Friday, May 6, 2011

5/6/11 Fri am Kraft Sales up 11%; Walmart Still #1 Fortune 500 List ahead of Exxon, Chevron

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Post No. 1,005 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, and a ranking of the Dow 30 components by market capitalization as of April 24, 2011 and Dow 30 components' SEC filings as of April 24, 2011.

A read of the print editions of Friday's Wall Street Journal, Financial Times, Investor's Business Daily's, USA Today, New York Times, Atlanta Journal Constitution & Daily Report - Ga. (carries - Bloomberg) 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 Jones Industrial Average: The Dow Jones Industrial Average closed Thursday at 12,584.17 down 139.41 or 1.1% from Wednesday's close of 12,723.58. For the year the Dow is up 8.69%. Of the 30 Dow components 3 gained and 27 declined. The biggest gainer dollar-wise and percentage-wise was Intel INTC $23.61 +0.11 0.47% 94,299,086 NASDAQ-GS. The biggest decliner dollar-wise and percentage-wise was Exxon XOM $82.62 -2.19 2.58% 27,514,947 NYSE.

WSJ pC5 "Energy shares pull plug on Dow" by Donna Yesalavich says the energy sector led stocks lower as crude oil prices tumbled and jobs data disappointed. The Dow's energy components weighed, with Exxon down $2.19 and Chevron down 2.06 as crude settled below $100 a barrel, off 8.6% on the day.

Fin Times p22 "Tripling of earnings at GM fails to drive it forward" by Michael Stothard says US equities continued to retreat from the multi year highs reached last week, led lower by energy & material stocks as risk appetite was sapped by disappointing economic data & a mixed set of earnings reports. Exxon lost 2.6%.

NYT pB7 "Slide in commodities adds to markets' woes" by Bloomberg says stocks tumbled on Thurs, sending the S&P 500 down for a 4th straight day, as shares of energy & raw material firms slumped after the biggest decline in commodities in almost 2 years.

Investor's Business Daily pA1 "Stocks lose more ground as volume turns mixed" by Paul Whitfield says stocks pulled in 2 directions for most of Thurs' session, with the nasdaq up & the other major indexes down. The market is in a correction.

USA Today p4B "Falling commodities drag down stocks" by Matthew Craft, AP says a free fall in commodities & an unexpected jump in unemployment put fin'l markets one edge Thurs, dragging the stock market lower.

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 0.132129493. The trailing P/E is 14.27 down from Thursday's trailing P/E of 14.44 (year ago it was 15.66); the P/E estimate is 12.91 unchanged from Thursday's P/E estimate of 12.91 (year ago it was 13.95), and the dividend yield is 2.34 up from Thursday's dividend yield of 2.30 (last year it was 2.61). 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 1,662.74 down 18.42 from Wednesday's closing numerator of 1,681.16. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator decrease for today by the divisor (0.132129493) you get the decrease in today's Dow. A $1 change in the price of any DJIA stock = a 7.57 change in the average.

The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was $55.42 down 0.62 from Wednesday's average closing price of $56.04. The median closing price of Thursday's Dow Jones Industrial Average was $47.35 (AXP/JPM) down 0.25 from Wednesday's median closing price of $47.60. The lowest volume was Travelers TRV $63. -0.54 0.85% 3,072,183 NYSE and the highest volume was again Bank of America BAC $12.3 -0.19 1.52% 130,950,167 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 lost $1,842 ($168,116 - $166,274).

MarketWatch Thursday 5/5/11 4:57 pm by Kate Gibson says US stocks fell sharply on Thursday, extending losses into a fourth day for two of the benchmark indexes, as equities and commodities were hit after a surprise rise in jobless claims.
“Earnings season started out strong and is ending strong. This is more about macro-driven concerns and about the level of growth in the economy, and ratcheting down expectations,” said Owen Fitzpatrick, head of the U.S. equity group at Deutsche Bank.
“The economic data, other than manufacturing, in the month of April was quite weak,” said Fitzpatrick, who added the jump in applications for unemployment benefits doesn’t bode well for Friday’s payrolls data.Down for the third session this week, the Dow Jones Industrial Average DJIA -1.10% fell more than 200 points, and finished down 139.41 points, or 1.1%, at 12,584.17, with 27 of its 30 components sliding, led by Aloca Inc. AA -2.63% , off 2.6%. Exxon Mobil Corp. XOM +0.11% was the biggest point drag on the index, and ended down 2.6%. The Standard & Poor’s 500 Index SPX -0.91% declined 12.22 points, or 0.9%, at 1,335.1, with energy the worst performing of its 10 industry groups. The Nasdaq Composite Index COMP -0.48% fell 13.51 points, or 0.5%, to 2,814.72. Both the S&P 500 and the Nasdaq have finished with losses the past three sessions, while the Dow industrials managed to eke out a gain of less than half a point on Tuesday. For every five stocks rising nine roughly fell on the New York Stock Exchange, where 1.1 billion shares traded. Oil, gold and silver futures fell, part of a broad pullback in commodities that has oil down nearly 13% so far this week, with crude futures CLM11 +0.69% dipping below $100 a barrel on the New York Mercantile Exchange for the first time since mid-March.
The dollar DXY -0.21% gained against currency rivals, also weighing on commodities. Ahead of Friday’s monthly payrolls report, the government on Thursday said claims for unemployment benefits unexpectedly climbed last week, with auto-plant closures among the factors cited. Jobless claims rose by 43,000 to 474,000 in the past week. Economists polled by MarketWatch had expected claims to decline to 412,000. A separate report said U.S. productivity slowed in the first quarter, rising at an annual rate of 1.6% compared to a 2.9% increase in the prior quarter. “The analyst at the Labor Department is saying that the one-time factors were solely responsible. Hopefully they are right, but claims are above 400,000 for a fourth straight week,” said Peter Boockvar, equity strategist at Miller Tabak & Co.

Thursday's Closing Dow Numbers and Friday's News:
Closing Price & Change & % Change Volume

AT&T T $31.22 -0.57 1.79% 31,501,458 NYSE: WSJ pC1 "Deals surge 41% as Companies chase growth" by Anupreeta Das says shares of AT&T are up 13% since 3/20 when it said it would buy T-Mobile USA for $39 bil, the year's largest deal compared with a 3.7% increase in the S&P.

Alcoa AA $17.01 -0.46 2.63% 42,514,758 NYSE: No mentions found.

American Express AXP $49.52 -0.18 0.36% 9,300,012 NYSE: No mentions found.

Bank of America BAC $12.3 -0.19 1.52% 130,950,167 NYSE: No mentions found.

Boeing BA $78.45 -0.39 0.49% 4,721,112 NYSE: WSJ pB3 "Carrier looks to lease planes" by Anirban Chowdhury says Air India will require the Airbus A320 and Boeing 737 & 777 to tide them over due to a strike by about 750 of its pilots.

Caterpillar CAT $109.39 -1.38 1.25% 8,786,262 NYSE: No mentions found.

Chevron CVX $102.62 -2.06 1.97% 11,985,085 NYSE: USA Today p1B "Walmart still tops on Fortune 500 list" say Walmart remains atop the Fortune 500 for the 2nd year in a row thanks to gains at its int'l stores. Fortune magazine ranks firms based on rev for '10, gave examples of how rising fuel prices are affecting the economy. Exxon is 2, Chevron is 3 and ConocoPhillips is 4th.

WSJ pC5 "Energy shares pull plug on Dow" by Donna Yesalavich says the energy sector led stocks lower as crude oil prices tumbled and jobs data disappointed. The Dow's energy components weighed, with Exxon down $2.19 and Chevron down 2.06 as crude settled below $100 a barrel, off 8.6% on the day.

Cisco CSCO $17.48 +0.01 0.06% 67,929,254 NASDAQ-GS: WSJ pB4 "Cisco to reduce its bureaucracy" by Don Clark, USA Today "Cisco plans to restructure" say Cisco will focus on 5 priorities: ore routing, switching, collaboration, data center virtualization, architectures, & video.

Coke KO $66.7 -0.76 1.13% 7,110,251 NYSE: AJC pA19 "Plans under wraps as Coca-Cola drapes headquarters" by Jeremiah McWilliams says the 26 building on North Ave in Atlanta is being draped in white sheets of fabric in celebration of its 125th anniversary.

DIS $42.69 +0.07 0.16% 8,256,411 NYSE: No mentions found.

DuPont DD $53.87 -0.64 1.17% 5,944,873 NYSE: No mentions found.

Exxon XOM $82.62 -2.19 2.58% 27,514,947 NYSE: USA Today p1B "Walmart still tops on Fortune 500 list" say Walmart remains atop the Fortune 500 for the 2nd year in a row thanks to gains at its int'l stores. Fortune magazine ranks firms based on rev for '10, gave examples of how rising fuel prices are affecting the economy. Exxon is 2, Chevron is 3 and ConocoPhillips is 4th.

Fin Times p22 "Tripling of earnings at GM fails to drive it forward" by Michael Stothard says US equities continued to retreat from the multi year highs reached last week, led lower by energy & material stocks as risk appetite was sapped by disappointing economic data & a mixed set of earnings reports. Exxon lost 2.6%.

WSJ pC5 "Energy shares pull plug on Dow" by Donna Yesalavich says the energy sector led stocks lower as crude oil prices tumbled and jobs data disappointed. The Dow's energy components weighed, with Exxon down $2.19 and Chevron down 2.06 as crude settled below $100 a barrel, off 8.6% on the day.

GE $19.9 -0.37 1.83% 57,317,849 NYSE: AJC pA20 "Ge offers to pay to continue engine work" says GE Aviation will pay to continue developing in Ohio an alternate engine for the F-35 joint Strike Fighter, a project recently terminated by the fed gov.

Hewlett-Packard HPQ $40.8 -0.14 0.34% 12,879,615 NYSE: No mentions found.

Home Depot HD $37.01 -0.18 0.48% 13,666,701 NYSE: No mentions found.

Intel INTC $23.61 +0.11 0.47% 94,299,086 NASDAQ-GS: Fin Times p17 "Intel wants to get a grip on mobile market" by Chris Nuttal says Intel's new 3D chip design will challenge Arm.

IBM $168.46 -2.16 1.27% 7,338,670 NYSE: No mentions found.

JPMorgan JPM $45.17 -0.33 0.73% 26,165,514 NYSE: No mentions found.

JNJ $65.01 -0.66 1.01% 14,936,441 NYSE: No mentions found.

Kraft KFT $33.39 -0.46 1.36% 17,226,621 NYSE: wsj Pb7 "At Kraft, prices blunt costs" by Paul Ziobro, AJC pA20 "Acquisition cuts cause Kraft income drop" say Kraft's profit declined as a large gain in the year end quarter skewed results. Kraft had a 1Q profit of $799 mil or 45 cents a share, down from $1.88 bil or 1.16 a year earlier which included a gain from the sale of its N. American frozen pizza operations. Rev climbed 11% to $12.57 bil, while gross margin rose to 36.9% from 36.1%.

MCD $78.6 -0.47 0.59% 6,411,855 NYSE: No mentions found.

MRK $36.25 -0.31 0.85% 16,493,167 NYSE: No mentions found.

Microsoft MSFT $25.79 -0.27 1.04% 55,626,793 NASDAQ-GS: wsj PC8 "Research in Mtion shares, only for the bold investor" by Martin Peers says BlackBerry's switch to Microsoft's Bing as its preferred search engine is good news for Microsoft but won't do much for BlackBerry.

Pfizer PFE $20.39 -0.25 1.21% 42,264,231 NYSE: WSJ pB3 "UK panel balks at drug payments" by Jeanne Whalen says in opposition to high drug prices, UK regulators saying Britain shouldn't pay for a group of expensive leukemia drugs saying their cost outweighs their benefits. The group NICE has rejected a number of pricey drugs in the past including the kidney cancer drugs Sutent & Torisel from Pfizer.

Procter & Gamble PG $65.88 -0.59 0.89% 10,813,453 NYSE: No mentions found.

MMM $94.92 -1.28 1.33% 4,163,320 NYSE: No mentions found.

Travelers TRV $63 -0.54 0.85% 3,072,183 NYSE: No mentions found.

United Technologies UTX $88.53 -0.85 0.95% 4,940,526 NYSE: No mentions found.

Verizon VZ $37.12 -0.55 1.46% 15,298,419 DualListed: No mentions found.

Walmart WMT $55.07 -0.30 0.54% 11,138,624 NYSE: USA Today p1B "Walmart still tops on Fortune 500 list" say Walmart remains atop the Fortune 500 for the 2nd year in a row thanks to gains at its int'l stores. Fortune magazine ranks firms based on rev for '10, gave examples of how rising fuel prices are affecting the economy. Exxon is 2, Chevron is 3 and ConocoPhillips is 4th.

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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. (Chicago, 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 (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 as of 4/24/11 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $428 [5]
2. Procter & Gamble PG 253.5 [4]
3. Chevron CVX 217.5 [2]
4. Microsoft MSFT 214.5 [8.5]
5. GE 212 [10.5]
6. IBM 205 [1]
7. WalMart WMT 187 [3.5]
8. AT&T T 181.5 [6]
9. JPMorgan Chase JPM 178 [4]
10. Johnson & Johnson JNJ 175.5 [3]
11. Pfizer PFE 158 [8]
12. Coke KO 156 [2.5]
13. Bank of America BAC 125 [10]
14. Intel INTC 118 [5.5]
15. Merck MRK 105 [3]
16. Verizon VZ 104 [3]
17. Cisco CSCO 93.5 [5.5]
18. Hewlett-Packard HPQ 88.5 [2]
19. Disney DIS 80 [2]
20. McDonald's MCD 80 [1]
21. United Technologies UTX 80 [1]
22. Caterpillar CAT 70 [.5]
23. 3M MMM 67 [.5]
24. Home Depot HD 61.5 [1.5]
25. Kraft KFT 58.5 [2]
26. American Express AXP 56.5 [1]
27. Boeing BA 55.5 [1]
28. DuPont DD 52 [1]
29. Travelers TRV 26 [.5]
30. Alcoa AA 18 [1]

Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 4/24/11:

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

AT&T T: 4/20/11 2 8Ks re: first quarter results
4/13/11 Prospectus & 4/1/aa S-4 re: offer to exchange $3.5 bil of 5.35% Global Notes due '40
3/31/11 & 3/21/11 2 8Ks re: purchase of T-Mobile USA, Inc. from Deutsche Telekom for $20 bil
3/29/11 8KA re: replacement of Richard Lindner as CFO with John J. Stephens
3/10/11 Proxy Statement re: Annual Meeting of Stockholders to be held on 4/29/11 in Little Rock, Ark
3/7/11 8K re; departure of Richard G. Lindner as CFO to be replaced by John T. Stephens
3/1/11 10K re: Fiscal year ended 12/31/10

Alcoa AA: 4/21/11 10Q & 4/12/11 8K re: first quarter results ending 3/31/11
4/14/11 8K transcript re: 1Q earnings conference call
4/13/11 8K & Prospectus re: issuance of $1.2 bil of 5.4% Notes due '21 & tnender offer for 5.3% Notes due '13
3/7/11 Proxy Statement re: Annual Meeting of Shareholders to be held 5/6/11 in Pittsburg, PA

American Express AXP: 4/20/11 8K re: 1Q results ending 3/31/11
4/18/11 8K re: delinquency & write-off statistics for 1Q ended 3/31/11
3/28/11 8K re new digital payments platform "Serve"
3/24/11 & 3/23 & 3/22 Proxy materials re: 2011 Annual Meeting of Shareholders at 5/2/11 at AXP Headquarters in NYC
3/18/11 8K re: Reg. FD disclosures re: its Comprehensive Capital Plan re: share repurchases & dividends
3/15/11 8K re: delinquency & write-off statistics for 3 months ended 2/28/11
3/4/11 Prelim Proxy Statement re: Shareholder Meeting to be held 5/2/11 in NYC

Bank of Am BAC: 4/15/11 8K re: shuffling of execs, C. Noski, E. O'Keefe & B. Thompson
4/15/11 re results of 1Q ending 3/31/11
3/3011 Proxy re: Annual Meeting of Stockholders on 5/11/11 at BAC Headquarters in Charlotte, N.C.
3/23/11 8K re: submission to Fed Res. Baord of comprehensive capital plan
3/17/11 8K re: issuance of $1.5 bil of 3.625% of Senior Notes due 2016
3/16/11 8K re: election of Mukesh D. Ambani to Board of Directors & Compensation & Benefit Committee & Audit Committee

Boeing BA: 3/21/11 Annual Report to Sahreholders
3/18/11 Proxy Statement re: Annual Meeting of Shareholders to be held 5/2/11 in Chicago

Caterpiller CAT: 4/15/11 Proxy re: Annual Meeting of Stockholders on 6/8/11 at Little Rock, Ark.
3/8/11 8K re: price changes of products
3/18/11 8K re: Reg FD disclosures re: 3 months dealer statistics

Chevron CVX: 4/14/11 4 Proxy filings re: Annual Meeting of Stockholders on 5/25/11at Chevron headquarters in San Ramon, CA.
4/11/11 8K re: first quarter interim update
4/4/11 8K re: increase of exec comp.

Cisco CSCO 3/28/11 8K re: pre-arranged stock trading plan for certain execs
3/22/11 8K-A re: election of Gary B. Moore as COO
3/18/11 8K re: initiation of quarterly cash dividends of 6 cents per share to be paid 4/20
3/16 & 3/15 8Ks re: issuance of debt securities
3/9/11 8K re: recasting of fin'l stmts due to combining Asia Pacific & Japan operations

Coke KO 3/10/11 Proxy Statement re: Annual Meeting of Shareholders to be held 4/27/11 in Atlanta
2/28/11 10K re: Fiscal year ended 12/31/10
2/17/11 8K re: election of Evan G. Greenberg to Board of Directors & Audit Comm.
2/17/11 8K re: Amendment of Stock Option Plan

Disney DIS 3/25/11 8K re: adoption of exec stock option plan
3/18/11 two 8Ks re: amendment to employment Agreement of CEO Robert A. Iger & other execs.
3/2/11 Proxy Materials re: shareholder proposal re: exec compensation

DuPont DD: 4/21/11 8K re results for quarter ended 3/31/11
4/13/11 Proxy re annual meeting of stockholders on 4/27/11in Wilmington, DE
3/31/11 S-3 shelf registration for debt securities and common stock
3/18/11 Proxy re: Annual Stockholders Meeting to be held on 4/27/11 in Wilmington, DE
3/8/11 8K re: retirement of Samuel W. Bodman & John T. Dillon from Board of Directors due to reaching age 72

ExxonMobil XOM: 4/14/11 Annual Report to Shareholders
4/13/11 2 Proxy filings re: annual meeting of shareholders on 5/25/11 in Dallas, TX
3/31/11 8K re: result of operations for 2010
3/15/11 8K re: results of operations presentation at analyst meeting
2/28 10K/A & 2/25 10K re: Fiscal year ended 12/31/10

GE: 4/21/11 8K re: first quarter results
4/18/11 proxy re: answers to shareholder's question re: CEO's stock options
4/15/11 Annual Report to Shareholders
4/711 & 3/30/11 Proxy materials re: proposal on exec comp proposal at annual meeting of shareholders on 4/27/11
3/14/11 Proxy re: Annual Shareholders Meeting on 4/27/11 in Salt Lake City, Utah
2/25/11 10K re: Fiscal year ended 12/31/10

Hewlett-Packard HPQ: 3/28/11 8K re amendment of by-laws to decrease number of directors from 17 to 13
3/22/11 8K re: info re: status of Hewlett-Packard employees as a result of Japanese earthquake
3/11/11 Proxy Materials re: opposition to ISS voting recommendations re: exec comp.
3/11/11 & *k 2/22/11 re: Quarter ended 1/31/11

Home Depot HD: 4/18/11 Annual Report to Shareholders
4/15/11 proxy re: annual meeting of shareholders on 6/2/11 in Atlanta
3/31/11 8K re: underwriting agreement re: $3 bil of Senior Notes due 2021 & 2041
3/2/11 8K re: approval of Stock Option Plan

Intel INTC: 4/20/11 & 4/19/11 8Ks re: financial info & CFO commentary re: results for quarter ended 4/2/11
4/13/11 8K re: fin'l info re: recently closed acquisition of Infineon Wireless & McAfee
4/7/11, 4/5/11 & 4/4/11 Proxy materials re: annual meeting of shareholders on 5/19/11 at Intel's headquarters in Santa Clara, CA
3/21/11 8K re: fin'l info re: its McAfeesubsidiary
2/28/11 8K re: completion of acquisition of McAfee
2/28/11 10K re: Fiscal year ended 12/25/10

IBM: 4/20/11 & 4/19/11 8Ks re: CFO comments re: 1Qtr fin'l results ended 3/31/11
3/25/11 Proxy re: voting at annual meeting of stockholders on 4/26
3/18/11 8K re: settlement with SEC of bribery charges in Asia for $10 mil
3/8/11 8K re: FD disclosure re: presentation at investor briefing
3/7/11 Proxy rel Annual Stockholders Meeting on 4/26 in St. Louis, Mo.

JPMorganChase JPM: 4/20/11 Proxy brochure entitled "Overview"
4/14/11 8K re: entering into consent orders with Fed. Reserve re: residential mortgage servicing activities
4/13/11 2 8Ks re: first quarter results
4/7/11 3 proxy filings re: annual meeting of shareholders on 5/17/11 in Columbus, Ohio
3/24/11 8K re: offering of $500 mil Floating Rate Notes due 2016
3/24/11 & 3/23/11 8Ks re: offering of Global Medium Term Notes

Johnson & Johnson JNJ : 4/19/11 Proxy re: annual meeting of shareholders on 4/28 in New Brunswick, NJ
4/19/11 8K re: first quarter results
4/15/11 8K re: settlement between Merck & JNJ re: dispute re: distribution of Remicade & Simponi
4/8/11 8K re: payment of $70,0006,316 fine for violating Foreign Corrupt Practices Act
3/16/11 Proxy re: Annual Shareholders Meeting on 4/28 in New Brunswick, NJ
3/10/11 8K re: Entering into a consent decree with the FDA regarding its oversight of JNJ's McNeil Unit plants in Puerto Rico and Pennsylvania

Kraft KFT: 4/8/11 8K & 3/14/11 8K re: departure of CFO Timothy R. McLevish to be replaced by David A. Brearton
4/5/11 8K re: entering into revolving credit agreement for $4.5 bil
3/31/11 8K & Proxy re: nomination of Dr. Peter Henry for Board of Dir at 5/24/11 annual meeting of shareholders in Skokie, Ill

McDonald's MCD: 4/21/11 8K re: first quarter results
4/15/11 Proxy re: taking points
4/13/11 Annual Report to Shareholders
4/18/11 3 Proxy filings re: annual meeting of shareholders on 5/19/11 at McDonald's Headquarters in Oak Brook, Ill & proposal to amend cert. of incorp.
3/9/11 8K re: FD disclosure re: comparable sales rising 3.9% in Feb.
3/3/11 Proxy re: Annual Meeting of Shareholders on 5/19/11 at Oak Brook, Ill.

Merck MRK: 4/15/11 8K re: settlement between Merck & JNJ re: dispute re: distribution of Remicade & Simponi
4/14/11 Annual Report to Shareholders
4/13/11 2 Proxy filings re: annual meeting of shareholders on 5/24/11 at North Branch, NJ
4/5/11 Schedule to tender offer to shareholders of Inspire Pharmaceuticals
3/24/11 8K re: termination of agreement between Merck & Sanofi-Aventis re: Sanofi's right to buy Merck's Merial animal health subsidiary

Microsoft MSFT: 2/8/11 8K re: underwriting agreement for $750 mil of 2.5% Notes due 2016
1/27/11 10 & 1/27/11 8K for quarter ended 12/31/10

Pfizer PFE: 4/14/11 & 4/11/11 Proxy & 3/22/11 2 Proxy filings re: 4/28/11 annual meeting of shareholders in Dallas, TX
4/4/11 8K re: selling Capsugel subsidiary to KKR
3/24/11 Annual report to shareholders
2/28/11 10K re: fiscal year ended 12/31/10

Procter & Gamble PG: 4/11/11 8K re: declaration of 9% quarterly dividend increase
4/5/11 8K re: sale of Pringles to Diamond
3/24/11 8K re: P&G & Teva Pharmaceutical Industries partnership for OTC medicines
3/1/11 8K re: resignation of Rajat KJ. Gupta from Board of Directors
2/11/11 8K re: election of Meg Whitman to Board of Directors

3M MMM: 4/7/11 8K re: results of first quarter 2011
4/6/11 8K re: executive changes re: chief accounting officer
3/29/11 Proxy material to correct errors re: prior filing re: stock ownership of directors & officers
3/24/11 annual report to shareholders
3/23/11 2 proxy filings re: 5/10/11 annual meeting of stockholders in St. Paul, Minnesota
3/15/11 8K re: retirement of CFO Patrick D. Cambell to be replaced by David W. Meline

Travelers TRV:4/21/11 10Q & 8K for quarter ended 3/31/11
4/12/11 anual report to shareholders
4/12/11 2 proxy filings re: annual meeting of shareholders on 5/26/11 at Hartford, CT

United Technologies UTX: 4/20/11 8K re: first quarter results
4/19/11 8K re proposal to amend long term incentive plan
2/25/11 Proxy re: Annual Meeting of Shareholders on 4/13/11 in Phoenix, AZ

Verizon Communications Inc. VZ: 4/21/11 8K re: first quarter results
4/11/11 8K re: Verizon completion of Terremark acquisition
4/8/11 Schedule to tender offer re: Terremark acquisition
4/4/11 Proxy re; compensation proposal
3/25/11 Prospectus re: $6.25 bil notes
3/21/11 Proxy re: 5/5/11 annual meeting of shareholders in Indianapolis, Indiana
3/7/11 8K re: election of Lowell C. McAdam to Board of Director (he is Pres/COO)

WalMart WMT: 4/19/11 annual report to shareholders
4/18/11 2 Proxy filings re: annual meeting o shareholders on 6/3/11 at U. of Ark in Fayetteville, Ark.
4/15/11 8K & 4/13/11 Prospectus re: issuance of $5 bil of notes
3/30/11 10K for fiscal year ended 1/31/11