Thursday, October 1, 2009

10/1/09 pm Dow Closes 9509.28 down 203 or 2.09%

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

Post #137 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 as of 9/25/09, a list of the Dow 30 CEO's and a ranking of the Dow 30 by market capitalization.

The Dow Jones Industrial Average closed Thursday at 9509.28 down 203 or 2.09% from Wednesday's close of 9712.28. Of the 30 Dow Companies: 0 gained and 30 declined. The biggest loser dollar-wise and percentage-wise was J.P. Morgan Chase(JPM $41.37 -2.45 5.59% 48,955,764 NYSE).

The current divisor for the Dow found at today's page C4 of The Wall St. Jrnl is .132319125 unchanged where it is also noted that as of open today the Dow's trailing P/E ratio was 15.67 down from yesterday's 15.72, its P/E estimate was 15.48 same as yesterday and its Dividend yield was 2.90 up from yesterday's 2.89. Thurssday's Dow Jones Industrial Average closing numerator was 1258.26 down 26.86 from Wednesday's closing Dow numerator of 1285.12. 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 decrease for today of 26.86 by the divisor you get 203, the decrease in Thursday's Dow close.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 41.94 down 0.90 from Wednesday's Dow Jones Industrial Average closing price of 42.84. The median closing price of Thursday's Dow Jones Industrial Average was 36.92 down 1.94 from Wednesday's Dow Jones median closing price of 38.86.

The highest closing price Thursday again was IBM $117.9 -1.71 1.43% 6,966,354 NYSE and the lowest closing price Thursday again was Alcoa AA $12.92 -0.20 1.52% 51,522,009 NYSE.

The lowest volume Thursday again was 3M MMM $72.55 -1.25 1.69% 4,302,930 NYSE and the highest volume again was Bank of Am BAC $16.21 -0.71 4.2% 243,189,476 NYSE.

If Thursday 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 $2,700.
($128,520 - $125,820)

Thursday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market

T $26.61 -0.40 1.48% 30,801,367 NYSE
AA $12.92 -0.20 1.52% 51,522,009 NYSE
AXP $32.46 -1.44 4.25% 14,810,979 NYSE
BAC $16.21 -0.71 4.2% 243,189,476 NYSE
BA $52.11 -2.04 3.77% 6,457,237 NYSE
CAT $49.45 -1.88 3.66% 12,758,303 NYSE
CVX $68.81 -1.62 2.3% 9,028,089 NYSE
CSCO $23.09 -0.45 1.91% 61,815,985 NASDAQ-GS
KO $53.12 -0.58 1.08% 13,726,197 NYSE
DIS $27.36 -0.10 0.36% 15,933,985 NYSE
DD $30.6 -1.54 4.79% 8,736,040 NYSE
XOM $67.27 -1.34 1.95% 24,327,527 NYSE
GE $15.97 -0.45 2.74% 112,534,854 NYSE
HPQ $45.96 -1.25 2.65% 19,952,419 NYSE
HD $26.32 -0.32 1.2% 16,110,720 NYSE
INTC $18.9 -0.67 3.42% 68,425,352 NASDAQ-GS
IBM $117.9 -1.71 1.43% 6,966,354 NYSE
JPM $41.37 -2.45 5.59% 48,955,764 NYSE
JNJ $59.81 -1.08 1.77% 11,966,180 NYSE
KFT $25.99 -0.28 1.07% 12,813,548 NYSE
MCD $56.74 -0.33 0.58% 9,678,227 NYSE
MRK $31.18 -0.45 1.42% 16,972,802 NYSE
MSFT $24.88 -0.84 3.27% 74,903,499 NASDAQ-GS
PFE $16.31 -0.24 1.45% 53,812,677 NYSE
PG $56.62 -1.30 2.24% 15,612,584 NYSE
MMM $72.55 -1.25 1.69% 4,302,930 NYSE
TRV $48.77 -0.46 0.93% 7,274,187 NYSE
UTX $59.99 -0.94 1.54% 5,951,312 NYSE
VZ $30.01 -0.26 0.86% 21,799,428 NYSE
WMT $49 -0.09 0.18% 21,971,708 NYSE

The following appeared in Thursday morning's Blog:

T $27.01 -0.19 0.7% 37,331,537 NYSE: No mentions found.

AA $13.12 -0.19 1.43% 31,621,534 NYSE: No mentions found.

American Express AXP $33.9 -0.09 0.26% 14,831,082 NYSE: WSJ pD2 "American Express Cuts gift-Card Fees" by Jane J. Kim that says in a move that could spur other banks to follow suit, American Express will eliminate all monthly fees on its gift cards starting Wed. AXP has annual gift card sales of over $1 bil and is the first major issuer of general purpose gift cards to eliminate all fees after purchase although it will continue to charge purchase fees, ranging from 2.9 to 6.95 to buy the cards.

Similar story at NYT pB2 by Andrew Martin and also USA Today p5B.

Bank of America BAC $16.92 -0.24 1.4% 179,061,027 NYSE: WSJ pA1 Headline "Bank of America Chief Resigns Under Fire - Lewis to leave at Year End as Lender Faces new York Probe of Merrill Deal - Fed Up After a Year of Criticism; Successor Unclear;" by Dan Fitzpatrick, Joann S. Lublin; also at front page of NYT Biz Sec. pB1 "Ending Rocky Tenure, Chief Is to Leave Bank of America" by Louise Story, Eric Dash; AJC "Bank of America CEO to leave under pressure" by Stevenson Jacobs of AP; Lead Story at USA Today Money Section by Pallavi Gogoi & Inv. Bus. Daily pA2 all say that the CEO of America's largest bank in terms of assets, 62 year old Kenneth D. Lewis, who has led the bank since '01, said he will resign by year end because he was fed up with the criticism that haunted him following the takeover of Merrill Lynch & Co. Lewis was first hailed as a hero for buying Merrill on the same weekend last Sept. when Lehman Brothers Holdings Inc. collapsed but that changed quick enough because he is under attach from NY Aty Gen'l Andrew Cuomo and others, including the SEC, over disclosures of Merrill's bonus payments and ballooning losses shortly before the takeover was completed in Jan. No successor has been chosen and the directors may go outside for a successor. BofA still has big losses on bad mortgages and other consumer lows. BofA shares were up 1% in after hour trading after being down 1% during regular trading. The announcement was made after the market closed which is why Fin Times has no story about it. The WSJ story has a picture of Lewis looking down, with a closed frown as if he were just given some very bad news.

WSJ pC6 "BofA (Note: Lewis resigned after the market closed) and Disney Fall: Moody's Gives Up 1.7%" by Donna Kardos Yesalavich says stocks closed lower Wednesday as investors grew nervous about a slew of economic data set to be released Thurs. and Fri. , hurting JPMorgan, Bofa and Dis. Among the tech gainers was Cisco Systems, up 1%.

WSJ pC9 "M&A Is Back! Well, Almost. Maybe" by Jeffrey McCracken, Dana Cimilluca has a list of the 35 largest announced mergers in the third quarter and at the top is Kraft's acquisition for Cadbury announced 9/7 for $16.66 bil; 12th on the list is Dis's takeover of Marvel announced 8/31 for $3.92 bil; 16th is Warner Chilcott's takeover of Procter & Gamble's prescription drug business announced 8/24 for $3.1 bil. The article also ranks global merger advisers, with Goldman Sachs first, JPMorgan third and BofA's Merrill Lynch 5th.

Related story at WSJ pC11 where Aaron Lucchetti ranks the underwiters in all sorts of categories.

WSJ pC17 "Ameriprise to Buy Most of Columbia - BofA Deal Could Lead to Fund Mergers" by Sam Mamudi says Ameriprise Financial Inc. will buy most of asset manager Columbia Management from BofA, a move that will likely lead to fund mergers and lower expenses for Columbia and RiverSource Investment mutual fund investors. The purchase price for Columbia's long term asset management business is $1 bil.

The (Fulton County) Daily Report at p6 has a story from Bloomberg's Rochelle Garner, "G-20 pay rules put BofA, Citi at disadvantage" that says Citigroup, BofA and smaller banks seeking to attract talent and regain ground on stronger peers may face a new obstacle from the global push to rein in exec pay. Group of 20 standards barring bonus guarantees for more than one year and requiring deferred pay for top execs would take recruitment tools away from banks already burdened by diminshed share prices and daamged reputations. The plan adopted at last week's G-20 summit may benefit Goldman Sachs, JPMorgan Chase and Morgan Stanley which have been quicker to repay gov. aid.

Similar story at Comp. Sec. p15 by Greg Farrell & at Inv. Bus. Daily pA2.

Boeing BA $54.15 -0.47 0.86% 5,807,843 NYSE: AJC "Boeing: Offer fro Brazil figher jet competitive" says Boeing said its bid for a lucrative deal to build three dozen fighter jets for Brazil is competitive with rival bids from France and Sweden. BA's F-18 Super Hornet is one of 3 planes in competition for the Brazilian contract, along with France's Dassault SA's Rafale fighters and Sweden's Saab AB's Gripen NG.

Caterpillar CAT $51.33 -0.27 0.52% 10,512,643 NYSE: Inv. Bus Daily pB3 "Earthmovers Chug Into Top Industry Ranks" by Alan R. Elliott says mining and cosntruction equipment makers have staged a steady 26 week advance. Caterpillar has climbed 137% since March. The consensus estimate for theyear is a 74% drop in EPS. Credit Suisse raised the stock to outperform on Sept. 25, citing an expected rebound in North American machinery volumes in late 2010.

WSJ pC10 "Quarterly Markets Review" lists how the major indexes performed noting that while the Dow Jones Industrial Average is up 15% for the quarter it is down 10.5 from 9/30/08 and it ranks the third quarter performance of the Dow Jones 30 components with Caterpillar being at the top with a 3Q gain of 55.36% and ExxonMobil being on the bottom with a decline of 1.86%

Chevron CVX $70.43 -0.48 0.68% 13,451,804 NYSE: "Chevron Stays the Course With New CEO - Vice Chairman John Watson to Take the Helm as David O'Reilly Ends a Decadelong Tenure" by Ben Casselman says Chevron Corp. Vice Chairman 52 year old John S. Watson will take over a year end from longtime Chairman and CEO David J. O'Reilly, putting a seasoned strategist and deal maker at the helm of one of the world's largest energy concerns. O'Reilly has been running the San Ramon, Calif. oil company for ten years. Watson started his CVX career in '80 as a financial analyst, but rose to prominence leading the company's integration with Texaco early this decade and has since held a variety of posts, including cfo, head of international exploration and production and head of strategy. O'Reilly, at 62, is 3 years short of Chevron's mandatory retirement execs although past CEOs also have left before turning 65. Chevron recently completed major offshore projects in Brazil, Angola and the Gulf of Mexico and is moving forward with the Gorgon liquefied natural gas project in Australia. Chevron, like other oil companies, has seen its shares fall sharply in the past year along with the price of oil. Chevron's 2Q profit fell 71% from a year earlier to $1,75 bil, and Chevron has suspended its share buyback program to conserve cash. There is a '08 photo of David O'Reilly, tieless, looking like he is watching a grandchild's kindergarten play while his mind is elsewhere, pensive, while Watson's '06 photo accompanying the WSJ article is a slick, action photo that could have been from a political campaign brochure, every hair in place.

Similar story at Fin Times comp sec p16 by Sheila McNulty.

Similar story at NYT pB2 that has a picture of Watson looking like a lawyer pleading before a jury while O'Reilly's picture makes him look much younger than the WSJ photo and has him speaking while pointing as if he were a principal bawling out an errant student.

WSJ at pC18 has a story about Nigeria's energy industry being in a mess with violence cutting oil production and notes that Chevron and Exxon Mobil have large interests there.

Cisco CSCO $23.54 +0.24 1.03% 63,297,245 NASDAQ-GS: WSJ pC6 "BofA (Note: Lewis resigned after the market closed) and Disney Fall: Moody's Gives Up 1.7%" by Donna Kardos Yesalavich says stocks closed lower Wednesday as investors grew nervous about a slew of economic data set to be released Thurs. and Fri. , hurting JPMorgan, Bofa and Dis. Among the tech gainers was Cisco Systems, up 1%.

Coke KO $53.7 +0.39 0.73% 13,744,431 NYSE: AJC pA12 "coke to add calorie data to front of global packs" says KO will have energy inf on the front of almost all of its packages around the globe by the end of 2011.

Similar story at USA Today p3B "Coke gets upfront abotu calories - More prominence on most cans, bottles" by Bruce Horovitz who says Coca-Cola will start placing calories per serving and servings per container on the front of nearly all of its botles sold in the USA and Mexico. For Coke and all big players in the $110 bil beverage business, pressure to be forthcoming about calories and ingredients is huge. the childhood obesity rate is at record levels, and much finger pointing is directed at the soft drink industry. Pressure is coming from consumers, lawmakers and special interest groups.

Inv. Bus. Daily pA2 "coca-Cola fights sodatax says KO will campaign against a proposed penny per oz tax that would add $1.44 to the cost of a 12 pack soda crediting an AJC story that I aggregated yesterday.

DIS $27.46 -0.48 1.72% 18,370,582 NYSE: WSJ pC6 "BofA (Note: Lewis resigned after the market closed) and Disney Fall: Moody's Gives Up 1.7%" by Donna Kardos Yesalavich says stocks closed lower Wednesday as investors grew nervous about a slew of economic data set to be released Thurs. and Fri. , hurting JPMorgan, Bofa and Dis. Among the tech gainers was Cisco Systems, up 1%.

WSJ pC9 "M&A Is Back! Well, Almost. Maybe" by Jeffrey McCracken, Dana Cimilluca has a list of the 35 largest announced mergers in the third quarter and at the top is Kraft's acquisition for Cadbury announced 9/7 for $16.66 bil; 12th on the list is Dis's takeover of Marvel announced 8/31 for $3.92 bil; 16th is Warner Chilcott's takeover of Procter & Gamble's prescription drug business announced 8/24 for $3.1 bil. The article also ranks global merger advisers, with Goldman Sachs first, JPMorgan third and BofA's Merrill Lynch 5th.

DD $32.14 -0.38 1.17% 8,098,117 NYSE: No mentions found.

ExxonMobil XOM $68.61 -0.46 0.67% 26,222,562 NYSE: WSJ pC10 "Quarterly Markets Review" lists how the major indexes performed noting that while the Dow Jones Industrial Average is up 15% for the quarter it is down 10.5 from 9/30/08 and it ranks the third quarter performance of the Dow Jones 30 components with Caterpillar being at the top with a 3Q gain of 55.36% and ExxonMobil being on the bottom with a decline of 1.86%

WSJ at pC18 has a story about Nigeria's energy industry being in a mess with violence cutting oil production and notes that Chevron and Exxon Mobil have large interests there.

GE $16.42 -0.29 1.74% 118,738,661 NYSE: No mentions found.

HPQ $47.21 -0.23 0.48% 20,718,819 NYSE: No mentions found.

HD $26.64 -0.19 0.71% 16,215,021 NYSE: No mentions found.

INTC $19.57 +0.09 0.46% 62,451,989 NASDAQ-GS: No mentions found.

IBM $119.61 +0.80 0.67% 7,400,399 NYSE: No mentions found.

JPMorgan Chase JPM $43.82 -1.06 2.36% 39,644,296 NYSE: WSJ pC1 "J.P. Morgan Hopes to heal N.Y.-London Lacerations" by Carrick Mollenkamp, David Enrich says Jes Staley, the new head of JPM's investment bank, will have to quell tensions between the bank's NY and London offices.

WSJ pC3 "Deal Journal - Meet the New IPO Sheriffs - Two Chinese Firms Take Top Underwriting Spots From Wall Street Titans" by Michael Corkery says two Chinese banks, China International Capital Corp. and Citic Securities are atop the global heap at 1 and 2 for global IPO followed by Morgan Stanley, Goldman Sachs and J.P. Morgan Chase in the rankings for the end of the third quarter of this year.

Related story at WSJ pC11 where Aaron Lucchetti ranks the underwiters in all sorts of categories.

WSJ pC6 "BofA (Note: Lewis resigned after the market closed) and Disney Fall: Moody's Gives Up 1.7%" by Donna Kardos Yesalavich says stocks closed lower Wednesday as investors grew nervous about a slew of economic data set to be released Thurs. and Fri., hurting JPMorgan, Bofa and Dis. Among the tech gainers was Cisco Systems, up 1%.

WSJ pC9 "M&A Is Back! Well, Almost. Maybe" by Jeffrey McCracken, Dana Cimilluca has a list of the 35 largest announced mergers in the third quarter and at the top is Kraft's acquisition for Cadbury announced 9/7 for $16.66 bil; 12th on the list is Dis's takeover of Marvel announced 8/31 for $3.92 bil; 16th is Warner Chilcott's takeover of Procter & Gamble's prescription drug business announced 8/24 for $3.1 bil. The article also ranks global merger advisers, with Goldman Sachs first, JPMorgan third and BofA's Merrill Lynch 5th.

WSJ pC18 "Jamie Dimon Heads Back to the Future" alks about Dimon's legacy at JPM and how things are lookig up for exec headhunters with Lewis's departure, and the shaekup at JPM, and Chevron's CEO retiring.

Fin Times front section p1 "JPMorgan reveals push to buld investment business overseas - No big change planned for bank's risk strategy" by Francesco Guerrera says JPM is planning a push to win more business outside the US by building on its financial ties with companies around the world according to new securities unit head, Jes Staley.

The (Fulton County) Daily Report at p6 has a story from Bloomberg's Rochelle Garner, "G-20 pay rules put BofA, Citi at disadvantage" that says Citigroup, BofA and smaller banks seeking to attract talent and regain ground on stronger peers may face a new obstacle from the global push to rein in exec pay. Group of 20 standards barring bonus guarantees for more than one year and requiring deferred pay for top execs would take recruitment tools away from banks already burdened by diminshed share prices and daamged reputations. The plan adopted at last week's G-20 summit may benefit Goldman Sachs, JPMorgan Chase and Morgan Stanley which have been quicker to repay gov. aid.

JNJ $60.89 -0.04 0.07% 10,609,512 NYSE: No mentions found.

Kraft KFT $26.27 +0.25 0.96% 12,622,747 NYSE: WSJ pB1 "Hershey Unlikely to Bid for Cadbury" by Ilan Brat, Jeffrey McCracken, Cecilie Rohwedder says Hershey Co. remains stymied in its ability to assemble a bid for Cadbury PLC, leaving Cadbury with few alternatives to an unsolicited takeover from Kraft Foods Inc. Hershey execs and the charitable trust that controls Hershey have been considering a competing bid since Kraft make public its bid last month but Hershey has no financing or strategic plan for a bid. A Kraft-Cadbury combo will hurt Hershey because 85% of Hershey's sales are in the slow growing US confectionary market and Cadbury's acquisition would eliminate Hershey's ability to expand international sales. Mars bought Wrigley last year, creating the world's largest sweets company.

WSJ pB3 "Salty Spread's new Name Fails to Satisfy Customers" says days after announcing a name for its new flavor of the salty spread Vegemite, Kraft said it would change the name amid a consumer backlash in Australia. This is a misstep for Kraft that comes as CEO Irene Rosenfeld has pushed to drive more decisions lower and away from its Northfield, Ill, headquarters which was the theme of a WSJ story yesterday aggregated in this Blog.

Fin Times front sec p1 "Kraft deadline" & Fin Times Sec p19 by Jenny Wiggins, Jonathan says Kraft is under pressure to make a formal takeover bid for Cadbury by Nov. 9 after the UK's Takeover Panel gave it less than 6 weeks to put an offer on the table or walk away. Also at Inv. Bus. Daily pA2. The Kraft/Cadbury deal is also discussed at Fin Times Comp. Sec p16 by Andrew Hill, Amy Kazmin, Haig Simonian and Fin Times Comp. Sec. by Jonathan Birchall, Jenny Wiggins.

WSJ pC9 "M&A Is Back! Well, Almost. Maybe" by Jeffrey McCracken, Dana Cimilluca has a list of the 35 largest announced mergers in the third quarter and at the top is Kraft's acquisition for Cadbury announced 9/7 for $16.66 bil; 12th on the list is Dis's takeover of Marvel announced 8/31 for $3.92 bil; 16th is Warner Chilcott's takeover of Procter & Gamble's prescription drug business announced 8/24 for $3.1 bil. The article also ranks global merger advisers, with Goldman Sachs first, JPMorgan third and BofA's Merrill Lynch 5th.

MCD $57.07 -0.10 0.17% 9,614,998 NYSE: No mentions found.

Merck MRK $31.63 -0.22 0.69% 19,868,629 NYSE: WSJ pB3 "Novartis Says Its Pill for MS Did Well in Test" by Jeanne Whalen, Anita Greil says Novartis AG said its experimental pill for multiple sclerosis performed well with a large clinical trial, marking a possible advance in the push to develop oral drug for MS. currently MS is treated with injections but Biogen, Germany's Merck KGaA and others are trying to develop oral pills which would take sales from injectables sold by Pfizer Inc., Biogen and Teva Pharmaceuticals.

Microsoft MSFT $25.72 -0.03 0.12% 61,919,625 NASDAQ-GS: WSJ pB3 "Judge Overturns Jury Award To Uniloc in Patent Suit" says a fed judge in Rhode island overturned a $388 mil jury verdict agaisnt MSFT in patent infringement litigation brought by a Singapore software company.

Simialr story at AJC pA12.

WSJ pB4 says Oracle wants to keep MySQL data base to gain antitrust clearance in Europe for its tie-up with Sun Microsystems due to its rivalry with Microsoft. Oracle says the small business market where MySQL excels doesn't directly compete with Oracle's own products but rather with Microsoft's.

Pfizer PFE $16.55 +0.22 1.31% 60,279,478 NYSE: WSJ pB3 "Novartis Says Its Pill for MS Did Well in Test" by Jeanne Whalen, Anita Greil says Novartis AG said its experimental pill for multiple sclerosis performed well with a large clinical trial, marking a possible advance in the push to develop oral drug for MS. currently MS is treated with injections but Biogen, Germany's Merck KGaA and others are trying to develop oral pills which would take sales from injectables sold by Pfizer Inc., Biogen and Teva Pharmaceuticals.

Procter & Gamble PG $57.92 -0.01 0.02% 13,597,731 NYSE: WSJ pC9 "M&A Is Back! Well, Almost. Maybe" by Jeffrey McCracken, Dana Cimilluca has a list of the 35 largest announced mergers in the third quarter and at the top is Kraft's acquisition for Cadbury announced 9/7 for $16.66 bil; 12th on the list is Dis's takeover of Marvel announced 8/31 for $3.92 bil; 16th is Warner Chilcott's takeover of Procter & Gamble's prescription drug business announced 8/24 for $3.1 bil. The article also ranks global merger advisers, with Goldman Sachs first, JPMorgan third and BofA's Merrill Lynch 5th.

MMM $73.8 -0.14 0.19% 4,474,501 NYSE: No mentions found.

TRV $49.23 +0.27 0.55% 5,262,040 NYSE: No mentions found.

United Technologies UTX $60.93 -0.38 0.62% 6,352,617 NYSE: finally UTX is in the news at WSJ pB3 "United Technologies Unit Plans to Cut Workers" says jet engine manufacturer and UTX sub, Pratt & Whitney Canada said it will lay off 400 workers by next year due to declines in corporate jet sales. It also will shut a plant in Longueuil, Quebec, where Pratt & Whitney Canada is based. Pratt & Whitney's other segments such as regional aircraft and helicopters are not affected.

VZ $30.27 +0.11 0.36% 17,573,025 NYSE: No mentions found.

WMT $49.09 -0.14 0.28% 21,718,747 NYSE: No mentions found.


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Here are the latest SEC filings as of 9/25/09 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: announcing 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 T provided redeemed certain long-term debt issues as of September 28, 2009.

Alcoa AA: 7/29/09 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: 9/15/09 8K annoucing delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended June 30, July 31 and August 31, 2009.

9/2/09 10Q;

Bank of Am BAC: 9/24/09 several free writing prospectus regarding issuance of securities.

Boeing BA: 9/15/09 announcing that pursuant to a 1978 SEC settlement, BA informed the SEC of a change in its policy re the appointment of foreign consultants and to whom they report.

8/31/09 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.

8/27/09 8K announcing a revised schedule for the 787 Dreamliner and a charge to third quarter earnings related to flight test aircraft.

Caterpiller CAT: 9/23/09 8K announcing a new credit agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., that provides for an unsecured aggregate revolving credit facility to $2.38 billion that serves as an alternative source of funds, if necessary, for CAT's commercial paper programs.

9/21/09 8K furnishing supplemental information concerning deliveries to users for its Machinery and Engines lines of business. Caterpillar sells the majority of its machinery and engines to independently owned and operated dealers and Original Equipment Manufacturersto meet the demands of their customers, the end users. Retail Sales of Machines by marketing region for the 3-month rolling period compared with the same months of the prior year were down significantlly.

9/15/09 8K announcing CAT and Navistar International Corporation (NYSE: NAV)formed a joint venture transaction resulting in a new company, NC2 Global LLC, to serve the global commercial truck market to be based in Chicago.

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: 9/23/09 Proxy Statement in connection with its Annual Meeting to be held 11/12/09.

9/11/09 10K

9/9/09 8K Cisco appointed Arun Sarin, former CEO of Vodafone Group Plc, to its Board of Directors. He will a $75,000 annual retainer, $2,000 per committee meeting attended, and 16,666 shares.

9/4/09 8K annoucing bonus payments for '09 fiscal year to: John T. Chambers, Chairman and Chief Executive Officer, $2,031,000; Frank A. Calderoni, Executive Vice President, Chief Financial Officer, $900,000; Wim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000; Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000; and Richard J. Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.

Coke KO: 7/30/09 10Q

Disney DIS: 9/22/09 Form S-4 Proxy and 9/16/09 Prospectus related to the takeover of Marvel.

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 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: 9/24/09 8K saying at its Securities Analyst Meeting, HPQ addressed how it is uniquely positioned to grow and expand in the global information technology market. “We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market,” said Mark Hurd, CEO.

9/17/09 8K On 9/17/09 HPQ elected Marc L. Andreessen as a dierctor and chair of the Technology Committee of the Board. Andreessen is a co-founder and general partner of Andreessen Horowitz, a venture capital firm, and a co-founder and chairman of Ning, Inc., an online platform for people to create their own social networks. Andreessen co-founded Opsware Inc. & served as chief technology officer of America Online, Inc. and was a co-founder of Netscape Communications Corporation. Andreessen gets an retainer of $100,000, an annual equity retainer of $150,000, and $2,000 in cash for each Board meeting attended in excess of six per year. Mr. Andreessen also will be eligible to participate in the product matching portion of the HP Employee Giving Program under which each non-employee director may contribute up to $100,000 worth of HP products each year to a qualified charity by paying 25% of the list price of those products, with HP paying the remaining 75%. In addition, Mr. Andreessen will receive an annual retainer of $10,000 for service as the chair of the Technology Committee. HPQ also increased the number of HPQ directors from ten to eleven.

9/8/09 10-QA

9/4/09 10-Q

Home Depot HD: 9/3/09 10-Q

8/26/09 8K announcing amendments to their By-Laws dealing with resignations of directors.

Intel INTC: 9/21/09 A tender offer regarding exchange of some of its stock options with its employees.

9/16/09 An intranet article re the Stock Option Exchange Program.

9/15/09 8K Intel is consolidating all of its major product divisions into the newly formed Intel Architecture Group, which will be co-managed by Sean Maloney and David (Dadi) Perlmutter, executive vice presidents. Maloney will be responsible for business and operations while Perlmutter will lead product development and architecture. Paul Otellini, CEO, will devote more time to corporate strategy and driving the company’s growth initiatives. Intel’s global manufacturing organization, the Technology and Manufacturing Group will now report to Andy Bryant, Intel’s chief administrative officer. Pat Gelsinger and Bruce Sewell, General Counsel, will leave INTC.

8/28/09 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: 9/8/09 8K IBM representatives will be meeting with a number of institutional investors through mid-September.

7/28/09 10Q

JPMorganChase JPM: 9/23/09 Various free writing prospectus re: issuance of securities.

9/17/09 prospectus reReverse Exchangeable Notes due December 21, 2009 Linked to Eight Equally Weighted Reference Stocks and in preceding days there were similar prospectuses.

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: 9/9/09 prospectus relating to Kraft's bid to take over Cadbury that was announced on 9/7/09.

9/9/09 8K announcing a strategic update, including a review of the company’s successful three-year turnaround plan.

8/5/09 10Q

McDonalds MCD: 9/9/09 8K announcing that global comparable sales rose 2.2% in August and by segment performance was as follows: U.S. up 1.7%; Europe up 3.5%; andAsia/Pacific, Middle East and Africa declined 0.5%.

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

Merck MRK: 9/21/09 8K announcing that the acquisition by Sanofi-aventis of Merck’s 50 percent interest in Merial Limited (Merial) has been completed. Sanofi-aventis acquired Merck’s interest in Merial for a cash consideration of $4 billion. Formed in 1997, Merial is a leading animal health company that was a 50/50 joint venture between Merck and sanofi-aventis and is now a wholly-owned subsidiary of sanofi-aventis.

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

Microsoft MSFT: 9/11/09 8K James Cash to retire from Board of Directors. The
Harvard Business School professor and senior associate dean emeritus had served on the board since 2001. With Cash’s departure, the Microsoft board will have nine members: Bill Gates, chairman of Microsoft; Steve Ballmer; Dina Dublon, former chief financial officer of JPMorgan Chase; Raymond V. Gilmartin, former chairman, president and chief executive officer of Merck & Co. Inc.; Reed Hastings, founder, chairman and CEO of Netflix Inc.; Maria M. Klawe, president, Harvey Mudd College; David F. Marquardt, general partner at August Capital; Charles H. Noski, former vice chairman of AT&T Corp.; and Dr. Helmut Panke, former chairman of the board of management at BMW AG.

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

Pfizer PFE: 9/24/09 11-K Annual Report of Employee Stock Option Plan.

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: 9/10/09 8K confirmed its fiscal year 2010 and July – September quarter outlook for organic sales growth. The company also stated it expects to return to organic sales growth in the October – December quarter compared to prior year levels, following two quarters of organic sales declines. P&G also updated earnings per share guidance to include the anticipated impacts from the Pharmaceutical divestiture, which was announced on August 24, 2009. For fiscal year 2010, P&G confirmed previous guidance for organic sales growth of one to three percent. P&G expects net sales in the range of flat to up three percent versus prior year levels, which includes a foreign exchange impact of zero to minus one percent. P&G now expects fiscal 2010 earnings per share in the range of $3.99 to $4.12 per share. This includes a one-time net increase in earnings of $0.44 per share from the sale of the Pharmaceutical business, which will be partially offset by $0.10 to $0.12 per share of earnings dilution related to the transaction.

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: 8K 9/11/09 8K announcing VZ's cash flow and balance sheet are strong, and VZ recently increased its dividend for the third consecutive year. VZ is not planning for any economic improvements in the second half of 2009. Verizon expects that economic conditions will continue to pressure revenues and margins in the second half of 2009, particularly in its Wireline segment. VZ expects to add one million wireless customers per quarter for the next several quarters.
o The company expects to achieve its stated Alltel cost synergy targets & greater cash flow from operations in the second half of 2009 compared to the first half of 2009.

9/4/09 8K 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.

9/4/09 8K annoucning retirement of Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications Inc.

Wal-Mart WMT: 8K 9/18 Pricing agreement re: the 9/16 filed prospectus relating to $1 bil of Euro Note Offering at 4.875%

9/14/09 Prospectus re debt securities of $364,600,000

9/9/09 10Q

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 (on 10/1 he announced his resignation as of year-end).
BA W. James McNerney, Jr.
CAT James W. Owens
CVX David O'Reilly who will be replaced by John Watson at year end.
CSCO John Chambers
KO Muhtar Kent
DIS Rogert Iger
DD Ellen Kullman
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

Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 9/25/09:

1. Exxon Mobil XOM $331
2. Microsoft MSFT 231
3. WalMart WMT 196
4. GE 176
5. Procter & Gamble PG 169
6. JPMorgan Chase 167
7. Johnson & Johnson JNJ 167
8. IBM 162
9. T 159
10. Chevron CVX 142
11. Cisco CSCO 131
12. Coke KO 121
13. Hewlett-Packard HPQ 112
14. Pfizer PFE 111
15. Intel INTC 109
16. Bank of Am BAC 109
17. Verizon VZ 86
18. Merck MRK 65
19. McDonald's MCD 61
20. United Technologies UTX 59
21. Disney DIS 52
22. 3M MMM 52
23. Home Depot 46
24. American Express AXP 40
25. Kraft KFT 39
26. Boeing BA 38
27. Caterpillar CAT 32
28. DuPont DD 29
29. Traveler's TRV 27
30. Alcoa AA 13