Friday, July 25, 2014

7/25/14 Fri. am 3M & Visa's Earnings Up; Caterpillar's Earnings Up but Misses

http://www.dowjonesmonitor.com/
by Dan Kolber

Post No. 2,754 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   recent ranking of the Dow 30 components by market capitalization  and a summary of recent Dow 30 components'  SEC filings.

A  read of the print editions of  Friday's  Wall Street Journal,  Financial Times, Investor's Business Daily, New York Times, USA Today,  Atlanta Journal & Constitution and 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 a separate table of Dow component's symbol and Thursday's  closing   stock prices and related data in alphabetical order.

The Dow Jones Industrial Average:  The Dow Jones Industrial Average closed  Thursday at 17083.80 down 2.83 or 0.02%  from Wednesday's close of 17086.63. For the year the Dow is up 3.01%. Of the Dow components 16   gained, McDonald's was unchanged and   13 declined.   The biggest gainer   dollar-wise was IBM up $1.61 and percentage-wise was Nike up 1.59%. The biggest decliner   dollar-wise  and percentage-wise was Caterpillar down $3.34 or 3.08%.

WSJ pC4 "Stocks waver but S&P 500 sets record" by Chris Dieterich says the S&P eked out another record but major indexes were little changed.  Caterpillar fell $3.34 or 3.1% after earnings topped analysts' expectations but rev came up short due to weaker sales in China, Africa and the Mid east.  Cat tightened the range of its rev estimates.

IBD pB2 "Stocks battle to end flat, but breakouts keep pace" by Paul Whitfield says Thursday's action was flat in rising vol & the current outlook is uptrend under pressure.

NYT pB10 "Wall Street indexes flat on mixed earnings news" by Reuters says stocks ended a quiet session Thurs. as earnings pained a mixed picture of the economy.

FT p21 "Wall Street" by Eric Platt says Caterpillar remained under pressure as net rev fell 3%.

AJC pA17 "Stocks end where they began" by AP says major US stocks were mostly unchanged despite investors having to work through a busy day of corp earnings & 2 economic reports.  Caterpillar fell 3% after it reported results.

As of the open of  the market on Friday the current divisor for the Dow Jones Industrial Average found at page C6   of  Friday's Wall St. Journal is 0.15571590501117.  Friday's trailing P/E ratio is 16.53 unchanged from Thurs.   trailing P/E ratio of 16.53  (last year it was 16.70).  Friday's P/E estimate is 15.08 unchanged from Thursday's P/E estimate of 15.08 (year ago it was 13.55) and Friday's dividend yield is 2.15 unchanged  from  Thursday's dividend yield of 2.15  (last year it was 2.36). The Dow's all-time high was 17113.54 on July 2,  2014. 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 numerator is 2660.22 down  0.44  from  Wednesday's   numerator of 2660.66.  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 change for today by the divisor (0.15571590501117) you get the change in today's Dow. A dollar increase or decrease in a Dow stock results in a $6.42 change in the Dow Index.

The average closing price (the closing numerator divided by 30) of  Thursday's Dow Jones Industrial Average was $88.67 down 2 cents from Wednesday's  average closing price of $88.69.  The median closing price of  Thursday's Dow Jones Industrial Average was $83.40  (HD/UNH)  down 9 cents from Wednesday's median closing price of $83.49 (HD/UNH). The lowest volume was  3M   and the highest volume was Intel.

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 or dividends) and sold at the close you would have lost $44 ($266,066 - $266,022).

7/24/14 Thursday 4:10   pm MarketWatch by Anora Mahumudova  & Barbara Kollmeyer says The S&P 500 closed at an all-time high for the 27th time this year on Thursday, but other U.S. stock-market benchmarks slipped back into the red just ahead of the closing bell.
The main benchmarks traded in a narrow range throughout the session as investors processed a deluge of earnings reports and mixed economic data.
The S&P 500 SPX +0.05%  closed less than a point higher at 1,987.98, after setting a fresh intraday record. The Dow Jones Industrial Average DJIA -0.02%  finished off 2.83 points at 17,083.80. The Nasdaq CompositeCOMP -0.04%  ended the day 1.59 points lower at 4,472.11.
Facebook Inc. reported Wednesday that profit more than doubled and revenue topped estimates for the ninth straight quarter..
Colin Cieszynski, chief market strategist at CMC Markets, says markets have had a pretty good run, which make them vulnerable for corrections.
“Markets are already at lofty levels and we need more good news to keep going higher,” he said. “Today’s economic and corporate news have been mixed. Earnings so far have supported the market, but there is cautious optimism among investors as we are entering historically weak months.”
Shares of Facebook                         FB -0.13%  jumped 5.2% action after its profit and sales beat expectations.
Ford                        F +0.23% shares rose 0.3% after the car maker beat earnings expectations.
General Motors Co. GM +0.03%   profit sank 80% as the auto maker was hit by recalls. Adjusted earnings matched analyst expectations. Shares fell 4.5%.
Among the decliners, TripAdvisor Inc. TRIP -5.19%  sank 5.2% and Angie’s List Inc. ANGI -1.58%  tumbled 19% after those companies separately reported late Wednesday.
Caterpillar Inc. CAT -3.08% shares dropped 3.1% after the maker of manufacturing equipment said sales fell short of expectations in the second quarter, but the company raised its earnings outlook again.                                                                            
Among economic news, the number of people filing for unemployment benefits fell to the lowest level since February 2006, surprising economists, but June’s pace of new-home sales hit a three-month low and the May rate was revised down significantly.
Outside of a loss for the Nikkei 225 index JP:NIK -0.29% , Asian stocks rose across the board Thursday with a 1.2% gain for the China Shanghai Composite CN:SHCOMP +1.28% , after a preliminary reading of Chinese manufacturing data from HSBC hit an 18-month high. European stocksXX:SXXP +0.43%  gained across the board amid a big earnings day there.
Crude-oil CLU4 -1.09%  edged lower along with gold prices GCQ4 -0.81% , while the dollar DXY +0.07%  steadied.

Friday's Dow News followed by Thursday's Closing Dow Numbers:

AT&T:  IBD pA4 "AT&T faces questions on Apple iPhone 6 upgrades" by Reinhardt Krause says Wireless churn, disconnecting subscribers, marked a 2Q bright spot for AT&T which missed on EPS and rev late Wed. 

American Express:  No mentions found.

Boeing:  No mentions found.

Caterpillar: WSJ pC4 "Stocks waver but S&P 500 sets record" by Chris Dieterich says the S&P eked out another record but major indexes were little changed.  Caterpillar fell $3.34 or 3.1% after earnings topped analysts' expectations but rev came up short due to weaker sales in China, Africa and the Mid east.  Cat tightened the range of its rev estimates.

IBD pA2 "Caterpillar hurt by mining dip", WSJ pB4 "Caterpillar narrows outlook" by James R. Hagerty  say  Caterpillar's earnings topped analysts' expectations but rev came up short due to weaker sales in China, Africa and the Mid east.  Cat tightened the range of its rev estimates.

FT p21 "Wall Street" by Eric Platt says Caterpillar remained under pressure as net rev fell 3%.   

AJC pA17 "Stocks end where they began" by AP says major US stocks were mostly unchanged despite investors having to work through a busy day of corp earnings & 2 economic reports.  Caterpillar fell 3% after it reported results.

Chevron:  No mentions found.

Cisco:  No mentions found.

Coke:  No mentions found.

Disney:  No mentions found.

DuPont:  No mentions found.

Exxon:  No mentions found.

GE:  FT p16 "Rolls-Roye adds thrust to jet engine profitability" by Tanya Powley, Andrew Parker  says GE Aviation's operating margin is almost 20% for jet engines compared to about 13% for each of Pratt & Whitney and Rolls-Royce.

FT p14 "Alstom unit faces corruption charges" by Caroline Binham says a UK subsidiary of Alstom that is selling its energy biz to GE has been charged with fraud in the UK re: transport projects and bribes.

Goldman Sachs:  WSJ pC3 "Goldman lead director retires due to illness" by Justin Baer says James Schiro, 68 years old, resigned.

FT p1 "Goldman's Babble seeks to drown out Bloomberg in bid for chat dominance" by Tracy Alloway says Goldman is developing a chat tool called Babble that could replace the instant messaging on Bloomberg's terminals.

Home Depot:  AJC pA16 "Home Depot to sell 3D printers, scanners" says Home Depot will sell MakerBot printers and scanners in 12 stores in Cal, Ill, & NY.

Intel:  No mentions found.

IBM:  No mentions found.

JPMorgan:  FT p20 "US banks trade home loans for corporate" by Tracy Alloway says JPMorgan may stop making home loans.

Johnson & Johnson:

McDonald's:  WSJ pB1 "McDonald's stands by an old firend in crisis" by Julie Jargon, Jacob Bunge says OSI the firm in trouble in China has been the main beef supplier to McDonald's for decades.

Merck:  No mentions found.

Microsoft:  No mentions found.

Nike:  No mentions found.

Pfizer:  No mentions found.

Procter & Gamble:  No mentions found.

3M: IBD pA2 "3M earnings meet estimates" says 3M's 2Q eps rose 12% to $1.91.  Sales were up 5% to $8.13 bil just above estimates. 

Travelers:  No mentions found.

United Technologies:   FT p16 "Rolls-Roye adds thrust to jet engine profitability" by Tanya Powley, Andrew Parker  says GE Aviation's operating margin is almost 20% for jet engines compared to about 13% for each of Pratt & Whitney and Rolls-Royce.

UnitedHealth:  No mentions found.

Verizon:  No mentions found.

Visa:  WSJ pC5 "Payments are plump, boosting Visa Profit" by Josh Beckerman, IBD pA2 "Visa tops in Q2, guides higher", AJC pA16 "Payment vol pushes Visa's profit"   say Visa's 3Q earnings were up 11% due to strong global payments volume and processed transactions.  Profit was $1.36 bil or $2.17 a share up from $1.23 bil of $1.89 per share a year ago.  Rev increased 5% to $3.16 bil.  Analysts expected per share profit of $2.10 and rev of $3.15 bil

Walmart:  WSJ pB3 "Head of Walmart's US division leaving" by Shelly Banjo, NYT pB2 "Walmart US chief leaving; successor headed Asian unit" by Elizabeth A. Harris, USAT p2B "Walmart's US CEO is out" by Jayne O'Donnell, FT p12 "Walmart"  say Bill Simon who's been US CEO since June '10 will be replaced by Gregory Foran the head of Walmart's Asia operations.

WSJ pA1 "Struggling life insurers seek a middle class revival" by Leslie Scism says Metlife will sell insurance at kiosks at 223 Walmart stores in an experiment.

Thursday's Closing Dow Numbers:

SymbolLast SaleChange% ChangeShare VolumeMarket
T▼ NYSE
AXP▼ NYSE
BA▼ NYSE
CAT▼ NYSE
CVX▲ NYSE
CSCO▲ NASDAQ-GS
DIS▲ NYSE
DD▼ NYSE
XOM▲ NYSE
GE▲ NYSE
GS▼ NYSE
HD▲ NYSE
INTC▼ NASDAQ-GS
IBM▲ NYSE
JPM▲ NYSE
JNJ▲ NYSE
MCDunch NYSE
MRK▲ NYSE
MSFT▼ NASDAQ-GS
NKE▲ NYSE
PFE▼ NYSE
PG▲ NYSE
MMM▲ NYSE
TRV▲ NYSE
UTX▼ NYSE
UNH▼ NYSE
VZ▲ DualListed
V▲ NYSE
WMT▼ NYSE

*******************
 Here are the current CEOs of the Dow 30 Companies:

AT&T T Randall L. Stephenson (Dallas, TX)


American Express AXP Kenneth I. Chenault (NY, NY)


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)


Goldman Sachs GS Lloyd Blankfein (NY, NY)


Home Depot HD Frank Blake (Atlanta, GA)


Intel INTC Brian Krzanich (Santa Clara, CA)


IBM Virginia M. Rometty (Armonk, NY)


JPMorgan Chase JPM Jamie Dimon (NY, NY)


Johnson & Johnson JNJ Alex Gorsky (New Brunswick, NJ)


McDonald's MCD Donald Thompson (Oak Brook, Ill)


Merck MRK Kenneth Frazier (Whitehouse Station, N.J.)


Microsoft MSFT Satya Nadella (Redmond, WA)


Nike NK Mark Parker (Beaverton, OR)


Pfizer PFE Ian Read (NY, NY)


Procter & Gamble PG A. G. Lafley (Cincinnati, OH)


3M MMM Inge Thulin (St. Paul, MN)


Travelers TRV Jay S. Fishman (NY, NY)


UnitedHealthUNC Stephen Hemsley (Minnetonka, MN)


United Technologies UTX Louis Chenevert (Hartford, CT)


Verizon VZ Lowell McAdam (NY, NY)


Visa V Charles W. Scharf (Foster City, CA)


Wal-Mart WMT Doug McMillon (Bentonville, ARK)


***************************
Here are the Dow Jones Industrial Average 30 as of close of business 7/3/14 ranked in order of market capitalization in billions:

1. Exxon Mobil XOM $440.65
2. Microsoft MSFT 345.29
3. Johnson & Johnson JNJ 298.24
4. GE 269.35
5. Chevron CVX 249.74
6. WalMart WMT 244.19
7.  Procter & Gamble PG 216.42
8. JPMorgan Chase JPM 215.89
9.  Verizon VZ 205.86
10. Pfizer PFE 194.74
11. IBM 190.83
12. AT&T T 186.01
13. Coke KO 185.61
14. Merck MRK 173
15.  Intel INTC 155.01
16. Disney DIS 150.39
17. Visa V 136.02
18. Cisco CSCO 129.04
19. Home Depot HD 112.21
20. United Technologies UTX 105.91
21. American Express AXP 101.59
22. McDonald's MCD 99.81 
23. 3M MMM 95.14
24. Boeing BA 93.71 
25. UnitedHealth UNH 81.67
26. Goldman Sachs GS 78.76
27. Caterpillar CAT 69.34
28. Nike NKE 68.54
29. DuPont DD 60.43
30. Travelers TRV 32.95

****************************************
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of close of business 7/3/14:

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

AT&T T:
6/30/14 8K re: increase Board of Dirs from 13 to 14 and election of Glenn H., Hutchins to Board
6/27/14 8K re: sale of its shares of America Movil for $5.5 bil
6/27/14 8K re: securitization facility between New Cingular subsidiary & Citibank
6/11/14 8K sale of 2.4% Global Notes due 2024
6/10/14 8K sale of $2 bil of 4.8% Global Notes due 2044
6/3/14 8K re: notice of redemption of 4 classes of notes
6/3/14 8K re: Reg. FD disclosure re: proposed acquisition of DirecTV
6/3/14 8K re: update on network transformation, 2Q trends & full year '14 guidance
5/19/14 8K re: contract to buy DirecTV
5/2/14 10Q & 4/23/14 8K & 4/22/14 8K re: results of 1 Qtr ended 3/31/14.
4/28/14 8K re: voting results of annual meeting of Stockholders

American Express AXP:
6/30/14 8K re: 50% jv with Certares for global business travel
6/23/14 8K re: appointment of Laureen E. Seeger as general Counsel
6/16/14 8K re: delinq. & write-off stats  for 3 mos ended 5/31/14
5/15/14 8K re: delinq. & write-off stats. for 3 months through 4/30/14
5/13/14 8K re: 13% dividend increase
4/29/14 10Q re: 1Q ended 3/31
4/16/14 8K re: 1Q results
4/15 8K re: delinq. & write-off stats for 3 months ended 3/31/14


Boeing BA:
5/12/14 8K re: amendment of CEO's employment contract
4/30/14 8K re: voting results from annual meeting of shareholders
4/23/14 10Q & 8K re: 1 Qtr ended 3/31/14
3/14/14 Proxy for Annual Meeting of Shareholders 4/28/14 10:00 am, Field Museum, Chicago
3/11/14 8K re: amendments to Supp. Exec. Retirement Plan
3/28/14 8K re: selection of Robert E. Verbeck as VP Finance


Caterpillar CAT:
6/19/14 8K re: 3 mos. retail sales stats.
6/12/14 8K re: stockholder approval of '14 long term incentive plan & exec. short term incentive plan
6/11 8K re: increase of quarterly dividend by 17% to 70 cents per share payable 8/20 to record holders on 7/21
5/28/14 & 4/21/14 Proxies re: annual meeting of stockholders on 6/11/14 at Corinth, MS
5/20/14 8K re: 3 months retail sales stats through 4/14
5/8/14 8K re: underwriting agreement to issue notes
5/2/14 10Q & 4/24/14 8K re: 1 Qtr ended 3/31/14 results
4/23/14 8K re: 3 months retail sales stats through 3/14


Chevron CVX:
6/3/14 8K re: voting results of annual stockholder meeting
5/2/14 10Q & 8K re: 1 Qtr ended 3/31 results
4/10/14 Proxy re: Annual Meeting of Shareholders on 5/28 at Permian Basin Petroleum Museum, Midland, Tx at 8 am
4/9/14 8K re: Interim update for 1Q



Cisco CSCO:
6/25/14 8K re: adoption of pre-arranged stock trading plan by executive
5/22/14 10Q & 5/14/14 8K re: 1 Qtr ended 4/26 results
3/26/14 8K re: adoption of pre-arranged exec stock trading plans
3/11/14 8K re: exec's pre-arranged stock trading plan
3/3/14 8K re: issuance of Floating Rate Notes


Coke KO:
4/30/14 10Q/A & 4/24/14 10Q for 1Qtr ended 3/28 results
4/25/14 8K re: election of Kathy N. Waller as CFO
4/23/14 8K re: approval of Equity Comp. Plan
4/15/14 8K re: 1Q results
4/3/14 & 3/28/14 Proxy material re: issue of exec. comp.


Disney DIS:
6/27/14 8K re: amendment to By-laws re: calling of shareholder meeting
6/2/14 8K re: sale of global notes
5/6/14 8K & 10Q for 1Qtr ended 3/29 results
3/20/14 8K re: amdmt to cert. of incorp.
3/18/14; 3/4/14; & 2/3/14 Add'l proxy materials 


DuPont DD:
6/26/14 8K re: lower earnings outlook for 2Q & 2014
4/28/14 8K re: voting results of Stockholders Mtg
4/22/14 10Q & 4/17/14 re: 1 Qtr ended 3/31
3/17/14 8K re: results for qtr ended 3/31
3/14/14 Proxy Stockholders Mtg 4/23/14 10:30 am, DuPont Theatre, Wilmington, DE
3/10/14 8K re: guidance for 2014


ExxonMobil XOM:
6/2/14 8K re: voting results of annual meeting of shareholders
5/14/14 & 4/22/14 Proxy material re: exec comp
5/7/14 10Q & 5/1/14 8K re: 1 Qtr. ended 3/31 results
4/11/14 Proxy re: Shareholder Mtg on 5/28 at Myerson Symphony Ctr, Dallas, Tx at 9:30 am
3/24/14 8K re: Reg. FD disclosure re: '13 Fin'l & Operating Rev
3/20/14 8K re: issuance of Float Rate Notes
3/11/14 8K re: presentation at analyst meeting

GE:
5/12/14 10Q & 4/17/14 8K re: 1 Qtr ended 3/31 results
4/28/14 8K re: voting results from annual shareholders meeting
4/23/14 8K re: election of John J. Brennan to Board of Dirs.
4/17/14 8K re: 1Q results
3/11/14 8K re: public offering of Notes
3/5/14 Proxy Annual Shareholders Meeting 4/23/14 10 am Sheraton, Chicago


Goldman Sachs GS:
6/4/14 8K re: sale of $900 mil of floating notes
5/29/14 8K re: tender offer for debt securities.
5/19/14 8K re: shareholder meeting voting results
5/19/14 10Q  re: 1 Qtr results ended 3/31
4/21/14 Proxy material re: governance and practices
4/28/14 8K re: amend cert. of incorp. re: series L Preferred rights
4/17/14 8K re: 1Q results
4/4/14 Proxy re: Shareholder Mtg at 5/16 at GS Office, Irving Tx at 9:30 am


Home Depot HD:
6/12/14 8K re: completion of offering of senior notes
5/28/14 10Q & 5/20/14 8K re: 1 Qtr results
5/28/14 8K re: voting results from Shareholder Meeting
4/7/14 Proxy re: Shareholder Mtg 5/22 Cobb Galleria Centre, Atlanta, Ga. at 9:00 am
3/27/14 10K for year ended 2/2/14


Intel INTC:
6/27/14 8K re: executive changes
6/23/14 8K re: election of Aneel Bhusri to Board of Director
6/12/14 8K re: raises of 2Q & full year revenue and gross margin expectations
5/28/14 8K re: voting results from Stockholder Mtg
4/25/14 10Q for 1 Qtr ended 3/29
4/15/14 8K re: 1Q results
4/7/14 8K re: changes to operating segments reports
4/3/14 Proxy re: Stockholder Mtg on 5/22 at 8:30 am at Intel HQ, Santa Clara, CA


IBM:
6/2/14 8K re: completion of SEC investigation re: reporting of cloud rev with no action taken
5/14/14  2 8Ks re: FD disclosures re: investors' meeting
5/2/14 8K re: voting results from Stockholder Mtg
4/29/14 10Q for 1 Qtr. ended 3/31
4/17/14 & 4/16/14 8K re: 1Q earnings presentation
4/3/14 Proxy re: add't'l info



JPMorganChase JPM:
7/2/14 8K re: CEO Jamie Dimon having throat cancer
7/1/14 8K re: reduction of warrant exercise price
6/23/14 & 6/9/14  8Ks (2) re: modification of rights of holders of preferred shares
6/11/14 8K re: Reg FD disclosure re: investor presentation
5/22/14 8K re: Voting results from Shareholder Mtg.
5/13/14 8K re: Offering of notes
4/22/14 Proxy information
4/11/14 2 8Ks re: 1Q results
4/9/14 Proxy re: Shareholder Mtg at JPM Offices on 5/20/14 at Tampa, Fl at 10:00 am



Johnson & Johnson JNJ:
6/30/14 8K re: complete sale of Ortho-clinical Diagnostics to Carlyle Group
6/19/14 8K re: election of UPS CEO D. Scott Davis to Board of Directors
5/2/14 10Q for 1 Qtr ended 3/30
4/25/14 8K re: voting results of shareholder meeting
4/15/14 8K re: results of 1Q ended 3/30/14



McDonald's MCD:
6/10/14 8K re: global comparable sales for May
6/9/14 8K re: sale of $500 mil of notes
5/28/14 8K re: Voting results of Shareholder Mtg
5/27/14 8K re: retirement of Timothy Fenton
5/8/14 8K re: April sales
5/6/14 10Q & 4/222/14 8K re: 1 Qtr ended 3/31 results
4/11/14 Proxy re: Shareholder Mtg on 5/22/14 at 8 am at MCD HQ at Oak Brook, Ill



Merck MRK:
5/29/14 8K re: voting results of Shareholder Mtg
5/8/14 10Q & 4/29/14 8K re: 1 Qtr ended 3/31
5/6/14 8K re: FD re: Investor briefing
4/14/14 Proxy re: Shareholder Mtg on 5/27 at 9 am at Bridgewater Marriott, Bridgewater, NJ


Microsoft MSFT:
4/24/14 10Q & 4/24/14 8K re: 1 Qtr ended 3/31 results
3/20/14 8K re: resignation from Bd. of Dirs. of Stephen J. Luczo
3/12/14 8K re: election of G. Mason Morfit, Pres. ValueAct Capital, to BoD


Nike NKE:
6/30/14 8K re: Reg. FD disclosure re: 4Q conference call
6/26/14 8K re: 4Q & full year 2014 results
6/23/14 8K re: election of  John Donahoe to Board of Directors
4/7/14 10Q & 3/25/14 & 3/20/14 8Ks re: Year ended 2/28/14




Pfizer PFE:
6/26/14 8K re: election of James C. Smith to Board of Directors
5/27/14; 5/20/14; 5/13/14; 5/2/14  & 4/28/14 8Ks all with respect to bid for and withdrawal of bid for AstraZeneca
5/19/14 8K re: offering of floating rate notes
5/15/14 8K re: public offering of notes
5/8/14 10Q & 5/5/14 8K re: 1 Qtr ended 3/30 results
4/28/14 8K re: Voting results of Shareholder Meeting
4/11/14 & 4/2/14 Proxy re: add't'l info



Procter & Gamble PG:
6/25/14 8K re: exec changes
6/11/14 8K re: sale of pet care business
4/23/14 10Q & 2 8Ks re 1 Qtr ended 3/31 results
4/9/14 8K re: sale of Pet Food biz to Mars for $2.9 bil
4/7/14 8K re: dividend of 64 cents  on common & preferred shares


3M MMM:
6/9/14 8Ks (2) re: executive changes
6/4/14 8K re: sale of notes
5/16/14 8K re: sale of notes
5/15/14 8K re: transfer of product lines between divisions
5/14/14 8K re: results of votes of Stockholders
5/1/14 10Q & 4/24/14 8K re: 1 Qtr ended 3/31
4/15/14; 3/27/14; & 3/26/14 Proxy re: Stockholder Mtg on 5/13/14 at 10:00 am at Austin Conv. Ctr. at Austin, Tx
4/8/14 8K re: imminent danger order issued and then lifted for Greystone Plant at Wauscu, Wisc.


Travelers TRV:
6/2/14 8K re: approval of 2014 stock incentive plan
4/22/14 10 Q & 8K re: 1 Qtr ended 3/31 results
4/11/14 Proxy re: shareholder Mtg on 5/27 at 1 pm at Hartford Marriott Downtown, Hartford, Ct.



United Technologies UTX:
5/2/14 8K amendment of Long Term Incentive Plan
4/25/14 10Q & 4/22/14 8K re: 1 Qtr ended 3/31 results
4/8/14 Proxy re: add'l info


UnitedHealth Group UNH:
6/6/14 8K re: results of annual meeting of shareholders
5/23/14 8K re: investor presentation
5/6/14 10 Q & 4/17/14 8K re: 1Q ended 3/31results
4/23/14 2 proxy filings for Annual Meeting of Shareholders on 6/2/14 at 10 am at Anthony Marton Aud. in Las Vegas



Verizon Communications Inc. VZ:
6/26/14; 6/12/14; 6/11/14; & 6/2/14 8Ks (4) results of exchange offer
5/29/14 8K re: exchange offer of notes
5/6/14 8K re: technical amendment to Bylaws
4/29/14 10Q & 4/24/14 8K re: 1 Qtr results ended 3/31
4/11/14 Proxy re: add'l info

Visa V:
6/3/14 8K re: retirement of CFO Byron H. Pollitt, Jr.
4/24/14 10Q & 8K re: 2 Qtr ended 3/31/14 results
4/23/14 8K re: quarterly cash dividend of 40 cents per share
3/1/314 8K re: resignation of Elizabeth Buse, EVP Solutions
3/7/14 8K re: pre-arranged stock trading plan for CFO
3/5/14 8K re: presentation at Morgan Stanley tech, Media & Telecom Conf 3/5

WalMart WMT:
6/10/14 8K re: results of annual meeting of shareholder
6/6/14 10Q  for quarter ended 4/30/14
5/29/14 & 4 filings  on 4/23/14 Proxy Materials re: 6/6/14 Annual Shareholder Meeting at 7 am at Bud Walton Arena, Fayetteville, Ark
5/15/14 8K re: 1 Qtr results
4/21/14 8K re: sale of notes
4/7 8K re: issuance of euro Notes due '22

FINAL


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