Sunday, August 23, 2015

8/23/15 Sun/Sat Barron's Not Keen on Apple
by Dan Kolber

Post No. 3,308 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 Wall Street Journal &  Financial Times; & Sunday's &  Saturday's  New York Times &  Atlanta Journal & Constitution  yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by a separate table of Dow component's symbol and Friday's  closing   stock prices and related data in alphabetical order.

The Dow Jones Industrial Average: The Dow Jones Industrial Average closed Friday at  16459.75 down 530.94 or 3.12% from Thursday's close of 16990.69. For the week the Dow was down 1017.65 or 5.82%  from last Friday's close of 17477.40. For the year the Dow is down 7.65%. Of the 30   Dow components   0 gained  and all 30 declined.   The  biggest decliner dollar-wise  was Goldman Sachs down $9.01 and percentage-wise was Apple down 6.12%.

IBD pB8 "Bears slam stock indexes hard; market correction is confirmed" by Paul Whitfield says Friday's action saw plunges in rising volume while the current outlook is market in correction.

 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 0.14967727343149.  Monday's trailing P/E   ratio is 15.75 down  from Friday's   trailing P/E ratio of  16.26 (last year it was 16.15).  Monday's P/E estimate is 15.57 down from Friday's P/E estimate of 15.73 (year ago it was 15.05) and  Monday's dividend yield is  2.59 up  from Friday's dividend yield of  2.54 (last year it was 2.19). 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 2463.65 down 79.47 from Thursday's closing average numerator of 2543.12.   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 $82.12 down $4.55 cents  from  Thursday's closing average of $84.77.  The median closing price of  Friday's Dow Jones Industrial Average was $75.38 (CAT/CVX) down $2.21  from  Thursday's median closing price of $77.59 (CAT/AXP).  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  $7,947  ($254,312 - $246,365).

8/21/15 Fri. 4:08 pm MarketWatch by  Tom Kilgore says the Dow Jones Industrial Average DJIA, -3.12% suffered its biggest weekly point drop since the worst week of the financial crisis. The Dow tumbled 531.14 points on Friday, and 1,017.85 points, or 5.8%, for the week, amid growing concerns of a slowing global economy. The Dow had tumbled 1,874.19, or 18%, the week ending Oct. 10, 2008, as the collapse of Lehman Bros. rattled global markets. On a percentage basis, this was the blue chip barometer's worst week since the week ending Sept. 23, 2011, when growing concerns of a double-dip recession in Europe pushed the index down 6.4% on the week.

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

American Express:  Barron's "AmEx: Not out of the woods yet" by Avi Salzman says  American Express faces a challenging year and discusses it losing the Costco account.

Apple:  Barron's p29 "Facebook, Yes. apple, No says Lord Abbett's Tom O'Halloran says there isn't an encore for the iPhone as it's not a growth firm anymore.

Sat. NYT pA1 "Dr. Dre, trailed by brutal past, apologizes to women I've hurt" by Joe Coscarelli  discusses Dr. Dre's relationship to Apple.

WSJ pB12 "Tech media mergers story has flimsy script" says Apple and other tech giants may acquire media firms.

FT p12 "Apple sells biggest Kangaroo bond" says Apple raised A$2.25bn in Australia.

Boeing:  Barron's p18 "Why Amazon and Boeing each could soar 40%" by Lawrence C. Strauss interviews Rob Sharps of T. Rowe Price who says Boeing has a robust backlog of 7 1/2 years.

Barron's p42 "the right way to run an airline" by Dyan Machan says Delta is mad that the Ex-Im Bank helped Air India get Boeing 777's cheap so it could under cut Delta's prices.

Caterpillar:  No mentions found.

Chevron: No mentions found.

Cisco: No mentions found.

Coke:  Sun AJC pD1 "Bottler's plan may cost U.S. tax revenue" by Russell Grantham discusses CCE's merger and how it would result in moving its HQ to Great Britain.

Barron's p13 "Pushback on buybacks" by Ben Levisohn says IBM, Coke and McDonald's have shrunk their share counts every year for at least 5 years.

Disney: IBD pA2 "Hollywood studios suit OK'd" says a Fed judge refused to dismiss an antitrust suit brought by animators accusing Disney and others of conspiring to keep costs down by not hiring each other's animators.

Barron's pM2 charts Disney saying Bernstein downgraded it.

FT p16 "US TV blues: under the gun" IBD pA1 "The rise of Netflix flusters old media" by Alissa Williams say  people are leaving cable TV and Disney fell more than 15% for the month.

DuPont: No mentions found.

Exxon: No mentions found.

GE: No mentions found.

Goldman Sachs: No mentions found.

Home Depot:  Barron's pM11 "Research reports" edited by Paul Farrell says on 8/17 Deutsche bank issued a hold on Home Depot.

Intel: No mentions found.

IBM:   Barron's p13 "Pushback on buybacks" by Ben Levisohn says IBM, Coke and McDonald's have shrunk their share counts every year for at least 5 years.

JPMorgan: Sun NYT p BU 1 "The rewards of lending boldly" by Peter Eavis discusses the Bank of Internet is making jumbo loans that banks like JPMorgan won't.

Johnson & Johnson: No mentions found.

McDonald's:   Barron's p13 "Pushback on buybacks" by Ben Levisohn says IBM, Coke and McDonald's have shrunk their share counts every year for at least 5 years.

FT p8 "McDonald's to open 20 restaurants in Russia" by Lindsay Whipp says McDonald's will open 20 stores in Russia.

Merck:  Barron's p25 "lRace for the cure" by Bill Alpert says Merck has 2 promising drugs: Keytruda & MK-4166.

Microsoft: No mentions found.

Nike:  IBD pB10 "Shoe firm Skechers sets big stock split" says Skechers' have tapped into the casual activewear fashion trend along with Nike.

IBD pA1 "Foot Locker sees women's lift from Nike rival Under Armour" by Elaine Low says  the casual running trend have fueled sales at Nike for women.

Pfizer: No mentions found.

Procter & Gamble: No mentions found.

3M: No mentions found.

Travelers: No mentions found.

United Technologies: No mentions found.

UnitedHealth: No mentions found.

Verizon: No mentions found.

Visa: No mentions found.

Walmart:  Barron's p16 Week review" says Walmart slashed its profit targets.

IBD pA2 "Walmart" says Walmart will pay $25 mil over 5 years to support disaster recovery efforts.

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:

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

Chevron CVX:
7/31/15 8K re: 2Q results
6/2/15 8K re: voting results of annual stockholder meeting on 5/27
5/11/15 & 4/9/15 Proxy material
5/7/15 10Q & 5/1/15 8K re: 1Q results ended 3/31/15

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

Coke KO:
7/29/15 10Q & 7/22/15 8K re: 2Q results ended 7/3/15

Disney DIS:
8/4/15 10Q & 8/4/15 8K re: 3Q results ended 6/27
6/26/15 8K/A resignation of CFO James A. Rasulo eff. 6/30
6/2/15 8K re: resignation of CFO James A. Rasulo
5/15/15 10Q & 5/5/15 8K re: 2Q results ended 3/28/15

DuPont DD:
7/28/15 10Q & 7/28/15 8K re: 2Q results ended 6/30
7/8/15 8K re: completion of spin off of Chemours
6/9/15 8K/A & 6/2/15 8K/A re: voting results of 5/13/15 Annual Meeting of Stockholders
6/1/15 8K re: change of reg. agent in Delaware
5/19/15 8K & 5/13/15 8K & 5/12/15 8K & 4/23/15 8K re: sale of notes by subsidiary, Chemours & spin-off of Chemours to shareholders.
April & March, 2015 numerous Proxy materials re: Trian's proposal to add Directors

ExxonMobil XOM:
7/31/15 8K re: 2Q results
6/1/15 8K re: results of voting of 5/27/15 Annual Shareholders Meeting
5/14/15; 4/21/15; & 4/14/15 Proxy materials
5/6/15 10Q & 4/30/15 8K re: 1Q results ended 3/31/15

7/30/15 10Q & 7/17/15 8K re: 2Q results ended 6/30
7/6/15 8K re: sale of assets of GECC over next 24 months to concentrate on industrial businesses
6/10/15 8K re: modified metrics for long term performance goals
5/28/15 8K & 5/27/15 8K re: issuance of notes
5/15/15 10Q & 4/17/15 8K re: 1Q ended 3/31/15

Goldman Sachs GS:
8/3/15 10Q & 7/16/15 8K re: 2Q results ended 6/30
5/22/15 8K re: issuance of notes
5/22/15 8K re: amendmt to stock incentive plan
5/12/15 re: issuance of notes
5/5/15 10Q & 4/16/15 8K re: 1Q ended 3/31/15

Home Depot HD:
6/2/15 8K re: issuance of notes
5/27/15 10Q & 5/19/15 8K re: 1Q ended 5/3/15
5/26/15 8K re: voting results from 5/21 Shareholders Mtg

Intel INTC:
7/29/15 8K re: issuance of notes
7/27/15 10Q & 7/15/15 8K re: 2Q ended 6/27
7/2/15 8K re: retirement of Renee J. James as Pres. effective 1/16
6/5/15 & 4/6/15 8Ks re: change of organizational structure & change of reporting fin'l info
6/1/15 8K re: purchase of Altera Corp
5/27/15 8K re: voting results of 5/21 Stockholder Mtg
5/14/15 8K re: FD disclosures re: Annual Mtg

8/4/15 8K re: issuance of notes
7/28/15 10Q & 7/21 & 7/20 8Ks re: 2Q results ended 6/30
5/1/15 8K re: voting results of 4/28 Stockholder Mtg

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

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

Travelers TRV:
7/21/15 10Q & 7/21/15 8K re: 2Q results ended 6/30
5/22/15 8K re: voting results of 5/20/15 shareholders 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

WalMart WMT:
6/8/15 8K re: voting results of 6/5 shareholder meeting
6/5/15 10Q & 5/19 8K re: 1Q ended 4/30/15

That's All for Now

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