Wednesday, January 21, 2015

1/21/15 Wed. am Dow Closes at Johnson & Johnson 4 Sales Lag; IBM's Profits Beat Views


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

Post No. 3,017 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  Wednesday's , Wall Street Journal,  Financial Times,  Investor's Business Daily, New York Times, USA Today,  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 a separate table of Dow component's symbol and Tuesday's  closing   stock prices and related data in alphabetical order.

The Dow Jones Industrial Average: The Dow Jones Industrial Average closed Tuesday at 17515.23 up 3.66 or 0.02%  from Friday's close of 17511.57. For the year the Dow is down .173%.  Of the Dow components   15 gained   and  15 declined. The biggest gainer dollar-wise was Visa up $1.89 and percentage-wise was Coke up 1.48%. The biggest decliner dollar-wise   and percentage-wise was Johnson & Johnson down $2.75 or 2.64%.

WSJ pC4 "Stocks inch up ahead of ECB move" by Alexandra Scaggs says US stocks rose due to expectations for new stimulus from the European central Bank which was overshadowed by another decline in oil prices.  Johnson & Johnson dropped after its 4Q sales fell shore of forecasts and JNJ is charted under  Bad News.

NYT pB9 "Shares inch higher after tech driven rally" by AP says a late rise in tech shares boosted the market to a tiny gain Tues after a choppy day of trading.

IBD pB5 "Indexes reverse higher as market seeks direction" by Juan Carlos Arancibia says Tuesday's action saw indexes bounce back to close near session highs while the current outlook is uptrend under pressure.

FT p23 "Delta takes flight as earnings soar ahead of estimates" by Mamta Badkar says  the S&P 500 fell due to consumer discretionary and healthcare stocks.  Johnson & Johnson fell 3% after its adjusted its '15 earnings projection.

As of the open of  the market on Wednesday the current divisor for the Dow Jones Industrial Average found at page C5 of  Wednesday's Wall St. Journal is 0.15571590501117.  Wednesday's trailing P/E   ratio is 16.61 up  from yesterday's   trailing P/E ratio of 16.19  (last year it was 16.61).  Today's P/E estimate is 15.33 unchanged from Tuesday's P/E estimate of 15.33 (year ago it was 14.82) and  today's dividend yield is 2.49 down from  yesterday's dividend yield of 2.51  (last year it was 2.08). The Dow's all-time high was 18053.71 on December 26,  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 2727.40 up 0.57  from  Friday's   numerator of 2726.83.  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 $90.91 up 2 cents from Friday's  average closing price of $90.89.  The median closing price of  Tuesday's Dow Jones Industrial Average was $91.05  (MCD/XOM) up 14 cents from Friday's median closing price of $91.19 (XOM/PG). The lowest volume was  3M and the highest volume was GE.

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 made  $57  ($272,740 - $272,683).

1/20/15 Tues. 4:49 pm MarketWatch by Anora Mahmudova  & Carla Mozee says U.S. stocks ended Tuesday’s choppy session with marginal gains, as technology stocks led advances. The main benchmarks turned big early losses into gains, only to end roughly where they started the session.
Intraday volatility reflects uncertainty about the monetary policy in Europe, with investors appearing skeptical about the ability of central banks to combat deflationary forces. The European Central Bank is widely expected to announce a government-bond-buying program on Thursday; however, the program’s scope may disappoint investors, analysts have warned. U.S. markets were closed on Monday in observance of the Martin Luther King Jr. holiday.The S&P 500 SPX, +0.15%  closed 3.13 points, or 0.2%, higher at 2,022.55, with technology stocks in the lead. The Dow Jones Industrial Average DJIA, +0.02%  ended with a marginal gain of 3.66 points to 17,515.23. The Nasdaq Composite COMP, +0.44%  outperformed other indexes, adding 20.46 points, or 0.4%, to 4,654.85. Apple Inc, AAPL, +2.58%  the largest component on the index accounted for a big portion of the gains, as the stock rose 2.6%.Ten-year Treasurys TMUBMUSD10Y, +0.00%  rallied but trimmed initial gains. The yield declined by 1.2 basis points to 1.803% at the close. The yield on the benchmark debt has steadily declined over the past 12 months.“The big elephant in the room is deflation, and many portfolio managers are beginning to adjust their models to work in a low-interest-rate environment,” said Marty Leclerc, chief investment officer of Barrack Yard Advisors. “That adjustment period spells volatility.”Leclerc stressed that in the short term the environment will be favorable for stocks, as investors may justify higher price-to-earnings ratios when real interest rates are at zero.Peter Cardillo, chief market economist at Rockwell Global Capital, said the day’s action is all about the fear of a global economic slowdown. “We are in the midst of earnings, and markets are not reacting to positive results, and the culprit is concern about Asia and Europe,” he said. “The bond market is afraid of deflation, which is why we are seeing such low yields on long-dated Treasurys.”In economic news, a gauge of confidence among home builders ticked down this month by one point to 57, staying close to the highest level since late 2005, according to National Association of Home Builders/Wells Fargo data released Tuesday morning. Readings above 50 signal that builders, generally, are optimistic about sales trends.

Wednesday's Dow News followed by Tuesday's Closing Dow Numbers:

AT&T:  No mentions found.

American Express:  WSJ pC1 "American express needs balance" by Spencer Jakab says over the last five years, American's Express' stock has lagged behind Visa and MasterCard.,  Amex reports today.

Boeing:  WSJ pB7 "United Cont'l is nearing deal to convert Boeing order" by Jon Ostrower says United trying to convert 10 of its 787 on order to larger 777-300 ER jets.

Caterpillar:   No mentions found.

Chevron:   No mentions found.

Cisco:  FT p19 "Cisco warns over websites' exposure to Hearbleed bug" by Hannah Kuchler says Cisco warned that half of websites using Open SSL are vulnerable to cyber attack.

Coke:   No mentions found.

Disney:  No mentions found.

DuPont:  No mentions found.

Exxon:  No mentions found.

GE:  No mentions found.

Goldman Sachs:  No mentions found.

Home Depot:  No mentions found.

Intel:  No mentions found.

IBM:  WSJ pB4 "IBM outlook disappoints as profit, rev fall" by Don Clark, Maria Armental, NYT pB3 "IBM sales slide, largely by design, as a transition of uncertain duration goes on" by Steve Lohr, AJC pA10 "IBM tops profit outlook but revenue still sags", IBD pA4 "IBM sales again miss estimates, declines for 11th straight quarter" by Brian Deagon,  say IBM's profit for 4Q was $5.51 per share.  Rev was $24.11 bil.

JPMorgan:   No mentions found.

Johnson & Johnson:  IBD pA2 "J&J earnings beat, sales miss", AJC pA10 "J&J exceeds 4Q earnings expectations" say J&J's 4Q net income fell to $2.52 bil or 89 cents per share from $3.52 bil or $1.23 pe share a year ago.  REv was $18.25 bil down from $18.36 a year ago.

McDonald's:   No mentions found.

Merck:  No mentions found.

Microsoft:  FT p19 "Microsoft calls for EU-US deal on state access to citizens' data" by Duncan Robinson says Microsoft is calling for an accord between the EU and the US to make it easier for law enforcement to access and share citizens' data.

Nike:  No mentions found.

Pfizer:  No mentions found.

Procter & Gamble:  WSJ pA1 "Dollar's rise puts squeeze on American companies" by Theo Francis lists Procter & Gamble as receiving 65% of its sales outside the US which leaves it vulnerable to currency market fluctuations.

3M:  No mentions found.

Travelers:  No mentions found.

United Technologies:  WSJ pB7 "Ex-Pratt & whitney Executive Returns" by Ted Mann says UTX will rehire David Hess, ex Pres of P&W jet engine biz as sr vp for aerospace biz development & will report to CEO Greg Hayes.

UnitedHealthcare:  No mentions found.

Verizon:  No mentions found.

Visa: WSJ pC1 "American express needs balance" by Spencer Jakab says over the last five years, American's Express' stock has lagged behind Visa and MasterCard.,  Amex reports today.

WSJ pC2 "Banks emerge victorious in debit-fee case" by Brent Kendall, Ryan Tracy says the Supreme Court ruled in favor of banks against retailers as to how Visa and MasterCard set fees collected by banks.   Walmart and other retailers filed amicus briefs supporting the challenge.

Walmart:  NYT pB2 "Tax refunds at Walmart, in cash and free of fees" by AP, USAT p3B "Walmart will turn tax refunds into cash" by Hadley Malcolm, AJC pA10 "Walmart offers cash option for tax refunds" say Walmart will allow customers to pick up their tax refunds in cash at all stores.

WSJ pC2 "Banks emerge victorious in debit-fee case" by Brent Kendall, Ryan Tracy says the Supreme Court ruled in favor of banks against retailers as to how Visa and MasterCard set fees collected by banks.   Walmart and other retailers filed amicus briefs supporting the challenge.

Tuesday's Closing Dow Numbers:

Symbol Last Sale Change % Change Share Volume Market
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 Craig Menear (Atlanta, GA)

Intel INTC Brian M. 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 NKE 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 Greg Hayes (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 12/20/14 ranked in order of market capitalization in billions:

1. Exxon Mobil XOM $396.52
2. Microsoft MSFT 392.85
3. Johnson & Johnson JNJ 295.45
4. Wal-Mart WMT 274.49
5. GE 257.28
6. Procter & Gamble PG 248.73   
7.  JPMorgan Chase JPM 231.48
8. Chevron CVX 213.49
9.  Pfizer PFE 201.24
10. Verizon VZ 195.12
11. Coke KO 183.75
12.  Intel INTC 175.85  
13.AT&T T 173.97
14. Merck MRK 169.86
15. Visa V 164.40
16. Disney DIS 157.51
17. IBM 156.87
18. Cisco CSCO 142
19. Home Depot HD 134.33 
20. 3M MMM 106.04 
21.  United Technologies UTX 105.38  
22. UnitedHealth UNH 98.37
23. American Express AXP 96.71
24. McDonald's MCD 90.72   
25. Boeing BA 89.99 
26. Goldman Sachs GS 87.52
27. Nike NKE 81.71
28. DuPont DD 66.40
29. Caterpillar CAT 55.52
30. Travelers TRV 35.05
****************************************
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 12/20/14:

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

AT&T T:
12/19/14 8K re: amendment to Supplemental Employee Retirement Plan
12/2/14 8K re: closing of sale of Global Notes
11/10/14 2 10/A's & 10Q re: qtr. ended 9/10/14
11/10/14 8K re: closing of sale of Global Notes
11/7/14 8K re: increased of Board to 15 & election of William E. Kennardd & agrmt to buy Mexican wireless firm GSF telecom
10/24/14 8K re: completion of sale of Ct. wireline operations to Frontier Comm
3 8Ks (10/22; 10/22 & 9/30/14) re: 3Qtr result

American Express AXP:
12/15/14 8K re: Delinq. & write-off stats for 3 mos. ended 11/30
12/5/14 8K re: issuance of Sub. Notes
12/4/14 8K re: retirement of Director Richard A. McGinn
11/17/14 8K re: delinq. & write off stats for 3 mos. ended 10/31
11/12/14 8K re: issuance of Series B Preferred Shares
10/28/14 10Q  & 10/15/14 8K re: 3Qtr results ended 9/30/14
10/15/14 8K re: delinq. & write-off stats for 3 months ended 9/30/14

Boeing BA:
12/19/14 8K re: retirement of Shephard W. Hill, Pres. of Boeing Int'l & Sr. VP, Bus. Dev/Strategy
12/15/14 8K re: increase of quarterly div & authorization of $12 bil share buyback
10/31/14 8K re: issuance of senior notes
10/22/14 10Q & 10/22/14 8K re: 3Qtr results ended 9/30/14
10/16/14 8K re: credit agreements

Caterpillar CAT:
12/18/14 8K re: retirement of Group VPs Stuart L. Levenick & Steven H. Wunning
12/18/14 8K & 11/20/14 8K re: FD disclosures re: retail sales of machines & power systems
12/11/14 8K re: retirement of director Peter A. Magowan
10/31/14 10Q & 10/23/14 8K re: 3Qtr results ended 9/30/14
10/22/14 8K re: sales to retail and OEM
10/14/14 8K re: retirement of Group Presidents Stuart Levenick & Steven Wunning

Chevron CVX:
12/12/14 8K re: election of Alexander B. Cummings Jr. to Board
11/18/14 8K re: issuance of Floating Rate Notes
11/7/14 10Q for Qtr ended 9/30/14
10/31/14 8K re: 3Qtr results

Cisco CSCO:
12/19/14 & 12/18/14 8Ks re: Pre-arranged stock trading plan for execs
11/24/14 8K re: amendment to employee stock purchase plan
11/12/14 8K; 11/14/14 8K & 11/20/14 10Q re: results of 1 Qtr. ended 10/25/14

Coke KO:
12/11/14 8K re: increase Board to 17 & election of Marc Balland & David B. Weinberg
10/29/14 10Q & 10/21/14 8K re: 3Qtr ended 9/26/14
10/1/14 8K re: Guidelines for '14 Equity Plan

Disney DIS:
11/19/14 10K & 11/6/14 8K re: results of fiscal year ended 9/27/14
11/6/14 8K re: 4Qtr & FY ended 9/27/14
10/3/14 8K re: CEO Robert Iger's amended employment contract

DuPont DD:
12/18/14 8K re: FD disclosures re: presentation re: Performance Chemicals segment
12/18/14 8-K/A re: pre-tax charges re: restructuring plan
10/28/14 CEO letter to shareholders
10/28/14 & 10/28/14 8K re: 3Qtr ended 9/30/14

ExxonMobil XOM:
11/24/14 8K re: retirement of VP S.D. Pryor
11/5/14 10Q & 10/31/14 8K re: 3Qtr ended 9/30/14

GE:
11/10/1 8K re: incentive grant to CEO Jeffrey R. Immelt
11/4/14 10Q & 10/17/14 8K re: 3Qtr ended 9/30/14

Goldman Sachs GS:
12/19/14 8K re: election to Board of Mark A. Flaherty & Mark D. winkelman
12/17/14 & 12/16/14 8Ks re: issuance of notes
11/5/14 10Q & 10/16/14 8K re: 3Qtr ended 9/30/14
10/23/14 8K re: legal opinion re: debt issuance

Home Depot HD:
11/25/14 10Q & 11/18/14 8K re: Qtr. ended 11/2/14
11/6/14 8K re: breach of payment data system
10/20/14 8-K/A re: promotion of Craig A. Menear to CEO
10/14/14 8K re: resignation of Marvin R. Ellison, EVP

Intel INTC:
12/16/14 8K re: trigger of  interest change on debentures
11/21/14 28Ks & 11/18/14 8K re: FD Disclosure re: Annual investor meeting
11/20/14 8K re: increase of quarterly div. & '15 Business Outlook
10/29/14 10Q & 10/14/14 8K re: 3rd Qtr ended 9/27/14

IBM:
12/8/14 8K re: retirement of Robert C. Weber sVP, Legal
11/25/14 8K re: issuance of debt securities
11/12/14 8K re: investors conference
11/5/14 8K re: underwriting contract with JPMorgan
10/28/14 10Q & 2 8Ks (10/20) re: 3Qtr ended 9/30/14
10/20/14 8K re: closing of Lenovo's purchase of IBM's x86 server business
10/20/14 8K re: sale of IBM's global comm'l semiconductor tech business to Globalfoundries

JPMorgan Chase JPM:
12/9/14 8K re: close of public offering of Sub. Notes
11/12/14 8K re: payment of $1.01d bil to settle foreign exchange trading allegations
11/3/14 &  2 8Ks (10/14) re: 3Qtr ended 9/30/14
10/22/14 8K re: sale of 2.2% notes due '19
10/2/14 8K re: cyberattack
10/2/14 8K re: adjustment of warrant price

Johnson & Johnson JNJ:
11/21/14 8K re: issuance of notes
11/10/14 8K re: closing of purchase of Alios BioPharma, Inc. for $1.75 bil
10/30/14 10Q & 10/14/14 8K re: 3Qtr ended 9/28/14
10/2/14 8K re: agreement to purchase Alios Biopharma

McDonald's MCD:
12/8/14 8K re: Nov. '12 sales
11/12/14 8K re: Oct. '12 sales
11/3/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14
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.

Merck MRK:
11/10/14 10Q re: Qtr. ended 9/30/14
10/27/14 8K re: 3Qtr results
10/15/14 8K re: issuance of notes
10/2/14 8K re: completion of sale of Consumer Care Business to Bayer for 414.2 bil

Microsoft MSFT:
12/4/14 8K re: results of votes at 12/3 Annual Shareholders Meeting
11/14/14 Proxy Letter from Bd Chair John W. Thompson re: Annual Mtg
10/23/14 10Q & 10/23/14 8K re: 1Qtr ended 9/30/14
10/21/14 & 10/20/14 & 10/20/14 Proxy re: Annual Shareholder Mtg at 12/3/14 at 8 am at Meydenbauer ctr., Bellevue, WA

Nike NKE:
12/18/14 8K & 10/7/14 10Q re: results of Qtr. ended 11/30/14
10/7/14 10Q & 9/30/14 8K & 9/25/14 8K re: 1Qtr ended 8/31/14
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.

Pfizer PFE:
11/6/14 10Q for quarter ended 9/28/14
11/6/14 10Q & 10/28/14 8K re: 3Qtr ended 9/28/14

Procter & Gamble PG:
11/21/14 8K re: pre-arranged stock trading plan of CEO A.G. Lafley
11/13/14 8K re: '14 Analysts Mtg & sale of Duracell to Berkshire Hathaway
11/4/14 8K re: closing of sale of floating rate notes due '64
11/3/14 8K re: sale of notes
11/3/14 re: Argentina regulatory problems re: taxes
10/24/14 10Q & 2 8Ks (10/24) 1Qtr ended 9/30/14
10/20/14 8K re: voting results of 10/14 Annual Mtg of Shareholders
10/14/14 8K re: dividend of 64 cents payable 11/17 to record holders on 10/24/14

3M MMM:
12/16/14 8K re: dividend for 1Q '15 & '15 outlook
11/10/14 8K re: sale of Floating rate Notes
10/30/14 10Q & 10/23/14 8K re: 3Qtr ended 9/30/14

Travelers TRV:
10/21/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14
9/10/14 2 8Ks re: realignment of 2 of 3 business segments

United Technologies UTX:
12/19/14 8K re: rejection of mini tender offer by TRC Capital
12/10/14 8K re: appointment of Akhil Johri, Sr. VP & CFO
11/24/14 Retirement of Louis Chenevert replaced by Gregory J. Hayes & election of Dir. Edward A. Kangas as Chairman of Bd. & appointment of Peter F. Longo as Acting CFO
10/24/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14

UnitedHealth Group UNH:
12/8/14 8K re: sale of notes
12/1/14 8K re: annual investor conference
11/12/14 8K re: appointment of David S. Wichmann Pres/CFO & Larry Renfro as Vice-Chair
11/10/14 10Q for Qtr. ended 9/30/14
10/16/14 8K re: 3Qtr results

Verizon Communications Inc. VZ:
12/8/14 28Ks re: change of duties for Randal S. Milch EVP & GC
12/1/14 8K re: 4Q results
11/26/14 8K re: trading of shares in UK
10/28/14 10Q & 10/21/14 8K re: 3Qtr ended 9/30/14

Visa V:
12/19/14 8K re: exec's pre-arranged stock trading plans
12/12/14 & 11/21/14 Proxies re: Annual Stockholders Meeting 1/28/15 8:30 am Crowne Plaza, Foster City, CA
11/21/14 10K for fiscal year ended 9/30/14
10/29/14 8K re: 4Qtr & full year ended 9/30/14 results
10/22/14 8K re: 1/28/15 Annual Stockholders Mtg & dividend of 48 cents payable 12/2 to record holders on 11/14/14

WalMart WMT:
12/16/14 8K re: latest ruling re: class action lawsuit in Phil for underpaying employees - Braun/Hummel v. Walmart
12/1/14 10Q & 11/13/14 8K re: quarter ended 10/31/14
11/24/14 8K re: election of Thomas W. Horton to Board
10/30/14 8K re: Closing of Walmart Seiyu stores in Japan
10/17/14 8K re: issuance of notes

THE END FOR NOW


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