Thursday, September 3, 2009

9/3/09 am Thur Pfizer Cops Plea; Boeing Beats Airbus in Subsidy Case

The following is not intended as advertising by a broker-dealer and is not a research report.

Post #88 The following is brought to you by Intellivest Securities Research, Inc. The following is not intended as advertising by a broker-dealer and is not a research report. Towards the end of this Blog is an update of the Dow 30's most recent SEC filings.

A read of Thursday's 9/3/09 print editions of: Wall Street Journal, Financial Times, Investors Business Daily, New York Times, Atl Journal Const, & USA Today 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 symbol and Wednesday's closing price and related data:

Dow: The Dow Jones Industrial Average closed Wednesday at 9280.67 down 29.93 or 0.32% from Tuesday's close of 9310.6. Of the 30 Dow Companies: 6 gained and 24 declined with the biggest loser being Merck MRK $30.81 -0.98 3.08% 13,581,153 NYSE and the biggest gainer being Coke KO $49.8 +1.27 2.62% 20,299,662 NYSE.

WSJ pC1 "Another Day of Losses AS DJIA Falls 29.93 says stocks extended their losing streak tofour days as further declines in financial shares offset small gains in materials stocks following a disappointing jobs report for August. JPMorgan Chase led the losers with a 1.9% decline.

WSJ pC5 "Large Stock Focus - Disney, Macy's Fall: Joy Global Loses 4.6%" says a disappointing report onthe jobs picture ahead of 2 more gov. reports later in the week weighted on consmer stocks, including Walt Disney and Macy'swhile declines for JPMorgan Chase and several otehr large financials weighted on equities for a second consecutive session. Consumer staples also were helpful led by Coca-Cola which rose 2.6%.

FT p22 "Stocks turn negative after jobless figures heighten uncertainty" says US stocks dipped in and out of the red before ending lower Wed following the release of downbeat data on job losses, prompting speculation that the market's correction had begun. BAC was up 1.1%.

NYT pB6 "Stocks & Bkonds - Trading Remains Subdued On Anxiety Over Jobs Data" says the stock market extended its slide as ivnestors worried that a weak job market would trip up an economic recovery.

USA Today p4B "Markets Wednesday - Unemployment worries pound stocks" says mixed signals about the health of the economy pushed markets slightly lower Wed as investors puzzled about the absence of jobs and a recovery.

The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged.

Wednesday's Dow Jones Industrial Average closing numerator was 1228.01 down 3.96 from Tuesday's closing Dow numerator of 1231.97. 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 decrease for today of 3.96 by the divisor you get 29.93, the decrease in Tuesday's Dow close.

The average closing price (the closing numerator divided by 30) of Tuesday's Dow Jones Industrial Average was 40.93 down 0.14 from Tuesday's Dow Jones Industrial Average closing price of 41.07. The median closing price of Wednesday's Dow Jones Industrial Average was 36.41 down 0.42 from Tuesday's Dow Jones median closing price of 36.83. The highest closing price Wednesday again was IBM $116.09 -0.60 0.51% 4,984,457 NYSE and the lowest closing price Wednesday again was Alcoa AA $11.55 -0.04 0.35% 25,876,750 NYSE. The lowest volume Wednesday again was MMM $70.58 +0.46 0.66% 3,257,967 NYSE and the highest volume again was BAC $16.27 -0.19 1.15% 228,211,647 NYSE.

If Wednesday morning before the market opened you had purchased $100 of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs) and sold at the close you would have lost $420
($123,210 - $122,790)

AT&T T $25.37 +0.01 0.04% 29,262,979 NYSE: IBD pA4 "Competition Crimps Cable Revenue Growth - Phone Carreirs Gain in Pay TV - ime Warner Cable and Comcast target businesses as consumer sales mature" says rev. growth is slowing at cable TV companies despite their success ins elling mroe services to small business. Meanwhile, phone carriers Verizon Communications and AT&T are gaining ground in pay TV. VZ has 2.5 million tv customers, T has 1.6 Mil.

NYT pB1 "IPhoen Overload - AT&T's Burden Hints at Worse Traffic Ahead" says AT&T's cellular network is straining to meet the demands from iPHone users as they download applications, stream music and videos and browse the web.

AA $11.55 -0.04 0.35% 25,876,750 NYSE: No mentions found.

Amex AXP $31.95 -0.03 0.09% 11,323,432 NYSE: WSJ pC9 "TALF Helps Revive Securities - Consumer Loan-Backed Sales in '09 Near $100 Billion" says the Fed Reserve's support for securities backed by consumer loans has helped revive this market, with issuance so far this year clsoe to $100 bil. On Wed., American Express sold its $1.25 bil credit card loan backed deal at 1.25 points over Libor. In a sign of ivnestor demand, several of this week's offerings were increased in size. Bank of Am's auto loan backed deal was increated to $3.021 bil from $1.995 bil.

Bank of Am BAC $16.27 -0.19 1.15% 228,211,647 NYSE: WSJ pC9 "TALF Helps Revive Securities - Consumer Loan-Backed Sales in '09 Near $100 Billion" says the Fed Reserve's support for securities backed by consumer loans has helped revive this market, with issuance so far this year clsoe to $100 bil. On Wed., American Express sold its $1.25 bil credit card loan backed deal at 1.25 points over Libor. In a sign of ivnestor demand, several of this week's offerings were increased in size. Bank of Am's auto loan backed deal was increated to $3.021 bil from $1.995 bil.

FT p22 "Stocks turn negative after jobless figures heighten uncertainty" says US stocks dipped in and out of the red before ending lower Wed following the release of downbeat data on job losses, prompting speculation that the market's correction had begun. BAC was up 1.1%.

Boeing BA $48.4 -0.37 0.76% 3,832,863 NYSE: WSJ pA1 "Beoing Set for Victory Over Airbus In Illegal Subsidy Case" says the World Trade Orgaiz. is expected to rule Fri that European govs illegally susidized airbus aircraft, in the first significant ruling in a long running transAtlantic trade dispute. In the 5 years since the US brought its subsidy complaint to the WTO on behalf of BA, economic and political winds shave shifted sharply in terms of what is acceptable public support for industry. This may change European govs' plans to offer Airbus' parent European Aeronautic Defense & Space $4.1 bil in loans.

CAT $43.51 -0.33 0.75% 8,853,073 NYSE: No mentions found.

Chevron CVX $68.04 -0.44 0.64% 8,058,072 NYSE: IBd pA7 "top Funds Take a Profitable Ride With Priceline" says the country's leading funds the past 3 months ahve been loading up on consumer goods stocks in their latest reporting periods but have been unloading ExxonMObil and Chevron.

Cisco CSCO $21.55 +0.38 1.79% 40,196,022 NASDAQ-GS: WSJ B5 "Cisco, EMC Weigh Tech-Services venture" says Cisco and EMC are int alks to form a new joint venture to provide tech services in a move to increase reveneus from competitive tech sector. CSCO sold $2 bil annually in networking products through the services arms of Hewlett-Packard and IBM but CSCO's decision to build its own server, which it announced in March, ahs soured its relationships with those companies, which are the 2 biggest makers of servers by sales.

Coke KO $49.8 +1.27 2.62% 20,299,662 NYSE: WSJ pC5 "Large Stock Focus - Disney, Macy's Fall: Joy Global Loses 4.6%" says a disappointing report onthe jobs picture ahead of 2 more gov. reports later in the week weighted on consmer stocks, including Walt Disney and Macy'swhile declines for JPMorgan Chase and several otehr large financials weighted on equities for a second consecutive session. Consumer staples also were helpful led by Coca-Cola which rose 2.6%.

Disney DIS $25.4 -0.28 1.09% 14,764,033 NYSE: WSJ pC5 "Large Stock Focus - Disney, Macy's Fall: Joy Global Loses 4.6%" says a disappointing report onthe jobs picture ahead of 2 more gov. reports later in the week weighted on consmer stocks, including Walt Disney and Macy'swhile declines for JPMorgan Chase and several otehr large financials weighted on equities for a second consecutive session. Consumer staples also were helpful led by Coca-Cola which rose 2.6%.

WSJ pB1 "Sawyer to Succeed Gibson at ABC News" says Dis' network, aBC, has tapped Diane Sawyer to take over aBC's early evening newscast in Jan replacing Charles Gibson at "World News." Also reported at FT p14 but doesn't mention Dis.

WSJ pB1 "Movie Studios Discuss Ways to Rent Films Over YouTube says Google's Youtube is in discussions with major movie studios about streaming movies on a rental basis, a test of whether the online video giant ca persuade its user to pay for content. The article mentions the Hulu LLC joint venture between GE's NBC Universal, News Corp. and Dis which allows users to watch full length movies free but don't include new releases in its offering.

NYT pB8 "A Full Palette of Tools for Little Artists at Disney.com" says Dis will offer a at its home page a completely silent, blank canvas surrounded by creativity tools for children.

DD $31.06 +0.01 0.03% 5,615,414 NYSE: No mentions found.

ExxonMobil XOM $68.18 -0.23 0.34% 16,287,425 NYSE: IBd pA7 "top Funds Take a Profitable Ride With Priceline" says the country's leading funds the past 3 months ahve been loading up on consumer goods stocks in their latest reporting periods but have been unloading ExxonMObil and Chevron.

GE $13.2 -0.14 1.05% 69,983,171 NYSE: WSJ pB1 "Movie Studios Discuss Ways to Rent Films Over YouTube says Google's Youtube is in discussions with major movie studios about streaming movies on a rental basis, a test of whether the online video giant ca persuade its user to pay for content. The article mentions the Hulu LLC joint venture between GE's NBC Universal, News Corp. and Dis which allows users to watch full length movies free but don't include new releases in its offering.

Hewlett-Packard HPQ $44.25 +0.38 0.87% 16,139,204 NYSE: WSJ B5 "Cisco, EMC Weigh Tech-Services venture" says Cisco and EMC are int alks to form a new joint venture to provide tech services in a move to increase reveneus from competitive tech sector. CSCO sold $2 bil annually in networking products through the services arms of Hewlett-Packard and IBM but CSCO's decision to build its own server, which it announced in March, ahs soured its relationships with those companies, which are the 2 biggest makers of servers by sales.

HD $26.53 -0.21 0.79% 10,647,204 NYSE: No mentions found.

INTC $19.47 -0.25 1.27% 41,502,044 NASDAQ-GS: No mentions found.

IBM
$116.09 -0.60 0.51% 4,984,457 NYSE: WSJ B5 "Cisco, EMC Weigh Tech-Services venture" says Cisco and EMC are int alks to form a new joint venture to provide tech services in a move to increase reveneus from competitive tech sector. CSCO sold $2 bil annually in networking products through the services arms of Hewlett-Packard and IBM but CSCO's decision to build its own server, which it announced in March, ahs soured its relationships with those companies, which are the 2 biggest makers of servers by sales.

JPMorgan JPM $40.86 -0.81 1.94% 35,752,875 NYSE: WSJ pC1 "Another Day of Losses AS DJIA Falls 29.93 says stocks extended their losing streak tofour days as further declines in financial shares offset small gains in materials stocks following a disappointing jobs report for August. JPMorgan Chase led the losers with a 1.9% decline.

WSJ pC5 "Large Stock Focus - Disney, Macy's Fall: Joy Global Loses 4.6%" says a disappointing report onthe jobs picture ahead of 2 more gov. reports later in the week weighted on consmer stocks, including Walt Disney and Macy'swhile declines for JPMorgan Chase and several otehr large financials weighted on equities for a second consecutive session. Consumer staples also were helpful led by Coca-Cola which rose 2.6%.

JNJ $59.76 -0.18 0.3% 8,170,184 NYSE: No mentions found.

KFT $28.01 -0.06 0.21% 7,122,698 NYSE: No mentions found.

MCD $55.37 -0.27 0.49% 6,946,490 NYSE: No mentions found.

Merck MRK $30.81 -0.98 3.08% 13,581,153 NYSE: WSJ pB2 "Pfizer Pleads Guilty to Improper Marketing" says PFE agreed to plead guilty to a fed criminal charge of illegally marketing the painkiller Bextra and will pay $2.3 bil for illegally promoting the sale of that and other medicines for unapproved uses. Pfizer pulled Bextra from the market in '05 after Merck & Co., withdrew a copeting painkiller, Viozz, due to links to increased heart attach risk.

WSJ pD9 "roche Drug Shrinks Tumors in Study" says an experimental drug designed by Roche's Genentech against a new cancer target yielded good results against rare tumors. The durg, GDC-0449 shrank skin cancer tumors called basal cell carcinoma. The drug's target is called the hedgehog pathy and is also the target of Merck's efforts and Infinity Pharmaceuticals' efforts.

NYT pB1 "High Stakes For Merck In LItigation On Fosamax" says drug execs, product liability lawyers and analysts are watching a jury trial in NY over medical problems associated with Fosamax, a drug from Merck that has been taken by milions of women tooffset the boen loss associated with menopause. It is the first of abotu 900 sate and federal cases pending against Merck in which plaintiffs claim that taking Fosamax caused them to develop osteonecrosis of the jaw.

Microsoft MSFT $23.86 -0.14 0.58% 40,701,255 NASDAQ-GS: WSJ pB4 "Dentsu Seeks Deals as Razorfish Get Away" says that unfdeterred by a failed bid last month to buy MSFT's digital advertising agency, Dentsu, Japn's largest advertising firm is looking to buy other companies to extend its global reach.

FT p16 "Microsoft closes price gap with sony in Japan" says MsFT cut the price of its Xbox 360 games console in Japan following similar moves in Europe and the US as it seeks to compete in the one market where it is lagging far behind rival Sony's PlayStation 3.

Pfizer PFE $16.28 -0.10 0.61% 39,837,517 NYSE: WSJ pB2 "Pfizer Pleads Guilty to Improper Marketing" says PFE agreed to plead guilty to a fed criminal charge of illegally marketing the painkiller Bextra and will pay $2.3 bil for illegally promoting the sale of that and other medicines for unapproved uses. Pfizer pulled Bextra from the market in '05 after Merck & Co., withdrew a copeting painkiller, Viozz, due to links to increased heart attach risk. Also reported at F p15 IBD pA1, NYT pB4, USA Today pB1 & AJC pA11..

PG $52.8 -0.22 0.41% 8,795,322 NYSE: No mentions found.

MMM $70.58 +0.46 0.66% 3,257,967 NYSE: No mentions found.

TRV $49.15 -0.11 0.22% 4,272,265 NYSE: No mentions found.

UTX $58.85 -0.21 0.36% 3,721,263 NYSE: No mentions found.

Verizon VZ
$30.14 -0.23 0.76% 10,769,511 NYSE: IBD pA4 "Competition Crimps Cable Revenue Growth - Phone Carreirs Gain in Pay TV - ime Warner Cable and Comcast target businesses as consumer sales mature" says rev. growth is slowing at cable TV companies despite their success ins elling mroe services to small business. Meanwhile, phone carriers Verizon Communications and AT&T are gaining ground in pay TV. VZ has 2.5 million tv customers, T has 1.6 Mil.

WalMart WMT $50.92 -0.05 0.1% 13,422,549 NYSE: WSJ p6 "Wal-Mart to Pay ia Check Cards - Cost Saving Move Embraces Elecgtronic Payments to All Its US work Froce" says WMT, the uS' largest private employer, is eliinating paper payroll checks and will transfer workers' earning to a debit card fi they decline direct deposit to a bank.

Here are the latest SEC filings as of 8/24/09 other than ownership filings and, except for certain cases, I do not include third party shareholder proposals:

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

T AT&T 8/17/09 8K annoucning a settlement with he Int'l Communications Works (IBEW) for a 3 year contract covering 8.900 employees in Illinois and Indiana subject to members' approval.
AA Alcoa 7/13/09 8K 2nd Quarter Earnings Results
AXP 8/17/09 8K furnishing owned and managed basis delinquency and write-off statistics for the lending portfolio of its U.S. Card Services (“USCS”) operating segment for the months ended May 31, June 30 and July 31, 2009.
BAC Bank of Am in addition to two 424 Prospectuses and a free writing prospectus regarding issuance of notes, on 8/21/09 8K BAC appointed Robert W. Scully to its board of directors and he is expected to serve on the Asset Quality and Compensation and Benefits Committees of the Board.
BA Boeing 7/28/09 8K On July 28, 2009, BA issued $750,000,000 in aggregate principal amount of 3.500% Senior Notes due 2015, $750,000,000 in aggregate principal amount of 4.875% Senior Notes due 2020 and $450,000,000 in aggregate principal amount of 5.875% Senior Notes due 2040.
CAT Caterpiller 8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.
CVX Chevron 8/5/09 10Q
CSCO Cisco 8/5/09 8K CSCO reported its results of operations for its fiscal fourth quarter and fiscal year 2009 ended July 25, 2009.
KO Coke 7/30/09 10Q
DIS Disney 7/30/09 10Q
DD DuPont 8/13/09 8K On 8/11/09 DD named Nicholas C. Fanandakis, age 53, Senior Vice President & Chief Financial Officer & Chief Executive effective September 1, 2009 with an increase in annual salary from $387,708 to $500,000 and target short-term incentive award for 2009 will increase from $328,500 to $464,100. Mr. Fanandakis was named to his current position, Group Vice President- Applied BioSciences, in January 2008. Prior to that, he was vice president and general manager- DuPont Chemical Solutions Enterprise from September 2003 through September 2006 and vice president- Corporate Plans from October 2006 through December 2007. Jeffrey L. Keefer, EVP and Chief Financial Officer, will remain EVP and transition from the position of Chief Financial Officer to assume leadership responsibility for the Company’s Performance Coatings business, corporate strategy development, Information Technology and overall cost and working capital productivity efforts effective November 1, 2009.
Richard R. Goodmanson, EVP and Chief Operating Officer has elected to retire from the Company effective September 30, 2009.
XOM Exxon 8/5/09 10Q
GE 8/4/09 8K GE reached a settlement with the SEC & consented to a judgment of a fine of $50 million relating to four accounting matters arising in 2002 - 2003: the application of SFAS 133 to GE’s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception; a change in accounting for profits on spare parts in the commercial aviation engine business; and certain year-end transactions in the Rail business.
HPQ Hewlett-Pack 8/18/09 8K re: release of 731/09 3Q results
HD Home Depot 8/18/09 8K re: release of July 31, 2009 3Q results & 8/21 Form ASR automatic shelf registration for debt securities
INTC Intel 8/3/09 10Q
IBM 7/28/09 10Q
JPM JPMorgan 8/25/09 Free Writing Prospectus relating to reverse convertible securities
JNJ Johnson 8/4/09 10Q
KFT Kraft 8/5/09 10Q
MCD McDonalds 8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"
MRK Merck 8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough
MSFT Microsoft 68/24/09 Securities to be offered to employees in employee benefit plans
PFE Pfizer 8/6/09 10Q
PG Procter Gam 8/25/09 424 Prospectus re: Notes due 2015
MMM 3M 8/5/09 3M contributed 8,329,862 shares of its common stock with a corresponding dollar value of approximately $600 million to its defined benefit pension plan, the 3M Employee Retirement Income Plan, made from treasury stock.
TRV Travelers 8/5/09 10Q/A Amended 10Q
UTX United Tech 7/24/09 10Q
VZ Verizon 7/30/09 10Q
WMT Wal-Mart 8/13/09 8K re 7/31/09 2Q report of earnings 0Q

Here are the CEOs of the Dow 30 Companies:

T Randall L. Stephenson
AA Klaus Kleinfeld
AXP Kenneth I. Chenault
BAC Kenneth D. Lewis
BA W. James McNerney, Jr.
CAT James W. Owens
CVX David O'Reilly
CSCO John Chambers
KO Muhtar Kent
DIS Rogert Iger
DD Nicholas C. Fanandakis replaces Ellen Kullman 9/1/09
XOM Rex W. Tillerson
GE Jeffrey R. Immelt
HPQ Mark Hurd
HD Frank Blake
INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPM Jamie Dimon
JNJ William C. Weldon
KFT Irene Rosenfeld
MCD Jim Skinner
MRK Robert Clark
MSFT Steve Ballmer
PFE Jeffrey Kindler
PG Bob McDonald
MMM George W. Buckley
TRV Jay S. Fishman
UTX Louis Chenevert
VZ Ivan Seidenberg
WMT Mike Duke