12/17/10 Fri am Chevron to Pump $4 Bil in Gulf of Mex Field

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Post No. 781 The following is brought to you by Intellivest Securities Research, Inc. Toward 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 Dec. 7, 2010 and Dow 30 component's SEC filings as of Dec. 11, 2010.

A read of Friday's Wall St. Journal, Financial Times, New York Times, USA Today, Atlanta Journal Constitution & Daily Report (Ga) yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by symbol and Thursday's stock prices and related data.

Dow:The Dow Jones Industrial Average closed Thursday at 11,499.25 up 41.78 points or 0.36% from Wednesday's close of 11,457.47. For the year the Dow is up 10.27%. Of the 30 Dow Jones component companies 25 gained and 5 declined. The biggest gainer dollar-wise was Chevron CVX $89.06 +1.05 1.19% 7,865,554 NYSE and percentage-wise was Alcoa AA $14.46 +0.50 3.58% 26,501,766 NYSE. The biggest decliner dollar-wise and percentage-wise was American Express AXP $44.57 -1.55 3.36% 15,341,860 NYSE.

WSJ pC9 "FedEx helps deliver stocks to 2 year high" by Kristina Peterson says stocks hit fresh 2 year closing highs following generally upbeat economic data and as global bellwether FedEx delivered an optimistic full year forecast. Alcoa led the Dow higher, adding 50 cents while Bank of America rose 23 cents as it has reportedly begun settlement discussions with some of its largest mortgage investors. American Express was the Dow's worst performer, dropping 3.4%.

Fin Times p24 "Upbeat FedEx rises despite falling short of profit forecast" by Hannah Kuchler says FedEx shares rose in spite of missing analyst expectations as it was upbeat about its fy '11, while the wider indices edged higher.

NYT pB9 "Rally gives Dow & S&P highest closes of year" by Ap says a small drop in unemployment claims & a higher profit forecast by FedEx helped push stocks up Thurs.

USA Today p5B "Jobless, housing news boosts stocks" by Bloomberg says stocks gained Thurs with the S&P 500 index rising to its highest level since Sept. '08 after claims for jobless benefits unexpectedly fell & housing starts increased last month.

As of the open of the market Friday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Journal is 0.132129493. The trailing P/E is 14.66 up from Thursday's P/E of 14.61 (year ago it was 17.86); the P/E estimate is 13.43 up from Thursday's 13.34 (year ago it was 16.19) and the dividend yield is 2.49 down from Thursday's dividend yield of 2.69 (last year it was 2.66). The Dow's all-time high was 14,164.53 on Oct. 9, 2007. The 12 year low close for the Dow was on March 9, 2009 when it fell to 6,547.05.

Thursday's Dow Jones Industrial Average closing numerator was 1,519.39 up 5.52 from Wednesday's closing numerator of 1,513.87. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator increase for today by the divisor (0.132129493) you get the increase in today's Dow. 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 Thursday's Dow Jones Industrial Average was $50.65 up $0.19 from Wednesday's Dow Jones Industrial Average average closing price of $50.46. The median closing price of Thursday's Dow Jones Industrial Average was $43.26 (AXP/HPQ) down 0.41 from Wednesday's closing median price of $43.67. The lowest volume was 3M MMM $86.4 +0.59 0.69% 2,704,509 NYSE and the highest volume was again Bank of America BAC $12.52 +0.23 1.87% 308,346,093 NYSE.

If Thursday 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 $311 ($151,950 - $151,639)

MarketWatch Thursday 12/16/10 4:38 pm by Kate Gibson says US stocks ended higher Thursday after fresh U.S. economic reports fueled optimism and shipping giant FedEx Corp. offered a brighter forecast. FedEx earnings fall, outlook upThe markets digest lower earnings from FedEx, and a White House review of the Afghan war finds that "components" of the U.S.'s strategy are working but that gains are fragile. The Dow Jones Industrial Average (DJIA 11,499, +41.70, +0.36%) ended up 41.78 points, or 0.4%, at 11,499.25. Alcoa, Inc. (AA 14.41, -0.05, -0.34%) gained 3.6%, leading gains notched by 25 of the index’s 30 components. The S&P 500 Index (SPX 1,243, +7.64, +0.62%) closed up 7.64 points, or 0.6%, to 1,242.87, with industrials leading gains among its 10 industry groups.Notable decliners included Visa Inc. (V 66.90, -0.29, -0.43%) and MasterCard Inc. (MA 225.00, +1.51, +0.68%) , with shares of both payment processors ending more than 10% lower after the release of a Federal Reserve staff proposal to limit fees on debit-card transactions. On the Dow, card issuer American Express Co. (AXP 44.90, +0.33, +0.74%) led decliners with a loss of 3.4%. The Nasdaq Composite (COMP 2,637, +20.09, +0.77%) added 20.09 points, or 0.8%, to 2,637.31. “The path of least resistance is probably north to sideways as we close up the year,” said Jay Suskind, senior vice president at Duncan-Williams Inc. “Barring some unexpected geopolitical event, the market’s kind of put a bow on the year and put it under the tree.” For every stock falling, about two rose on the New York Stock Exchange, where volume topped 1 billion. FedEx’s (FDX 94.47, +0.25, +0.27%) second-quarter profit report fell short of most Wall Street expectations, but its shares ended up nearly 2%, gaining support from a more bullish outlook for its annual results. FedEx and competitor United Parcel Service Inc. (UPS 73.76, +1.51, +2.09%) are both viewed as economic bellwethers because their shipments cover a broad range of industries. “FedEx was a headline scare this morning, but then the professionals starting digging through it, and it was actually more positive,” Suskind said. Among a slew of economic reports, the government reported that its count of those filing first-time claims for unemployment benefits last week fell by 3,000 to 420,000.Separate data had U.S. housing starts rising more than expected in November, but permits for future construction declined. In addition, a gauge of manufacturing for the Philadelphia region showed activity expanding in December at its most rapid pace since April 2005. On Wednesday, U.S. stocks were hit by a late decline for a third consecutive session, with analysts saying the indexes are hitting technical hurdles when trying to climb. On the earnings front, General Mills Inc. (GIS 36.60, +0.01, +0.03%) reported a 9% rise second-quarter profit. Home-furnishings retailer Pier 1 Imports Inc. (PIR 10.14, -0.24, -2.31%) said third-quarter profit dropped 46% from the year-ago period, when it recorded an income-tax benefit. Wall Street is also tracking events overseas, with European Union leaders meeting Thursday in an attempt to reach consensus on further steps to try to contain a debt crisis now seen as threatening Portugal and Spain. EU leaders agreed to work on the creation of a permanent fund for future crises, accorded to reports. And the deal struck between the Obama administration and Republicans on Capitol Hill that would extend tax cuts for nearly all Americans heads to the House of Representatives for a vote.

Thursday's Closing Dow Numbers and Friday's News:

AT&T T $29.23 +0.10 0.34% 17,490,864 NYSE: WSJ pB6 "Sprint tackles subscriber losses" by Shayndi Raice says when Consumer Reports declared AT&T the worst US cellphone carrier, one surprising result of its survey was overshadowed: Sprint Nextel a carrier once known for poor customer service, had moved up in the consumer satisfaction ratings to a virtual tie with Verizon Wireless.

Alcoa AA $14.46 +0.50 3.58% 26,501,766 NYSE: WSJ pC9 "FedEx helps deliver stocks to 2 year high" by Kristina Peterson says stocks hit fresh 2 year closing highs following generally upbeat economic data and as global bellwether FedEx delivered an optimistic full year forecast. Alcoa led the Dow higher, adding 50 cents while Bank of America rose 23 cents as it has reportedly begun settlement discussions with some of its largest mortgage investors. American Express was the Dow's worst performer, dropping 3.4%

American Express AXP $44.57 -1.55 3.36% 15,341,860 NYSE: WSJ pC9 "FedEx helps deliver stocks to 2 year high" by Kristina Peterson says stocks hit fresh 2 year closing highs following generally upbeat economic data and as global bellwether FedEx delivered an optimistic full year forecast. Alcoa led the Dow higher, adding 50 cents while Bank of America rose 23 cents as it has reportedly begun settlement discussions with some of its largest mortgage investors. American Express was the Dow's worst performer, dropping 3.4%

Bank of Am BAC $12.52 +0.23 1.87% 308,346,093 NYSE: WSJ pC9 "FedEx helps deliver stocks to 2 year high" by Kristina Peterson says stocks hit fresh 2 year closing highs following generally upbeat economic data and as global bellwether FedEx delivered an optimistic full year forecast. Alcoa led the Dow higher, adding 50 cents while Bank of America rose 23 cents as it has reportedly begun settlement discussions with some of its largest mortgage investors. American Express was the Dow's worst performer, dropping 3.4%

Boeing BA $64.4 +0.16 0.25% 5,153,186 NYSE: AJC pA20 "Boeing loses 12 airplane orders, including 777s" says orders canceled included one of its delayed 787s. The customer wasn't named.

Caterpillar CAT $93.2 +0.08 0.09% 4,901,831 NYSE: No mentions found.

Chevron CVX $89.06 +1.05 1.19% 7,865,554 NYSE: WSJ pB3 "Chevron to pump $ bil into field" by Isabel Ordonez says Chevron will invest $4 bil over several years to develop an oil field that lies 5,200 feet beneath the Gulf of Mexico. In Oct Chevron said it would invest $7.5 bil to develop 2 other oil fields in the area, showing that it still sees the Gulf of Mexico as a key driver of its long term production growth despite uncertainty over fallout from the BP oil spill.

CSCO $19.75 +0.28 1.44% 60,286,019 NASDAQ-GS: No mentions found.

Coke KO $65.34 +0.60 0.93% 14,515,962 NYSE: No mentions found.

DIS $37.01 +0.06 0.16% 7,714,178 NYSE: No mentions found.

DuPont DD $49.45 +0.21 0.43% 5,265,198 NYSE: No mentions found.

Exxon XOM $72.22 +0.37 0.51% 18,477,600 NYSE: No mentions found.

GE $17.77 +0.28 1.6% 54,343,612 NYSE: No mentions found.

Hewlett-Pac HPQ $41.9525 +0.7225 1.75% 22,666,368 NYSE: WSJ pB6 "H-P says probe has expanded" by Ben Worthen says a bribery investigation that originally focused on a Hewlett- Packard contract in Russia has expanded to sales in several European countries per a HP filing with the SEC.

Home Dep HD $35.12 +0.33 0.95% 11,255,545 NYSE: No mentions found.

Intel INTC $21.3 +0.02 0.09% 33,385,232 NASDAQ-GS: No mentions found.

IBM $144.55 -0.17 0.12% 4,166,643 NYSE: No mentions found.

JPMOrgan JPM $40.0125 -0.1975 0.49% 37,071,063 NYSE: No mentions found.

Johnson & Johnson JNJ $62.4 -0.17 0.27% 11,179,268 NYSE: WSJ pB7 "FDA cites problems at JNJ plant in Pa" by Peter Loftus says US FDA inspectors found ore deficiencies at a Johnson & Johnson plant in Pa that makes some otc medicines that have been recalled over quality lapses.

KFT $31.64 +0.16 0.51% 7,301,762 NYSE: No mentions found.

MCD $76.71 -0.27 0.35% 6,524,761 NYSE: No mentions found.

MRK $36.84 +0.18 0.49% 10,125,644 NYSE: No mentions found.

MSFT $27.9875 +0.1375 0.49% 55,646,569 NASDAQ-GS: No mentions found.

Pfizer PFE $17.22 +0.14 0.82% 36,086,538 NYSE: No mentions found.

Procter & Gam PG $64.5 +0.86 1.35% 14,445,602 NYSE: WSJ pB4 "P&G stays firm on sales outlook" by Ellen Byron says Procter & Gamble reaffirmed its sales and profit forecasts Thurs and sought to ease investor concerns that its growth goals were too ambitious.

3M MMM $86.4 +0.59 0.69% 2,704,509 NYSE: No mentions found.

Travelers TRV $55.36 +0.21 0.38% 2,776,738 NYSE: No mentions found.

United Tech UTX $79.02 +0.07 0.09% 3,047,450 NYSE: No mentions found.

Verizon VZ $34.76 +0.13 0.38% 16,717,314 DualListed: WSJ pB6 "Sprint tackles subscriber losses" by Shayndi Raice says when Consumer Reports declared AT&T the worst US cellphone carrier, one surprising result of its survey was overshadowed: Sprint Nextel a carrier once known for poor customer service, had moved up in the consumer satisfaction ratings to a virtual tie with Verizon Wireless.

WMT $54.63 +0.40 0.74% 12,306,943 NYSE: No mentions found.

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Here are the current CEOs of the Dow 30 Companies:

AT&T T Randall L. Stephenson (Dallas, TX)
Alcoa AA Klaus Kleinfeld (NY, NY)
American Express AXP Kenneth I. Chenault (NY, NY)
Bank of America BAC Brian T. Moynihan (Charlotte, N.C.)
Boeing BA W. James McNerney, Jr. (Cyhicago, Ill)
Caterpillar CAT Douglas Oberhelman (Peoria, Ill.)
Chevron CVX John Watson (San Ramon, CA)
Cisco CSCO John Chambers (San Jose, CA)
Coca Cola KO Muhtar Kent (Atlanta, GA)
Disney DIS Robert Iger (Burbank, CA)
DuPont DD Ellen Kullman (Wilmington, DE)
ExxonMobil XOM Rex W. Tillerson (Irving, Tx)
GE Jeffrey R. Immelt (Fairfield, CT)
Hewlett-Packard HPQ Leo Apotheker (Palo, Alto, CA)
Home Depot HD Frank Blake (Atlanta, GA)
Intel INTC Paul S. Otellini (Santa Clara, CA)
IBM Samuel J. Palmisano (Armonk, NY)
JPMorgan Chase JPM Jamie Dimon (NY, NY)
Johnson & Johnson JNJ William C. Weldon (New Brunswick, NJ)
Kraft KFT Irene Rosenfeld (Northfield, Ill.)
McDonald's MCD Jim Skinner (Oak Brook, Ill)
Merck MRK Kenneth Frazer 1/1/11 replaces Richard Clark (Whitehouse Station, N.J.)
Microsoft MSFT Steve Ballmer (Redmond, WA)
Pfizer PFE Ian Read (NY, NY)
Procter & Gamble PG Bob McDonald (Cincinnati, OH)
3M MMM George W. Buckley (St. Paul, MN)
Travelers TRV Jay S. Fishman (NY, NY)
United Technologies UTX Louis Chenevert (Hartford, CT)
Verizon VZ Ivan Seidenberg (NY, NY)
Wal-Mart WMT Mike Duke (Bentonville, ARK)

Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest 1/2 billion as of 12/7/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $361 [5]
2. Microsoft MSFT 233 [9]
3. WalMart WMT 200 [3.5]
4. GE 182.5 [10.5]
5. IBM 179 [1]
6. Procter & Gamble PG 176 [3]
7. Chevron CVX 174 [2]
8. Johnson & Johnson JNJ 171 [3]
9. AT&T T 169 [6]
10. JPMorgan Chase JPM 154 [4]
11. Coke KO 149 [2.5]
12. Pfizer PFE 134.5 [8]
13. Intel INTC 120.5 [5.5]
14. Bank of America BAC 117 [10]
15. Cisco CSCO 111 [6]
16. Merck MRK 109 [3]
17. Verizon VZ 98 [3]
18. Hewlett-Packard HPQ 96 [2.5]
19. McDonald's MCD 85 [1]
20. United Technologies UTX 72.5 [1]
21. Disney DIS 71 [2]
22. 3M MMM 60.5 [.5]
23. Caterpillar CAT 57.5 [.5]
24. Home Depot 55 [1.5]
25. American Express AXP 54 [1]
26. Kraft KFT 53.5 [2]
27. Boeing BA 48.5 [1]
28. DuPont DD 45 [1]
29. Travelers 25.5 [.5]
30. Alcoa AA 14.5 [1]

Here are the latest 8K, 10Q & 10K SEC filings as of 12/11/10:

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

AT&T T: 12/7/10 8K re: replacement of existing 5 year $9.4 bil revolving credit facility
12/1/10 8K re: redemption of all 7.8% notes due 3/1/11
11/5 10Q for quarter ending 9/30/10

Alcoa AA: 10/22/10 10Q for 3Q ended 9/30/10
10/12 8K re: transcript of 3Q earnings conference
10/8/10 8K re: 3Q results

American Express AXP: 11/15/10 8K re: delinquency & write-off statistics for period ending 10/31/10
11/3/10 10Q for quarter ending 9/30/10
11/2/10 8K re: changes to retirement plan for officers

Bank of Am BAC: 11/5/10 10Q for quarter ending 9/30/10
11/5/10 8K re: status of Countrywide litigation
10/20/108K re: registration of 50,354,545 shares

Boeing BA: 12/3/10 8K re: election o Ronald A. Williams to Board of Directors and the Audit & Finance Committees
11/16/10 8K re: $2.3 bil 364 day revolving credit agreement

Caterpiller CAT: 12/10/10 8K re: election of Jesse J. Greene, Jr. & Miles D. White to Board of Directors and Greene to the Audit Committee & White to Governance Committee
12/7/10 8K re: entering into bridge loan of up to $8.6 bil
11/18/10 8K re: status of acquisition of Bucyrus
11/18/10 8K 3 month dealer statistics
11/15/10 8K re: acquisition of Bucyrus for $8.6 bil to close mid '11
11/12/10 8K/A resignation of Gail D. Foster from Board of Directors
11/4/10 10Q for quarter ending 9/30/10

Chevron CVX:11/5/10 10Q for quarter ending 9/30/10
10/29 8K re 3Q net income of $3.77 bil down from $3.83 bil for 3Q '09

Cisco CSCO 11/23/10 10Q for quarter ending 10/30/10

Coke KO 12/9/10 8K re: election of Howard G. Buffett to Board of Directors & Public Issue & Diversity Relations Committees
12/1/10 8K/A re: technical amendment of prior 8K
11/23/10 8K re: result of cash tender offer for debt
11/18/10 8K re: completion of note offering
11/16/10 8K re: resignation of Cathleen p. Black from Board to become Chancellor of NYC Schools
11/8/10 8K re: underwriting agreement for issuance of notes
11/4/10 8K re tender offer for CCE debt
10/29/10 10Q for quarter ending 10/1/10

Disney DIS 11/24/10 10K for year ending 10/2/10
11/12/10 8K re: results of 4Qtr earnings

DuPont DD: 12/10 8K re: retirement of Jeffrey L, Keefer as EVP
10/21/10 10Q for 3rd quarter ending 9/30/10
10/26/10 8K re 3Q results

ExxonMobil XOM: 11/30/10 8K re: revisions to officers' compensation plan
11/16/10 10Q re 3Q results ending 9/30/10
10/28/10 8K re: 3Q results
10/22/10 SC TO-C re: offer to buy Clarinet Inc., a cancer diagnostic firm

GE: 11/3/10 10Q re 9/30/10 results

Hewlett-Packard HPQ: 12/2/10 8K re: underwriting agreement for issuance of notes
11/22/10 8K re: 4Q results
10/18/10 8K re: election of Leo Aptheker as Pres/CEO

Home Depot HD: 12/2/10 10Q re: results for period ending 10/31/10
11/16/10 8K re: update of fiscal year '10 guidance

Intel INTC: 11/12/10 8K re: 15% increase of quarterly cash dividend
11/2/10 10Q for quarter ending 9/25/10

IBM: 12/8/10 8K re: underwriting agreement re: debt
12/6/10 8K re: resignatin of Cathleen Black from Board of Directors
10/26/10 10Q for period ending 9/30/10

JPMorganChase JPM: 10/28/10 8K/A re: amendment to replace capital covenants re: debt
10/20/10 & 10/19/10 2 8Ks re: amendment to credit agreements
10/14/10 8K re: investor conference re: 3Q results

Johnson & Johnson JNJ : 11/10/10 10Q for quarter ending 10/3/10

Kraft KFT:12/6/10 8K re: seeking preliminary injunction vs. Starbucks
11/30/10 8K re: arbitration with Starbucks'11/29/10 8K re: cash debt tender offer to holders of $1 bil of notes
11/8/10 8K re: status of agreement with Starbucks'
11/5/10 10Q for quarter ending 9/30/10
11/4/10 8K re: 3Q results

McDonalds MCD: 12/10 8K re: amendment of Cert. of Incorp re: designations of rights of preferred stock
12/9/10 8K re: global sales results
11/9/10 8K re: results of global sales results
11/5/10 8K re: resignation of Denis Hennequin as President of McDonald's Europe to be replaced by Steve Easterbook
11/5/10 10Q for period ending 9/30/10

Merck MRK: 12/10/10 8K re: sale of 2.2% notesw due '16
11/30/10 8K re: election of Kenneth C. Frazier a CEO with Richard T. Clark staing as Chair
11/8/10 10Q for period ending 9/30/10

Microsoft MSFT: 11/19/10 8K re: results of 11/16/10 Annual Meeting of Shareholders

Pfizer PFE: 12/9/10 8K re: resignation of Jeffrey B. Kindler as CEO & election of Ian C. Read as Pres/CEO
11/12/10 10Q for quarter ending 10/3/10
11/2/10 8K re: 3Q results
10/22/10 SC TO-T & 10/12/10 8K both re: Pfizer's purchase of King Pharmaceuticals, Inc.

Procter & Gamble PG: 11/18/10 8K re: close of sale of $1 bil of 1.8% notes due '15
10/28/10 10Q for period ending 9/30/10
10/27/10 8K re: results for quarter ending 9/30/10

3M MMM: 12/7/10 8K re: re: financial outlook for '11
11/5/10 10Q re: quarter ending 9/30/10'
10/28/10 8K re: 3Q results of $6.9 bil sales

Travelers TRV: 11/10/10 8K re: completion of tender offer for 6.25% debentures due '67
11/9/10 8K re: modification of rights of holders of 6.75% notes due '36
11/8/10 re: purchase of 43% of a Brazilian surety
11/8/10 8K & 11/5/10 8K re: amendment of consent solicitation of 6.75% notes
11/1/10 8K re: underwriting agreement for sale of notes
10/27/10 8K re: tender offer to holders of 6.25% due '67

United Technologies UTX: 12/10/10 8K re: election of Ellen Kullman, DuPont CEO to Board of Directors
12/10/10 8K re: resignation of Carlos M. Gutierrez from Board
10/25/10 10Q for period ending 9/30/10

Verizon Communications Inc. VZ: 12/8/10 8K/A re: Board committee assignments of Rodney E. Slater
11/10/10 8K/A re: election of Lowell C. McAdam as Pres/COO & Francis J. Shammo EVP & CFO
10/28/10 10Q for period ending 9/30/10

WalMart WMT: 12/6/10 10Q for period ending 10/31/10
11/16/10 8K re: 3 Qtr EPS 0.95 cents and raising full year EPS guidance from $3.95 to $4.05