Wednesday, September 9, 2009

9/9/09 am Wed No One Bids Against Kraft for Cadbury

9/8/09 am Tues Kraft's Bid for Cadbury Rebuffed
The following is not intended as advertising by a broker-dealer and is not a research report.

Post #97 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 Wednesday's 9/9/09 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 Thursday's closing price and related data:

Dow: The Dow Jones Industrial Average closed Tuesday at 9497.34 up 56.07 or 0.59% from Friday's close of 941.27. Of the 30 Dow Companies: 23 gained and 7 declined with the biggest loser being Kraft KFT $26.45 -1.65 5.87% 43,122,827 NYSE and the biggest gainer being Chevron CVX $70.48 +1.52 2.2% 9,657,179 NYSE.

WSJ pC5 "Large Stock Focus - Alcoa, GE, Chevron Pace Forward March" says stocks began the unofficial start to autumn just as they did this summer, with Alcoa, Chevron and GE at the forefront of a rally in energy, commodities and industrial companies. Kraft fell 1.65 due to Cadbury's rejection of its offer.

Fin Times p22 "Wall Street - Investors take heart from latest flurry of M&A activity" by Samantha Pearson says US stocks climbed higher for the third day yesterday after rising commodity prices and renewed merger and acquisition activity bolstered investor confidence. It notes that ExxonMobil rose 2.1%, the industrials index was buoyed by GE, & that Kraft, the biggest food group in the US fell 5.9% after its bid for Cadbury was rejected, IBM was downgraded and lost 0.3% even though the group said it was well ahead of its plan of achieving earnings per share of $10 to $11 for 2010.

USA Today p4B "Markets Tuesday - Optimism lifts stocks for 3rd session" says that stocks rallied a third-straight trading day Tuesday as rising commodities prices and stirrings of corporate takeovers fanned optimism about the economy and notes that Alcoa rose 0.42. The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged.

Tuesday's Dow Jones Industrial Average closing numerator was 1256.68 up 7.42 from Friday's closing Dow numerator of 1249.26. 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 increase for today of 7.42 by the divisor you get 56.07, the increase in Tuesday's Dow close.

The average closing price (the closing numerator divided by 30) of Tuesday's Dow Jones Industrial Average was 41.89 up 0.25 from Friday's Dow Jones Industrial Average closing price of 41.64. The median closing price of Tuesday's Dow Jones Industrial Average was 38.02 up 0.47 from Friday's Dow Jones median closing price of 37.55. The highest closing price Tuesday again was IBM $117.16 0.30 0.26% 5,792,308 NYSE and the lowest closing price Tuesday again was Alcoa AA $12.6 +0.42 3.45% 23,569,560 NYSE. The lowest volume Tuesday again was MMM $71.69 0.34 0.48% 3,368,557 NYSE and the highest volume again was BAC $17.02 0.07 0.41% 161,988,626 NYSE. If Tuesday 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 made $750
($125,670 - $124,920)

T $25.75 +0.24 0.94% 21,273,678 NYSE: No mentions found.

Alcoa AA $12.6 +0.42 3.45% 23,569,560 NYS: WSJ pC5 "Large Stock Focus - Alcoa, GE, Chevron Pace Forward March" says stocks began the unofficial start to autumn just as they did this summer, with Alcoa, Chevron and GE at the forefront of a rally in energy, commodities and industrial companies. Kraft fell 1.65 due to Cadbury's rejection of its offer.

USA Today p4B "Markets Tuesday - Optimism lifts stocks for 3rd session" says that stocks rallied a third-straight trading day Tuesday as rising commodities prices and stirrings of corporate takeovers fanned optimism about the economy and notes that Alcoa rose 0.42.

AXP $33.49 +0.65 1.98% 9,286,500 NYSE: No mentions found.

Bank of America BAC $17.02 -0.07 0.41% 161,988,626 NYSE: WSJ pC1 "New York Nears Charges on Merrill Deal" by Dan Fitzpatrick says NY state's atty gen'l Andrew Cuomo is close to filing securities fraud charges against BofAm's execs, citing at least 4 failures to tell shareholders material info related to BAC's takeover of Merrill Lynch.

Related story at NYT pB1 "Bank Firing of Counsel is Examined" by Louise Story says 4 days after BofAm shareholders voted to merger with Merrill, Timothy J. Mayopoulos BAC's general counsel was fired. Atty Gen'l of NY Cuomo is examining why he was fired.

BA $49.5 +0.35 0.71% 4,583,854 NYSE: No mentions found.

CAT $46.97 +0.86 1.87% 7,442,309 NYSE: No mentions found.

Chevron CVX $70.48 +1.52 2.2% 9,657,179 NYSE: WSJ pC5 "Large Stock Focus - Alcoa, GE, Chevron Pace Forward March" says stocks began the unofficial start to autumn just as they did this summer, with Alcoa, Chevron and GE at the forefront of a rally in energy, commodities and industrial companies. Kraft fell 1.65 due to Cadbury's rejection of its offer. GE's stock is profiled under a side bar "The good News . . ." saying JPMorgan upgraded the stock to overweight, saying investors may already be numb in the worst case.

CSCO $21.92 +0.08 0.37% 39,347,887 NASDAQ-GS: No mentions found.

KO $50.41 +0.46 0.92% 15,577,565 NYSE: No mentions found.

Disney DIS $26.28 +0.38 1.47% 12,333,647 NYSE: WSJ pB4 under "Walt Disney Co." says Dis agreed to buy Wideload Games and hiring its own, game creator Alexander Seropian.

Similar story at Fin Times p15 saying Dis has hired the co-creator of Halo, a bestselling video game, as it expands its interactive division.

DD $31.83 +0.12 0.38% 6,044,521 NYSE: No mentions found.

Exxon XOM $70.65 +1.47 2.12% 21,872,174 NYSE: Fin Times p22 "Wall Street - Investors take heart from latest flurry of M&A activity" by Samantha Pearson says US stocks climbed higher for the third day yesterday after rising commodity prices and renewed merger and acquisition activity bolstered investor confidence. It notes that ExxonMobil rose 2.1%, the industrials index was buoyed by GE, & that Kraft, the biggest food group in the US fell 5.9% after its bid for Cadbury was rejected, IBM was downgraded and lost 0.3% even though the group said it was well ahead of its plan of achieving earnings per share of $10 to $11 for 2010.

GE $14.5 +0.63 4.54% 142,807,374 NYSE: WSJ pC5 "Large Stock Focus - Alcoa, GE, Chevron Pace Forward March" says stocks began the unofficial start to autumn just as they did this summer, with Alcoa, Chevron and GE at the forefront of a rally in energy, commodities and industrial companies. Kraft fell 1.65 due to Cadbury's rejection of its offer.

WSJ pC5 "MarketBeat - Dong a Cover of Pink Floyd, JP Morgan Plays Tune on GE - Its Report Sends Stock Up" says JPM's upgrade of GE to overweight from neutral helped GE gain 4.5%.

Fin Times p22 "Wall Street - Investors take heart from latest flurry of M&A activity" by Samantha Pearson says US stocks climbed higher for the third day yesterday after rising commodity prices and renewed merger and acquisition activity bolstered investor confidence. It notes that ExxonMobil rose 2.1%, the industrials index was buoyed by GE, & that Kraft, the biggest food group in the US fell 5.9% after its bid for Cadbury was rejected, IBM was downgraded and lost 0.3% even though the group said it was well ahead of its plan of achieving earnings per share of $10 to $11 for 2010.

Hewlett-Packard HPQ $45.47 +0.37 0.82% 10,477,354 NYSE: "Tech Journal - Numbers Don't Add Up for a TI Calculator - New Graphing Device Is More Than Some Students Need as Old Models Hold Their Own" profiles Texas Instruments' new $135 TI-Nspire, which has gotten off to a slow start because this graphing calculator is too complex. Hewlett-packard has also released a graphing calculator app for iPhne that costs around $30. HP has a less than 5% stake in the graphing calculator market.

WSJ pB7 "Dell Shares Poised fro Rebound" by Ben Charny says Dell's sahres may get a lift soon as companies begin a delayed upgrade of their aging tech infrastructure. More than its competitors, Dell relies on corporations to buy its workstations, laptops, and servers, nearly 80% of its revenues came from such sales, while Hewlett Packard is more consumer oriented. IBM and Intel recently said they see demand picking up as corporations made updating hardware a priority. Microsoft's new Windows 7 operating system is expected to boost demand for new machines.

HD $27.48 +0.45 1.66% 12,163,174 NYSE: No mentions found.

INTC $19.8 +0.16 0.81% 45,559,570 NASDAQ-GS: No mentions found.

IBM $117.16 -0.30 0.26% 5,792,308 NYSE: Fin Times p22 "Wall Street - Investors take heart from latest flurry of M&A activity" by Samantha Pearson says US stocks climbed higher for the third day yesterday after rising commodity prices and renewed merger and acquisition activity bolstered investor confidence. It notes that ExxonMobil rose 2.1%, the industrials index was buoyed by GE, & that Kraft, the biggest food group in the US fell 5.9% after its bid for Cadbury was rejected, IBM was downgraded and lost 0.3% even though the group said it was well ahead of its plan of achieving earnings per share of $10 to $11 for 2010.

JPMorgan JPM $42.54 +0.20 0.47% 28,067,998 NYSE: WSJ pC5 "MarketBeat - Dong a Cover of Pink Floyd, JP Morgan Plays Tune on GE - Its Report Sends Stock Up" says JPM's upgrade of GE to overweight from neutral mhelped GE gain 4.5%.

WSJ pC14 "In the Markets - Big Banks to Expand Swaps Clearing - Firms Expect to Rotue 90% of Trades Through Third Parties by December" by jacob Bunge says big banks are planning to route nearly all swap transactions through clearinghouses by the end of the year, a step that will reduce risk in otc markets. The banks include JPMorgan Chase.

WSJ pC17 "Fund Track - Gold-Backed ETF Enters Fray in US Fund to Launch as Prices, Demand Soar" by Carolyn Cui says with gold touching $1,000 a troy ounce, a new bullion backed excahn ge trade fund is entering the US market, the ETFS Physical Swiss gold Shares that will store its metals in Zurich in vaults managed by J>P> Morgan Chase.

Fin Times p13 "Profit fears amind banks debate - JPMorgan study sees one-third reduction - Job losses predicted after regulation moves" by Patrick Jenkins and Brooke Masaters says the global regulatory crackdown in the wake of the financial crisis is likely to cut longterm profitability at US and European investment banks by nearly a third, forcing them to cut bonuses and shed staff, says a study by JPMorgan. the study takes a deeply pessimistic view of the impact of regulatory changes that include tougher capital rules for trading and a push to trade derivatives on exchanges. The articles quotes JPMorgan banking analyst Kian Abouhossein who believes that traditional credit will be a better place to be than investment banking.

Fin times p14 "Banks - Cahnges to rules put bank profits at risk - Deutsche, Goldman and Barclays threat - Fresh analysis from JPMorgan" by Patrick Jenkins says Deutsche Bank, Boldman and Barclays ahve the most to worry about over the enxt few years as new regulations of investment banks' activity eat into profitability, according to analysts at JPMorgan. In a pairof reserch reports on the wrold's leading investment banks, excluding JPMorgan, published today as the analysts project that regulatory changes will on average slice 30% off banks' 2011 profitability.

JNJ $60.57 +0.25 0.41% 8,777,569 NYSE: No mentions found.

Kraft KFT $26.45 -1.65 5.87% 43,122,827 NYSE: WSJ B1 "War of Words Heats Up Over Cadbury - Kraft Executives Defend Offer Price for Chocolate Maker With No White Knights Making Moves" by Dana Cimilluca, Jeffrey McCracken and Anjali Cordeiro says Kraft rathced up the rhetoric in its takeover battle for Cadbury Tues with Kraft dismissing criticism that the $16.8 bil bid is too low. This could be a months long saga.

Related story WSJ pC18 'Hershey Challenge to Kraft Offer Looks Like a Tall Order" says if Kraft gets Cadbury Hershey Hershey drops further behind among its candy competitors. Now Hershey is 4th in terms of market cap at 8.9 bil behind Nestle at 149.9 bil, Kraft 43.7 and Cadbury 17.5.

Related story at WSJ pB1 "Factory Town Roots for Kraft in Candy Battle" by Cecilie Rohwedder and Neil Shah" says that across small towns in England a "Save Cadbury's" campaign is thriving but not in Keynsham, England where Cadbury has announced it plans to close in 2010 and move the jobs to Poland. Kraft says it would keep the factory open.

WSJ pB2 devotes pB2 to "Kraft's Pursuit of Cadbury" with the following stories: "Sweet Scent Draws In Wasserstein" by Jeffrey McCracken and Dana Cimilluca that says Bruce Wasserstein ceo of Lazard Ltd. is the lead adviser to Kraft. Also, "Nestle, Hershey Face Risk of Fresh Perils" by Julie Jargon & Deborah Ball that says Kraft's bid for Cadbury could put Nestle and Hershey in a bad spot because Hershey needs the type of global reach Kraft would now have. Kraft would have its biggest impact by consolidating the chocolate industry in Western Europe. This would hit Nestle hard in markets where it is weak.

WSJ pC5 "Large Stock Focus - Alcoa, GE, Chevron Pace Forward March" says stocks began the unofficial start to autumn just as they did this summer, with Alcoa, Chevron and GE at the forefront of a rally in energy, commodities and industrial companies. Kraft fell 1.65 due to Cadbury's rejection of its offer.

NYT pB1 "Kraft Chief has History Of Success" by William Neuman says Irene B. Rosenfeld, the ceo of Kraft has had a history of innovation and success in this favorable profile of her. But a story at NYT B2 "More tough Love, A Bit Less Candy" says Kraft shareholders have suffered under her and she needs to cut more costs at the same time she buys Cadbury.

Fin Times p8 editoral "Chocolate wars - Kraft's bid for Cadbury is a welcome return to normalcy" says that Cadbury is a British instution and the writer says it is surprising that there have been so few howls of protest at the possibility that after Jaguar and Pilkington, another iconic Bitish brand may be bought by a foreign company. How refreshing, too, it says.

Related story at Fin Times p12 "Getting Krafty" says Kraft needs to pay more to win the golden ticket to Cadbury's chocolate factors. Also, "Cadbury's suitors" says as a trophy brand, Cadbury should have many suitors but llok closer and the field narrows. Mars is still in hock after buying Wrigley, PepsiCo is an outside prospect and Nestle and Hershey couldn't bid alone but they might team up.

Related story at Fin Times p13 "Spurned Kraft warns Cadbury it will struggle to stay independent" by Jonathan Birchall says Kraft's CEO Irene Rosenfeld said Tues that Kraft hoped to reach a friendly agreement with Cadbury's board on an offer for the group which was founded by John Cadbury in Birmingham in the 1830s.

Fin Times p17 "Stitzer managed to raise the bar fo Cadbury - The chocolate maker's chief turned falling profits around" by Jenny Wiggins has a nice profile on Cadbury's ceo Todd Stitzer.

Fin Times p22 "Wall Street - Investors take heart from latest flurry of M&A activity" by Samantha Pearson says US stocks climbed higher for the third day yesterday after rising commodity prices and renewed merger and acquisition activity bolstered investor confidence. It notes that ExxonMobil rose 2.1%, the industrials index was buoyed by GE, & that Kraft, the biggest food group in the US fell 5.9% after its bid for Cadbury was rejected, IBM was downgraded and lost 0.3% even though the group said it was well ahead of its plan of achieving earnings per share of $10 to $11 for 2010.

McDonalds MCD $56.22 +0.08 0.14% 7,471,723 NYSE: AJC pA11 "Mcdonald's loses battle over name in Malaysia" by AP Julia Zappel and Fin Times p16 in a story by Kevin Brown and Kenneth Li say MCD lost an 8 year trademark battle to prevent local restaurant McCurry in Putrajaya, Malaysia from using the "Mc" prefix in a precedent setting judgment by Malaysia's highest court.

MRK $30.97 +0.27 0.88% 13,740,172 NYSE: No mentions found.

MSFT $24.82 +0.20 0.81% 53,714,894 NASDAQ-GS: No mentions found.

PFE $16.21 -0.18 1.1% 37,759,465 NYSE: No mentions found.

PG $54.2 +1.34 2.53% 15,447,131 NYSE: No mentions found.

MMM $71.69 +0.34 0.48% 3,368,557 NYSE: No mentions found.

TRV $48.97 -1.15 2.29% 5,107,073 NYSE: No mentions found.

UTX $60.38 -0.14 0.23% 4,951,475 NYSE: No mentions found.

VZ $30.95 +0.35 1.14% 16,184,766 NYSE: No mentions found.

Walmart WMT $51.4 -0.28 0.54% 14,121,414 NYSE: WSJ pC6 "Deal of the Week - St. Louis Gets a Dowtown Boost" by Maura Webber Sadovi says a private US investment group has signed a contract to pay Macy's $35 mil to buy a landmark building easing city leaders' fear that Macy's might leave St. Louis because it can't compete with WalMart. As part of the deal Macy's will lease the building back and stay in St. Louis.
Here are the latest SEC filings as of 9/4/09 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: 8/28/09 two 8K's, one: annoucning it had reached agreement with the Communications Workers of America (on a new, three-year contract covering approximately 7,000 wireline employees (located across the U.S.) under the CWA Communications and Technologies contract, subject to approval by these employees. The second 8K said two subsidiaries of Tprovided redeemed certain long-term debt issues as of September 28, 2009.

Alcoa AA: 8/29/09 8K announcing that Alain J. P. Belda, executive Chairman of the Board of Directors of AA retired as an executive officer but is staying on as a director until April 23, 2010.

American Express AXP: 9/2/09 10Q

Bank of Am BAC: a free writing prospectus regarding issuance of $74 million in debt securities.

Boeing BA: 8/31 8K announcing the retirement of Scott E. Carson, Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes, effective January 1, 2010. Effective September 1, 2009, Mr. Carson will leave his current position and assume the role of Executive Vice President. Carson will be replaced by James F. Albaugh.

8/27 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.

Caterpiller CAT: 8/20/09 8K CAT filed Reg FD information concerning deliveries to users for its Machinery and Engines lines of business.

Chevron CVX: 8/6/09 10Q

Cisco CSCO: 8/5/09 8K CSCO reported its results of operations for its fiscal fourth quarter and fiscal year 2009 ended July 25, 2009.

Coke KO: 7/30/09 10Q

Disney DIS: 8/31/09 8K announcing a merger between its subsidiary, Maverick Acquisition Sub, Inc., and its subsidiary, Maverick Merger Sub, LLC, a single member Delaware limited liability company and Marvel Entertainment, Inc.. As a result of the Merger, Marvel will become a wholly owned subsidiary of Disney. Each share of Marvel common stock will be converted into $30 in cash and 0.7452 shares of Disney common stock.

DuPont DD: 8/13/09 8K announcing 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 DD'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 will retire effective September 30, 2009.

ExxonMobil XOM: 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.

Hewlett-Packard HPQ: 8/18/09 8K re: release of 731/09 3Q results

Home Depot HD: 8/26 8K announcing amendments to their By-Laws dealing with resignations of directors.

Intel INTC: 9/2/09 8K announcing that as a result of stronger than expected demand for microprocessors and chipsets, Intel now expects revenue for the third quarter to be $9.0 billion, plus or minus $200 million, as compared to the previous range of $8.5 billion, plus or minus $400 million. The gross margin percentage for the third quarter is expected to be in the upper half of the previous range of 53 percent, plus or minus two percentage points. The company is scheduled to report its third-quarter financial results on Oct. 13.

IBM: 7/28/09 10Q

JPMorganChase JPM: 9/2/09 Free Writing Prospectus relating to Core commodity C-IGAR Sigma Long-Short Index

Johnson & Johnson JNJ: 8/4/09 10Q

Kraft KFT: 8/5/09 10Q

McDonalds MCD: 8/11/09 re: press release "McDonald’s Reports Global Comparable Sales Up 4.3% in July"

Merck MRK: 8/3/09 Sched 14A proxy material re: updated of acquisition of Schering-Plough

Microsoft MSFT: 8/24/09 S-8 Securities to be offered to employees in employee benefit plans

Pfizer PFE: 9/2/09 8K announcing an agreement with the U.S. Department of Justice to settle an investigation regarding off-label promotional practices related to Bextra, which Pfizer withdrew from the market in 2005 and other DOJ investigations involving off-label promotional practices concerning Zyvox, Geodon and Lyrica, and allegations related to payments to healthcare professionals involving these and nine other Pfizer medicines. Pfizer previously disclosed a related $2.3 billion charge to its fourth-quarter and full-year 2008 earnings in connection with the DOJ agreement in principle on January 26, 2009. PFE has reached agreements with attorneys general in 432 states to settle state civil consumer protection allegations regarding promotional practices concerning Geodon. PFE will pay a total of $33 million to the settling states.

Procter & Gamble PG: 8/28/09 S-8 Securities to employees and 8/28 8K annoucning public offering of $500,000,000 aggregate principal amount of 3.150% Notes due 2015.
Also a PG subsidiary, Procter & Gamble International Funding SCA issued $1,000,000,000 aggregate principal amount of 1.350% Notes due 2011.

3M MMM: 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.

Travelers TRV: 8/5/09 10Q/A Amended 10Q

United Technologies UTX: 7/24/09 10Q

Verizon Communications Inc. VZ: 9/2/09: 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc. (at end of '09 and also VZ raised its quarterly dividend 3.3% to 47.5 Cents per share. This is the third consecutive year that VZ has approved a quarterly dividend increase in September.

Wal-Mart WMT: 8/13/09 8K re 7/31/09 2Q report of earnings

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