Tuesday, October 14, 2014

10/14/14 Tues. pm Dow Closes at 16315.19 down 5.88 or 0.04%


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

Post No. 2,888 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 as of Sept. 24, 2014.

The Dow Jones Industrial Average closed  Tuesday at 16315.19 down 5.88 or 0.04%  from Monday's close of 16321.07 .Of the Dow components 18 gained and 12  declined. The biggest gainer   dollar-wise  was Boeing up $1.84 and percentage-wise was Intel up 2.13%.  The biggest decliner   dollar-wise  was Chevron down $2.25 and percentage-wise was Johnson & Johnson down 2.13%.

As of the open of  the market on Tuesday the current divisor for the Dow Jones Industrial Average found at page C5 of  Tuesday's Wall St. Journal is 0.15571590501117.  Tuesday's trailing P/E   ratio is 15.65 down   from Monday's   trailing P/E ratio of 15.76  (last year it was 15.75).  Tuesday's P/E estimate is 14.73 unchanged from Monday's P/E estimate of 14.73 (year ago it was 14.13) and Tuesday's dividend yield is 2.28 up from  Monday's dividend yield of 2.27  (last year it was 2.15). The Dow's all-time high was 17279.74 on September 19,  2014. The 12 year low close for the Dow was on March 9, 2009 when it fell to 6,547.05.

Tuesday's Dow Jones Industrial Average numerator is 2540.53 down 0.92 from  Monday's   numerator of 2541.45.  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  Tuesday's Dow Jones Industrial Average was $84.68 down 4 cents from Monday's  average closing price of $84.72.  The median closing price of  Tuesday's Dow Jones Industrial Average was $85.85  (PG/DIS) down 8 cents from Monday's median closing price of $85.93 (UNH/DIS). The lowest volume was  Visa and the highest volume was Intel.

If  Tuesday 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  $92  ($254,145 - $254,053).

10/14/14 Tues. 4:35 MarketWatch by Anora Mahmudova & Barbara Kollmeyer says the U.S. stock market ended Tuesday’s choppy session posting marginal gains. But equally important, Tuesday’s moves marked the first time the market closed mostly flat after registering wild swings in the previous five sessions. Stocks rose sharply in early Tuesday trading, boosted by better-than-expected earnings, but the main benchmarks trimmed gains by late afternoon, and briefly dipped into the red. The S&P 500 SPX, +0.16%  closed 3 points, or 0.2%, higher at 1,877.70. The benchmark index still sits below its 200-day moving average, after breaching the level on Monday for the first time in nearly two years. The Dow Jones Industrial Average DJIA, -0.04%  swung between gains and losses and closed down 5.9 points at 16,315.19, the lowest level since April 5. The Nasdaq Composite COMP, +0.32%  gained 13 points, or 0.3%, to 4,227.7.The Russell 2000 SPX, +0.16%   outperformed its large-cap counterpart and closed up 12 points, or 1.2%, at 1,061.60.Stuart Freeman, chief equity strategist at Wells Fargo Advisors, urged investors to keep volatility in perspective and not be scared of daily moves, saying volatility is normal in equity markets. Freeman also advised investors to consider investment horizons and be well diversified. Investors welcomed strong earnings results from Citigroup Inc. and Johnson & Johnson, which earlier outweighed downbeat German sentiment data that hit equities across Europe.  Earnings in focus: Citi C, +3.15%  shares popped up 3.2% after third-quarter profit and revenue rose from the year-earlier period. Citi also plans to pare back from retail banking in smaller countries. Meanwhile, Wells Fargo & Co. WFC, -2.73%  shares slipped 2.7% even as the bank’s quarterly profit met expectations but revenue beat estimates. Shares in Southwest Airlines Co. LUV, +3.88%   rose 3.9% and Delta Air Lines Inc. DAL, +6.12% rallied 6.1% as concerns about a global Ebola pandemic eased. Domino’s Pizza Inc. DPZ, +11.33%  jumped 11% after the chain delivered better-than-expected results. Among other stocks in focus, Versar Inc. VSR, +16.67%  surged 17%. Its PPS unit makes hazmat suits and mobile decontamination shelters. Other stocks linked to concerns over the Ebola virus continued a pattern of pushing higher. Lakeland Industries Inc. LAKE, -26.10% and Alpha Pro Tech Ltd. APT, -1.49%  fell more than 26%, after soaring during the previous few sessions on Ebola fears. Other markets: European stocks SXXP, -0.01%  fell after a key sentiment survey out of Germany turned negative. Burberry Group PLC BRBY, -3.65%  shares dropped after the luxury-goods maker posted a rise in sales, but cited unfavorable foreign exchange headwinds and Chinese weakness. U.K. inflation fell to a five-year low. The European Court of Justice has begun holding a hearing on the European Central Bank’s Outright Monetary Transactions bond-buying program. In Asia, the Nikkei 225 index NIK, -2.38%  sank 2.4%, falling below the 15,000 level and skidding to two-month lows.
     
Tuesday's Closing Dow Numbers:

Symbol Last Sale Change % Change Share Volume Market
A▼ NYSE
AXP▼ NYSE
BA▲ NYSE
CAT▲ NYSE
CVX▼ NYSE
CSCO▲ NASDAQ-GS
KO▼ NYSE
DIS▲ NYSE
DD▲ NYSE
XOM▼ NYSE
GE▲ NYSE
GS▼ NYSE
HD▼ NYSE
INTC▲ NASDAQ-GS
IBM▲ NYSE
JPM▼ NYSE
JNJ▼ NYSE
MCD▲ 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

**********************
The following are excerpts from Tues. morning's Blog:

A  read of the print editions of  Tuesday's   Wall Street Journal, Financial Times, Investor's Business Daily, USA Today, New York Times & Atlanta Journal & Constitution & Daily Report (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 Monday's  closing   stock prices and related data in alphabetical order.

The Dow Jones Industrial Average:  The Dow Jones Industrial Average closed  Monday at 16321.07 down 223.03 or 1.35%  from Friday's close of 16544.10. For the year the Dow is down 1.35%.Of the Dow components all 30 declined.   The biggest decliner   dollar-wise  and percentage-wise was Merck down $2.52 or 4.3%.

WSJ pC1 "Growth jitters topple stocks again" by Corrie Driebusch says stocks tumbled due to investor anxiety as the US Fed prepares to begin raising fed funds overnight banking lending rate as soon as next year.

IBD pB3 "Stocks hit for third day; S&P breaks support" by Vincent Mao says the current outlook is the market is in correction.


Monday's Dow Jones Industrial Average numerator is 2541.45 down 34.73 from  Friday's   numerator of 2576.18.  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  Monday's Dow Jones Industrial Average was $84.72 down $1.15 from Friday's  average closing price of $85.87.  The median closing price of  Monday's Dow Jones Industrial Average was $85.93  (UNH/DIS) up 10 cents from Friday's median closing price of $85.83 (UNH/DIS). The lowest volume was  Travelers and the highest volume was Intel.

If  Monday 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  $3,473 ($257,618 - 254,145).

10/13/14 Mon. 4:25 MarketWatch by Anora Mahmudova & Barbara Kollmeyer says the U.S. stock market ended Monday’s volatile session sharply lower as selling intensified at the last hour.
Volatile trading came on the heels of last week’s deep losses that had been triggered by global economic growth concerns. Monday’s trading marked the fifth consecutive day of 1% moves for the S&P 500 and triple-digit moves for the Dow Jones Industrial Average. Key technical levels were in focus, especially as there was no data on the economic calendar and bond markets were closed for Columbus Day holiday. The S&P 500 SPX, -1.65%  closed down 31.39 points, or 1.6%, to 1,874.74. The benchmark index has pulled back more than 6% from its peak reached on Sept. 18.
All of the main benchmarks are trading below their 200-day moving averages. Falling below the 200-day moving average level, and in the case of the S&P 500, below the 1,900 level, is considered significant as many analysts see the breach as a sign of further declines. The Dow Jones Industrial Average DJIA, -1.35%  dropped 223 points, or 1.3%, to 16,321.07. The blue-chip index turned negative for the year on Friday and is now down 1.5% year-to-date.The Nasdaq Composite COMP, -1.46%  dropped 62.58 points, or 1.5%, to 4,213.66. The Russell 2000 RUT, -0.38%   gave up solid gains of early morning and closed down 4.3 points, or 0.4%, at 1,049.17.Karyn Cavanaugh, senior market strategist with Voya Investment Management, is not surprised by increased volatility.
“Normal markets are volatile and the 6% pullback on the S&P 500 seems like a big drop while in the middle of it, but it’s not,” Cavanaugh said. Cavanaugh pointed out that companies that were profitable two months ago may see their share prices run up again after earnings are released soon. She argues that volatility only made stocks cheaper and more attractive.On Tuesday, earnings season will get under way in earnest with major banks such as J.P. Morgan Chase & Co. JPM, -0.62%  and Citigroup Inc. C, -0.42%  among those due to report.

Tuesday's Dow News followed by Monday's closing Dow numbers:

AT&T:  WSJ pB1 "Iliad ends its pursuit of T-Mobile" by Ruth Bender, Thomas Gryta says T-Mobile may not be able to compete with Verizon and AT&T.

American Express:  No mentions found.

Boeing: No mentions found.

Caterpillar: No mentions found.

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:  WSJ pB2 "GE deal complete to buy Irish helicopter lessor" by Doug Cameron, Robert Wall, Tess Stynes says GE will pay $1.78 bil for Milestone Aviation group.

Goldman Sachs:

Home Depot:  NYT pB3 "JC Penney names Home Depot officer as chief exec in waiting" by Hiroko Tabuchi says on Nov. Marvin Ellison will be pres & CEO coming from Home Depot as exec vp for stores.

Intel: No mentions found.

IBM: No mentions found.

JPMorgan: No mentions found.

Johnson & Johnson: No mentions found.

McDonald's: No mentions found.

Merck: No mentions found.

Microsoft:  IBD pA2 "Micorosft" says it and Salesforce unveiled several joint products.

WSJ pB1 "Deceptive web ads draw flak, little action" by Rolfe Winkler says Microsoft and Google & Yahoo have to highlight the ads in their search engine results to avoid deceiving consumers.

Nike: No mentions found.

Pfizer: No mentions found.

Procter & Gamble: No mentions found.

3M: No mentions found.

Travelers: No mentions found.

United Technologies: No mentions found.

UnitedHealth: No mentions found.

Verizon:  WSJ pB1 "Iliad ends its pursuit of T-Mobile" by Ruth Bender, Thomas Gryta says T-Mobile may not be able to compete with Verizon and AT&T.

Visa: No mentions found.

Walmart: No mentions found.

Monday's Closing Dow Numbers:

SymbolLast SaleChange% ChangeShare VolumeMarket
T▼ NYSE
AXP▼ NYSE
BA▼ NYSE
CAT▼ NYSE
CVX▼ NYSE
CSCO▼ NASDAQ-GS
KO▼ NYSE
DIS▼ NYSE
DD▼ NYSE
XOM▼ NYSE
GE▼ NYSE
GS▼ NYSE
HD▼ NYSE
INTC▼ NASDAQ-GS
IBM▼ NYSE
JPM▼ NYSE
JNJ▼ NYSE
MCD▼ 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) (Craig Menear Takes Over as CEO on 11/1)

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 9/24/14 ranked in order of market capitalization in billions:

1. Exxon Mobil XOM $408.64
2. Microsoft MSFT 387.93
3. Johnson & Johnson JNJ 306.4
4. GE 260.18
5. Wal-Mart WMT 248.39
6.Chevron CVX 232.43
7.  JPMorgan Chase JPM 231.78
8. Procter & Gamble PG 230.8
9.  Verizon VZ 207.55
10.  Pfizer PFE 192.19 
11. Coke KO 185.39
12.  IBM 191.85 58
13. AT&T T 183.
14. Merck MRK 174.12
15.  Intel INTC 172.05
16. Disney DIS 153.54
17. Visa V 134.71
18. Cisco CSCO 127.38
19. Home Depot HD 125.2
20. United Technologies UTX 97.05
21. McDonald's MCD 93.28 
22. 3M MMM 93.88
23. American Express AXP 93.12
24. Boeing BA 92.66 
25. Goldman Sachs GS 85.98
26. UnitedHealth UNH 85.71
27. Nike NKE 70.19
28. DuPont DD 66.66
29. Caterpillar CAT 63.55
30. Travelers TRV 32.14
****************************************
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of close of business 9/24/14:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments

AT&T T:
8/1/14 10Q & 7/24/14 8K & 7/23/14 8K  re: qtr ended 6/30
7/1/14 S-4 re: purchase of DirecTV

American Express AXP:
9/15/14 8K re: delinq. & write-off stats for 3 months end 8/31/14
8/15/14 8K re: delinq. & write-off stats for 3 months end 7/31/14
7/30/14 10Q & 7/29/14 8K re: qtr. ended 6/30/14
7/15/14 8K re: delinq. & write-off stats for 3 months ended 6/30/14

Boeing BA:
7/23/14 10Q & 7/23/14 8K re: 2Qtr ended 6/30/14

Caterpillar CAT:
9/19/14 8K re: info re: retail sales of OEMs
9/16/14 8K re: credit agreement with Citibank up to $3.15 bil
8/20/14 8K re: rolling 3 month retail sales stats
8/1/14 10Q & 7/24/14 8K re: 2Q ended 6/30/14
7/23/14 8K re: rolling 3 mos. retail sales stats.

Chevron CVX:
8/14/14 8K re: voluntary dismissal of shareholder derivative lawsuit
8/6/14 10Q & 8/1/14 8K & 7/10/14 8K re: 2Q ended 6/30/14

Cisco CSCO:
9/12/14 8K re: departure of director Marc Benioff & reduction of board to 10
9/9/14 10K & 8/13/14 8K re: results for year ended 7/26/14
8/14/14 8K re: restructuring plan & lay-offs of 6,000 or 8% of global workforce
7/31/14 8K re: resignation from BoD of Gregory Q. Brown

Coke KO:
9/22/14 & 9/19/14 8Ks re: close of public offering of long term notes
8/20/14 8K re: purchase of 16.7% state in Monster
7/30/14 10Q & 7/22/14 8K re: qtr ended 6/27/14

Disney DIS:
8/5/14 10Q for quarter ended 6/28/14
8/5/14 & 8/5 8K re: 10Q for 3Qtr ended 6/28/14 

DuPont DD:
8/5/14 8K re: election of Ulf M.  Mark Scheider
7/22/14 10Q & 7/22/14 8K re: qtr ended 6/30/14

ExxonMobil XOM:
8/6/14 10Q & 7/31/14 8K re: 2Qtr ended 6/30/14
8/6/14 8K re: retirement of P.T. Mulva as VP/controller to be replaced by D.S. Rosenthal

GE:
7/31/14 10Q & 7/18/14 8K re: qtr ended 6/30/14

Goldman Sachs GS:
8/25/14 8K re: settlement with FHFA re: sale of residential mortgage backed securities to Fannie Mae & Freddie Mac
8/7/14 10Q & 7/15/14 8K re: 2Qtr ended 6/30/14

Home Depot HD:
9/18/14 8K re: update on guidance due to data breach
9/8/14 8K re: breach od payment data systems
8/27/14 10Q & 8/19/14 8K results for quarter ended 8//14
8/21/14 8K re: election of Craig A. Menear as CEO &Pes. and Frank Blake taking on as chairman eff. 11/1/14 & amendment of by-laws to split CEO & Chairman positions

Intel INTC:
7/25/14 10Q & 7/15/14 8K re: qtr. ended 6/28/14

IBM:
7/29/14 10Q & 7/18/14 8K & 7/17/14 8K re: qtr. ended 6/30/14
7/29/14 8K re: election of CEO of JNJ Alex Gorsky & Peter R. Voser to BoD

JPMorganChase JPM:
9/19/14 8K re: redemption of subord. notes
9/12/14 8K re: cyberattack vs. JPM
9/10/14 8K re: closing of public offering of $3 bil sub. notes due'24
8/4/14 10Q & 7/15/14 8K & 7/15/14 8K re: qtr. ended 6/30/14
7/2/14 8K re: CEO Jamie Dimon having throat cancer
7/1/14 8K re: reduction of warrant exercise price

Johnson & Johnson JNJ:
8/1/14 10Q & 7/15/14 8K re: Qtr ended 6/29/14
7/21/14 8K re: $5 bil share repurchase program

McDonald's MCD:
9/22/14 8K re: raising quarterly div. by 5% to 85 cents payable 12/15 to record holders 12/1
9/9/14 8K re: global sales decreased 3.7% in Aug.
8/27/14 8K re: salary increase of Pres. of Asia, Mid E. & Africa
8/22/14 8K re: election of Make Andres as Pres. - USA replacing Jeff Stratton eff. 10/15
8/11/14 8K re: global sales decreased 2.5% in July
8/4/14 & 7/22/14 & 7/18/14 8K re: qtr. ended 6/30/14

Merck MRK:
9/29/14 8K re: 2Q results

Microsoft MSFT:
9/17/14 8K election of Teri List-Stoll & Charles W. Scharf  (CEO of Visa) to Board eff 10/1 & increase of Board to 12 & retirement from Board of Dave Marquadt & Dina Dublon
8/19/14 8K re: dividend increase to 31 cents up 11% payable 12/111 to holders on 11/20
7/31/14 10K for year ended 6/30/14
7/31/14 8K re: increased BoD to 11 & election of John W. Stanton
7/22/14 8K re: 4Q results
7/17/14 8K re: restruction & related charges

Nike NKE:
9/23/14 8K re: results of annual shareholders meeting
Sec. 14A Proxy re: Annual Meeting of Shareholders to be held 9/18/14 at Tiger Woods Conf. center, Beaverton, Or.
7/25/14 10K for year ended 5/31/14

Pfizer PFE:
8/7/14 10Q for qtr ended 6/29/14
7/29/14 8K re: 2Q results

Procter & Gamble PG:
8/29/14 Proxy re: 10/14/14 Annual Meeting of Shareholders at 9 a.m. at Duke Energy Convention Ctr. Cincinnati,Oh
8/8/14 10K for yr. ended 6/30/14
8/1/14  2 8Ks re: 4Q results
7/8/14 8K re: quarterly div. of 64 cents per share payable 8/15 to record holders of 7/18

3M MMM:
8/12/14 8K re: election of Sandra Barbour to Board
8/8/14 8K re: $2.25 bil 5 yr. revolving credit agreement with JPMorgan
7/31/14 10Q & 7/24/14 re: qtr. ended 6/30/14

Travelers TRV:
9/10/14 2 8Ks re: realignment of 2 of 3 business segments
8/11/14 8K re: amendment to bylaws re: timing of shareholder proposals
7/22/14 10Q & 8K re: qtr ended 6/30/14

United Technologies UTX:
7/25/14 10Q & 7/22/14 8K for qtr. ended 6/30/14

UnitedHealth Group UNH:
9/12/14 8K re: FD disclosures re: presentation at Merrill Global Healthcare Conf. London 9/17
9/5/14 8K re: FD disclosure re: presentation at Morgan Stanley Healthcare Conf. NYC 9/9
8/4/14 & 8/1/14 8K & 7/17 8K re: qtr. ended 6/30/14

Verizon Communications Inc. VZ:
9/11/14 8K re: strong customer  growth
9/4/14 8K/A committee Board assignments for Dir. Shellye L. Archambeau
8/20/14 8K re: results of exchange offer of Verizon/Alltel securities
8/6/14 2 8Ks re: terms of exchange offer re: Alltel

Visa V:
9/11/14 8K re: deposit of $450 mil in litigation escrow account
7/24/14 10Q & 7/24/14 8K re: qtr ended 6/30/14
7/23/14 8K re: quarterly div. of 40 cents payable 9/3 to record holders as of 8/15.

WalMart WMT:
9/5/14 10Q & 8/14/14 8K re: results for qtr ended 7/31/14
7/24/14 8K re: election of Greg Foran as Pres/CEO of Walmart USA  to replace Bill Simon

NO MAS AMIGOS


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