Monday, April 6, 2015

4/6/15 Mon. am WSJ Reports that CEOs of Goldman Sachs & JPMorgan Make a Lot of Money!
by Dan Kolber

Post No. 3,124 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, Wall  Street Journal,   Financial Times, New York Times,  USA Today, Atlanta Journal & Constitution  & aily 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 stock market was closed on Friday for Good Friday.

The Dow Jones Industrial Average: The Dow Jones Industrial Average closed Thursday at 17763.24 up 65.06 or 0.37%  from Wednesday's close of 17698.18.  For the year the Dow is down 0.34%. Of the Dow components  22  gained, 2 were unchanged  and 6   declined. The  biggest gainer dollar-wise  and percentage-wise was Home Depot up $1.41 or 1.25%. The  biggest decliner dollar-wise was   Goldman Sachs down 68 cents and percentage-wise was  Microsoft down 1.06%.

IBD pB8 "Stocks peg modest gains, but volume is lackluster" by Paul Whitfield says stocks traded in a tight range Thursday with low vol pointing to institutional indifference as the current outlook is uptrend under pressure.

As of the open of  the market on Monday the current divisor for the Dow Jones Industrial Average found at page C6 of  Saturday's Wall St. Journal is 0.14985889030177.  Monday's trailing P/E   ratio is 16.22 up  from Thursday's   trailing P/E ratio of 16.16 (last year it was 16.30).  Monday's P/E estimate is 16.08 up from Thursday's P/E estimate of 16.07 (year ago it was 14.74) and  Monday's dividend yield is 2.31 unchanged from  Thursday's dividend yield of 2.28  (last year it was 2.18). The Dow's all-time high was 18288.63 on March 2,  2015. The 12 year low close for the Dow was on March 9, 2009 when it fell to 6,547.05.

Thursday's Dow Jones Industrial Average numerator is 2661.98 up 9.75  from Wednesday's average numerator of 2652.23.   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 (0.14985889030177) you get the change in today's Dow. A dollar increase or decrease in a Dow stock results in a $6.67  change in the Dow Index.

The average closing price (the closing numerator divided by 30) of  Thursday's Dow Jones Industrial Average was $88.73  up  32 cents from Wednesday's closing average of $88.41.  The median closing price of  Thursday's Dow Jones Industrial Average was $83.46 (PG/XOM) up 7 cents from Wednesday's median closing price of $83.39 (PG/XOM).  The lowest volume was Travelers and the highest volume was Microsoft.

If  Thursday morning before the market opened you had purchased 100 shares of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs or dividends) and sold at the close you would have made  $975 ($266,198 - $265,223).

4/2//15 Thurs. 4:36 pm MarketWatch by Anora Mahmudova & Sara Sjolin says U.S. stocks finished the Easter-shortened week with modest gains after benchmarks advanced slightly on Thursday.The session’s upward momentum was supported by better-than-expected jobless claims, which pointed to continued strength in the labor market, setting the stage for Friday’s closely watched nonfarm payrolls. U.S. stock markets are closed for Good Friday and investors won't get a chance to react to the highly anticipated jobs report until Monday, but there might be some hints at what the market thinks reflected in futures, which are briefly open. On, Thursday, however, the S&P 500 SPX, +0.35%  closed up 7.27 points, or 0.4% at 2,066.96 and booked a 0.3% gain for the week. The Dow Jones Industrial Average DJIA, +0.37%  added 65.06 points, or 0.4%, to 17,763.24, gaining 0.3% over the week. The Nasdaq Composite COMP, +0.14%   ended the session up 6.71 points, or 0.1%, to 4,886.94, but was 0.1% lower for the week.Michael Arone, chief investment strategist at State Street Global Advisors, expects the jobs gains to come in slightly below the consensus estimate of 245,000. “The details of the jobs report such as average hourly earnings and wage growth will be far more important for the Fed than the headline number,” Arone said. “The Fed is comfortable with the labor market and it’s the enigma with the inflation that is making their jobs challenging,” Arone added.    Paul Vigna and Ed Campbell discuss wage growth in the U.S. economy, and Drew FitzGerald looks at the new, old RadioShack.Sandy Lincoln, chief markets strategist at BMO Global Asset Management, said he is optimistic about equities at this point.But he cautioned that there are no cheap assets. “Equities are not cheap, but fairly valued, while bonds are expensive,” he said.Thursday’s data: Initial jobless claims for the week ended March 28 fell by 20,000 to a seasonally adjusted 268,000, the levels last seen 15 years ago, the government agency said. The number is far below the forecasts by economists polled by MarketWatch. The U.S. trade deficit sank 17% in February to the lowest level since 2009, largely because of cheaper oil, but exports also fell to a 2½ year low in a sign that a stronger dollar and a weak global economy are hurting American companies.Also, Factory orders for February ticked up 0.2%.Stocks to watch: CarMax Inc. KMX, -0.37%  shares jumped 9.3% after the company reported on Thursday that its fourth-quarter profits surged 44%, as sales remained strong for the used-car retailer. The stock was the best performer on the S&P 500.Its rival AutoNation Inc. AN, +0.05%   shares rose 1.1% after sales jumped 10%. Google Inc. GOOG, -0.03% GOOGL, +0.13%  shares fell 1.3%, after news reports that the Europe’s competition regulators is preparing to move against the search giant in the next few weeks. Other markets: European stocks ended mostly lower as investors there were also wary ahead of the long weekend and nonfarm payrolls. Most European stock markets are closed on Friday and Monday. Asia markets closed sharply higher for the most part. Oil futures fell on Thursday amid market expectations that the agreement on Iran’s nuclear program will lead to more oil on the world market. Gold futures settled lower, down 0.6% at $1,200.90 as a better-than-expected reading on jobless claims dented haven demand for the precious metal.

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

American Express:  No mentions found.

Apple:  IBD pA5 "HBO-Apple exclusive thickens tv plot" by Jon Friedman says the next frontier for tech players such as Microsoft, Samsung, Apple and Amazon is embedding themselves into the living rooms of consumers.  Wearables and integrated tech platforms are the pats of the future with the next generation tv playing a major role.

Barron's p30 "Apple watch could boost Quanta computer" by Jack Hough says the success of Apple's watch could boost the earnings of Quanta which will manufacture the watch.

Barron's p33 "Our gadget of the week: How to buy the Apple watch" by Nathaniel Wice, IbD pB10 "Will Apple Watch make stock tick?" by Matthew Galgani say the Apple Watch will go on sale 4/24.

Barron's p37 "Steve and Me" is a review by Alexander Eule of "Becoming Steve Jobs: The evolution of a reckless upstart into a visionary leader" by Brent Schlender and Rick Tetzeli.

Boeing: No mentions found.

Caterpillar:  Barron's p23 "10 stocks with sold yields up to 5.7%" by Andrew Bary list 10 stocks that offer reliable dividends of at least 3.5% and the payouts could grow over time.  There are 4 Dow stocks on the list: Verizon, GE, McDonald's and Caterpillar.

Chevron:  No mentions found.

Cisco:  Barron's p19 "Week preview" says on Monday Cisco will hold a packet optical convergence tech talks with UBS.

Coke:  No mentions found.

Disney:  No mentions found.

DuPont:  No mentions found.

Exxon:  No mentions found.

GE:  Barron's p23 "10 stocks with sold yields up to 5.7%" by Andrew Bary list 10 stocks that offer reliable dividends of at least 3.5% and the payouts could grow over time.  There are 4 Dow stocks on the list: Verizon, GE, McDonald's and Caterpillar.

Goldman Sachs:   WSJ pA1 "Wall street's pay gap slims" by Peter Rudegeair lists how much James Dimon and Lloyd Blankfiein are making.

Home Depot:  No mentions found.

Intel: No mentions found.

IBM:  No mentions found.

JPMorgan:  WSJ pA1 "Wall street's pay gap slims" by Peter Rudegeair lists how much James Dimon and Lloyd Blankfiein are making.

Johnson & Johnson:  No mentions found.

McDonald's:  Barron's p23 "10 stocks with sold yields up to 5.7%" by Andrew Bary list 10 stocks that offer reliable dividends of at least 3.5% and the payouts could grow over time.  There are 4 Dow stocks on the list: Verizon, GE, McDonald's and Caterpillar.

Merck:  No mentions found.

Microsoft:  No mentions found.

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:  Barron's p20 "Up 77%, UnitedHealth looks price" by Jack Hough says UnitedHealth's forward price to earnings ratio has expanded to 19 from 12 and according to Barron's that looks pricey.

Verizon:  Barron's p23 "10 stocks with sold yields up to 5.7%" by Andrew Bary list 10 stocks that offer reliable dividends of at least 3.5% and the payouts could grow over time.  There are 4 Dow stocks on the list: Verizon, GE, McDonald's and Caterpillar.

Visa:  No mentions found.

Walmart:  Barron's pM15 "Research reports - Walmart" edited by Paul Farrell says sterne Agee on 4/1 did a report on Walmart with a neutral saying Walmart trades at 16.6 times '16 eps and Sterne Agee's 12 month price target of $73 is based on 15 times '16 EPS estimate versus the historical 3 year average of 13.9 times.

Fri. AJC pA12 "Raises won't end protests" by Candice Choi, AP says a pay raise for McDonald's workers won't stop labor pressure for better condition.  McDonald's raised pay after Walmart did the same.

Thursday'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)

Apple: Tim Cook (Cupertino, CA)

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 Steve Easterbrook (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)

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 3/22/15  ranked in order of market capitalization in billions:

1. Apple AAPL $733.34
2. Exxon Mobil XOM $354.62
3. Microsoft MSFT 351.78
4. Johnson & Johnson JNJ 284.72
5. Wal-Mart WMT 268.87
6. GE 255.65
7. JPMorgan Chase JPM 229.36
8. Procter & Gamble PG 228.84   
9. Pfizer PFE 209.91
10.  Verizon VZ 205.94
11.  Chevron CVX 201.24
12. Disney 184.28
13. Coke KO 177.49
14. Merck MRK 166.26
15. IBM 160.99
16.  Home Depot HD 153.44 
17. Cisco CSCO 145.18
18. Intel INTC 144.28
19. UnitedHealth UNH 113.62
20.  Boeing BA 108.83 
21.  United Technologies UTX 108.37
22. 3M MMM 105.68 
23. McDonald' s MCD 93.28   
24. Nike NKE 88.10
25. Goldman Sachs GS 87.21
26. American Express AXP 84.29
27. DuPont DD 67.31
28. Caterpillar CAT 49.21
29. Visa V 42.35
30. Travelers TRV 35.26
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 3/22/15  for the prior 90 day period:

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

American Express AXP:
3/16/15 8K re: delinq. & write-off stats for 3 mos. thru 2/15/15
3/11/15 8K re: increase of quarterly dividend & repurchase of up to $6.6 of shares
3/2/15 8K re: issuance of preferred shares
2/24/15 10K re: FY ended 12/31/14
2/17/15 8K re: delinq. & write-off states for 3 months thru 1/15
2/12/15 8K re: end of exclusive deal w/Costco
1/21/15 8K re: 4Q & FY '14 earnings
1/15/15 8K re: delinq. & write-off delinq. stats. for 3 mos ended 12/31/14.

Apple AAPL:
3/13/15 8K re: amdmt. to employee stock purchase plan
2/9/15 8K re: issuance of notes
1/28/15 8K re: change to fin'l stmts due to change of reporting
1/28/15 10Q & 1/27/15 8K re: Qtr. ended 12/27/14
1/22/15 2 14A Proxies re: Annual Mtg of Shareholders on 3/10/15 at 9 am at HG at Cupertino, CA

Boeing BA:
3/13/15 14A Def. Proxy re: Annual Shareholders Mtg on 4/27/15 at 9 am at Field Museum, Chicago
2/20/15 8K re: issuance of senior notes
2/12/15 10K & 1/28/15 8K re: FY ended 12/31/14
2/10/15 8K re: retirement of Linda Z. Cook from Board
1/27/15 8K re: 4Qtr fin'l results

Caterpillar CAT:
3/19/15 8K re: sales thru 2/15
2/19/15 8K re: sales thru 1/15
2/17/15 & 1/27/15 8K re: FY ended 12/31/14
1/27/15 8K re: 4Qtr fin'l results
1/26/15 8K re: 3 mos ended 12/31/14 retail sales stats

Chevron CVX:
3/3/15 8K re: issuance of Floating Rate Notes
2/20/15 10K & 1/30 8K re: FY ended 12/31/14
2/3/15 8K re: election of Jeanette L. Ourada, Corp. VP & Comptroller
1/30/15 8K re: 4Qtr fin'l results

Cisco CSCO:
3/19/15 8K re: exec pre-arranged stock trading plan
2/18/15 & 2/11/15 8K re: 2Qtr ended 1/24/15

Coke KO:
3/2/15 Def. 14A Proxy re: Annual Mtg of Shareholders 11 am, Cobb Galeria Centre, Atlanta
3/10/15 & 3/3/15 8Ks re: issuance of Floating Rate Notes
2/25/15 10K & 2/10/15 8K re: FY ended 12/31/14
2/20/15 8K re: retirement from Board of James D. Robinson & Peter V. Ueberroth
2/18/15 8K re: Amdmt to employee stock option plans

Disney DIS:
3/13/15 8K re: voting results of 3/12 Annual Shareholders Mtg
2/11/15 Def14A re: shareholder proposals
2/5/15 8K re: Agreement for COO Thomas O. Stagg
2/3/15 10Q & 2/3/15 8K re: Qtr ended 12/27/14
1/16/15 Def. 14A Proxy re: Annual Mtg. of Shareholders at 10 am 3/12/15 at Palace of Fine Arts, SF

DuPont DD:
3/17/15 - 3/19/15 Def. Proxy 14A re: Trian's proposal to add Directors
2/5/15 8K re: election to Board of Edward D. Breent & James L. Gallogly
2/5/15 10K & 1/27/15 8K re: FY ended 12/31/14
1/27/15, 1/15/15, 1/14/15, 1/13/15, 1/9/15 (five) 14A Proxy: re: Nelson Peltz's Trian's proposal to break-up DuPont
1/12/15 8K re: 4Qtr fin'l results

ExxonMobil XOM:
3/10/15 8K re: 3/4/15 analyst meeting
3/6/15 8K re: issuance of Floating rate Notes
2/25/15 10K & 2/24/15 8K & 2/2/15 8K re: 10K for FY ended 12/31/14

3/10/15 def. 14A Proxy re: Shareholder Mtg 4/22/15 10am at Cox Conv. Ctr. Oklahoma City
2/27/15 10K re: FY ended 12/31/14
2/11/15 8K re: Amdmt By-laws re: proxy access by 3% holders
1/23/15 8K re: 4Qtr fin'l results

Goldman Sachs GS:
3/11/15 8K re: revised '15 Capital Plan
3/9/15 8K re: retirement from Board of Claes Dahlback
2/23/15 10K & 1/16/15 8K re: FY ended 12/31/15
2/8/15 8K re: issuance of Floating Rate Notes
1/23/15 8K re: issuance of notes
1/16/15 8K re: 4Qtr fin'l results

Home Depot HD:
2/24/15 8K re: FY & Qtr ended 2/1/15
1/16/15 8K re: replacement of Chairman of Board Francis S. Blake with Craig A. Menear

Intel INTC:
3/12/15 8K re: 1Qtr guidance
2/13/15 10K & 1/15/15 8K re: FY ended 12/27/14
1/15/15 8K re: fin'l results of 4Qtr ended 12/27

3/19/15 Def. Proxy  14A Stockholders Annual Mtg at 10 am 4/.28/15 at Statehouse Conv. Ctr., Little Rock, Ark & nomination of Alex Gorsky, CEO, Johnson & Johnson & Peter R. Voser to Board
2/24/15 10K & 1/20/15 8K re: FY ended 12/31/14
2/5/15 8K re: issuance of debt securities
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

JPMorgan Chase JPM:
3/20/15 8K & 3/6/15 8K re: redemption of Bear Stearn Notes
3/6/15 8K re: release of '15 Dodd-Frank Act Stress Test results
2/27/15 8K re: redemption of Capital securities
2/25/15 8K re: 2/24/15 Investor Day Conf.
2/24/15 10K for FY ended 12/31/14
2/17/15 8K re: redemption of notes
2/12/15 8K re: issuance of Preferred Shares
1/23/15 8K re: closing of note offering

Johnson & Johnson JNJ:
3/11/15 Def. 14A Proxy for Annual shareholder Mtg a 10:30 am on 4/23/15 at State Theatre, New Brunswick, NJ
3/2/15 8K re: sale of Cordis Business for $1.99 bil to Cardinal Health
2/24/15 10K for FY ended 12/28/14
1/20/15 8K re: 4Qtr ended 12/28/14 fin'l results

McDonald's MCD:
3/20/15 8K re: stock award to execs
3/9/15 8K re: Feb. global sales
3/3/15 8K & 2/3/15 8K re: election of Stephen Easterbrook as CEO
2/24/15 10K for FY ended 12/31/14
2/10/15 8K re: Global sales for Jan.
2/4/15 8K re: TRC mini-tender offer
1/23/15 8K re: 4Qtr ended 12/31/14 fin'l results

Merck MRK:
2/27/15 10K & 2/4/15 8K re: FY ended 12/31/14
2/10/15 8K re: issuance of Floating rate Notes

Microsoft MSFT:
2/12/15 8K re: issuance of notes
1/26/15 10Q & 1/26/15 8K re: fin'l results for qtr ended 12/31/14

Nike NKE:
3/19/15 8K for Qtr ended 2/28/15
2/12/15 8K re: election & retirement of VPs
1/7/15 10Q & 12/2214 8K re: results of qtr ended 11/30

Pfizer PFE:
3/12/15 Def. 14A Proxy re: 4/23/15 Annual Shareholder Mtg at Short Hills, NJ
2/27/15 10K & 1/27/15 8K re: FY ended 12/31/15
2/10/15 8K re: $5 bil share buyback program
2/6/15 8K re: purchase of Hospira, Inc.
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:
2/19/15 8K re: Consumer analysts Group conf. on 2/19/15
2/10/15 8K re: appointment of ex-Home depot CEO Frank S. Blake to Board
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

2/23/15 8K purchase of Polypore's separation Media business
2/12/15 10K & 1/27/15 8K re: FY ended 12/31/14
1/31/15 8K re: 4Qtr fin'l results

Travelers TRV:
2/12/15 10K re: FY ended 12/31/14
1/22/15 8K re: qtr ended 12/31/14 fin'l results

United Technologies UTX:
3/13/15 Def. 14A Proxy re: Annual Mtg of Shareholders on 3/2/15 2pm at PGA Nat'l Resort, Palm Beach Gardens, FL
3/1/13/15 8K re: repurchase of $2.6 bil of stock
2/5/15 10K for FY ended 12/31/15
3/12/15 8K re: reviewing possible spin-off of Sikorsky Aircraft Business
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

UnitedHealth Group UNH:
3/6/15 8K re: Barclays Global Healthcare Conf on 3/10 in Miami
2/17/15 8K re: exec. comp. changes
2/10/15 10K re: FY ended 12/31/14
2/6/15 8K re: Leenik Global Healthcare Conf. on 2/11
1/21/15 8K re: 4Qtr fin'l results

Verizon Communications Inc. VZ:
3/12/15 8K & 2/26/15 8K & 2/25/15 8K 2/12/15 8K re: results of exchange offer
2/23/15 10K re: FY ended 12/31/14
2/18/15 8K re: EVP changes
2/5/15 8K re: election of Mark T. Bertolini to Board
2/5/15 8K re: sale of assets, purchase of wireless towers & $5 bil stock buybacks
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

Visa V:
2/27/15 8K & two 1/29/15 8Ks: re: amd. by-laws to allow 4 for 1 stock splits
2/2/15 8K re: exec. changes
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

WalMart WMT:
2/19/15 8K re: 4Q results
12/16/14 8K re: latest ruling re: class action lawsuit in Phil for underpaying employees - Braun/Hummel v. Walmart


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