1/24/10 Sun. Barron's Touts Intel; Next Week Earnings Rpts from JNJ & VZ/Tues, MSFT/Thus; CVX/Fri.

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Post #258 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.

A read of Sunday's print editions of: The New York Times, 1/25/10 issue o Barron's, 2/1-8/10 Bloombberg BusinessWeek, 2/8/10 Forbes & Sun. 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 symbol and Friday's closing price and related data. I have also included some entries from Saturday's Blog and where I have done so I have so indicated.

Dow Jones: The Dow Jones Industrial Average closed Friday at 10,389.88 down 213.27 or 2.01% from Thursday's close of 10,389.88. Year to date the Dow Jones is down 2.45%. For the week the Dow is down 436.65 or 4.12% from last Friday's close of 10,609.63. The Dow's 52 week low is 6547.05, the 52 week high is 10,725.43. Of the 30 Dow Companies: 4 gained and 26 declined. The biggest gainer dollar-wise and percentage-wise was Procter & Gamble PG $60.31 +0.47 0.79% 17,577,188 NYSE. The biggest decliner dollar-wise and percentage-wise was American Express AXP $38.54 -3.62 8.59% 24,588,936 NYSE.

Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Tthus, the '10 Dow god list in lasat week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

(From Sat.) WSJ pB1 "Dow Sinks Again, This Time 216.90" by Peter A. McKay says a steep loss Fri capped the worst week for stocks since the market hi its bear market lows last Mar., with worries surfacing about economic policy and earnings. The Dow Jones Industrial Average suffered its third consecutive triple digit decline, off 2.1%. Over the past 3 days, the market fell 5.2%, the worst performance over such a stretch since March. For the week the Dow was off 4.1%, the worst percentage drop since the week ended March 6, '09, the last days of the selloff that pushed stocks to 12 year lows. Tech stocks were the worst performers Fri, a sign investors concerns go beyond new bank regulations and Chinese growth.

(From Sat.) WSJ pB3 "AmEx Falls 8.5%, Google Slips 5.7%" by Donna Kardos Yesalavich says stocks fell sharply as 4Q earnings from American Express, Google and Advanced Micro Devices topped analysts' estimates but failed to meet investors' lofty expectations or to overcome concerns over US bank restrictions and monetary tightening in China. Advanced Micro Devices reported it swung to a 4Q profit, its first in 3 years on a $1.25 bil legal settlement from Intel. GE eked out a gain of nine cents or 0.6% as GE beat estimates with a 19% drop in 4Q earnings and provided an upbeat outlook that foresees a return to growth in '11. McDonald's edged up 0.3% as its 4Q earnings rose more than analysts had forecast.

(From Sat.) WSJ pA1 "Stock Selloff Gains Steam" by Tom Lauricella, Kate Haywood says the stock market suffered is worst week since the depths of the bear market nearly a year ago as investors focused on turmoil in D.C. and concerns about weaker economic growth. The broad based selloff hi shares of everything from banks o materials firms to tech stocks pushing the Down Jones Industrial Average down 552.45 points or 5.2% during the past 3 sessions.

(From Sat.) Fin Times p14 "Financials lead retreat as S&P 500 takes a battering" by Samantha Pearson says Wall st. suffered its biggest weekly loss since last Oct. after concerns over banks and Chinese monetary policy wreaked havoc on the market.

(From Sat.)NYT pB7 "Three Day Slide Sends Markets Down About 5%" by Javier Hernandez, Matthew Saltmarsh says uncertainty washed over Wall St. again on Fri, and by the end of the day the markets had dropped more than 2% on the day and about 5% in the last 3 sessions. By Fri., investors were also weighing news that Ben S. Bernanke's confirmation for a second term as chairman of the Fed Reserve faced increased opposition.

As of the close of the market Friday, the current divisor for the Dow Jones Industrial Average found at page B4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.92 down from Friday morning's 17.42 (year ago it was 17.96) the P/E estimate is 13.30 downd from Friday's 13.65 (year ago it was 9.87) and the current dividend yield is 2.69 up from Friday's 2.64 (it was 3.90 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1,346.08 down 28.7 from Thursday's closing Dow numerator of 1,374.78. 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 of 28.7 for Friday by the divisor you get the decrease in Friday's Dow close of 216.9.

The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 44.87 down 0.96. from Thursday's Dow Jones Industrial Average closing price of $45.83. The median closing price of Friday's Dow Jones Industrial Average was 38.83 down 2.52 from Thursday's $41.35. The lowest volume was 3M MMM $81.43 -1.27 1.54% 4,558,241 NYSE and the highest volume again was Bank of Am BAC $14.88 -0.59 3.81% 356,476,438 NYSE.

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) and sold at the close you would have lost $2,880 ($137,490 - $134,610).

AT&T T $25.365 -0.305 1.19% 35,979,613 NYSE: Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in lasat week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

Barron's p47 "Handset Wars Heating Up" by Mark Veverka says if Verizon Wireless, a jv of Verizon and Vodafone, offers the iPhone later this year, droves of Verizon users will switch to the hit Apple product. Palm wil benefit from marketing pushes by At&T and Verizon, bu tit faces the task of differntiating its webOS handsets from Google's Android phones, produced by Motorola and HTC

Alcoa AA $13.35 -0.90 6.32% 81,718,606 NYSE: No mentions found.

American Express AXP $38.54 -3.62 8.59% 24,588,936 NYSE: Barron's pM3 "The Trader" by Kopin Tan says so far this year American Express fell 8% after it tripled quarterly income .Warner Cilcott is much beloved on Wall St. after its recent acquisition of Procter & Gamble's and two kep products: Actonel for treating osteoporosis and Asacol for treating colon inflammation. Also it compares Warner's P/E to Pfizer which is trading at 4.9 multiple.

Bank of America BAC $14.88 -0.59 3.81% 356,476,438 NYSE: Barron's "Week Review" p20 says Results at Bank of America improved on lower reserves against bad loans. Cadbury accepted a revised offer from Kraft that ended a 4 month battle for Cadbury. The $19.44 bil offer raised the cash component and included a dividend but Warren Buffett, Kraft's biggest holder said he'd oppose the deal if he could. GE's profit beat estimates and IBM's rose, as did McDonald's.

Barron's M12 charts Bank of America saying the president unveiled a comprehensive new plan to take risk out of the US banking system, raising concerns among the biggest banks.

Barron's p21 "Week Preview" p21 says Johnson & Johnson will report 4Q earnings on Tuesday with consensus estimate being 0.97 compared to year ago of 0.94 per share and Verizon Communications will report 4Q earnings on Tuesday before the market opens with consensus estimate being 0.55 compared to year ago of 0.61 per share; on Thurs Microsoft will post results, which are expected to be strong, and on Friday Chevron will post results. On Thursday Bank of America Merrill Lynch holds a gaming conference in Las Vegas.

(From Sat.)"Wall St's Pay Change Augurs Ill for Stockholders" by Susanne Craig says the move by big banks and securities firms to dole out more stock and less cash to employees could help counter political anger about Wall St's pay culture but shareholders likely will pay for it for years. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley said they will include a greater percentage of stock in compensation than in prior years. The goal is to tether employees more tightly to their firm's share price and bottom line. Some see strong employee ownership as posive but the downside is this increases the number of shares outstanding at some firms by as much as 4% which dilute earnings per share.

(From Sat.)WSJ pB1 "The Intelligent Investor - Will New Rules Tame the Wall St. Tiger?" by Jason Zweig says Pres. Obama's proposal to return the Glass-Steagall act which prevented commercial banks from investment banking, selling securities and trading for their own account is unnecessary and will result in making the big banks lazy and less disciplined so there are better ways to fix the problem which the author sets forth such as more disclosure. He agrees that banks should not trade for their own account but proprietary trading is less than 5% of total reve at firms like Bank of America or Citigroup.

(From Sat.)WSJ pB1 "Symetra Gains, Cellu Falls After IPs" by Lynn Cowan says investors gravitated toward life insurer Symetra Financial Corp. while turning their noses up at paper products manufacturer Cellu Tissue Holdings during he year's first initial public offerings. Symetra's offering was managed by Bank of America's Merrill Lynch, JPMorgan,, Goldman Sachs and Barclasy. Celllu's was managed by Goldman Sachs and JPMorgan.

Boeing BA $57.775 -1.425 2.41% 4,069,845 NYSE: Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

Caterpillar CAT $54.17 -2.68 4.71% 13,939,766 NYSE: BusinessWeek p38 "Taxes: Ready to Rumble says corporate lobbyists are girding for a battle against Obama's plan to increase corp. taxes. Thanks to a massive pushback last year, some of it coming personally from CEOs such as IBM's Samuel J. Palmisano, Caterpillar's James W.Owens, and Cisco's John T. Chambers, the Administration backed down from its proposals to raise $160 bil by hoisting taxes on US firms' overseas profits.

Chevron CVX $74.46 -1.78 2.33% 12,671,007 NYSE: Barron's p21 "Week Preview" p21 says Johnson & Johnson will report 4Q earnings on Tuesday with consensus estimate being 0.97 compared to year ago of 0.94 per share and Verizon Communications will report 4Q earnings on Tuesday before the market opens with consensus estimate being 0.55 compared to year ago of 0.61 per share; on Thurs Microsoft will post results, which are expected to be strong, and on Friday Chevron will post results. On Thursday Bank of America Merrill Lynch holds a gaming conference in Las Vegas.

Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

Cisco CSCO $22.97 -1.01 4.21% 69,835,053 NASDAQ-GS: BusinessWeek p38 "Taxes: Ready to Rumble says corporate lobbyists are girding for a battle against Obama's plan to increase corp. taxes. Thanks to a massive pushback last year, some of it coming personally from CEOs such as IBM's Samuel J. Palmisano, Caterpillar's James W.Owens, and Cisco's John T. Chambers, the Administration backed down from its proposals to raise $160 bil by hoisting taxes on US firms' overseas profits.

Coca-Cola KO $54.23 -0.14 0.26% 10,297,880 NYSE: Barron's pM10 "13D Filings" says The Gates Foundation and Cascade Investment increased thier holdings of Coca-cola FEMSA, a mexican producer and marketer of Coca-Cola.

Disney DIS $29.95 -0.66 2.16% 13,430,990 NYSE: Barron's p18 "Media Giants Still have Star Power" by Michael Santoli says mot media stocks have revived a bit, but remain far from their highs and says Disney remains attractive, if less so after a 24.89% gain since July, based on its powerful cable profits and exposure to a more confident consumer via its theme parks. The rich valuation assigned NBC Universal in its divestiture by GE into a jv with Comcast spotlights the scarcity value of media conglomerates. The public fights over fees that networks charge cable distributors is a reminder both of the value of programming and the continued willingness of consumers to pay for cable.

BusinessWeek p62 "Melin's Amusement Park magic" says the attractions opeator has become No. 2 globally behind Disney, and an IPO may be in the works.

DuPont DD $32.46 -0.69 2.08% 7,468,498 NYSE: Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

BusinessWeek p 19 ":Monsanto Sets A Soybean Free" by jack kaskey says it won't stop a bioengineered variety from going off patent but will still guard new products. and that DuPont, the seed industry's No. 2 firm, is suing Monsanto,a ccusing it of exploiting its amrket position and tech licenses to block products from DuPont's Pioneer HiBred Int'l unit and other firms.

ExxonMobil XOM $66 -0.70 1.05% 35,524,031 NYSE: Forbes p46 "The Profit Principle" by David K. Randall profiles 63 year old money manager Nicholas kaiser who runs the Amana funds and invests based on Islamic principles. He likes the following Dow firms with little debt and sold long term prospects according to him: Microsoft with a 12 month PE of 19 & a dividend yield of 1.7, Procter & Gamble with a P/E of 17 and a dividend yield of 2.9, & 3M with a P/E of 19 and a dividend yield of 2.4. He also likes ExxonMobil.

Barron's p29 "A Few Good ideas" by Lauren R. Rublin is a roundtable of Oscar Schafer, Scott Black, Marck Faber, Maro Gabelli, Bill Gross, Fred Hick, Archie macAllaster, Meryl Witmerd Feliz Zulauf and Abby Joseph Cohen with their investment picks. They like Yahoo! and discuss its takeover attempt by Microsoft in '08 at $33 a share, and Devon Energy cmparing its reserves to XTO Energy's which is being taken over by ExxonMobil. They like Microsoft's prospects. In discussing Accenture they note that Hewlett Packard and IBM have done a better job with economic growth overseas.

Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

GE $16.125 +0.105 0.66% 155,555,939 NYSE: Barron's "Week Review" p20 says Results at Bank of America improved on lower reserves against bad loans. Cadbury accepted a revised offer from Kraft that ended a 4 month battle for Cadbury. The $19.44 bil offer raised the cash component and included a dividend but Warren Buffett, Kraft's biggest holder said he'd oppose the deal if he could. GE's profit beat estimates and IBM's rose, as did McDonald's.

Barron's M12 charts GE saying despite a nearly 20% drop in 4Q earnings, GE said orders for big ticket items were starting to pick up.

Forbes p32 "Wasted Mammograms?" by Hana R. Alberts says Chinese women who can afford to queue up for a expensive items are now coveting another high end product: health care. Sales of ultrasound and other imaging machines to hospitals are robust in China so Ge is participating in a $5 mil program to do mammography screenings for 10,000 women a year in Sichuan Province, supplying its machines to three hospitals. only 300 or so screening machines of all makes are in use now in China.

Barron's p18 "Media Giants Still have Star Power" by Michael Santoli says mot media stocks have revived a bit, but remain far from their highs and says Disney remains attractive, if less so after a 24.89% gain since July, based on its powerful cable profits and exposure to a more confident consumer via its theme parks. The rich valuation assigned NBC Universal in its divestiture by GE into a jv with Comcast spotlights the scarcity value of media conglomerates. The public fights over fees that networks charge cable distributors is a reminder both of the value of programming and the continued willingness of consumers to pay for cable.

BusinessWeek p5 notes the end of the Conan O'Brien show on GE's NBC.

(From Sat.)Fin Times p9 "GE predicts return to growh in '11" by Jeremy Lemer WSJ pB5 "GE Profit Falls, but Hope Rises" by Paul Glader, Bob Sechler, NYT pB3 "GE Profit Drops 19%, But Beats Predictions" by Javier C. Hernandez AJC p11 say GE asked its battered investors to hang on another year, saying it could return to growth and potentially boost its dividend by '11 as it recovers from a recession hat hollowed out profits and shook confidence in the firm. GE had a 19% slump in 4Q profit, weighed down by poor results at its entertainment and finance units. GE is redeploying resources tocover losses at GE Capital and is shrinking the unit and has agreed to sell a controlling stake in NBC Universal to Comcast and has offloaded a security business to focus on industrial operations. GE had earnings of $3.01 bil or 28 cents a share, down from $3.72 bil or 35 cents a share a year earlier. Rev fell 10% to 41.44 bil on declining orders for industrial equip and the shrinkage of GE Capital. GE's stock fell below $6 in March and its '09 profit was half what it earned 2 years earlier. Earnings at GE Capital fell 67% to $336 mil amid losses and delinquencies in its consumer, business loan and commercial real estate units. GE Cap still has $649.4 bil of assets, down 2% from a year ago, and it boosted its reserves against losses by $700 mil in the quarter to $8.1 bil. Profit at GE's NBC Universal entertainment unit fell 30%, pulled down by a drop in DVD sales at Universal pictures.

(From Sat.)WSJ pA4 "Execs Fret Over Bank Regulation" by Paul Glade, Timothy Aeppel says CEO's say US financial system reform is inevitable, bu many are wary of gov meddling. Keith Sherin, cfo of GE is challenging some proposals in DC hat could change how its bruised finance arm, GE Capital, is structured, regulated or taxed. A recently proposed Financial Crisis Responsibility Fee could cost GE Capital $500 mil after taxes, for a full year.

Home Depot HD $27.705 -0.775 2.72% 15,254,862 NYSE: Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

Hewlett-Packard HPQ $49.29 -2 3.9% 18,573,666 NYSE: Barron's p29 "A Few Good ideas" by Lauren R. Rublin is a roundtable of Oscar Schafer, Scott Black, Marck Faber, Maro Gabelli, Bill Gross, Fred Hick, Archie macAllaster, Meryl Witmerd Feliz Zulauf and Abby Joseph Cohen with their investment picks. They like Yahoo! and discuss its takeover attempt by Microsoft in '08 at $33 a share, and Devon Energy cmparing its reserves to XTO Energy's which is being taken over by ExxonMobil. They like Microsoft's prospects. In discussing Accenture they note that Hewlett Packard and IBM have done a better job with economic growth overseas.

Intel INTC $19.91 -0.93 4.46% 115,045,305 NASDAQ-GS: Barron's "Silicon Rally" by Jacqueline Doherty says after a decade in the doldrums, chip giant Intel is poised to benefit from a strong PC upgrade cycle & its investment in new technology. Intel's rev stands to benefit from a surge in laptop sales. In emerging markets, unit sales of laptops could rise by 26% while US portable PC sales should climb 13%. Analysts are quoted saying that Intel is very attractive and today's prices because it sits on $14 bil of cash, short term investments and trading assets, offset by only $2.2 bil of debt. Intel's 4Q revs and earnings growth blew past analysts' expectations and the momentum should continue this year as analysts forecast '10 net income of $9.l2 bil on $40.6 bil of rev which translates into 1.63 of earnings per share and in '11 the figure could hit $1.79.

Barron's p46 Tech Trader" by Eric J. Savitz reiterates what he said about Intel in last week's column that Intel's strong quarter bodes well for the disk drive industry and says he was right because Seagate also posted good 2Q results and that Microsoft will have good 2Q results on Thurs.

IBM $125.5 -3.50 2.71% 9,343,702 NYSE: Barron's "Week Review" p20 says Results at Bank of America improved on lower reserves against bad loans. Cadbury accepted a revised offer from Kraft that ended a 4 month battle for Cadbury. The $19.44 bil offer raised the cash component and included a dividend but Warren Buffett, Kraft's biggest holder said he'd oppose the deal if he could. GE's profit beat estimates and IBM's rose, as did McDonald's.

Barron's "Research Reports" edited by AnitaPeltonen says Cowen & Co. has an "outperform" on IBM saing th eStreet does not fully appreciate the potential leverage in IBM's aernings model to an IT recovery (roughly 50% of revs not recurring), and this is embedded in its depressed/discounted forward price/earnings market multiple.

Forbes p34 "Storage Hits The Family Room" by Lee gomes says Att he recent consumer electronics show in Las Vegas vendors such as Seagate, Western Digital and others are selling living room products called media players at a cots of $150. Disk drives keep your daa sored in your computer when it's turned off and remains a cyclical biz. Shares of industry leader Seagae have quadrupled, Western Digital, the third largest disk drive maker has also seen its share quadruple since Nov. '08. Combined ann'l revs of Seagate, Western Digital & Hitachi (which owns the disk drive biz that once belonged to IBM)are $25 bil. The 3 firms make half a bil drivers a year and 90% of their biz comes from a small number of big customers, the PC manufacturers, retail chains like Walmart and Costco & Internet firms that assemble their own computers.

Barron's p29 "A Few Good ideas" by Lauren R. Rublin is a roundtable of Oscar Schafer, Scott Black, Marck Faber, Maro Gabelli, Bill Gross, Fred Hick, Archie macAllaster, Meryl Witmerd Feliz Zulauf and Abby Joseph Cohen with their investment picks. They like Yahoo! and discuss its takeover attempt by Microsoft in '08 at $33 a share, and Devon Energy cmparing its reserves to XTO Energy's which is being taken over by ExxonMobil. They like Microsoft's prospects. In discussing Accenture they note that Hewlett Packard and IBM have done a better job with economic growth overseas.

BusinessWeek p38 "Taxes: Ready to Rumble says corporate lobbyists are girding for a battle against Obama's plan to increase corp. taxes. Thanks to a massive pushback last year, some of it coming personally from CEOs such as IBM's Samuel J. Palmisano, Caterpillar's James W.Owens, and Cisco's John T. Chambers, the Administration backed down from its proposals to raise $160 bil by hoisting taxes on US firms' overseas profits.

BusinessWeek "Good fro What Ails Only You" by John Carey says gene based services may finally make personalized medicine a reality and vastly lower drug costs. IBM has signed up for Medco's personalized medicine program.

J.P.Morgan Chase JPM $39.125 -1.415 3.49% 102,926,505 NYSE: Barron's p7 "The New Dismal" by Randall W. Forsyth says JPMorgan Chase will see a $2 bil rise in its interest expense when bonds issued to them come due in '12 that were issued under the Temporary Liquidity Guarantee Program as part of the bailout.

Barron's pM14 "market Watch" edited by AnitaPeltonen says the Weekly Commentary by Nolte Notes says there are more bulls now pulling for JPMorgan because JPM said they will bes tashing more serves away to cover additional loan losses which took the markets down a peg.

Barron's p27 "cover Story Diet Time" by Andrew Barry says JPMorgan are starting to get it about the anger over corporate pay and lowered its compensation from 62% of net revs in '08 to 33% in '09.

(From Sat.)"Wall St's Pay Change Augurs Ill for Stockholders" by Susanne Craig says the move by big banks and securities firms to dole out more stock and less cash to employees could help counter political anger about Wall St's pay culture but shareholders likely will pay for it for years. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley said they will include a greater percentage of stock in compensation than in prior years. The goal is to tether employees more tightly to their firm's share price and bottom line. Some see strong employee ownership as posive but the downside is this increases the number of shares outstanding at some firms by as much as 4% which dilute earnings per share.

Johnson & Johnson JNJ $63.11 -0.86 1.34% 12,406,464 NYSE: Barron's p21 "Week Preview" p21 says Johnson & Johnson will report 4Q earnings on Tuesday with consensus estimate being 0.97 compared to year ago of 0.94 per share and Verizon Communications will report 4Q earnings on Tuesday before the market opens with consensus estimate being 0.55 compared to year ago of 0.61 per share; on Thurs Microsoft will post results, which are expected to be strong, and on Friday Chevron will post results. On Thursday Bank of America Merrill Lynch holds a gaming conference in Las Vegas.

BusinessWeek p6 says Justice Dept filed a civil compaint on 1/15 against Johnson & Johnson and 2 subsidiaries, allaging they paid kickbacks to Omnicare from '99 to '04 to push prescriptions for J&J drugs, especially the antipsychotic Risperdal.

Kraft KFT $27.855 -0.385 1.36% 16,663,082 NYSE: Barron's p24 "From Sara Lee, Oven Fresh Shares" by Robin Goldwyn Blumental says Kraft's high profile pursuit of Cadbury presages a merger wave in the industry and Sara Lee could fetch a hefty premium.

Barron's pM8 "European Trader" by Jonathan Buck says Kraft's deal with Cadbury looks like a good deal for both firms.

Barron's M12 charts Cadbury saying after months of jostling, Kraft will buy it for a 50% premium to its pre-offer trading price.

BusinessWeek p5 notes the Kraft deal.

Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

(From Sat.)WSJ pB3 "Hershey says It Won't Make A Counterbid for Cadbury" by Anjali Cordeiro says Hershey said it won't make a bid for Cadbury a decision that takes Kraft a step closer to acquiring Cadbury.

McDonald's MCD $63.43 +0.23 0.36% 15,091,097 NYSE: Barron's "Week Review" p20 says Results at Bank of America improved on lower reserves against bad loans. Cadbury accepted a revised offer from Kraft that ended a 4 month battle for Cadbury. The $19.44 bil offer raised the cash component and included a dividend but Warren Buffett, Kraft's biggest holder said he'd oppose the deal if he could. GE's profit beat estimates and IBM's rose, as did McDonald's.

Barron's M12 charts Mcdonalds saying that despite offering more budget conscious fare, MCD posted a23% increase in 4Q earnings. Same store sales for Dec. rose.

Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

(From Sat.) WSJ pB3 "Mcdonald's Net Jumps on Sales Gain" by Paul Ziobro says McDonald's Corp's 4Q earnings rose 23% as it increased sales across all regions despite a global downturn. The Oak Brook, Ill. chain reported strong results for Dec, with even US same store sales up 1% after 2 months of year over year declines and said trends cont'd to improve in Jan. as customers responded favorable to its mix of value and premium items. But CEO Jim Skinner was still concerned about the gloomy environment for employment. The world's largest restaurant chain is attracting customers with low cost items including a new breakfast Dollar Menu and its MacSnack Wrap. McDonald's reported a quarterly profit of $1.22 bil, or 1.11 a share, up from $985.3 mil or 87 cents a year ago. 4Q revs rose 7.3% to $5.97 bil. Sales at restaurants open at least 13 months, a key measure of retail health, climbed 2.3%. MCD hasn't posted a quarter of global same store sales declines since early '03. US operations delivered 5% earnings growth, with operating profit up 20% in Europe and 51% in Asia, Mid East and Africa in part on currency changes.

(From Sat.)WSJ pB12 "Fading Starbucks Gives Way to Panera's Bread and Butter" by John Jannarone says there are many examples of restaurants who did well for a while only o fall back such as MMcDonald's in the 1980's and Starbucks for 15 years following is '92 ipo. It says Panera is now replacing Starbucks as the rising star among restaurants.

(From Sat.)Fin Times p9 "Burger King beefs up in battle with Big Mac" by Jenny Wiggin, Jamil Anderlini and Sidebar "Europe is a feast for McD's" by Greg Farrell says McD's 4Q earnings showed a solid performance in Europe and sales in Europe were up 5.2% compared with 2.6 in US. Burger King has 12,000 and is trying to close the gap with McDonald's that has 31,000 restaurants.

Merck MRK $38.78 -1.30 3.24% 15,672,852 NYSE: Forbes "Unlocking The Secrets of Lupus" by Rebecca Ruiz says in '08 Merck KGaA and ZymoGenetics halted a trial of their lupus drug, atacipet, because of high infection rates; another trial continues.

Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

BusinessWeek "The Health Care Business is Recession Proof" by Tara Kalwarski, David Foster says Pfizer and Merck are expected to do well in '10 with earnings growth for Pfizer being 11% and Profit margin being 31% and for Merck earnings growth of 6% and profit margin also of 31%.

Microsoft MSFT $28.96 -1.05 3.5% 97,486,818 NASDAQ-GS: Forbes p46 "The Profit Principle" by David K. Randall profiles 63 year old money manager Nicholas kaiser who runs the Amana funds and invests based on Islamic principles. He likes the following Dow firms with little debt and sold long term prospects according to him: Microsoft with a 12 month PE of 19 & a dividend yield of 1.7, Procter & Gamble with a P/E of 17 and a dividend yield of 2.9, & 3M with a P/E of 19 and a dividend yield of 2.4. He also likes ExxonMobil.

Barron's p21 "Week Preview" p21 says Johnson & Johnson will report 4Q earnings on Tuesday with consensus estimate being 0.97 compared to year ago of 0.94 per share and Verizon Communications will report 4Q earnings on Tuesday before the market opens with consensus estimate being 0.55 compared to year ago of 0.61 per share; on Thurs Microsoft will post results, which are expected to be strong, and on Friday Chevron will post results. On Thursday Bank of America Merrill Lynch holds a gaming conference in Las Vegas.

Barron's p29 "A Few Good ideas" by Lauren R. Rublin is a roundtable of Oscar Schafer, Scott Black, Marck Faber, Maro Gabelli, Bill Gross, Fred Hick, Archie macAllaster, Meryl Witmerd Feliz Zulauf and Abby Joseph Cohen with their investment picks. They like Yahoo! and discuss its takeover attempt by Microsoft in '08 at $33 a share, and Devon Energy cmparing its reserves to XTO Energy's which is being taken over by ExxonMobil. They like Microsoft's prospects. In discussing Accenture they note that Hewlett Packard and IBM have done a better job with economic growth overseas.

Barron's p46 Tech TRader" by Eric J. Savitz reiterates what he said about Intel in last week's column that Intel's strong quarter bodes well for the disk drive industry and says he was right because Seagate also posted good 2Q results and that Microsoft will have good 2Q results on Thurs.

Pfizer PFE $18.91 -0.33 1.72% 53,862,631 NYSE: Barron's p25 "Forest labs' Prescription for Success" says in '11, Pfizer will lose patent protection for the cholesterol drup Lipitor, which accounts for about 25% of its sales.

Barron's pM3 "The Trader" by Kopin Tan says so far this year American Express fell 8% after it tripled quarterly income .Warner Cilcott is much beloved on Wall St. after its recent acquisition of Procter & Gamble's and two kep products: Actonel for treating osteoporosis and Asacol for treating colon inflammation. Also it compares Warner's P/E to Pfizer which is trading at 4.9 multiple.

BusinessWeek "The Health Care Business is Recession Proof" by Tara Kalwarski, David Foster says Pfizer and Merck are expected to do well in '10 with earnings growth for Pfizer being 11% and Profit margin being 31% and for Merck earnings growth of 6% and profit margin also of 31%.

Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

Procter & Gamble PG $60.31 +0.47 0.79% 17,577,188 NYSE: Forbes p46 "The Profit Principle" by David K. Randall profiles 63 year old money manager Nicholas kaiser who runs the Amana funds and invests based on Islamic principles. He likes the following Dow firms with little debt and sold long term prospects according to him: Microsoft with a 12 month PE of 19 & a dividend yield of 1.7, Procter & Gamble with a P/E of 17 and a dividend yield of 2.9, & 3M with a P/E of 19 and a dividend yield of 2.4. He also likes ExxonMobil.

Barron's pM3 "The Trader" by Kopin Tan says so far this year American Express fell 8% after it tripled quarterly income .Warner Cilcott is much beloved on Wall St. after its recent acquisition of Procter & Gamble's and two kep products: Actonel for treating osteoporosis and Asacol for treating colon inflammation. Also it compares Warner's P/E to Pfizer which is trading at 4.9 multiple.

Forbes p38 "The Entrepreneur Clinic" by Steven Bertoni says Clay Mathile has a good record investing in small business ever since he sold the Iams Co. to Procter & Gamble in '99 for $2.3 bil.

3M MMM $81.43 -1.27 1.54% 4,558,241 NYSE: Forbes p46 "The Profit Principle" by David K. Randall profiles 63 year old money manager Nicholas kaiser who runs the Amana funds and invests based on Islamic principles. He likes the following Dow firms with little debt and sold long term prospects according to him: Microsoft with a 12 month PE of 19 & a dividend yield of 1.7, Procter & Gamble with a P/E of 17 and a dividend yield of 2.9, & 3M with a P/E of 19 and a dividend yield of 2.4. He also likes ExxonMobil.

Travelers TRV $48.31 -0.64 1.31% 6,832,776 NYSE: No mentions found.

United Technologies UTX $69.08 -1.05 1.5% 5,761,908 NYSE: No mentions found.

Verizon VZ $30.35 -0.28 0.91% 21,679,560 NYSE: Barron's pM10 "Corrections & Amplifications" says the Dogs of the Dow theory calls for investing at the start of a year in he 10 Dow stock with the highest dividend yields on the preceding 12/1. Sometimes, all of the highest yielders are issues that have fallen the most and maintained their dividend, but that wasn't the case in '09. Thus, the '10 Dow god list in last week's "Groomed for a Comeback" article shouldn't have included GE, Walmart, Procter& Gamble or ExxonMobil. The correct list: Dupont, Boeing, Home Depot, Merck, Chevron, Pfizer, Kraft, Mcdonald's, AT&T and Verizon.

Barron's p47 "Handset Wars Heating Up" by Mark Veverka says if Verizon Wireless, a jv of Verizon and Vodafone, offers the iPhone later this year, droves of Verizon users will switch to the hit Apple product. Palm wil benefit from marketing pushes by At&T and Verizon, bu tit faces the task of differntiating its webOS handsets from Google's Android phones, produced by Motorola and HTC.

WalMart WMT $52.94 +0.02 0.04% 19,323,961 NYSE: Forbes p34 "Storage Hits The Family Room" by Lee gomes says Att he recent consumer electronics show in Las Vegas vendors such as Seagate, Western Digital and others are selling living room products called media players at a cots of $150. Disk drives keep your daa sored in your computer when it's turned off and remains a cyclical biz. Shares of industry leader Seagae have quadrupled, Western Digital, the third largest disk drive maker has also seen its share quadruple since Nov. '08. Combined ann'l revs of Seagate, Western Digital & Hitachi (which owns the disk drive biz that once belonged to IBM)are $25 bil. The 3 firms make half a bil drivers a year and 90% of their biz comes from a small number of big customers, the PC manufacturers, retail chains like Walmart and Costco & Internet firms that assemble their own computers.
*************************************

Here are the current CEOs of the Dow 30 Companies:

AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke

Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]

Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses 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: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.

12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).

Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.

12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.

American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.

Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.

12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.

12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.

12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.

Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.

Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.

12/15/09 8K re: amendments to Bylaws.

Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.

12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.

Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.

Coke KO: 10/29/09 10QA

Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.

1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.

12/2/09 10K

DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020

ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.

12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows

GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.

Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.

12/17/09 10K

Home Depot HD: 12/3/09 10Q

Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.

12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.

IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.

JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.

12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.

Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.

12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.

12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.

McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.

12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.

12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.

Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.

Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.

Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.

Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.

1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.

12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.

12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.

12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.

3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.

Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.

United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.

11/17/09 8K re: its purchase of the GE Security business from GE for $1.82 billion. The closing is pending regulatory approvals. GE Security, part of GE Technology Infrastructure, supplies security and life safety technologies through a broad product portfolio for commercial and residential applications that include fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. Headquartered in Bradenton, Fla., the business has eight manufacturing facilities and approximately 4,700 employees in 26 countries.

Verizon Communications Inc. VZ: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.

12/23/09 8K re: grant of stock options to executives.

12/7/09 8K re:amendments to bylaws.

WalMartWMT: 12/8/09 10Q