs were two of the top performing Dow firms gaining $1.12 and $2.66 respectively.

Home Depot:  No mentions found.

Intel:  No mentions found.

IBM:  FT p3 "Lunch with the FT Ginni Rometty is an interview with the IBM CEO who refused to confirm media reports that IBM will lay off 100,000.

JPMorgan:  WSJ pA1 "Emails track J.P. Morgan hire in China" by Ned Levin, Emily Glazer, Christopher M. Matthews is a lengthy article dealing with allegations that JPMorgan hired the son of a prominent Chinese executive in order to win business.

WSJ pB14 "The strong dollar puts an unexpected squeeze on Wall St" by John Carney says the capital rules may force JPMorgan  to cut its return on equity by half a percentage point and its bank valuation by 3%.

WSJ pB5 "Stocks lose steam after jobs data" by Corrie Driebusch says a robust US jobs report rippled through the markets Fri sending stocks & gold lower & bond yields higher in a sign that traders are bracing for Us interest rates to rise later this year.  JPMorgan and Goldman Sachs were two of the top performing Dow firms gaining $1.12 and $2.66 respectively.

Johnson & Johnson:  No mentions found.

McDonald's:  No mentions found.

Merck: Barron's p19 "AbbVie: Big Pharma at a discount price" by Jack Hough says Pfizer and Merck sell for a median premium of 17% to the S&P 500.

Microsoft:  IBD pA5 "Amazonn Coud business reigns; Google, Microsoft make impact" by Pete Barlas says Microsoft and Google have cut prices to compete with Amazon  web services.

Nike:  No mentions found.

Pfizer:  Barron's p14 "Week Review" says Pfizer agreed to buy Hospira in a $16 bil all cash deal.

FT p9 "Pharma takes a dose of sense from the deals doctor" by Lina Saigol says Pfizer's $17 bil purchase of Hospira is not the game changer many investors had been expecting after Pfizer dropped its pursuit of AstraZeneca last year.

 Barron's p19 "AbbVie: Big Pharma at a discount price" by Jack Hough says Pfizer and Merck sell for a median premium of 17% to the S&P 500.

Procter & Gamble:  No mentions found.

3M:  No mentions found.

Travelers:  No mentions found.

United Technologies:  No mentions found.

UnitedHealth:  No mentions found.

Verizon:  Sat. AJC pA9 "Regulators pushed to investigate Verizon" says Democratic senators called for an investigation of Verizon for secretly inserting unique tracking codes into the web traffic of its some 100 mil customers.

WSJ pB14 "Overheard" says Verizon will get $15.5 bil from the sale of wireline assets but will use it to buy back shares and pay debts from the gov auction.

Visa:  No mentions found.

Walmart:  No mentions found.

Friday's Closing Dow Numbers:

Symbol Last Sale Change % Change Share Volume Market
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 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 Donald Thompson (to be replaced by Steve Easterbrook on 3/1) (Oak Brook, Ill)

Merck MRK Kenneth Frazier (Whitehouse Station, 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)

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 (San Francisco, CA)

Wal-Mart WMT Doug McMillon (Bentonville, ARK)
Here are the Dow Jones Industrial Average 30 as of 1/2/15  ranked in order of market capitalization in billions:

1. Exxon Mobil XOM $370.18
2. Microsoft MSFT 331.43
3. Johnson & Johnson JNJ 280.3
4. Wal-Mart WMT 273.91
5. GE 240.09
6. Procter & Gamble PG 227.63   
7.  JPMorgan Chase JPM 202.89
8. Pfizer PFE 196.90
9.  Chevron CVX 193.83
10. Verizon VZ 189.93
11. Coke KO 180.33
12.  Merck MRK 171.85
13.AT&T T 170.76
14. Visa V 160.15
15. Intel INTC 157.57  
16. Disney DIS 154.24
17. IBM 151.93
18. Home Depot HD 137.61 
19. Cisco CSCO 134.82
20. UnitedHealth UNH 103.38
21.  3M MMM 103.08 
22. United Technologies UTX 102.73  
23. Boeing BA 102.79 
24. McDonald's MCD 89.96   
25. American Express AXP 82.95
26. Nike NKE 79.70
27. Goldman Sachs GS 77.84
28. DuPont DD 64.44
29. Caterpillar CAT 48.45
30. Travelers TRV 33.13
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 1/2/15  for the prior 90 day period:

Symbol & Co. Name/Date of Filing/Form Filed/ Comments

1/30/15 8K re: results of FCC wireless licenses auction
1/28/15 8K, 1/27/15 8K & 1/16/15 8K re: fin'l results of 4Qtr ended 12/31/14
1/22/15 8K re: credit agreement
12/19/14 8K re: amendment to Supplemental Employee Retirement Plan
12/2/14 8K re: closing of sale of Global Notes
11/10/14 2 10/A's & 10Q re: qtr. ended 9/10/14
11/10/14 8K re: closing of sale of Global Notes
11/7/14 8K re: increased of Board to 15 & election of William E. Kennardd & agrmt to buy Mexican wireless firm GSF telecom

American Express AXP:
1/21/15 8K re: 4Q fin'l results
1/15/15 8K re: delinq. & write-off delinq. stats. for 3 mos ended 12/31/14.
12/15/14 8K re: Delinq. & write-off stats for 3 mos. ended 11/30
12/5/14 8K re: issuance of Sub. Notes
12/4/14 8K re: retirement of Director Richard A. McGinn
11/17/14 8K re: delinq. & write off stats for 3 mos. ended 10/31
11/12/14 8K re: issuance of Series B Preferred Shares

Boeing BA:
1/27/15 8K re: 4Qtr fin'l results
12/19/14 8K re: retirement of Shephard W. Hill, Pres. of Boeing Int'l & Sr. VP, Bus. Dev/Strategy
12/15/14 8K re: increase of quarterly div & authorization of $12 bil share buyback

Caterpillar CAT:
1/27/15 8K re: 4Qtr fin'l results
1/26/15 8K re: 3 mos ended 12/31/14 retail sales stats
12/18/14 8K re: retirement of Group VPs Stuart L. Levenick & Steven H. Wunning
12/18/14 8K & 11/20/14 8K re: FD disclosures re: retail sales of machines & power systems
12/11/14 8K re: retirement of director Peter A. Magowan

Chevron CVX:
1/30/15 8K re: 4Qtr fin'l results
12/12/14 8K re: election of Alexander B. Cummings Jr. to Board
11/18/14 8K re: issuance of Floating Rate Notes
11/7/14 10Q for Qtr ended 9/30/14

Cisco CSCO:
12/19/14 & 12/18/14 8Ks re: Pre-arranged stock trading plan for execs
11/24/14 8K re: amendment to employee stock purchase plan
11/12/14 8K; 11/14/14 8K & 11/20/14 10Q re: results of 1 Qtr. ended 10/25/14

Coke KO:
12/11/14 8K re: increase Board to 17 & election of Marc Balland & David B. Weinberg

Disney DIS:
1/16/15 Def. 14A Proxy re: Annual Mtg. of Shareholders at 10 am 3/12/15 at Palace of Fine Arts, SF
12/23/14 8K re: adoption of Def. Comp. Plan
11/19/14 10K & 11/6/14 8K re: results of fiscal year ended 9/27/14
11/6/14 8K re: 4Qtr & FY ended 9/27/14

DuPont DD:
1/27/15, 1/15/15, 1/14/15, 1/13/15, 1/9/15 (five) 14A Proxy: re: Nelson Peltz's Train's proposal to break-up DuPont
1/12/15 8K re: 4Qtr fin'l results
12/18/14 8K re: FD disclosures re: presentation re: Performance Chemicals segment
12/18/14 8-K/A re: pre-tax charges re: restructuring plan

ExxonMobil XOM:
11/24/14 8K re: retirement of VP S.D. Pryor
11/5/14 10Q & 10/31/14 8K re: 3Qtr ended 9/30/14

1/23/15 8K re: 4Qtr fin'l results
11/10/1 8K re: incentive grant to CEO Jeffrey R. Immelt
11/4/14 10Q & 10/17/14 8K re: 3Qtr ended 9/30/14

Goldman Sachs GS:
1/23/15 8K re: issuance of notes
1/16/15 8K re: 4Qtr fin'l results
12/19/14 8K re: election to Board of Mark A. Flaherty & Mark D. winkelman
12/17/14 & 12/16/14 8Ks re: issuance of notes
11/5/14 10Q & 10/16/14 8K re: 3Qtr ended 9/30/14

Home Depot HD:
1/16/15 8K re: replacement of Chairman of Board Francis S. Blake with Craig A. Menear
11/25/14 10Q & 11/18/14 8K re: Qtr. ended 11/2/14
11/6/14 8K re: breach of payment data system

Intel INTC:
1/15/15 8K re: fin'l results of 4Qtr ended 12/27
12/16/14 8K re: trigger of  interest change on debentures
11/21/14 28Ks & 11/18/14 8K re: FD Disclosure re: Annual investor meeting
11/20/14 8K re: increase of quarterly div. & '15 Business Outlook

1/30/15 8K re: compensation amounts for execs for 2014
1/21/15 & 1/20/15 8Ks re: 4Qtr ended 12/31/14 fin'l results
1/7/15 8K re: exec promotions and amendment to bylaws to increase Board to 14 & election of Peter R. Voser to Bd
12/8/14 8K re: retirement of Robert C. Weber sVP, Legal
11/25/14 8K re: issuance of debt securities
11/12/14 8K re: investors conference
11/5/14 8K re: underwriting contract with JPMorgan

JPMorgan Chase JPM:
1/23/15 8K re: closing of note offering
1/14/15 8Ks (two) re: 4Qtr fin'l results
12/9/14 8K re: close of public offering of Sub. Notes
11/12/14 8K re: payment of $1.01d bil to settle foreign exchange trading allegations
11/3/14 &  2 8Ks (10/14) re: 3Qtr ended 9/30/14

Johnson & Johnson JNJ:
1/20/15 8K re: 4Qtr ended 12/28/14 fin'l results
11/21/14 8K re: issuance of notes
11/10/14 8K re: closing of purchase of Alios BioPharma, Inc. for $1.75 bil

McDonald's MCD:
1/23/15 8K re: 4Qtr ended 12/31/14 fin'l results
12/8/14 8K re: Nov. '12 sales
11/12/14 8K re: Oct. '12 sales
11/3/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14

Merck MRK:
11/10/14 10Q re: Qtr. ended 9/30/14

Microsoft MSFT:
1/26/15 10Q & 1/26/15 8K re: fin'l results for qtr ended 12/31/14
12/4/14 8K re: results of votes at 12/3 Annual Shareholders Meeting
11/14/14 Proxy Letter from Bd Chair John W. Thompson re: Annual Mtg

Nike NKE:
1/7/15 10Q & 12/2214 8K re: results of qtr ended 11/30
12/18/14 8K & 10/7/14 10Q re: results of Qtr. ended 11/30/14

Pfizer PFE:
1/27/15 8K re: 4Qtr fin'l results
11/6/14 10Q for quarter ended 9/28/14
11/6/14 10Q & 10/28/14 8K re: 3Qtr ended 9/28/14

Procter & Gamble PG:
1/27/15 10Q & 1/27/15 8K re: 2Qtr ended 12/31/14 fin'l results
1/13/15 8K re: quarterly div. of 0.6436 cents payable 2/17 to record holders as of close of business 1/23/15
12/22/14 8K re: changes to presentation of fin'l info due to sale of Duracell business
11/21/14 8K re: pre-arranged stock trading plan of CEO A.G. Lafley
11/13/14 8K re: '14 Analysts Mtg & sale of Duracell to Berkshire Hathaway
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

1/31/15 8K re: 4Qtr fin'l results
12/16/14 8K re: dividend for 1Q '15 & '15 outlook
11/10/14 8K re: sale of Floating rate Notes

Travelers TRV:
1/22/15 8K re: qtr ended 12/31/14 fin'l results

United Technologies UTX:
1/26/15 8K re: 4Qtr fin'l results
1/23/15 8K re: separation agreement for ex-CEO Louis Chenevert
1/15/15 8K re: departure of exec Alain M. Bellemare
12/19/14 8K re: rejection of mini tender offer by TRC Capital
12/10/14 8K re: appointment of Akhil Johri, Sr. VP & CFO
11/24/14 Retirement of Louis Chenevert replaced by Gregory J. Hayes & election of Dir. Edward A. Kangas as Chairman of Bd. & appointment of Peter F. Longo as Acting CFO

UnitedHealth Group UNH:
1/21/15 8K re: 4Qtr fin'l results
12/8/14 8K re: sale of notes
12/1/14 8K re: annual investor conference
11/12/14 8K re: appointment of David S. Wichmann Pres/CFO & Larry Renfro as Vice-Chair
11/10/14 10Q for Qtr. ended 9/30/14

Verizon Communications Inc. VZ:
1/30/15 8K re: results of bidding for AWS-3 spectrum licenses in FCC auction
1/22/15 & 1/16/15 8Ks re: 4Qtr fin'l results
1/14/15 8K re: retirement from Board of Robert W. Lane
12/8/14 28Ks re: change of duties for Randal S. Milch EVP & GC
12/1/14 8K re: 4Q results
11/26/14 8K re: trading of shares in UK

Visa V:
1/29/15 10Q & 1/29/15 8K re: 1Qtr ended 2/31/14 fin'l results
1/29/15 8K, 1/21/15 Proxy & 1/14/15 Proxy  re: amendment of Cert of Incorp. for stock split
1/28/15 8K re: dividend of 48 cents payable 3/3 for record holders on 2/13
12/19/14 8K re: exec's pre-arranged stock trading plans
12/12/14 & 1/21/15  & 12/23/14 Proxies re: Annual Stockholders Meeting 1/28/15 8:30 am Crowne Plaza, Foster City, CA
11/21/14 10K for fiscal year ended 9/30/14

WalMart WMT:
12/16/14 8K re: latest ruling re: class action lawsuit in Phil for underpaying employees - Braun/Hummel v. Walmart
12/1/14 10Q & 11/13/14 8K re: quarter ended 10/31/14
11/24/14 8K re: election of Thomas W. Horton to Board


No comments: