Thursday, April 22, 2010

4/22/10 Thurs. am Boeing, United Tech Have Strong Results

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Post No. 395. 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 4/1/10 and an update of the Dow 30 component's most recent SEC filings as of 4/1/10.

A read of Thursday's Wall St. Journal, Financial Times, New York Times, USA Today & 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 Wednesday's stock prices and related data.

Dow:The Dow Jones Industrial Average closed Wednesday at 11,124.92 up 7.86 or 0.07% from Tuesday's close of 11,117.06. For the year the Dow is up 6.68%. Of the 30 Dow Companies: 10 gained 20 and declined. The biggest gainer dollar-wise and percentage-wise was Boeing BA $74.16 +2.75 3.85% 11,926,038 NYSE. The biggest decliner dollar-wise and percentage-wise was Merck MRK $34.74 -1.32 3.66% 31,445,239 NYSE.

As of the open of the market Thursday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Journal is 0.132319125 unchanged, the trailing P/E ratio is 17.14 up from Tuesday's 17.13 (year ago it was 26.89) the P/E estimate is 14.00 unchanged from Wednesday's 14.00 (year ago it was 22.34) and the current dividend yield is 2.45 down from Wednesday's 2.46 (it was 3.92 a year ago). The Dow's all-time high was 14,164.53 on Oct. 9, 2007.

WSJ pC1 "Dow Extends Streak to 3" by Peter McKay says blue chips edged modestly higher on Wed buoyed by encouraging 1Qtr earnings, but a retreat in health care stocks weighed on the broader market. Merck was the Dow's worst performer, falling 3.7% as investors grew concerned about how it might be affected by the overhaul of US health care, after Abbott Labs and Gilead Sciences cut their '10 guidance.

Fin Times p28 "Strong corp. earnings bolster flagging sentiment" by Masa Serdarevic says US stock markets put in a mixed performance yesterday as they see sawed around par mark, in spite of results from Apple that smashed analysts' expectations, with Morgan Stanley and Boeing also posting better than expected 1Qtr numbers.

NYT pB8 "A flatDay as a Few good Profit Reports Buoy Investors" by Christine Hauser says stocks were steady on Wed as a few positive earnings reports encuraged investors who were otherwise concerned about rising coss resulting from the health care overhaul and possible new regs on the fin'l industry.

USA Today p5B "good earnings news trumps Greece fears" y Bloomberg says stocks posted small gains Wed, sending the Dow Jones industrial average up for a 3rd session, as better than estimated earnings at Apple, Morgan Sanley and Boeing overshadowed concern Greece will default on its debt.

Wednesday's Dow Jones Industrial Average closing numerator was 1,472.04 up 1.04 from Tuesday's closing numerator of 1,471. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator increase of 1.04 for Wednesday by the divisor you get the increase in Wednesday's Dow close of 7.86. A $1 change in the price of any DJIA stock = a 7.56 change in the average.

The average closing price (the closing numerator divided by 30) of Tuesday's Dow Jones Industrial Average was $49.07 up 0.04 from Tuesday's Dow Jones Industrial Average average closing price of $49.03. The median closing price of Wednesday's Dow Jones Industrial Average was 44.67 down 0.04 from Tuesday's median closing price of $44.71. The lowest volume was NYSE and the highest volume again was Bank of America BAC $18. NYSE.

If Wednesday 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 made $130 ($147,210-147,090).

Market Watch 4/21/10 5:08 p.m. by Kate Gibson says U.S. stocks edged higher Wednesday, helped by earnings at Apple Inc. and Boeing Co., while some health-care-sector results and a retreat among financial shares clipped gains. The Dow Jones Industrial Average (INDU 11,125, +7.64, +0.07%) closed up 7.86 points, or 0.1%, to 11,124.92, its third straight day of gains. Boeing Co. (BA 74.16, +2.75, +3.85%) and United Technologies Corp. (UTX 76.93, +2.73, +3.68%) led the blue-chip average higher, with advances of more than 3%, after both aerospace and defense companies released quarterly results. The Nasdaq Composite (COMP 2,505, +4.30, +0.17%) ended 4.3 points, or 0.2%, higher at 2,504.61. Apple shares /quotes/comstock/15*!aapl/quotes/nls/aapl (AAPL 259.22, +14.63, +5.98%) rallied nearly 6%, the biggest one-day gain since May 2009, after earnings surged on iPhone sales.
But a drop in health care, financials and energy led the S&P 500 (SPX 1,206, -1.24, -0.10%) to a lower finish. That index of large-cap U.S. stocks ended 1.2 points, or 0.1%, lower at 1,205.94. Also weighing on stocks, Merck & Co. Inc. (MRK 34.76, +0.02, +0.06%) shares fell 3.7%, the worst performer on the Dow average. Off the Dow, Abbott Laboratories (ABT 51.78, -1.28, -2.41%) shares were off 2.4% after the health-care-products company reported a lower first-quarter profit. And Gilead Sciences shares (GILD 40.76, -4.31, -9.56%) dropped 9.6%, making it the worst S&P 500 performer, after the HIV-drug developer issued a weaker-than-expected 2010 financial forecast. Also weighing on the market, financials abandoned earlier attempts at gains. Moody's Corp. shares (MCO 25.69, -1.43, -5.27%) lost 5.3% after a congressional panel probing the financial crisis subpoenaed the credit-ratings agency for failing to comply with a request for information. Morgan Stanley (MS 31.51, -0.17, -0.54%) added 4% after the financial-services firm reported its swing to a first-quarter profit. Read more about Morgan Stanley's survival of the 2008 crisis. Shares of Wells Fargo & Co. (WFC 33.01, -0.68, -2.02%) lost 2%. Decliners led advancers by a slight margin on the New York Stock Exchange, where 1.2 billion shares traded. Composite volume topped 5.9 billion. Energy stocks fell after the government reported an increase in weekly U.S. inventories, pushing oil to a lower close. The contract for June delivery finished 17 cents lower at $83.68 a barrel.
Greece on Wednesday began talks with its counterparts in the euro region, the International Monetary Fund and the European Central Bank on what steps are needed for it to secure a $61 billion emergency aid package.

AT&T T $26.34 -0.32 1.2% 44,394,294 NYSE: WSJ pB1 "AT&T Looks Beyond the iPhone" by Niraj Sheth, Fin Times p20 "AT&T boosted by popularity of Apple iPhone" by AndrewEdgecliffe-Johnson, NYT pB5 "Earnings Fall 21% at AT&T" by AP & AJC pA14 say AT&T activated 2.7 mil iPhones compared to 512,000 net customers. Its 1Qtr profit fell 21% to $2.48 bil or 42 cents a share. Rev was $30.65 bil, flat from a year a go. Questions hang over AT&T as to where it will turn gfor growth and the same issue looms for No. 1 Verizon Comunications which reports earnings today.

WSJ pC10 "Overheard" by Andrew Peaple says AT&T's earning call on Wed. had some communications clitches as the call kept getting cut off. Apple is within striking distance of Microsoft's market cap of $275 which is behind Exxon at No. 1.

WSJ pC5 "United Tech, Boeing Boy the Dow" by Donna Yesalavich says blue chip stocks climbed following better than epected earnings from Boeing and United Tech, but the S&P 500 stock index felll despite a strong report from Apple, weighed down by health care firms. United Tech rose 3.7% as it posted a 20% rise in 1Qtr profits as cost reductions helped to offset lower rev. AT&T fell 1.2% as a result of a $1 bil charge related to the overhaul of the health care system, while its wireless biz continued to expand thanks to the success of the iPhone. Merck dropped 3.7% and Pfizer fell 1% while Johnson & Johnson fell .9% as Abbot labs and Gilead joined AT&T in noting negative expected impacts from the health care overhaul.

Alcoa AA $13.71 -0.04 0.29% 31,751,874 NYSE: No mentions found.

American Express AXP $45.99 -0.21 0.45% 7,644,832 NYSE: No mentions found.

Bank of America BAC $18.28 -0.33 1.77% 200,630,632 NYSE: WSJ pC10 "Wells Fargo Bulls Outduel The Bears" by Peter Eavis says Wells trades at a price to book value of 1.57 times, vs. 1.15 times for JPMorgan and 0.87 times for Bank of America.

WSJ pB4 "BargainHunting Prevails" by Paul Vigna, John Shipman says industrial orders are rising, but with high unemployment and stagnant wages, questions remain about customers' stamina. JPMorgan and Citigroup earned 75% of their 1Qtr profit from the Wall St. side of their businesses while Bank of America got all of its income from there. Coke CEO Muhtar Kent said consumers are still not spending as Coke's North American sales fell 6%.

Boeing BA $74.16 +2.75 3.85% 11,926,038 NYSE: WSJ pB4 "Boeing" by Peter Sanders, Doug Cameron & AJC pA14 say Boeing said they expect add'l widebody aircraft orders this year as it posted a profit of $519 mil or 70 cents a share down 15% from $610 mil or 86 cents a year earlier. Rev fell 7.8% to $15.22 bil. The '10 per share earnings target was cut by 20 cents to $3.50 to $3.80 due to loss of the health care tax credit while the rev target was unchanged.

WSJ pC5 "United Tech, Boeing Boy the Dow" by Donna Yesalavich says blue chip stocks climbed following better than epected earnings from Boeing and United Tech, but the S&P 500 stock index felll despite a strong report from Apple, weighed down by health care firms. United Tech rose 3.7% as it posted a 20% rise in 1Qtr profits as cost reductions helped to offset lower rev. AT&T fell 1.2% as a result of a $1 bil charge related to the overhaul of the health care system, while its wireless biz continued to expand thanks to the success of the iPhone. Merck dropped 3.7% and Pfizer fell 1% while Johnson & Johnson fell .9% as Abbot labs and Gilead joined AT&T in noting negative expected impacts from the health care overhaul.

Caterpillar CAT $67.75 +0.25 0.37% 6,316,621 NYSE: No mentions found.

Chevron CVX $81.92 -0.13 0.16% 9,089,919 NYSE: No mentions found.

Coke KO $54.19 -0.28 0.51% 9,482,090 NYSE: AJC pA13 "Coke has mild meeting" byjeremiah McWilliams says KO's annual meeting in Atlanta was smooth although teamsters protested a proposal by CCE to change it delivery logistics.

WSJ pB4 "BargainHunting Prevails" by Paul Vigna, John Shipman says industrial orders are rising, but with high unemployment and stagnant wages, questions remain about customers' stamina. JPMorgan and Citigroup earned 75% of their 1Qtr profit from the Wall St. side of their businesses while Bank of America got all of its income from there. Coke CEO Muhtar Kent said consumers are still not spending as Coke's North American sales fell 6%.

WSJ pB5 "PepsiCo in Recycling Push" by Valerie Bauerlein says beverage firms led by Pepsi and Coca-Cola have been trying to show hey are good corp cigtizens by highlighting recyclng efforts and partnering with environmental groups.

Disney DIS $36.56 +0.02 0.05% 8,930,668 NYSE: No mentions found.

DuPont DD $39.07 -0.09 0.23% 5,370,702 NYSE: No mentions found.

Exxon XOM $68.92 -0.05 0.07% 20,738,648 NYSE: WSJ pC10 "Overheard" by Andrew Peaple says AT&T's earning call on Wed. had some communications clitches as the call kept getting cut off. Apple is within striking distance of Microsoft's market cap of $275 which is behind Exxon at No. 1.

GE $19.03 +0.03 0.16% 57,783,652 NYSE: AJC pA1 "Cobb gets GE's Smart Grid, 400 jobs" by David Markiewicz says Ge will locate its $15 mil Smart Grid Center of Excellence for green energy industry in Cobb County, Ga.

Hewlett-Packard HPQ $53.7 +0.14 0.26% 11,422,718 NYSE: WSJ pB8 "Barnes & Noble Returns to TV to Tout Nook" by Suzanne Vranica says Hewlett-Packard is readying an ad cmpaign launching in June to promote its Slate tablet.

Home Depot HD $35.27 +0.09 0.26% 19,455,436 NYSE: No mentions found.

Intel INTC $23.79 -0.33 1.37% 71,956,607 NASDAQ-GS: No mentions found.

IBM $128.99 -0.70 0.54% 7,457,423 NYSE: No mentions found.

JPMorgan JPM $45.35 -0.53 1.16% 45,945,310 NYSE: WSJ pC10 "Wells Fargo Bulls Outduel The Bears" by Peter Eavis says Wells trades at a price to book value of 1.57 times, vs. 1.15 times for JPMorgan and 0.87 times for Bank of America.

WSJ pB4 "Bargain Hunting Prevails" by Paul Vigna, John Shipman says industrial orders are rising, but with high unemployment and stagnant wages, questions remain about customers' stamina. JPMorgan and Citigroup earned 75% of their 1Qtr profit from the Wall St. side of their businesses while Bank of America got all of its income from there. Coke CEO Muhtar Kent said consumers are still not spending as Coke's North American sales fell 6%.

Johnson & Johnson JNJ $65.39 -0.60 0.91% 13,152,594 NYSE: WSJ pC5 "United Tech, Boeing Boy the Dow" by Donna Yesalavich says blue chip stocks climbed following better than epected earnings from Boeing and United Tech, but the S&P 500 stock index felll despite a strong report from Apple, weighed down by health care firms. United Tech rose 3.7% as it posted a 20% rise in 1Qtr profits as cost reductions helped to offset lower rev. AT&T fell 1.2% as a result of a $1 bil charge related to the overhaul of the health care system, while its wireless biz continued to expand thanks to the success of the iPhone. Merck dropped 3.7% and Pfizer fell 1% while Johnson & Johnson fell .9% as Abbot labs and Gilead joined AT&T in noting negative expected impacts from the health care overhaul.

Kraft KFT $30.25 -0.20 0.66% 13,946,641 NYSE: No mentions found.

McDonalds MCD $70.36 +0.02 0.03% 10,646,077 NYSE: WSJ pB4 "Mcdonald's" by Paul Ziobro says its 1Qtr earnings increased 11% amid strong sales world wide. its same store sales rose 4.2% as it had a profit of $1.09 bil or $1 a share, up from $979.5 mil, or 87 cents a year earlier. Rev icnreased 10% to $5,.61 bil.

Merck MRK $34.74 -1.32 3.66% 31,445,239 NYSE: AJC pA14 "Merck signs deal on vaccine distrib" says it cut a deal with MassBiologics to distribute its vaccine aainst tetanus and diptheria in 49 states as MRk tries to remain dominant in vaccines.

WSJ pC1 "Dow Extends Streak to 3" by Peter McKay says blue chips edged modestly higher on Wed buoyed by encouraging 1Qtr earnings, but a retreat in health care stocks weighed on the broader market. Merck was the Dow's worst performer, falling 3.7% as investors grew concerned about how it might be affected by the overhaul of US health care, after Abbott Labs and Gilead Sciences cut their '10 guidance.

WSJ pC5 "United Tech, Boeing Boy the Dow" by Donna Yesalavich says blue chip stocks climbed following better than epected earnings from Boeing and United Tech, but the S&P 500 stock index felll despite a strong report from Apple, weighed down by health care firms. United Tech rose 3.7% as it posted a 20% rise in 1Qtr profits as cost reductions helped to offset lower rev. AT&T fell 1.2% as a result of a $1 bil charge related to the overhaul of the health care system, while its wireless biz continued to expand thanks to the success of the iPhone. Merck dropped 3.7% and Pfizer fell 1% while Johnson & Johnson fell .9% as Abbot labs and Gilead joined AT&T in noting negative expected impacts from the health care overhaul.

Microsoft MSFT $31.332 -0.028 0.09% 49,364,003 NASDAQ-GS: No mentions found.

Pfizer PFE $16.6 -0.16 -0.95% 67,606,729 NYSE: WSJ pC5 "United Tech, Boeing Boy the Dow" by Donna Yesalavich says blue chip stocks climbed following better than epected earnings from Boeing and United Tech, but the S&P 500 stock index felll despite a strong report from Apple, weighed down by health care firms. United Tech rose 3.7% as it posted a 20% rise in 1Qtr profits as cost reductions helped to offset lower rev. AT&T fell 1.2% as a result of a $1 bil charge related to the overhaul of the health care system, while its wireless biz continued to expand thanks to the success of the iPhone. Merck dropped 3.7% and Pfizer fell 1% while Johnson & Johnson fell .9% as Abbot labs and Gilead joined AT&T in noting negative expected impacts from the health care overhaul.

Procter & Gamble PG $63.63 +0.44 0.7% 9,321,744 NYSE: WSJ pB6 "P&G signs Ad Deal" by Suzanne Vranica, Sam Schechner says Procter 7 gamble signed an ad pact valued at more than $100 mil with the Oprah winfrey Network. its ad spending is showing signs of rebound.

3M MMM $85.7 +0.43 0.5% 4,476,072 NYSE: No mentions found.

Travelers TRV $52.8 -0.37 0.7% 3,761,078 NYSE: No mentions found.

United Technologies UTX $76.93 +2.73 3.68% 10,587,524 NYSE: WSJ pC5 "United Tech, Boeing Boy the Dow" by Donna Yesalavich says blue chip stocks climbed following better than epected earnings from Boeing and United Tech, but the S&P 500 stock index felll despite a strong report from Apple, weighed down by health care firms. United Tech rose 3.7% as it posted a 20% rise in 1Qtr profits as cost reductions helped to offset lower rev. AT&T fell 1.2% as a result of a $1 bil charge related to the overhaul of the health care system, while its wireless biz continued to expand thanks to the success of the iPhone. Merck dropped 3.7% and Pfizer fell 1% while Johnson & Johnson fell .9% as Abbot labs and Gilead joined AT&T in noting negative expected impacts from the health care overhaul.

Verizon VZ $29.56 -0.20 0.67% 22,483,962 Dual Listed: WSJ pB1 "AT&T Looks Beyond the iPhone" by Niraj Sheth says AT&T activated 2.7 mil iPhones compared to 512,000 net customers. Its 1Qtr profit fell 21% to $2.48 bil or 42 cents a share. Rev was $30.65 bil, flat from a year a go. Questions hang over AT&T as to where it will turn gfor growth and the same issue looms for No. 1 Verizon Comunications which reports earnings today.

WalMart WMT $54.47 -0.05 0.09% 11,302,937 NYSE: No mentions found.
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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 4/1/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $317 [5]
2. Microsoft MSFT 257 [9]
3. WalMart WMT 212 [4]
4. GE 200 [10.5]
5. Procter & Gamble PG 184 [3]
6. Johnson & Johnson JNJ 180 [3]
7. BAC 179 [10]
8. JPMorgan Chase 178 [4]
9. IBM 167 [1]
10. AT&T 153 [6]
11. Chevron CVX 152 [2]
12. Cisco CSCO 149 [6]
13. Pfizer PFE 138 [8]
14. Coke KO 127 [2]
15. Hewlett-Packard HPQ 125 [2]
16. Intel INTC 123 [5.5]
17. Merck MRK 116 [3]
18. Verizon VZ 88 [3]
19. McDonald's MCD 72 [1]
20. United Technologies UTX 69 [1]
21. Disney DIS 67 [2]
22. 3M MMM 59 [.5]
23. Home Depot 55 [2]
24. Boeing BA 55 [1]
25. American Express AXP 49 [1]
26. Kraft KFT 45 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 34 [1]
29. Travelers 27 [.5]
30. Alcoa AA 15 [1]

Here are the latest SEC filings as of 4/1/10 market open 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: 3/26/10 8K re: its intent to take a non-cash charge of approximately $1 billion in the first quarter of 2010 to reflect the impact of the health care reform legislation.

Alcoa AA: 3/2/10 Add'l def. proxy materials

American Express AXP: 3/18/10 Add'l def. proxy materials

Bank of Am BAC: 3/17/10 Add'l def. proxy materials

Boeing BA: 3/31/10 8K re: charge off re: income tax charge of approximately $150 million as a result of the Patient Protection and Affordable Care Act, as modified by the Health Care and Education Reconciliation Act.

Caterpiller CAT: 3/24/10 8K re: charge off as a result of the Patient Protection and Affordable Care Act (H.R. 3590) signed into law on March 23, 2010

Chevron CVX: 3/31/10 Add'l def. proxy soliciting material

Cisco CSCO: 2/17/10 10Q Quarterly Report

Coke KO: 3/22/10 8K re: transactions related to CCE transaction.

Disney DIS: 3/16/10 8K re: amendment to stock option plan & by-laws

DuPont DD: 3/19/10 Def. add'l proxy materials

ExxonMobil XOM: 3/29/10 8K re: its 2009 Financial and Operating Review

GE: 3/25/10 8K re: credit agreement with lenders led by JPMorgan Chase re: the transaction wherein GE and Comcast will form a joint venture which will consist of the NBCU businesses and Comcast’s cable networks.

Hewlett-Packard HPQ: 3/23/10 8K re: amendment of its Stock Incentive Plan

Home Depot HD: 4/7/10 Proxy Statement

3/25/10 10K Annual Report

Intel INTC: 3/22/10 8K re: John Thornton will not stand for reelection at the Company’s Annual Stockholders’ Meeting to be held on May 19, 2010

IBM: 3/25/10 Add'l def. proxy soliciting materials

JPMorganChase JPM: 3/31/10 Def. add'l proxy materials

Kraft KFT: 3/30/10 Definitive Add'l Proxy material

McDonalds MCD: 3/9/10 8K re: Press release "McDonald’s Global Comparable Sales Increased 4.8% in February"

Merck MRK: 3/11/10 8K re: amendment to the Call Option Agreement among Merck, Merck Sharp & Dohme and sanofi-aventis re: the option granted by Merck to sanofi-aventis to acquire 50% of Merck’s animal health business.

Microsoft MSFT: 1/28/10 10Q.

Pfizer PFE: 3/16/10 Add'l Proxy Materials

Procter & Gamble PG: 2/18/10 8K re: FD disclosures re: guidance given at an analyst conference

3M MMM: 3/26//10 8K re: one-time charge it expects to take in the first quarter of 2010 as a result of the Patient Protection and Affordable Care Act signed by the President on March 23, 2010.

Travelers TRV: 3/17/10 Add'l Proxy Materials

United Technologies UTX: 3/24/10 Add'l proxy solicitation materials

2/26/10 Def. Proxy Statement

Verizon Communications Inc. VZ: 3/30/10 Proxy Statement

WalMart WMT: 3/30/10 10K Annual Report