Friday, August 28, 2015

8/28/15 Fri. am NLRB Ruling Clears Way for Unions at McDonald's & Others
by Dan Kolber

Post No. 3,317 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  & 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  16654.77 up 369.26 or 2.27% from Wednesday's close of 16285.51. For the year the Dow is down 6.55%.  Of the 30   Dow components    all 30 gained  and   none declined.  The  biggest gainer dollar-wise was  Goldman Sachs up $4.81 and percentage-wise was Chevron up 6.23%. 

IBD pB3 "Stocks rally in last hour: big gains, lower volume" by Paul Whitfield says Thursday's action was up in declining vol while the current outlook is market in correction.

AJC pA9 "US stocks rise sharply; Chinese market surges" by Alex Velga, AP says US stocks rallied for the 2nd straight day and the Dow recouped almost 1,000 points in the last 2 days.

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 0.14967727343149.  Friday's trailing P/E   ratio is 15.94 up  from yesterday's   trailing P/E ratio of  15.59 (last year it was 16.23).  Today's P/E estimate is 15.57 unchanged from Thursday's P/E estimate of 15.57 (year ago it was 15.05) and  today's dividend yield is  2.56 down  from yesterday's dividend yield of  2.62 (last year it was 2.21). The Dow's all-time high was 18312.39 on May 19,  2015. The 12 year low close for the Dow was on March 9, 2009 when it fell to 6,547.05.

Thursday's closing Dow Jones Industrial Average numerator is 2492.84 up  55.27 from Wednesday's closing average numerator of 2437.57.   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 (0.14967727343149) you get the change in today's Dow. A dollar increase or decrease in a Dow stock results in a $5.08  change in the Dow Index.

The average closing price (the closing numerator divided by 30) of  Thursday's Dow Jones Industrial Average was $83.09 up $1.84  from  Wednesday's closing average of $81.25.  The median closing price of  Thursday's Dow Jones Industrial Average was $76.27 (CAT/AXP) up $2.82  from  Wednesday's median closing price of $73.45 (CVX/CAT).  The lowest volume was Travelers and the highest volume was Apple.

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 gained  $5,527  ($249,284 - $243,757).

8/27/15 Thurs. 5:05 pm MarketWatch by  Anora Mahmudova & Wallace Witkowski says U.S. stocks rallied to close near their intraday highs for a second straight session Thursday, as China showed signs that measures to stabilize its economy and stock market may be taking hold. In afternoon trade, stocks made a dramatic turn lower but stormed back in the final hour of trading, repeating a pattern of roller-coaster activity that has come to be a trademark of the past several sessions. The Dow Jones Industrial Average DJIA, +2.27%  rose 369.26 points, or 2.3%, to close at 16,654.77, with all 30 members of the blue-chip index trading higher. Earlier, the Dow was up by as many as 381 points. The S&P 500 SPX, +2.43%  finished up 47.15 points, or 2.4% to 1,987.66, after posting a 49-point gain. All 10 of the index’s main sectors traded higher. The Nasdaq Composite COMP, +2.45%  climbed 115.17 points, or 2.5% at 4,812.71, after being up by as many as 121 points.As a result, for the week, the Dow is up 1.2%, the S&P is 0.9% higher, and the Nasdaq is up 2.3%. The implied volatility on the S&P 500—the so-called “fear index”—as measured by the CBOE Volatility Index VIX, -13.92% fell 14% to 26.10.A larger-than-expected upward revision to U.S. gross domestic product data, showing that U.S. economy grew at a faster 3.7% in the second quarter, helped lift the spirits of investors that have been unsettled by a spate of volatility. Weekly data on jobless claims, which pointed to continued strength in the labor market, added to the optimism.“Today’s revision means the U.S. economy is growing faster and [the] consumer spending portion points to a stronger growth in the second half of the year. With this kind of growth, we expect $135 earnings per share by the end of 2016,” said Phil Orlando, chief equity strategist and senior portfolio manager at Federated Investors. That translates to a 35% rise in the S&P 500 from its current level by the end of 2016, according to Orlando.Global equity markets rallied following a 5.3% surge in the Shanghai Composite SHCOMP, +5.34%  overnight, snapping a losing streak that wiped out nearly a quarter of its value in a week. That jump cheered investors world-wide, as fears about China have been blamed for much of the recent intense selling around the globe.

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

American Express:

Apple:  WSJ pB6 "Data show solid debut for Apple's new watch" by Daisuke Wakabayashi says Apple sold more watches in their  first quarter of availability than it did iPad or iPhones - 3.6 mil.

AJC pA10 "Apple announces new product event sept. 9" says Apple has introduced a new iPhone model every year around this time and it is being vague about what it will say on 9/9 in San Fran.

Boeing: IBD pA1 "Boieng tanker woes raise bomber doubt" by Gillian Rich says it is a tossup as to who will win the contract to replace the Air Force's Boeing B-52s for the $80 bil contract between Boeing or Northrop Grumman.







Exxon:  WSJ pB6 "Oil explorers look to pare costs" by Selina Williams says Exxon cut its capital and exploration expenditure by 16% in 2Q this year vs. prior year.


Goldman Sachs:

Home Depot:




Johnson & Johnson:

McDonald's: WSJ pA1 "Ruling clears way for unions" by Melanie Trottman, IBD pA1 "Labor board widens employer liability for subcontractors" by Jed Graham say  in Browning-Ferris Industries of California Inc. and Leadpoint Business Services the NLRB revised its joint employer standard for determining when one company shares responsibility for employees hired by another.  Now McDonald's cold be held responsible for violations at franchised restaurants.

WSJ pB4 "McDonald's, Tyson drop a supplier" by Jacob Bunge says they cut ties with a Tennessee poultry farm that allegedly mistreated chickens.





Procter & Gamble:



United Technologies:




Walmart: AJC pA10 "Walmart gets early start on layaway plan" says it is starting 2 weeks earlier than last year.

AJC pA10  "Walmart ends assault rifle sales" by NYT News service, as previously reported.

Thursday's Closing Dow Numbers:

Symbol Last Sale Change % Change Share Volume Market
VZ▲ DualListed
Here are the current CEOs of the Dow 30 Companies:

Apple: Tim Cook (Cupertino, CA)

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

Boeing BA Dennis A. Muilenburg (Chicago, Ill)

Caterpillar CAT Douglas Oberhelman (Peoria, Ill.)

Chevron CVX John Watson (San Ramon, CA)

Cisco CSCO Charles H.  "Chuck"  Robbins

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 Steve Easterbrook (Oak Brook, Ill)

Merck MRK Kenneth Frazier (Kenilworth, 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) (//David S. Taylor replaces 11/1)

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

Travelers TRV Jay S. Fishman (NY, NY) (Alan D. Schnitzer replaces Fishman 12/1).

UnitedHealth UNC Stephen Hemsley (Minnetonka, MN)

United Technologies UTX Greg Hayes (Hartford, CT)

Verizon VZ Lowell McAdam (NY, NY)

Visa V Charles W. Scharf (San Francisco, CA)

Wal-Mart WMT Doug McMillon (Bentonville, ARK)
Here are the Dow Jones Industrial Average 30 as of 8/4/15  ranked in order of market capitalization in billions:

1. Apple AAPL $653.76
2. Microsoft MSFT 381.6
3. Exxon Mobil XOM 322.66
4. Johnson & Johnson JNJ 276.75
5. GE 260.97
6. JPMorgan Chase JPM 254.03
7. Wal-Mart WMT 232.68
8. Pfizer PFE 222.35
9. Disney DIS 206.48
10.  Procter & Gamble PG 205.94   
11.  Verizon VZ 189.76
12. Visa V 183.12
13. Coke KO 182.41
14. Merck MRK 165.84
15. Chevron CVX 160.24
16. IBM 155.55
17.  Home Depot HD 152.67    
18. Cisco CSCO 142.56
19.  Intel INTC 138.19
20. UnitedHealth UNH 115.05
21.Nike NKE 99.02
22. Boeing BA 97.53  
23. McDonald' s MCD 95.03               
24. 3M MMM 93.96 
25. Goldman Sachs GS 92.6
26. United Technologies UTX 88.2
27. American Express AXP 75.87
28. DuPont DD 49.46
29. Caterpillar CAT 46.24
30. Travelers TRV 33.18
Here are the latest 8K, 10Q & 10K & Proxy & certain other SEC filings as of 8/4/15  for the prior 90 day period:

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

American Express AXP:
7/29/15 10Q & 7/22/15 8K re: 2Q ended 6/30/15
7/15/15 8K re: delinq & write off stats for 3 mos. ended 6/30/15
6/15/15 8K re: delinq. & write off stats. for 3 mos. ended 5/31/15
5/29/15 8K re: death of Pres. Edward P. Gilligan
5/15/15 8K re: delinq. & write-off stats for 3 mos. thru 4/30/15
5/11/15 8K re: Voting results of annual mtg of shareholders

Apple AAPL:
8/3/15 Form 8-A re: Registration of Notes & 7/31/15 Issuance of the notes
7/27/15 & 7/24/15 Prospectus re: 3.05% Notes due '29 & 3.65 Notes due '42
7/22/15 10Q & 7/21 & 6/10 8Ks re: 3 Qtr. results ended 6/27/15
5/13/15 8K re: issuance of notes

Boeing BA:
7/22/15 10Q & 7/22/15 8K re: 2Q results ended 6/30/15
7/17/15 8K re: charge to earnings due to KC-46 Tanker program
6/23/15 8K re: replacement of CEO W. James McNerney, Jr. with Dennis A. Muilenberg eff. 7/1/15 & amendment to bylaws to increase directors from 10 to 11

Caterpillar CAT:
7/31/15 10Q & 7/23/15 8K re: 2Q results ended 6/30/15
7/222/15 8K re: OEM sales figures for June
6/18/15 re: OEM sales figures for May
6/12/15 8K re: voting results of annual stockholder meeting of 6/10.
6/10/15 8K re: quarterly cash div. of 77 cents per share payable 8/20 for record holders on 7/20
6/1/15; 5/28/15; & 5/22/15 Proxy material
5/20/15 8K re: April retail stats

Chevron CVX:
7/31/15 8K re: 2Q results
6/2/15 8K re: voting results of annual stockholder meeting on 5/27
5/11/15 & 4/9/15 Proxy material
5/7/15 10Q & 5/1/15 8K re: 1Q results ended 3/31/15

Cisco CSCO:
7/29/15 8K/A election of Charles H. Robbins to replace John T. Chambers as CEO eff. 7/26/15
6/18/15 8K & 6/12/15 8K & 6/10/15 8K re: issuance and closing of notes offering
6/1/15 8K re: termination of execs Robert w. Lloyd, Pres. Dev. & sales & Gary B. Moore, Pres/COO
5/20/15 10Q & 5/13/15 8K re: 3Q results ended 4/25/15
5/4/15 8K re: election of Charles H. Robbins CEO eff 7/26/15

Coke KO:
7/29/15 10Q & 7/22/15 8K re: 2Q results ended 7/3/15

Disney DIS:
8/4/15 10Q & 8/4/15 8K re: 3Q results ended 6/27
6/26/15 8K/A resignation of CFO James A. Rasulo eff. 6/30
6/2/15 8K re: resignation of CFO James A. Rasulo
5/15/15 10Q & 5/5/15 8K re: 2Q results ended 3/28/15

DuPont DD:
7/28/15 10Q & 7/28/15 8K re: 2Q results ended 6/30
7/8/15 8K re: completion of spin off of Chemours
6/9/15 8K/A & 6/2/15 8K/A re: voting results of 5/13/15 Annual Meeting of Stockholders
6/1/15 8K re: change of reg. agent in Delaware
5/19/15 8K & 5/13/15 8K & 5/12/15 8K & 4/23/15 8K re: sale of notes by subsidiary, Chemours & spin-off of Chemours to shareholders.
April & March, 2015 numerous Proxy materials re: Trian's proposal to add Directors

ExxonMobil XOM:
7/31/15 8K re: 2Q results
6/1/15 8K re: results of voting of 5/27/15 Annual Shareholders Meeting
5/14/15; 4/21/15; & 4/14/15 Proxy materials
5/6/15 10Q & 4/30/15 8K re: 1Q results ended 3/31/15

7/30/15 10Q & 7/17/15 8K re: 2Q results ended 6/30
7/6/15 8K re: sale of assets of GECC over next 24 months to concentrate on industrial businesses
6/10/15 8K re: modified metrics for long term performance goals
5/28/15 8K & 5/27/15 8K re: issuance of notes
5/15/15 10Q & 4/17/15 8K re: 1Q ended 3/31/15

Goldman Sachs GS:
8/3/15 10Q & 7/16/15 8K re: 2Q results ended 6/30
5/22/15 8K re: issuance of notes
5/22/15 8K re: amendmt to stock incentive plan
5/12/15 re: issuance of notes
5/5/15 10Q & 4/16/15 8K re: 1Q ended 3/31/15

Home Depot HD:
6/2/15 8K re: issuance of notes
5/27/15 10Q & 5/19/15 8K re: 1Q ended 5/3/15
5/26/15 8K re: voting results from 5/21 Shareholders Mtg

Intel INTC:
7/29/15 8K re: issuance of notes
7/27/15 10Q & 7/15/15 8K re: 2Q ended 6/27
7/2/15 8K re: retirement of Renee J. James as Pres. effective 1/16
6/5/15 & 4/6/15 8Ks re: change of organizational structure & change of reporting fin'l info
6/1/15 8K re: purchase of Altera Corp
5/27/15 8K re: voting results of 5/21 Stockholder Mtg
5/14/15 8K re: FD disclosures re: Annual Mtg

8/4/15 8K re: issuance of notes
7/28/15 10Q & 7/21 & 7/20 8Ks re: 2Q results ended 6/30
5/1/15 8K re: voting results of 4/28 Stockholder Mtg

JPMorgan Chase JPM:
8/3/15 10Q & 7/14/15 2 8Ks re: 2Q results ended 6/30
7/29/15 8K re: issuance of pref stock
7/21/15 8K re: issuance of notes
6/16/15 8K re: redemption of notes
6/4/15 8K re: issuance of preferred stock
5/22/15 8K re: results of voting of 5/19 shareholder mtg
5/20/15 & 5/14/15 8Ks re: settlement with U.S. Dept of Justice  & Fed. Res. re: foreign exchange charges and guilty plea to violation of fed antitrust law & payment of $550 mil fine
5/6/15 & 4/3/15 8Ks re: redemption of Bear Stearns notes
5/5/15 10Q & 4/14/15 8Ks re: 1Q ended 3/31

Johnson & Johnson JNJ:
7/31/15 10Q & 7/14/15 8K re: 2Q results ended 6/28
6/9/15 8K re: election of Dr. Mary Beckerle, CEO of Hunstsman Cancer Inst. to Board
5/21/15 8K re: retirement of Controller Stephen J. Cosgrove and replaced by Ronald a. Kapusta

McDonald's MCD:
7/23/15 8K re: 2Q & 6 month results ended 6/30
7/21/15 8K re: exec comp awards
7/17/15 8K re: cash dividend of 85 cents payable 9/16 to record holders on 9/1
6/8/15 8K re: May sales
5/27/15 8K re: voting results from 5/21/15 Shareholder meeting
5/26/15 8K re: issuance of notes
5/11/15 8K re: April sales
5/11/15 Proxy
5/7/15 10Q & 4/22/15 8K re: 1Q ended 3/31/15
5/4/15 8K re: restructuring and turn around plans

Merck MRK:
7/28/15 8K e: election to Board of Pamela J. Craig & Paul B. Rothman, MD
7/28/15 2Q results
7/24/15 8K re: retirement of General Counsel Bruce Kuhlik
5/28/15 & 5/26/15 8Ks re: voting results of 5/26/15 shareholder mtg
5/7/15 10Q & 4/28/15 8K re: 1Q ended 3/31/15

Microsoft MSFT:
7/31/15 10K for FY ended 6/30/15
7/21/15 8K re: 4Q results
7/8/15 8K re: restructuring of phone hardware business and termination of 7,80 employees

Nike NKE:
7/27/15 & 7/20/15 Prelim. Proxy re: Annual Meeting of Shareholders on 9/17/15 at 10 am at Tiger Woods Conf. center, Beaverton, Oregon
7/6/15 8K re: election of Chris Abston as Corp. controller
6/30/15 8K re: election of Travis A. Knight, son of Philip H. Knight, as Director
6/29/15 8K re: 4Q Conference Call
6/25/15 8K re: 4Q ended 5/31
6/18/15 8K re: retirement from Board of Douglas G. Houser & Orin C. Smith

Pfizer PFE:
7/28/15 8K 2Q results
6/25/15 8K re: election to Board of Joseph J. Echevarria
5/14/15 8K re: resignation of director Marc Tessier-Lavigne
5/7/15 10Q & 4/28/15 8K re: 1Q ended 3/29

Procter & Gamble PG:
7/30/15 8K re: 4Q results
7/30/15 8K re: FY '15 results
7/29/15 8K re: replacement of CEO A.G. Lafley by David Taylor effective 11/1/15
7/14/15 8K re: quarterly div of .6629 cents payable 8/17 to record holders on 7/4
7/9/15 8K re: sale of 43 beauty brands to Coty
6/12/15 amendment to Code of Regulations
5/7/15 8K re: issuance of notes

8/4/15 8K & 6/24/15 8K re: completion of acquisition of Capital Safety from KKR for $2.5 bil
7/30/15 10Q & 7/23/15 8K re: 2Q ended 6/30
5/18/15 8K re: issuance of notes
5/13/15 8K re: results of voting from 5/12 stockholder meeting

Travelers TRV:
7/21/15 10Q & 7/21/15 8K re: 2Q results ended 6/30
5/22/15 8K re: voting results of 5/20/15 shareholders meeting

United Technologies UTX:
7/27/15 8K re: retirement of Geraud Damis as CEO of UTC Building & Industrial Services eff. 1/16
7/24/15 10Q & 7/21/15 8K re: 2Q results ended 6/30
7/20/15 8K & 6/15/15 8K re: sale of Sikorsky Aircraft Corp. to Lockheed Martin
5/22/15 8K re: issuance of notes
5/4/15 8K re: remarketing of notes

UnitedHealth Group UNH:
7/31/15 8K re: presentation at InvestMNt Conf on 8/5
7/29/15 10Q & 7/16/15 8K re: 2Q results ended 6/30
7/23/15 8K re: purchase of Catamaran Corp.
7/23/15 8K re: issuance of notes
7/1/15 8K re: reincorporation from Minn. to Delaware
6/5/15 8K re: amendment to stock incentive plan
5/26/15 FD disclosure re: NYC 5/28 Bernstein's Conference
5/6/15 10Q & 4/16/15 8K re: 1Q ended 3/31/15

Verizon Communications Inc. VZ:
7/28/15 10Q & 7/21/15 8K re: 2Q results ended 6/30
6/8/15 8K re: amendment of bylaws re: annual mtg of stockholders
5/13/15 8K re: retirement of Randal s. Milch, VP
5/12/15 8K re: Verizon to buy AOL for $4.4 bil

Visa V:
7/23/15 10Q & 7/23/15 8K re: 3Q results ended 6/30
7/22/15 8K re: dividend of 12 cents payable 9/1 to record holders on 8/14
6/12/15 8K re: election to Board of Lloyd A. Carney
6/10/15 8K re: presentation at William Blair 35th Annual growth Stock Conference
4/30/15 10Q & 4/30/15 8K re: 2Q ended 3/31
4/23/15 8K re: 12 cents a share dividend payable 6/2 to record holders of 5/15
4/14/15 8K re: resignation of Antonio Lucio, EVP and Chief Brand Officer

WalMart WMT:
6/8/15 8K re: voting results of 6/5 shareholder meeting
6/5/15 10Q & 5/19 8K re: 1Q ended 4/30/15

That's All for Now


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