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Post #267 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
A read of Friday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Investor's Business Daily, Atlanta Journal Constitution & (Ga.) Daily Report 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 Thursday's closing price and related data.
Dow: The Dow Jones Industrial Average closed Thursday at 10,120.46 down 115.7 or 1.13% from Wednesday's close of 10,236.16. Year to date the Dow is down 2.95%. Of the 30 Dow Companies: 6 gained and 24 declined. The biggest gainer dollar-wise was Procter & Gamble Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 and percentage-wise was Bank of America 15.411 +0.221 1.45% 223,558,939 NYSE. The biggest decliner dollar-wise was IBM $123.72 -2.61 2.07% 8,908,514 and percentage-wise was Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE.
WSJ pA1 "Stocks Hit Roughest Spell Since Early '09" by Tom Lauricella says the rosy view of a global recovery that powered markets in '09 has dissipated, leading US stocks to their worst month in nearly a year, pushing down commodities prices and scaring investors out of the euro to the relative safety of the US dollar. The common denominator is a retreat from last year's big rallies in risky investments, which followed efforts by central banks and govs to shore up fin'l markets through aggressive spending and cheap credit. Investors are now focusing on the downside of these efforts, such as in Europe, where soaring gov. debt is straining the bond market. At the center of these concerns is Greece, where bond prices fell again Thurs. and the cost to buy insurance against a Greek default hit another high.
Fin Times p22 "latest tech results add to negative sentiment" by Samantha Pearson says disappointing tech results added to lingering concerns over job losses, pushing US stocks below the S&P's 100 day moving average for the first tie since last April adding to fears that Wall St. may be heading for a significant pullback. Profit at Procter & Gamble, the world's biggest consumer products firm fell less than foreacst thanks to strong demand for baby and family care products.
WSJ pC1 "Jan's Chilling Effect on Stocks" by Peter A. McKay says the first month of the yer is ending with a thud for stocks, which are on tract to record the biggest loss since the final selloff of the bear market last Feb. Even a solid vote by the Senate to renw Fed Res. Chair Ben Bernanke's 4 year term didn't push the market up. History suggests a weak Jan performance is a worrisome sign for the rest of the year. When the Dow has risen in the first month of the year, the median rise for the rest of the year is 10.4% but when the Dow has fallen, the median rise is just 0.28%.
NYT pB8 "Lackluster Economic News Pushes the Markets Lower" by Javier C. Hernandez says Wall St. was hit with a string of disappointments on Thurs: a weaker than expected unemployment picture, a tepid recovery in manufacturing and skepticism about the tec sector, including concerns about Apple's tablet device. As a result, shares faltered, with the Dow falling more than 150 points at one point, raising the possibility that the major indexes could end the month in negative territory.
WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
Inv. Bus. Daily pA1 "Selling Resumes as Qualcomm, Economic Data Weigh" by Paul Whitfield says stocks resumed their downward trend Thurs. as a disappointing forecast from Qualcomm put the Street in a glum mood. Thursday's action was down in mixed volume and the current outlook is that the market is in correction.
USA Today p4B "Stocks slip as tech firms disappoint" by AP says the stock market resumed its slide Thurs. as disappointing forecasts from tech firms renewed concerns about the economy.
As of the open of the market Friday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.26 down from Thursday morning's 16.56 (year ago it was 19.75) the P/E estimate is 13.30 unchanged from Thursday's 13.30 (year ago it was 9.87) and the current dividend yield is 2.71 up from Thursday's 2.67 (it was 3.84 a year ago).
Wednesday's Dow Jones Industrial Average closing numerator was 1,339.13 down 15.31 from Wednesday's closing Dow numerator of 1,354.44. 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 of 15.31 for Thursday by the divisor you get the decrease in Thursday's Dow close of 115.7.
The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 44.64 down 0.51 from Wednesday's Dow Jones Industrial Average closing price of $45.15. The median closing price of Thursday's Dow Jones Industrial Average was 38.25 down 0.75 from Wednesday's $39.00. The lowest volume was Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE and the highest volume again was Bank of Am BAC $15.411 +0.221 1.45% 223,558,939 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 $1,530 ($135,450 - 133,920).
AT&T T $25.549 -0.071 0.28% 49,310,252 NYSE: Inv. Bus. Daily pA2 "emerging devices boost AT&T", Fin Times p14 "iPhone helps boost AT&t performance" by Alan Rappeport & WSJ pB5 "AT&T Details Plans for Upgrading network" by Niraj Sheth & NTT pB6 "AT&T Will Add $2 Bil to Improve Its network" say T is earmarking $19 bil to boost capacity as its earnings show how important the Apple iPhone is to its wireless growth. It will spend $2 bil on the wireless network than last year.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
Alcoa AA $12.9299 -0.3701 2.78% 51,660,521 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
American Express AXP $37.45 -1.22 3.15% 13,159,603 NYSE: No mentions found.
Bank of America BAC $15.411 +0.221 1.45% 223,558,939 NYSE: No mentions found.
Boeing BA $62.7 +0.77 1.24% 8,285,611 NYSE: WSJ pB7 "Boeing Reorganizes Ranks at commercial Jet Unit" by Peter Sanders says it announced a reorganization aiming to reinforce its 787 Dreamliner program and will be forming 2 separate teams to examine ways to update the 737 narrow body and 777 wide body models.
Caterpillar CAT $51.85 -1.59 2.98% 14,898,650 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
Chevron CVX $73.23 -0.47 0.64% 11,829,889 NYSE: No mentions found.
Cisco CSCO $22.52 -0.63 2.72% 62,611,541 NASDAQ-GS: WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Coca-Cola KO $54.18 -0.33 0.61% 9,727,273 NYSE: WSJ pB7 says NBA superstar LeBron James has agreed to a multiyear partnership with McDonald's adding it to his list of corporate sponsors that includes Nike, State Farm and Coca-Cola.
Disney DIS $29.34 +0.02 0.07% 15,477,224 NYSE: Inv. Bus. Daily pA3 "Why We All Dance To Disne's Toon" by reinhardt krause is a tribute to Wald Disney saying he pushed sound and color to the film fore.
DuPont DD $32.27 -0.59 1.8% 6,988,571 NYSE: No mentions found.
ExxonMobil XOM $64.9 -0.64 0.98% 34,646,461 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
GE $16.1299 -0.1701 1.04% 73,395,921 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Home Depot HD $27.36 -0.48 1.72% 17,889,644 NYSE: USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE: Fin Times p15 "Samsung poised to overtake rival HP in sales" by Christine Oliver, SongJung-a says Samsung is on track to overtake Hewlett-packard as the world's biggest tech firm by sales. HP's sales last year of $114 bil will beat Samsung's $113 bil but Samsung in '10 will have sales of $127 bil, copared with $120 bil from HP if analysts are right.
WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
Intel INTC $19.92 -0.32 1.58% 75,531,959 NASDAQ-GS: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
IBM $123.72 -2.61 2.07% 8,908,514 NYSE: WSJ pC5 "Apple Pares Off 4.1%; Qualcomm Falls, Too" by Donna Kardos Yesalavich says stocks slumped Thurs, led by the tech sector, as a forecast cut from Qualcomm, a bigger than expected rev drop from Motorola and apparent disappointment over Apple's latest product weighed. For the month, the Dow is down nearly 3%, setting the measure up for the worst monthly decline since Feb. Hewlett-Packard was the Dow's worst performer Thurs., with a drop of 3.4%, as the tech sector tumbled. Among the sector's other decliners on the Dow, Cisco slipped 2.7%, IBM dropped 2%.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
J.P.Morgan Chase JPM $39.56 +0.23 0.58% 61,575,405 NYSE: Fin Times p1 "JPMorgan to create global banking unit to attract business from multination'l groups" by Francesco Guerrera, Justin Baer says JPM is launching a global biz aimed at selling loans and comm'l banking services to multinat'l corps, pitting the US bank against Citigroupa nd HSC.
Inv. Bus. Daily pA2 says JPMorgan named Steve Balck as vice chairman and he will step down from being exec. chairman.
Johnson & Johnson JNJ $63.78 0+.34 0.54% 15,445,233 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
Kraft KFT $28.06 -0.29 1.02% 19,925,349 NYSE: Fin Times p9 "Britain's strategic chocolate dilemma" by Martin Wold says the takeover of Cadbury by Kraft shows that shareholders are in control of corporations and takeovers are a risk of going public and there should not be more restrictions on takeovers.
McDonald's MCD $62.7695 -0.9605 1.51% 7,865,578 NYSE: Inv. Bus. Daily pA2 & WSJ pB7 say NBA superstar LeBron James has agreed to a multiyear partnership with McDonald's adding it to his list of corporate sponsors that includes Nike, State Farm and Coca-Cola.
Merck MRK $37.97 -0.67 1.73% 11,908,513 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
Microsoft MSFT $29.16 -0.51 1.72% 104,022,233 NASDAQ-GS: Fin Times p14 "Tech world reaches out for golden Apple" by Richard Waters says the iPad's launch will be a catalyst for the whole industry. Apple failed to galvanize developers in the early years of personal computing and lost leadership to Microsoft but now thie iPad changes that. With 140,000 applications in the App Store, Apple has grabbed a big lead over Microsoft, which has stumbled with its own mobile system. Microsoft plays down Apple's lead by saying most developers make very little money from their iPhone apps.
Inv. Bus. Daily pA4 "Record Computer Operating System Sales Power Microsoft's Q2 Results" by Patrick Seitz, USA Today "Microsoft profit leaps 60%; 3M still sees weak demand" by AP, WSJ pB1 "Holiday PC Sales Boost Microsoft" by Nick Wingfield & NYT pB6 "Microsoft's Profit Soars 60%, Aided by Sales of Windows 7" say Microsoft said consumer demand for Windows 7 propelled a 60% increase in profit during the holiday quarter, in another sign of hope for the battered tech sector. The world's largest software maker's results, which included a 14% rise in sales, were a welcome change after 3 quarters where sales fell from a year earlier. the turnaround is due to the Oct. launch of Windows 7, which lured consumers back to stores for copies of the software and new PCs running it , especially in Asia and Latin America. Fkor its 2Q ended 12.31, MSFT's windows div saw rev jump 50% to $6.9 bil. Overall, 2Q profit jumped to $6.66 bil, or 74 cents a share, from $4.17 bil or 47 cents a share a year ago. Rev rose to $19.02 bil from $16.63 bil, despite weakness in its non-Windows biz.
Pfizer PFE $18.64 -0.36 1.89% 47,374,951 NYSE: WSJ pC10 "Biotech Feels the Effects of Age" by John Jannarone says ten years ago bio biotech stocks were at an age when anything seemed possible but now this has given way to cynicism as price earnings multiples of biotech firms, once in triple digits, have slipped below the S&P 500 average for the first time. Biotech firms valued above $10 bil trade at 15.1 times estimated earnings,, cmopared with 17.6 times for the broader market. Many firms face difficulty developing new drugs. Pfizer and Merck reacted with big acquisitions last year, as have other biotech firms. Biogen and Genzyme could by taken over by someone like Johnson & Johnson, which has said it is open to deal of any size.
USA Today p3B "Passion dims for stock buybacks" by Matt Krantz says in a side bar lists the ten big stock buybacks in '07 by order of size and all but one are Dow Jones companies with first being ExxonMobil at buybacks of $31.8 bil, followed by Microsoft, IBM, GE, HPQ, Home Depot, AT&T, Transocean, Pfizer and Cisco at $10 bil.
Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 NYSE: Fin Times p22 "latest tech results add to negative sentiment" by Samantha Pearson says disappointing tech results added to lingering concerns over job losses, pushing US stocks below the S&P's 100 day moving average for the first tie since last April adding to fears that Wall St. may be heading for a significant pullback. Profit at Procter & Gamble, the world's biggest consumer products firm fell less than forecast thanks to strong demand for baby and family care products.
Fin Times p17 "P&G set o regain market share" by Jonathan Birchall, NYT pB2 "P&G and Colgagte Post igher Sales in Quarter" by Reuters & WSJ pB1 "P$G Meets Frugal Shoppers Halfway" by Ellen Byron say shoppers are starting to open their wallets again for brand name household basics, but it's taking lower prices, heavy advertising and new products to tempt them. P&G and Colgate-Palmolive sold more their premium priced consumer goods at the end of '09, suggesting that fewer shoppers are basing their purchases on price along.
WSJ pC10 "Overheard" says PG's new CEO, Bob McDonald is a West Point grad and is cultivating a softer approach based on touchy feely remarks he made during an investors call.
3M MMM $80.75 1.55 1.88% 6,778,599 NYSE: WSJ pB4 "3M" by John Kell, NYT pB2 "3M Beats Profit Expectations And Raises Its '10 Forecast" by Reuters, & USA Today p5B "3M still sees weak demand" by AP, says 3M said 4Q profit jumped 74% and raised its '10 forecast. 3M of St. Paul, Minn, reported a profit of $935 mil, or 1.30 a share, up from $536 mil or 77 cents a share, a year earlier. Rev jumped 11% of $6.12 bil. 3M owns Post-It notes, Scotch tape and Thinsulate and forecasts '10 earnings of 4.90 to 5.10 a share up from 4.85 to $5.
WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%
Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE: No mentions found.
United Technologies UTX $67.37 -0.24 0.35% 5,531,905 NYSE: No mentions found.
Verizon VZ $29.33 -0.54 1.81% 33,099,772 NYSE: WSJ pB2 "Supplier Says Spending Still Tight" by Cari Tuna, Don Clark says big firms that sell to other businesses are showing mixed results this earnings season, a sign that many customers remain cautious and selective despite an improving economy. Some firms, particularly tech providers, have reported substantial gains over the gloomy 4th quarter of '08. Caterpillar made optimistic comments about the year ahead but there was scant evidence of progress in the quarter ended in Dec as CAT's rev fell 39%. Cellphone carrier Verizon Comm. said sales to businesses fell in the 4th quarter and its wasn't seeing any big pickup yet in capital or tech spending by its largest customers. AT&T's 4Q commercial sales fell 5.5$ from the prior year amid economic pressures but it expects to increase cap spending in '10 after deep cuts last year. 3M on Thurs said 4Q rev grew 11 led by increasing sales of graphics and display components used in consumer electronics but its industrial and transportation sales also grew by 10%, including a 40% gain in 3M's renewable energy segment. Alcoa has cut capital spending as its sales declined from the year earlier quarter. Tech buyers are exploiting price competition among vendors. New Intel chips for server systems are designed to let firms get the same work done with less computers; Intel said rev from such products rose 42% in 4Q while IBM's quarterly rev from systems based on such x86 chips rose 37%, but rev from older mainframe systems declined 27%.
WalMart WMT $52.61 -0.79 1.48% 16,881,562 NYSE: NYT pB3 "Walmart makes Organizational Moves to Raise Efficiency" by Reuters says Walmart, the world's biggest retailer, is consolidating some operations in the US while dividing the nation into 3 regions with separate presidents in order to more efficiently manage its 3,700 US stores.
Fin Times p3 "Walmart reveals supply deal" by Jonathan Birchall, Tom Mitchell & WSJ pB2 "WalMart, Li & Fung Sign Sourcing Deal" by Ann Zimerman, Karen Talley say Walmart Stores announced a strategic alliance with Li & Fung Ltd., in an effort to reduce costs and improve product quality. A giant global buying agent, Li & Fung, of Hong Kong expects to provide about $2 bil worth of goods to Walmart in the deal's first year.
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Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]
Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.
12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).
Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.
American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.
Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.
12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.
12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.
Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.
Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
12/2/09 10K
DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020
ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.
12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows
GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.
12/17/09 10K
Home Depot HD: 12/3/09 10Q
Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.
JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.
12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.
Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.
McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.
12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.
Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.
Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.
United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.
11/17/09 8K re: its purchase of the GE Security business from GE for $1.82 billion. The closing is pending regulatory approvals. GE Security, part of GE Technology Infrastructure, supplies security and life safety technologies through a broad product portfolio for commercial and residential applications that include fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. Headquartered in Bradenton, Fla., the business has eight manufacturing facilities and approximately 4,700 employees in 26 countries.
Verizon Communications Inc. VZ: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.
12/23/09 8K re: grant of stock options to executives.
12/7/09 8K re:amendments to bylaws.
WalMartWMT: 12/8/09 10Q
Friday, January 29, 2010
Thursday, January 28, 2010
1/28/10 Thurs. pm Dow Closes 10,120.46 down 115.7 or 1.13%
The following is not intended as advertising by a broker-dealer and is not a research report.
Post #266 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
The Dow Jones Industrial Average closed Thursday at 10,120.46 down 115.7 or 1.13% from Wednesday's close of 10,236.16. Of the 30 Dow Companies: 6 gained and 24 declined. The biggest gainer dollar-wise was Procter & Gamble Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 and percentage-wise was Bank of America 15.411 +0.221 1.45% 223,558,939 NYSE. The biggest decliner dollar-wise was IBM $123.72 -2.61 2.07% 8,908,514 and percentage-wise was Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE.
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. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.56 down from Wednesday morning's 16.73 (year ago it was 20.14) the P/E estimate is 13.30 unchanged from Wednesday's 13.30 (year ago it was 9.87) and the current dividend yield is 2.67 down from Wednesday's 2.69 (it was 3.76 a year ago).
Wednesday's Dow Jones Industrial Average closing numerator was 1,339.13 down 15.31 from Wednesday's closing Dow numerator of 1,354.44. 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 of 15.31 for Thursday by the divisor you get the decrease in Thursday's Dow close of 115.7.
The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 44.64 down 0.51 from Wednesday's Dow Jones Industrial Average closing price of $45.15. The median closing price of Thursday's Dow Jones Industrial Average was 38.25 down 0.75 from Wednesday's $39.00. The lowest volume was Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE and the highest volume again was Bank of Am BAC $15.411 +0.221 1.45% 223,558,939 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 $1,530 ($135,450 - 133,920).
Thursday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market
AT&T T $25.549 -0.071 0.28% 49,310,252 NYSE
Alcoa AA $12.9299 -0.3701 2.78% 51,660,521 NYSE
American Express AXP $37.45 -1.22 3.15% 13,159,603 NYSE
Bank of America BAC $15.411 +0.221 1.45% 223,558,939 NYSE
Boeing BA $62.7 +0.77 1.24% 8,285,611 NYSE
Caterpillar CAT $51.85 -1.59 2.98% 14,898,650 NYSE
Chevron CVX $73.23 -0.47 0.64% 11,829,889 NYSE
Cisco CSCO $22.52 -0.63 2.72% 62,611,541 NASDAQ-GS
Coca-Cola KO $54.18 -0.33 0.61% 9,727,273 NYSE
Disney DIS $29.34 +0.02 0.07% 15,477,224 NYSE
DuPont DD $32.27 -0.59 1.8% 6,988,571 NYSE
ExxonMobil XOM $64.9 -0.64 0.98% 34,646,461 NYSE
GE $16.1299 -0.1701 1.04% 73,395,921 NYSE
Home Depot HD $27.36 -0.48 1.72% 17,889,644 NYSE
Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE
Intel INTC $19.92 -0.32 1.58% 75,531,959 NASDAQ-GS
IBM $123.72 -2.61 2.07% 8,908,514 NYSE
J.P.Morgan Chase JPM $39.56 +0.23 0.58% 61,575,405 NYSE
Johnson & Johnson JNJ $63.78 0+.34 0.54% 15,445,233 NYSE
Kraft KFT $28.06 -0.29 1.02% 19,925,349 NYSE
McDonald's MCD $62.7695 -0.9605 1.51% 7,865,578 NYSE
Merck MRK $37.97 -0.67 1.73% 11,908,513 NYSE
Microsoft MSFT $29.16 -0.51 1.72% 104,022,233 NASDAQ-GS
Pfizer PFE $18.64 -0.36 1.89% 47,374,951 NYSE
Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 NYSE
3M MMM $80.75 1.55 1.88% 6,778,599 NYSE
Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE
United Technologies UTX $67.37 -0.24 0.35% 5,531,905 NYSE
Verizon VZ $29.33 -0.54 1.81% 33,099,772 NYSE
WalMart WMT $52.61 -0.79 1.48% 16,881,562 NYSE
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The following are excerpts from Thurs. morning's Blog:
A read of Thursday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Investor's Business Daily, Atlanta Journal Constitution & (Ga.) Daily Report 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 closing price and related data.
Dow: The Dow Jones Industrial Average closed Wednesday at 10,236.16 up 41.87 or 0.41% from Tuesday's close of 10,194.29. year to date the Dow is down 1.84%. Of the 30 Dow Companies: 19 gained and 11 declined. The biggest gainer dollar-wise was and percentage-wise was Boeing BA $61.93 +4.22 7.31% 14,705,031 NYSE. The biggest decliner dollar-wise and percentage-wise was Caterpillar CAT $53.43 -2.42 4.33% 33,551,788 NYSE.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an xetended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the average analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
NYT pB11 "Fed's Optimism on the Economy Helps Improve Wall St's Mood" by AP says stocks reversed an early slide and ended higher on Wed. after the Fed Reserve issued a more upbeat assessment of the economy. Same story is at USA p4B under a different headline: "Stocks rise on Fed's upbeat outlook."
Investor's Bus. Daily pA1 "Fed Keeps Reocrd Low Rate as Expected But Sees Improvements In Economy, Jobs" by Scott Stoddard says the economy and the job market continue to improve, but not enough for the Fed Reserve to consider raising interst rates soon as the Fed voted 9-1 to keep interest rates at a record low 0% to .25%, as expected, and reiterated its long standing vow to keep them low for an extended period to nurse a gradual economic period.
Investor's Bus. Daily pA1 "Stocks Erase Losses and Finish Strong In Fast Trade" by Paul Whitfield says the indexes staged a positive reversal Wed, turning in their best day in 6 session. Wednesday's action was up in greater volume while current outlook is that the market is in correction.
Wednesday's Dow Jones Industrial Average closing numerator was 1,354.44 up 5.54 from Tuesday's closing Dow numerator of 1,348.90. 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 increase of 5.54 for Tuesday by the divisor you get the increase in Tuesday's Dow close of 41.87.
The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 45.15 up 0.19 from Tuesday's Dow Jones Industrial Average closing price of $44.96. The median closing price of Wednesday's Dow Jones Industrial Average was 39.00 up 0.50 from Tuesday's $38.50. The lowest volume was Travelers TRV $50.9 +0.67 1.33% 4,498,336 NYSE and the highest volume again was Bank of Am BAC $15.19 +0.42 2.84% 255,128,399 NYSE.
If Wednesday 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 made $570 ($135,450 - $134,880).
AT&T T $25.63 +0.30 1.18% 57,570,051 NYSE: WSJ pB6 "For Wireless Carries, iPad Signals Further Loss of Clout" by Niaj Sheth says AT&T won the right to carry Apple's high profile iPad in the US but it may erode the wireless industry's carrier centered model. Just a half decade ago, the big US wireless firms controlled the way subscribers used their service, setting specs for the phones and locking users into contracts. Apple wrested away control over handsets with the iPhone and now the iPad diminishes carriers' control even further as At&T will offer 2 cellular service plans, but neither will require the contracts that usually accompany its data plans for cell phones and laptops. AT&T has been under fire from iPhone users for poor service, especially in dense areas around NYC and San Fran. Some thought Verizon Wireless, a jv of Verizon Communications and Vodafone would carry the iPad. AT&T has seen wireless data usage jump by 5,000% since late '06. The iPads with the wireless chp version will go on sale 30 days after the other version ships in March. The ipad won't be exclusive to AT&T.
NYT pB1 "As Devices Pull More Data, Patience May Be Required" by Jenna Wortham says the new iPad will put more demands on AT&T's already overburdened 3G data network.
WSJ pC16 "Apple's iPad Revolution: Radical Price" by Martin Peers says Apple's iPad is cheap and costs only $499 but it has all the functions of a laptop, such as word processing and email and can run iPhone mobile apps. But it may cannibalize laptop sales, as the current lowest price on a MacBook is $999. Also Apple is uisng its US iPhone carrier, AT&T, for 3G wireless and given congestion on AT&T's network largely caused by heavy use of the iPhone, some consumers may choose the model built for Wi-Fi use only.
Alcoa AA $13.29 -0.25 1.85% 54,694,556 NYSE: No mentions found.
American Express AXP $38.66 +0.56 1.47% 12,249,340 NYSE: No mentions found.
Bank of America BAC $15.19 +0.42 2.84% 255,128,399 NYSE: WSJ pC3 "BofA's Moynihan Gets a 19% Raise" by Dan Fitzpatrick says the ew CEO will get a salary of $950,000 which is a 19% raise for the 50 year old Moynihan's '08 base. His predecessor, Kenneth D. Lewis, had a base salary of $1.5 mil.
Daily Report p6 "Bonuses expose Street's succession weakness" by Lisa Kassenaar, Bloomerberg says that Bank of america was totally unprepared for the resignation of Kenneth D. Lewis as CEO and should have ahd at least two people ready to take over. It compares BofA's lack of preparation with the succession plan at JPMorgan which resulted in Jamie Dimon becoming CEO of JPMorgan.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Boeing BA $61.93 +4.22 7.31% 14,705,031 NYSE: WSJ pB1 "Boeing Reports Signs of Recovery As It Shakes Off a Troubling year" by Peter Sanders, Ann Keeton & Inv. Bus. Daily pA2"Boeing tops, sees '10 EPS below" say despite being saddled by one of the worst years on record in aviation, Boeing is rebounding as the Chicago based firm posted solid 4Q results, swinging to a profit. The earnings come just one quarter after it took a $3.5 bil write off and repotted its largest quarterly loss over due to problems with the 787 Dreamliner and a revamped 747. Boeing posted profit of $1.27 bil or 1.7 a share for 4Q compared with a loss of $86 mil or 12 cents a share a year earlier when Boeing was hit by a 2 month machinists' strike. Rev. increased 42% to $17.94 bil. Boeing forecast earning between $3.70 and $4 a share this year as it works to deliver its newest jetliners in 4Q as the global passenger and air freight markets begin to recover. It earned $1.84 a share last year.
NYT pB4 "Plane Tests On Track, Boeing Says" by AP says Boeing said it would notscale back aircraft production, which some had feared as Boeing reported profits.
Fin Times p12 "Boeing and defense" says Boeing is the second largest US defense contractor behind Lockheed Martin, and trades 15 times prospective earnings versus about 10 tiems for the defense sector. Boeing is well placed in programs such as naval aircraft but the longer term outlook is less certain as Pres. Obama may shrink the defense budget.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the US Fed. Res. reiterated its promise to keep rates exceptionally low for an extended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the avreage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Caterpillar CAT $53.43 -2.42 4.33% 33,551,788 NYSE: WSJ pB4 "Caterpillar's Profit Tumbles 65%" by Bob Titak NYT pB4 "Caterpillar Profit Falls 65%" by AP & Inv. Bus. Daily pA1 "Caterpillar Falls On Soft Outlook" say Caterpillar's 4Q earnings plunged by65% but it said it is seeing demand pick up. The world's largest construction machinery firm said demand is improving in China, N. America, Europe and Japan and expects to benefit from dealers replenishing inventories. Still CAT forecast '10 earnings below Wall St estimates and it sees earnings of about 2.50 a share on a rev increase of 10 to 25%. The Peoria, Ill. firm missed analysts' 4Q estimate of $8.11 bil when sales came in at $7.89 bil a 39% reduction from last year. CAT reported a 4Q profit of $232 mil or 36 cents a share down from $661 mil or 1.08 a share a year earlier. Machinery and engine sales dropped 41% in 4Q while its financial arm saw a 12% decrease in rev. For '09, CAT's earnings dropped 75% to $895 mil, rev plunged 37% last year, causing it to fire more than 20,000 employees.
WSJ pC5 "Bad News" charts Caterpillar says the big construction equipment firm offered a cautious outlook.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an extended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the aveage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Chevron CVX $73.76 -0.39 0.53% 11,770,692 NYSE: No mentions found.
Cisco CSCO $23.15 +0.25 1.09% 51,410,358 NASDAQ-GS: Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Coca-Cola KO $54.51 +0.37 0.68% 10,105,987 NYSE:AJC pA1 "Coke bubbly about Super Bowl surge" by Jeremiah McWilliams says Coca-Cola products will ahve a bigger presence at the Feb. 7 Super Bowl than its rival Pepsi which is a switch from how it has traditionally been.
Diseny DIS $29.31 -0.35 1.18% 15,657,030 NYSE: No mentions found.
DuPont DD $32.88 +0.08 0.24% 6,577,760 NYSE: No mentions found.
ExxonMobil XOM $65.479 -0.441 0.67% 34,549,387 NYSE: No mentions found.
GE $16.3 -0.05 0.31% 76,604,918 NYSE: WSJ pB2 "Comcast CEO Presses for Swift merger Review" by Amy Schatz says Comcast's CEO Brian Roberts said the recent fracas at NBC over Conan O'Brien shows what happens when regulatory review of a merger leaves people in limbo. Comcast will file paperwork Thurs. to the FCC for approval of its deal to acquire majority control of NBC Universal from GE.
Home Depot HD $27.84 +0.11 0.4% 12,777,003 NYSE: No mentions found.
Hewlett-Packard HPQ $49.45 -0.29 0.58% 17,532,117 NYSE: WSJ pB6 "New iPad Revives Classic Gadget Debate" by Geoffrey A. Fowler, Yukari Iwatani Kane says consumer electronics makers are split over selling all in one gizmos vs. products with specialized purpose. Apple's new iPad will compete with several specialized devices suck as ebooks like amazon Kindle, games devices like Nintendo, Netbook for just email and web, iPod Nano for Music and Videos. Ipad specs are listed in a side bar. Even before the iPad wa unveiled, Hewlett-Packard had showed off a slate computer designed to display printed content and video.
Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Intel INTC $20.24 +0.24 1.2% 74,224,536 NASDAQ-GS: No mentions found.
IBM $126.36 +0.61 0.49% 8,226,349 NYSE: Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP.
J.P.Morgan Chase JPM $39.33 +0.89 2.32% 65,288,519 NYSE: WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AAIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Daily Report p6 "Bonuses expose Street's succession weakness" by Lisa Kassenaar, Bloomerberg says that Bank of america was totally unprepared for the resignation of Kenneth D. Lewis as CEO and should have ahd at least two people ready to take over. It compares BofA's lack of preparation with the succession plan at JPMorgan which resulted in Jamie Dimon becoming CEO of JPMorgan.
Johnson & Johnson JNJ $63.5 +0.71 1.13% 14,455,933 NYSE: No mentions found.
Kraft KFT $28.34 +0.58 2.09% 23,587,246 NYSE: No mentions found.
McDonald's MCD $63.73 -0.08 0.13% 8,065,560 NYSE: WSJ pB1 "McDonald's, Franchisees in Germany Wage Dispute" by David Crawford, Julie jargon says McDonald's Geman unit is engaged in a dispute with franchise holders who accuse it of using aggressive tactics to try to force them out of their contracts. MCD hired private detectives to get evidence of conflicts of interest against one franchisee and MCD offered corporate jobs to franchise employees in exchange for info needed to terminate franchise contracts.
WSJ pB3 "Movie GalleryPlans Restructuring" by Mike Spector, Peter Lattmansays Hollywood Video chain owner, Movie Gallery is gong to file for bankrutptcy as consumers are now turning to alternatives such as Redbox, a unit of Coinsta, that operates movie vending machines in grocery stores and McDonald's stores, and Netflix, a mail order and online rental service.
Merck MRK $38.64 +0.06 0.16% 16,911,471 NYSE: No mentions found.
Microsoft MSFT $29.67 +0.17 0.58% 63,349,516 NASDAQ-GS: WSJ pB "china Won't Limit Google's Android" by Aaron Back, Sky Canaves says the Chinese gov won't limi tthe use of Android's operating system for mobile devices by Chinese telecom operators. The state run media featured comments by Microsoft's Chairman Bill Gates that played down China's Internet restrictions.
Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Pfizer PFE $19.02 +0.24 1.28% 51,839,479 NYSE: Inv. Bus. Daily pA2 "Pfizer cuts researches, workers" & AJC pA14 "Pfizer refocuses research after Wyeth purchase" say it will scrap testing of 100 experimental drugs to focus on priority areas and will ax 6 research sites and some workers. It will continue 500 research projects including those for Alzheimer's, pain, cancer, inflammatory disorders, mental illness, and diabetes and other metabolic disorders.
Procter & Gamble PG $60.81 +0.12 0.2% 15,201,853 NYSE: WSJ pC1 "P&G's Product and Stock Prices Take Stage" by Ellen Byron says P&G needs to sell a cascade of Cascade, a bounty of Bounty and high tide of Tide as investors will be scouring Procter & Gamble's latest earnings report Thurs morning for signs that sales volumes of its products have rebounded without eating into profit margins. The Cincinnati based world's biggest consumer product firm built its empire by selling high performance household goods, and then using heavy advertising to convince shoppers its brands are worth the extra costs. Analysts think Procter & Gamble will report rev of $21.07 bil for the quarter ended 12/31 up 3% from a year earlier and are expecting earnings of 1.42 per share, vs. 1.58 a share the prior year.
3M MMM $82.3 +0.67 0.82% 5,059,560 NYSE: No mentions found.
Travelers TRV $50.9 +0.67 1.33% 4,498,336 NYSE: No mentions found.
United Technologies UTX $67.61 -0.86 1.26% 7,682,098 NYSE: WSJ pB4 item by Ann Keeton, USA p1B & Inv. Bus. Daily pA2 "China demand lifts United Tech" say United Technologies 4Q earnings fell 6.3%, and it reiterated a Dec. forecast for steady earnings growth in '10. The maker of Otis elevators, Sikorsky helicopters and Carrier air conditioners cut 18,000 jobs in '09 and slashed capital spending by 30%. UtX had a 4Q profit of $1.07 bil or 1.15 a share, down from $1.15 bil or 1.23 a share, a year earlier. Rev fell 4.5% to $14.1 bil. Analysts expected earnings of $1.14 a share on $13.85 bil in rev. The Sikorsky helicopter unit was a bright spot in the 4Q, delivering a record number of large aircraft.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an xetended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the aveage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Verizon VZ $29.87 -0.30 0.99% 32,723,493 NYSE: Fin Times p15 "Vodafone chief udner pressure over European businesses" by Andress Parker says shareholders seek an end to the impasse at Verizon Wireless that is owned 45 % by Vodafone but the 55% owner, Verizon Communications refuses to allow dividend payments since '05. The dividends are due to resume in '12 per Verzion Comm. CEO Ivan Seidenberg but he made no commitment.
WSJ pB6 "For Wireless Carries, iPad Signals Further Loss of Clout" by Niaj Sheth says AT&T won the right to carry Apple's high profile iPad in the US but it may erode the wireless industry's carrier centered model. Just a half decade ago, the big US wireless firms controlled the way subscribers used their service, setting specs for the phones and locking users into contracts. Apple wrested away control over handsets with the iPhone and now the iPad diminishes carriers' control even further as At&T will offer 2 cellular service plans, but neither will require the contracts that usually accompany its data plans for cell phones and laptops. AT&T has been under fire from iPhone users for poor service, especially in dense areas around NYC and San Fran. Some thought Verizon Wireless, a jv of Verizon Communications and Vodafone would carry the iPad. AT&T has seen wireless data usage jump by 5,000% since late '06. The iPads with the wireless chp version will go on sale 30 days after the other version ships in March. The ipad won't be exclusive to AT&T.
WalMart WMT $53.4 -0.21 0.39% 13,154,259 NYSE: No mentions found.
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Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]
Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.
12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).
Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.
American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.
Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.
12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.
12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.
Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.
Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
12/2/09 10K
DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020
ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.
12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows
GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.
12/17/09 10K
Home Depot HD: 12/3/09 10Q
Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.
JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.
12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.
Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.
McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.
12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.
Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.
Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.
United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.
11/17/09 8K re: its purchase of the GE Security business from GE for $1.82 billion. The closing is pending regulatory approvals. GE Security, part of GE Technology Infrastructure, supplies security and life safety technologies through a broad product portfolio for commercial and residential applications that include fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. Headquartered in Bradenton, Fla., the business has eight manufacturing facilities and approximately 4,700 employees in 26 countries.
Verizon Communications Inc. VZ: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.
12/23/09 8K re: grant of stock options to executives.
12/7/09 8K re:amendments to bylaws.
WalMartWMT: 12/8/09 10Q
Post #266 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
The Dow Jones Industrial Average closed Thursday at 10,120.46 down 115.7 or 1.13% from Wednesday's close of 10,236.16. Of the 30 Dow Companies: 6 gained and 24 declined. The biggest gainer dollar-wise was Procter & Gamble Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 and percentage-wise was Bank of America 15.411 +0.221 1.45% 223,558,939 NYSE. The biggest decliner dollar-wise was IBM $123.72 -2.61 2.07% 8,908,514 and percentage-wise was Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE.
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. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.56 down from Wednesday morning's 16.73 (year ago it was 20.14) the P/E estimate is 13.30 unchanged from Wednesday's 13.30 (year ago it was 9.87) and the current dividend yield is 2.67 down from Wednesday's 2.69 (it was 3.76 a year ago).
Wednesday's Dow Jones Industrial Average closing numerator was 1,339.13 down 15.31 from Wednesday's closing Dow numerator of 1,354.44. 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 of 15.31 for Thursday by the divisor you get the decrease in Thursday's Dow close of 115.7.
The average closing price (the closing numerator divided by 30) of Thursday's Dow Jones Industrial Average was 44.64 down 0.51 from Wednesday's Dow Jones Industrial Average closing price of $45.15. The median closing price of Thursday's Dow Jones Industrial Average was 38.25 down 0.75 from Wednesday's $39.00. The lowest volume was Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE and the highest volume again was Bank of Am BAC $15.411 +0.221 1.45% 223,558,939 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 $1,530 ($135,450 - 133,920).
Thursday's Closing Dow closing numbers:
Symb/Last/Change/% Change/Vol./Market
AT&T T $25.549 -0.071 0.28% 49,310,252 NYSE
Alcoa AA $12.9299 -0.3701 2.78% 51,660,521 NYSE
American Express AXP $37.45 -1.22 3.15% 13,159,603 NYSE
Bank of America BAC $15.411 +0.221 1.45% 223,558,939 NYSE
Boeing BA $62.7 +0.77 1.24% 8,285,611 NYSE
Caterpillar CAT $51.85 -1.59 2.98% 14,898,650 NYSE
Chevron CVX $73.23 -0.47 0.64% 11,829,889 NYSE
Cisco CSCO $22.52 -0.63 2.72% 62,611,541 NASDAQ-GS
Coca-Cola KO $54.18 -0.33 0.61% 9,727,273 NYSE
Disney DIS $29.34 +0.02 0.07% 15,477,224 NYSE
DuPont DD $32.27 -0.59 1.8% 6,988,571 NYSE
ExxonMobil XOM $64.9 -0.64 0.98% 34,646,461 NYSE
GE $16.1299 -0.1701 1.04% 73,395,921 NYSE
Home Depot HD $27.36 -0.48 1.72% 17,889,644 NYSE
Hewlett-Packard HPQ $47.78 -1.67 3.38% 25,187,214 NYSE
Intel INTC $19.92 -0.32 1.58% 75,531,959 NASDAQ-GS
IBM $123.72 -2.61 2.07% 8,908,514 NYSE
J.P.Morgan Chase JPM $39.56 +0.23 0.58% 61,575,405 NYSE
Johnson & Johnson JNJ $63.78 0+.34 0.54% 15,445,233 NYSE
Kraft KFT $28.06 -0.29 1.02% 19,925,349 NYSE
McDonald's MCD $62.7695 -0.9605 1.51% 7,865,578 NYSE
Merck MRK $37.97 -0.67 1.73% 11,908,513 NYSE
Microsoft MSFT $29.16 -0.51 1.72% 104,022,233 NASDAQ-GS
Pfizer PFE $18.64 -0.36 1.89% 47,374,951 NYSE
Procter & Gamble PG $61.68 +0.87 1.43% 26,774,879 NYSE
3M MMM $80.75 1.55 1.88% 6,778,599 NYSE
Travelers TRV $50.27 -0.63 1.24% 4,488,619 NYSE
United Technologies UTX $67.37 -0.24 0.35% 5,531,905 NYSE
Verizon VZ $29.33 -0.54 1.81% 33,099,772 NYSE
WalMart WMT $52.61 -0.79 1.48% 16,881,562 NYSE
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The following are excerpts from Thurs. morning's Blog:
A read of Thursday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Investor's Business Daily, Atlanta Journal Constitution & (Ga.) Daily Report 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 closing price and related data.
Dow: The Dow Jones Industrial Average closed Wednesday at 10,236.16 up 41.87 or 0.41% from Tuesday's close of 10,194.29. year to date the Dow is down 1.84%. Of the 30 Dow Companies: 19 gained and 11 declined. The biggest gainer dollar-wise was and percentage-wise was Boeing BA $61.93 +4.22 7.31% 14,705,031 NYSE. The biggest decliner dollar-wise and percentage-wise was Caterpillar CAT $53.43 -2.42 4.33% 33,551,788 NYSE.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an xetended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the average analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
NYT pB11 "Fed's Optimism on the Economy Helps Improve Wall St's Mood" by AP says stocks reversed an early slide and ended higher on Wed. after the Fed Reserve issued a more upbeat assessment of the economy. Same story is at USA p4B under a different headline: "Stocks rise on Fed's upbeat outlook."
Investor's Bus. Daily pA1 "Fed Keeps Reocrd Low Rate as Expected But Sees Improvements In Economy, Jobs" by Scott Stoddard says the economy and the job market continue to improve, but not enough for the Fed Reserve to consider raising interst rates soon as the Fed voted 9-1 to keep interest rates at a record low 0% to .25%, as expected, and reiterated its long standing vow to keep them low for an extended period to nurse a gradual economic period.
Investor's Bus. Daily pA1 "Stocks Erase Losses and Finish Strong In Fast Trade" by Paul Whitfield says the indexes staged a positive reversal Wed, turning in their best day in 6 session. Wednesday's action was up in greater volume while current outlook is that the market is in correction.
Wednesday's Dow Jones Industrial Average closing numerator was 1,354.44 up 5.54 from Tuesday's closing Dow numerator of 1,348.90. 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 increase of 5.54 for Tuesday by the divisor you get the increase in Tuesday's Dow close of 41.87.
The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 45.15 up 0.19 from Tuesday's Dow Jones Industrial Average closing price of $44.96. The median closing price of Wednesday's Dow Jones Industrial Average was 39.00 up 0.50 from Tuesday's $38.50. The lowest volume was Travelers TRV $50.9 +0.67 1.33% 4,498,336 NYSE and the highest volume again was Bank of Am BAC $15.19 +0.42 2.84% 255,128,399 NYSE.
If Wednesday 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 made $570 ($135,450 - $134,880).
AT&T T $25.63 +0.30 1.18% 57,570,051 NYSE: WSJ pB6 "For Wireless Carries, iPad Signals Further Loss of Clout" by Niaj Sheth says AT&T won the right to carry Apple's high profile iPad in the US but it may erode the wireless industry's carrier centered model. Just a half decade ago, the big US wireless firms controlled the way subscribers used their service, setting specs for the phones and locking users into contracts. Apple wrested away control over handsets with the iPhone and now the iPad diminishes carriers' control even further as At&T will offer 2 cellular service plans, but neither will require the contracts that usually accompany its data plans for cell phones and laptops. AT&T has been under fire from iPhone users for poor service, especially in dense areas around NYC and San Fran. Some thought Verizon Wireless, a jv of Verizon Communications and Vodafone would carry the iPad. AT&T has seen wireless data usage jump by 5,000% since late '06. The iPads with the wireless chp version will go on sale 30 days after the other version ships in March. The ipad won't be exclusive to AT&T.
NYT pB1 "As Devices Pull More Data, Patience May Be Required" by Jenna Wortham says the new iPad will put more demands on AT&T's already overburdened 3G data network.
WSJ pC16 "Apple's iPad Revolution: Radical Price" by Martin Peers says Apple's iPad is cheap and costs only $499 but it has all the functions of a laptop, such as word processing and email and can run iPhone mobile apps. But it may cannibalize laptop sales, as the current lowest price on a MacBook is $999. Also Apple is uisng its US iPhone carrier, AT&T, for 3G wireless and given congestion on AT&T's network largely caused by heavy use of the iPhone, some consumers may choose the model built for Wi-Fi use only.
Alcoa AA $13.29 -0.25 1.85% 54,694,556 NYSE: No mentions found.
American Express AXP $38.66 +0.56 1.47% 12,249,340 NYSE: No mentions found.
Bank of America BAC $15.19 +0.42 2.84% 255,128,399 NYSE: WSJ pC3 "BofA's Moynihan Gets a 19% Raise" by Dan Fitzpatrick says the ew CEO will get a salary of $950,000 which is a 19% raise for the 50 year old Moynihan's '08 base. His predecessor, Kenneth D. Lewis, had a base salary of $1.5 mil.
Daily Report p6 "Bonuses expose Street's succession weakness" by Lisa Kassenaar, Bloomerberg says that Bank of america was totally unprepared for the resignation of Kenneth D. Lewis as CEO and should have ahd at least two people ready to take over. It compares BofA's lack of preparation with the succession plan at JPMorgan which resulted in Jamie Dimon becoming CEO of JPMorgan.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Boeing BA $61.93 +4.22 7.31% 14,705,031 NYSE: WSJ pB1 "Boeing Reports Signs of Recovery As It Shakes Off a Troubling year" by Peter Sanders, Ann Keeton & Inv. Bus. Daily pA2"Boeing tops, sees '10 EPS below" say despite being saddled by one of the worst years on record in aviation, Boeing is rebounding as the Chicago based firm posted solid 4Q results, swinging to a profit. The earnings come just one quarter after it took a $3.5 bil write off and repotted its largest quarterly loss over due to problems with the 787 Dreamliner and a revamped 747. Boeing posted profit of $1.27 bil or 1.7 a share for 4Q compared with a loss of $86 mil or 12 cents a share a year earlier when Boeing was hit by a 2 month machinists' strike. Rev. increased 42% to $17.94 bil. Boeing forecast earning between $3.70 and $4 a share this year as it works to deliver its newest jetliners in 4Q as the global passenger and air freight markets begin to recover. It earned $1.84 a share last year.
NYT pB4 "Plane Tests On Track, Boeing Says" by AP says Boeing said it would notscale back aircraft production, which some had feared as Boeing reported profits.
Fin Times p12 "Boeing and defense" says Boeing is the second largest US defense contractor behind Lockheed Martin, and trades 15 times prospective earnings versus about 10 tiems for the defense sector. Boeing is well placed in programs such as naval aircraft but the longer term outlook is less certain as Pres. Obama may shrink the defense budget.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the US Fed. Res. reiterated its promise to keep rates exceptionally low for an extended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the avreage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Caterpillar CAT $53.43 -2.42 4.33% 33,551,788 NYSE: WSJ pB4 "Caterpillar's Profit Tumbles 65%" by Bob Titak NYT pB4 "Caterpillar Profit Falls 65%" by AP & Inv. Bus. Daily pA1 "Caterpillar Falls On Soft Outlook" say Caterpillar's 4Q earnings plunged by65% but it said it is seeing demand pick up. The world's largest construction machinery firm said demand is improving in China, N. America, Europe and Japan and expects to benefit from dealers replenishing inventories. Still CAT forecast '10 earnings below Wall St estimates and it sees earnings of about 2.50 a share on a rev increase of 10 to 25%. The Peoria, Ill. firm missed analysts' 4Q estimate of $8.11 bil when sales came in at $7.89 bil a 39% reduction from last year. CAT reported a 4Q profit of $232 mil or 36 cents a share down from $661 mil or 1.08 a share a year earlier. Machinery and engine sales dropped 41% in 4Q while its financial arm saw a 12% decrease in rev. For '09, CAT's earnings dropped 75% to $895 mil, rev plunged 37% last year, causing it to fire more than 20,000 employees.
WSJ pC5 "Bad News" charts Caterpillar says the big construction equipment firm offered a cautious outlook.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an extended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the aveage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Chevron CVX $73.76 -0.39 0.53% 11,770,692 NYSE: No mentions found.
Cisco CSCO $23.15 +0.25 1.09% 51,410,358 NASDAQ-GS: Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Coca-Cola KO $54.51 +0.37 0.68% 10,105,987 NYSE:AJC pA1 "Coke bubbly about Super Bowl surge" by Jeremiah McWilliams says Coca-Cola products will ahve a bigger presence at the Feb. 7 Super Bowl than its rival Pepsi which is a switch from how it has traditionally been.
Diseny DIS $29.31 -0.35 1.18% 15,657,030 NYSE: No mentions found.
DuPont DD $32.88 +0.08 0.24% 6,577,760 NYSE: No mentions found.
ExxonMobil XOM $65.479 -0.441 0.67% 34,549,387 NYSE: No mentions found.
GE $16.3 -0.05 0.31% 76,604,918 NYSE: WSJ pB2 "Comcast CEO Presses for Swift merger Review" by Amy Schatz says Comcast's CEO Brian Roberts said the recent fracas at NBC over Conan O'Brien shows what happens when regulatory review of a merger leaves people in limbo. Comcast will file paperwork Thurs. to the FCC for approval of its deal to acquire majority control of NBC Universal from GE.
Home Depot HD $27.84 +0.11 0.4% 12,777,003 NYSE: No mentions found.
Hewlett-Packard HPQ $49.45 -0.29 0.58% 17,532,117 NYSE: WSJ pB6 "New iPad Revives Classic Gadget Debate" by Geoffrey A. Fowler, Yukari Iwatani Kane says consumer electronics makers are split over selling all in one gizmos vs. products with specialized purpose. Apple's new iPad will compete with several specialized devices suck as ebooks like amazon Kindle, games devices like Nintendo, Netbook for just email and web, iPod Nano for Music and Videos. Ipad specs are listed in a side bar. Even before the iPad wa unveiled, Hewlett-Packard had showed off a slate computer designed to display printed content and video.
Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Intel INTC $20.24 +0.24 1.2% 74,224,536 NASDAQ-GS: No mentions found.
IBM $126.36 +0.61 0.49% 8,226,349 NYSE: Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP.
J.P.Morgan Chase JPM $39.33 +0.89 2.32% 65,288,519 NYSE: WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AAIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Daily Report p6 "Bonuses expose Street's succession weakness" by Lisa Kassenaar, Bloomerberg says that Bank of america was totally unprepared for the resignation of Kenneth D. Lewis as CEO and should have ahd at least two people ready to take over. It compares BofA's lack of preparation with the succession plan at JPMorgan which resulted in Jamie Dimon becoming CEO of JPMorgan.
Johnson & Johnson JNJ $63.5 +0.71 1.13% 14,455,933 NYSE: No mentions found.
Kraft KFT $28.34 +0.58 2.09% 23,587,246 NYSE: No mentions found.
McDonald's MCD $63.73 -0.08 0.13% 8,065,560 NYSE: WSJ pB1 "McDonald's, Franchisees in Germany Wage Dispute" by David Crawford, Julie jargon says McDonald's Geman unit is engaged in a dispute with franchise holders who accuse it of using aggressive tactics to try to force them out of their contracts. MCD hired private detectives to get evidence of conflicts of interest against one franchisee and MCD offered corporate jobs to franchise employees in exchange for info needed to terminate franchise contracts.
WSJ pB3 "Movie GalleryPlans Restructuring" by Mike Spector, Peter Lattmansays Hollywood Video chain owner, Movie Gallery is gong to file for bankrutptcy as consumers are now turning to alternatives such as Redbox, a unit of Coinsta, that operates movie vending machines in grocery stores and McDonald's stores, and Netflix, a mail order and online rental service.
Merck MRK $38.64 +0.06 0.16% 16,911,471 NYSE: No mentions found.
Microsoft MSFT $29.67 +0.17 0.58% 63,349,516 NASDAQ-GS: WSJ pB "china Won't Limit Google's Android" by Aaron Back, Sky Canaves says the Chinese gov won't limi tthe use of Android's operating system for mobile devices by Chinese telecom operators. The state run media featured comments by Microsoft's Chairman Bill Gates that played down China's Internet restrictions.
Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Pfizer PFE $19.02 +0.24 1.28% 51,839,479 NYSE: Inv. Bus. Daily pA2 "Pfizer cuts researches, workers" & AJC pA14 "Pfizer refocuses research after Wyeth purchase" say it will scrap testing of 100 experimental drugs to focus on priority areas and will ax 6 research sites and some workers. It will continue 500 research projects including those for Alzheimer's, pain, cancer, inflammatory disorders, mental illness, and diabetes and other metabolic disorders.
Procter & Gamble PG $60.81 +0.12 0.2% 15,201,853 NYSE: WSJ pC1 "P&G's Product and Stock Prices Take Stage" by Ellen Byron says P&G needs to sell a cascade of Cascade, a bounty of Bounty and high tide of Tide as investors will be scouring Procter & Gamble's latest earnings report Thurs morning for signs that sales volumes of its products have rebounded without eating into profit margins. The Cincinnati based world's biggest consumer product firm built its empire by selling high performance household goods, and then using heavy advertising to convince shoppers its brands are worth the extra costs. Analysts think Procter & Gamble will report rev of $21.07 bil for the quarter ended 12/31 up 3% from a year earlier and are expecting earnings of 1.42 per share, vs. 1.58 a share the prior year.
3M MMM $82.3 +0.67 0.82% 5,059,560 NYSE: No mentions found.
Travelers TRV $50.9 +0.67 1.33% 4,498,336 NYSE: No mentions found.
United Technologies UTX $67.61 -0.86 1.26% 7,682,098 NYSE: WSJ pB4 item by Ann Keeton, USA p1B & Inv. Bus. Daily pA2 "China demand lifts United Tech" say United Technologies 4Q earnings fell 6.3%, and it reiterated a Dec. forecast for steady earnings growth in '10. The maker of Otis elevators, Sikorsky helicopters and Carrier air conditioners cut 18,000 jobs in '09 and slashed capital spending by 30%. UtX had a 4Q profit of $1.07 bil or 1.15 a share, down from $1.15 bil or 1.23 a share, a year earlier. Rev fell 4.5% to $14.1 bil. Analysts expected earnings of $1.14 a share on $13.85 bil in rev. The Sikorsky helicopter unit was a bright spot in the 4Q, delivering a record number of large aircraft.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an xetended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the aveage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Verizon VZ $29.87 -0.30 0.99% 32,723,493 NYSE: Fin Times p15 "Vodafone chief udner pressure over European businesses" by Andress Parker says shareholders seek an end to the impasse at Verizon Wireless that is owned 45 % by Vodafone but the 55% owner, Verizon Communications refuses to allow dividend payments since '05. The dividends are due to resume in '12 per Verzion Comm. CEO Ivan Seidenberg but he made no commitment.
WSJ pB6 "For Wireless Carries, iPad Signals Further Loss of Clout" by Niaj Sheth says AT&T won the right to carry Apple's high profile iPad in the US but it may erode the wireless industry's carrier centered model. Just a half decade ago, the big US wireless firms controlled the way subscribers used their service, setting specs for the phones and locking users into contracts. Apple wrested away control over handsets with the iPhone and now the iPad diminishes carriers' control even further as At&T will offer 2 cellular service plans, but neither will require the contracts that usually accompany its data plans for cell phones and laptops. AT&T has been under fire from iPhone users for poor service, especially in dense areas around NYC and San Fran. Some thought Verizon Wireless, a jv of Verizon Communications and Vodafone would carry the iPad. AT&T has seen wireless data usage jump by 5,000% since late '06. The iPads with the wireless chp version will go on sale 30 days after the other version ships in March. The ipad won't be exclusive to AT&T.
WalMart WMT $53.4 -0.21 0.39% 13,154,259 NYSE: No mentions found.
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Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]
Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.
12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).
Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.
American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.
Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.
12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.
12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.
Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.
Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
12/2/09 10K
DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020
ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.
12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows
GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.
12/17/09 10K
Home Depot HD: 12/3/09 10Q
Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.
JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.
12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.
Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.
McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.
12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.
Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.
Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.
United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.
11/17/09 8K re: its purchase of the GE Security business from GE for $1.82 billion. The closing is pending regulatory approvals. GE Security, part of GE Technology Infrastructure, supplies security and life safety technologies through a broad product portfolio for commercial and residential applications that include fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. Headquartered in Bradenton, Fla., the business has eight manufacturing facilities and approximately 4,700 employees in 26 countries.
Verizon Communications Inc. VZ: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.
12/23/09 8K re: grant of stock options to executives.
12/7/09 8K re:amendments to bylaws.
WalMartWMT: 12/8/09 10Q
1/28/10 Thurs. am Boeing, Cat & UTX Report Earnings; BA Soars while CAT and United Tech Falls
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Post #265 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
A read of Thursday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Investor's Business Daily, Atlanta Journal Constitution & (Ga.) Daily Report 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 closing price and related data.
Dow: The Dow Jones Industrial Average closed Wednesday at 10,236.16 up 41.87 or 0.41% from Tuesday's close of 10,194.29. year to date the Dow is down 1.84%. Of the 30 Dow Companies: 19 gained and 11 declined. The biggest gainer dollar-wise was and percentage-wise was Boeing BA $61.93 +4.22 7.31% 14,705,031 NYSE. The biggest decliner dollar-wise and percentage-wise was Caterpillar CAT $53.43 -2.42 4.33% 33,551,788 NYSE.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an xetended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the average analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
NYT pB11 "Fed's Optimism on the Economy Helps Improve Wall St's Mood" by AP says stocks reversed an early slide and ended higher on Wed. after the Fed Reserve issued a more upbeat assessment of the economy. Same story is at USA p4B under a different headline: "Stocks rise on Fed's upbeat outlook."
Investor's Bus. Daily pA1 "Fed Keeps Reocrd Low Rate as Expected But Sees Improvements In Economy, Jobs" by Scott Stoddard says the economy and the job market continue to improve, but not enough for the Fed Reserve to consider raising interst rates soon as the Fed voted 9-1 to keep interest rates at a record low 0% to .25%, as expected, and reiterated its long standing vow to keep them low for an extended period to nurse a gradual economic period.
Investor's Bus. Daily pA1 "Stocks Erase Losses and Finish Strong In Fast Trade" by Paul Whitfield says the indexes staged a positive reversal Wed, turning in their best day in 6 session. Wednesday's action was up in greater volume while current outlook is that the market is in correction.
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. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.56 down from Wednesday morning's 16.73 (year ago it was 20.14) the P/E estimate is 13.30 unchanged from Wednesday's 13.30 (year ago it was 9.87) and the current dividend yield is 2.67 down from Wednesday's 2.69 (it was 3.76 a year ago).
Wednesday's Dow Jones Industrial Average closing numerator was 1,354.44 up 5.54 from Tuesday's closing Dow numerator of 1,348.90. 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 increase of 5.54 for Tuesday by the divisor you get the increase in Tuesday's Dow close of 41.87.
The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 45.15 up 0.19 from Tuesday's Dow Jones Industrial Average closing price of $44.96. The median closing price of Wednesday's Dow Jones Industrial Average was 39.00 up 0.50 from Tuesday's $38.50. The lowest volume was Travelers TRV $50.9 +0.67 1.33% 4,498,336 NYSE and the highest volume again was Bank of Am BAC $15.19 +0.42 2.84% 255,128,399 NYSE.
If Wednesday 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 made $570 ($135,450 - $134,880).
AT&T T $25.63 +0.30 1.18% 57,570,051 NYSE: WSJ pB6 "For Wireless Carries, iPad Signals Further Loss of Clout" by Niaj Sheth says AT&T won the right to carry Apple's high profile iPad in the US but it may erode the wireless industry's carrier centered model. Just a half decade ago, the big US wireless firms controlled the way subscribers used their service, setting specs for the phones and locking users into contracts. Apple wrested away control over handsets with the iPhone and now the iPad diminishes carriers' control even further as At&T will offer 2 cellular service plans, but neither will require the contracts that usually accompany its data plans for cell phones and laptops. AT&T has been under fire from iPhone users for poor service, especially in dense areas around NYC and San Fran. Some thought Verizon Wireless, a jv of Verizon Communications and Vodafone would carry the iPad. AT&T has seen wireless data usage jump by 5,000% since late '06. The iPads with the wireless chp version will go on sale 30 days after the other version ships in March. The ipad won't be exclusive to AT&T.
NYT pB1 "As Devices Pull More Data, Patience May Be Required" by Jenna Wortham says the new iPad will put more demands on AT&T's already overburdened 3G data network.
WSJ pC16 "Apple's iPad Revolution: Radical Price" by Martin Peers says Apple's iPad is cheap and costs only $499 but it has all the functions of a laptop, such as word processing and email and can run iPhone mobile apps. But it may cannibalize laptop sales, as the current lowest price on a MacBook is $999. Also Apple is uisng its US iPhone carrier, AT&T, for 3G wireless and given congestion on AT&T's network largely caused by heavy use of the iPhone, some consumers may choose the model built for Wi-Fi use only.
Alcoa AA $13.29 -0.25 1.85% 54,694,556 NYSE: No mentions found.
American Express AXP $38.66 +0.56 1.47% 12,249,340 NYSE: No mentions found.
Bank of America BAC $15.19 +0.42 2.84% 255,128,399 NYSE: WSJ pC3 "BofA's Moynihan Gets a 19% Raise" by Dan Fitzpatrick says the ew CEO will get a salary of $950,000 which is a 19% raise for the 50 year old Moynihan's '08 base. His predecessor, Kenneth D. Lewis, had a base salary of $1.5 mil.
Daily Report p6 "Bonuses expose Street's succession weakness" by Lisa Kassenaar, Bloomerberg says that Bank of america was totally unprepared for the resignation of Kenneth D. Lewis as CEO and should have ahd at least two people ready to take over. It compares BofA's lack of preparation with the succession plan at JPMorgan which resulted in Jamie Dimon becoming CEO of JPMorgan.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Boeing BA $61.93 +4.22 7.31% 14,705,031 NYSE: WSJ pB1 "Boeing Reports Signs of Recovery As It Shakes Off a Troubling year" by Peter Sanders, Ann Keeton & Inv. Bus. Daily pA2"Boeing tops, sees '10 EPS below" say despite being saddled by one of the worst years on record in aviation, Boeing is rebounding as the Chicago based firm posted solid 4Q results, swinging to a profit. The earnings come just one quarter after it took a $3.5 bil write off and repotted its largest quarterly loss over due to problems with the 787 Dreamliner and a revamped 747. Boeing posted profit of $1.27 bil or 1.7 a share for 4Q compared with a loss of $86 mil or 12 cents a share a year earlier when Boeing was hit by a 2 month machinists' strike. Rev. increased 42% to $17.94 bil. Boeing forecast earning between $3.70 and $4 a share this year as it works to deliver its newest jetliners in 4Q as the global passenger and air freight markets begin to recover. It earned $1.84 a share last year.
NYT pB4 "Plane Tests On Track, Boeing Says" by AP says Boeing said it would notscale back aircraft production, which some had feared as Boeing reported profits.
Fin Times p12 "Boeing and defense" says Boeing is the second largest US defense contractor behind Lockheed Martin, and trades 15 times prospective earnings versus about 10 tiems for the defense sector. Boeing is well placed in programs such as naval aircraft but the longer term outlook is less certain as Pres. Obama may shrink the defense budget.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the US Fed. Res. reiterated its promise to keep rates exceptionally low for an extended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the avreage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Caterpillar CAT $53.43 -2.42 4.33% 33,551,788 NYSE: WSJ pB4 "Caterpillar's Profit Tumbles 65%" by Bob Titak NYT pB4 "Caterpillar Profit Falls 65%" by AP & Inv. Bus. Daily pA1 "Caterpillar Falls On Soft Outlook" say Caterpillar's 4Q earnings plunged by65% but it said it is seeing demand pick up. The world's largest construction machinery firm said demand is improving in China, N. America, Europe and Japan and expects to benefit from dealers replenishing inventories. Still CAT forecast '10 earnings below Wall St estimates and it sees earnings of about 2.50 a share on a rev increase of 10 to 25%. The Peoria, Ill. firm missed analysts' 4Q estimate of $8.11 bil when sales came in at $7.89 bil a 39% reduction from last year. CAT reported a 4Q profit of $232 mil or 36 cents a share down from $661 mil or 1.08 a share a year earlier. Machinery and engine sales dropped 41% in 4Q while its financial arm saw a 12% decrease in rev. For '09, CAT's earnings dropped 75% to $895 mil, rev plunged 37% last year, causing it to fire more than 20,000 employees.
WSJ pC5 "Bad News" charts Caterpillar says the big construction equipment firm offered a cautious outlook.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an extended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the aveage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Chevron CVX $73.76 -0.39 0.53% 11,770,692 NYSE: No mentions found.
Cisco CSCO $23.15 +0.25 1.09% 51,410,358 NASDAQ-GS: Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Coca-Cola KO $54.51 +0.37 0.68% 10,105,987 NYSE:AJC pA1 "Coke bubbly about Super Bowl surge" by Jeremiah McWilliams says Coca-Cola products will ahve a bigger presence at the Feb. 7 Super Bowl than its rival Pepsi which is a switch from how it has traditionally been.
Diseny DIS $29.31 -0.35 1.18% 15,657,030 NYSE: No mentions found.
DuPont DD $32.88 +0.08 0.24% 6,577,760 NYSE: No mentions found.
ExxonMobil XOM $65.479 -0.441 0.67% 34,549,387 NYSE: No mentions found.
GE $16.3 -0.05 0.31% 76,604,918 NYSE: WSJ pB2 "Comcast CEO Presses for Swift merger Review" by Amy Schatz says Comcast's CEO Brian Roberts said the recent fracas at NBC over Conan O'Brien shows what happens when regulatory review of a merger leaves people in limbo. Comcast will file paperwork Thurs. to the FCC for approval of its deal to acquire majority control of NBC Universal from GE.
Home Depot HD $27.84 +0.11 0.4% 12,777,003 NYSE: No mentions found.
Hewlett-Packard HPQ $49.45 -0.29 0.58% 17,532,117 NYSE: WSJ pB6 "New iPad Revives Classic Gadget Debate" by Geoffrey A. Fowler, Yukari Iwatani Kane says consumer electronics makers are split over selling all in one gizmos vs. products with specialized purpose. Apple's new iPad will compete with several specialized devices suck as ebooks like amazon Kindle, games devices like Nintendo, Netbook for just email and web, iPod Nano for Music and Videos. Ipad specs are listed in a side bar. Even before the iPad wa unveiled, Hewlett-Packard had showed off a slate computer designed to display printed content and video.
Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Intel INTC $20.24 +0.24 1.2% 74,224,536 NASDAQ-GS: No mentions found.
IBM $126.36 +0.61 0.49% 8,226,349 NYSE: Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP.
J.P.Morgan Chase JPM $39.33 +0.89 2.32% 65,288,519 NYSE: WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AAIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Daily Report p6 "Bonuses expose Street's succession weakness" by Lisa Kassenaar, Bloomerberg says that Bank of america was totally unprepared for the resignation of Kenneth D. Lewis as CEO and should have ahd at least two people ready to take over. It compares BofA's lack of preparation with the succession plan at JPMorgan which resulted in Jamie Dimon becoming CEO of JPMorgan.
Johnson & Johnson JNJ $63.5 +0.71 1.13% 14,455,933 NYSE: No mentions found.
Kraft KFT $28.34 +0.58 2.09% 23,587,246 NYSE: No mentions found.
McDonald's MCD $63.73 -0.08 0.13% 8,065,560 NYSE: WSJ pB1 "McDonald's, Franchisees in Germany Wage Dispute" by David Crawford, Julie jargon says McDonald's Geman unit is engaged in a dispute with franchise holders who accuse it of using aggressive tactics to try to force them out of their contracts. MCD hired private detectives to get evidence of conflicts of interest against one franchisee and MCD offered corporate jobs to franchise employees in exchange for info needed to terminate franchise contracts.
WSJ pB3 "Movie GalleryPlans Restructuring" by Mike Spector, Peter Lattmansays Hollywood Video chain owner, Movie Gallery is gong to file for bankrutptcy as consumers are now turning to alternatives such as Redbox, a unit of Coinsta, that operates movie vending machines in grocery stores and McDonald's stores, and Netflix, a mail order and online rental service.
Merck MRK $38.64 +0.06 0.16% 16,911,471 NYSE: No mentions found.
Microsoft MSFT $29.67 +0.17 0.58% 63,349,516 NASDAQ-GS: WSJ pB "china Won't Limit Google's Android" by Aaron Back, Sky Canaves says the Chinese gov won't limi tthe use of Android's operating system for mobile devices by Chinese telecom operators. The state run media featured comments by Microsoft's Chairman Bill Gates that played down China's Internet restrictions.
Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Pfizer PFE $19.02 +0.24 1.28% 51,839,479 NYSE: Inv. Bus. Daily pA2 "Pfizer cuts researches, workers" & AJC pA14 "Pfizer refocuses research after Wyeth purchase" say it will scrap testing of 100 experimental drugs to focus on priority areas and will ax 6 research sites and some workers. It will continue 500 research projects including those for Alzheimer's, pain, cancer, inflammatory disorders, mental illness, and diabetes and other metabolic disorders.
Procter & Gamble PG $60.81 +0.12 0.2% 15,201,853 NYSE: WSJ pC1 "P&G's Product and Stock Prices Take Stage" by Ellen Byron says P&G needs to sell a cascade of Cascade, a bounty of Bounty and high tide of Tide as investors will be scouring Procter & Gamble's latest earnings report Thurs morning for signs that sales volumes of its products have rebounded without eating into profit margins. The Cincinnati based world's biggest consumer product firm built its empire by selling high performance household goods, and then using heavy advertising to convince shoppers its brands are worth the extra costs. Analysts think Procter & Gamble will report rev of $21.07 bil for the quarter ended 12/31 up 3% from a year earlier and are expecting earnings of 1.42 per share, vs. 1.58 a share the prior year.
3M MMM $82.3 +0.67 0.82% 5,059,560 NYSE: No mentions found.
Travelers TRV $50.9 +0.67 1.33% 4,498,336 NYSE: No mentions found.
United Technologies UTX $67.61 -0.86 1.26% 7,682,098 NYSE: WSJ pB4 item by Ann Keeton, USA p1B & Inv. Bus. Daily pA2 "China demand lifts United Tech" say United Technologies 4Q earnings fell 6.3%, and it reiterated a Dec. forecast for steady earnings growth in '10. The maker of Otis elevators, Sikorsky helicopters and Carrier air conditioners cut 18,000 jobs in '09 and slashed capital spending by 30%. UtX had a 4Q profit of $1.07 bil or 1.15 a share, down from $1.15 bil or 1.23 a share, a year earlier. Rev fell 4.5% to $14.1 bil. Analysts expected earnings of $1.14 a share on $13.85 bil in rev. The Sikorsky helicopter unit was a bright spot in the 4Q, delivering a record number of large aircraft.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an xetended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the aveage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Verizon VZ $29.87 -0.30 0.99% 32,723,493 NYSE: Fin Times p15 "Vodafone chief udner pressure over European businesses" by Andress Parker says shareholders seek an end to the impasse at Verizon Wireless that is owned 45 % by Vodafone but the 55% owner, Verizon Communications refuses to allow dividend payments since '05. The dividends are due to resume in '12 per Verzion Comm. CEO Ivan Seidenberg but he made no commitment.
WSJ pB6 "For Wireless Carries, iPad Signals Further Loss of Clout" by Niaj Sheth says AT&T won the right to carry Apple's high profile iPad in the US but it may erode the wireless industry's carrier centered model. Just a half decade ago, the big US wireless firms controlled the way subscribers used their service, setting specs for the phones and locking users into contracts. Apple wrested away control over handsets with the iPhone and now the iPad diminishes carriers' control even further as At&T will offer 2 cellular service plans, but neither will require the contracts that usually accompany its data plans for cell phones and laptops. AT&T has been under fire from iPhone users for poor service, especially in dense areas around NYC and San Fran. Some thought Verizon Wireless, a jv of Verizon Communications and Vodafone would carry the iPad. AT&T has seen wireless data usage jump by 5,000% since late '06. The iPads with the wireless chp version will go on sale 30 days after the other version ships in March. The ipad won't be exclusive to AT&T.
WalMart WMT $53.4 -0.21 0.39% 13,154,259 NYSE: No mentions found.
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Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]
Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.
12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).
Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.
American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.
Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.
12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.
12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.
Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.
Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
12/2/09 10K
DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020
ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.
12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows
GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.
12/17/09 10K
Home Depot HD: 12/3/09 10Q
Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.
JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.
12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.
Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.
McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.
12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.
Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.
Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.
United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.
11/17/09 8K re: its purchase of the GE Security business from GE for $1.82 billion. The closing is pending regulatory approvals. GE Security, part of GE Technology Infrastructure, supplies security and life safety technologies through a broad product portfolio for commercial and residential applications that include fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. Headquartered in Bradenton, Fla., the business has eight manufacturing facilities and approximately 4,700 employees in 26 countries.
Verizon Communications Inc. VZ: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.
12/23/09 8K re: grant of stock options to executives.
12/7/09 8K re:amendments to bylaws.
WalMartWMT: 12/8/09 10Q
Post #265 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 1/13/10 and an update of the Dow 30component's most recent SEC filings as of 1/13/10.
A read of Thursday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Investor's Business Daily, Atlanta Journal Constitution & (Ga.) Daily Report 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 closing price and related data.
Dow: The Dow Jones Industrial Average closed Wednesday at 10,236.16 up 41.87 or 0.41% from Tuesday's close of 10,194.29. year to date the Dow is down 1.84%. Of the 30 Dow Companies: 19 gained and 11 declined. The biggest gainer dollar-wise was and percentage-wise was Boeing BA $61.93 +4.22 7.31% 14,705,031 NYSE. The biggest decliner dollar-wise and percentage-wise was Caterpillar CAT $53.43 -2.42 4.33% 33,551,788 NYSE.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an xetended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the average analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
NYT pB11 "Fed's Optimism on the Economy Helps Improve Wall St's Mood" by AP says stocks reversed an early slide and ended higher on Wed. after the Fed Reserve issued a more upbeat assessment of the economy. Same story is at USA p4B under a different headline: "Stocks rise on Fed's upbeat outlook."
Investor's Bus. Daily pA1 "Fed Keeps Reocrd Low Rate as Expected But Sees Improvements In Economy, Jobs" by Scott Stoddard says the economy and the job market continue to improve, but not enough for the Fed Reserve to consider raising interst rates soon as the Fed voted 9-1 to keep interest rates at a record low 0% to .25%, as expected, and reiterated its long standing vow to keep them low for an extended period to nurse a gradual economic period.
Investor's Bus. Daily pA1 "Stocks Erase Losses and Finish Strong In Fast Trade" by Paul Whitfield says the indexes staged a positive reversal Wed, turning in their best day in 6 session. Wednesday's action was up in greater volume while current outlook is that the market is in correction.
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. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.56 down from Wednesday morning's 16.73 (year ago it was 20.14) the P/E estimate is 13.30 unchanged from Wednesday's 13.30 (year ago it was 9.87) and the current dividend yield is 2.67 down from Wednesday's 2.69 (it was 3.76 a year ago).
Wednesday's Dow Jones Industrial Average closing numerator was 1,354.44 up 5.54 from Tuesday's closing Dow numerator of 1,348.90. 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 increase of 5.54 for Tuesday by the divisor you get the increase in Tuesday's Dow close of 41.87.
The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 45.15 up 0.19 from Tuesday's Dow Jones Industrial Average closing price of $44.96. The median closing price of Wednesday's Dow Jones Industrial Average was 39.00 up 0.50 from Tuesday's $38.50. The lowest volume was Travelers TRV $50.9 +0.67 1.33% 4,498,336 NYSE and the highest volume again was Bank of Am BAC $15.19 +0.42 2.84% 255,128,399 NYSE.
If Wednesday 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 made $570 ($135,450 - $134,880).
AT&T T $25.63 +0.30 1.18% 57,570,051 NYSE: WSJ pB6 "For Wireless Carries, iPad Signals Further Loss of Clout" by Niaj Sheth says AT&T won the right to carry Apple's high profile iPad in the US but it may erode the wireless industry's carrier centered model. Just a half decade ago, the big US wireless firms controlled the way subscribers used their service, setting specs for the phones and locking users into contracts. Apple wrested away control over handsets with the iPhone and now the iPad diminishes carriers' control even further as At&T will offer 2 cellular service plans, but neither will require the contracts that usually accompany its data plans for cell phones and laptops. AT&T has been under fire from iPhone users for poor service, especially in dense areas around NYC and San Fran. Some thought Verizon Wireless, a jv of Verizon Communications and Vodafone would carry the iPad. AT&T has seen wireless data usage jump by 5,000% since late '06. The iPads with the wireless chp version will go on sale 30 days after the other version ships in March. The ipad won't be exclusive to AT&T.
NYT pB1 "As Devices Pull More Data, Patience May Be Required" by Jenna Wortham says the new iPad will put more demands on AT&T's already overburdened 3G data network.
WSJ pC16 "Apple's iPad Revolution: Radical Price" by Martin Peers says Apple's iPad is cheap and costs only $499 but it has all the functions of a laptop, such as word processing and email and can run iPhone mobile apps. But it may cannibalize laptop sales, as the current lowest price on a MacBook is $999. Also Apple is uisng its US iPhone carrier, AT&T, for 3G wireless and given congestion on AT&T's network largely caused by heavy use of the iPhone, some consumers may choose the model built for Wi-Fi use only.
Alcoa AA $13.29 -0.25 1.85% 54,694,556 NYSE: No mentions found.
American Express AXP $38.66 +0.56 1.47% 12,249,340 NYSE: No mentions found.
Bank of America BAC $15.19 +0.42 2.84% 255,128,399 NYSE: WSJ pC3 "BofA's Moynihan Gets a 19% Raise" by Dan Fitzpatrick says the ew CEO will get a salary of $950,000 which is a 19% raise for the 50 year old Moynihan's '08 base. His predecessor, Kenneth D. Lewis, had a base salary of $1.5 mil.
Daily Report p6 "Bonuses expose Street's succession weakness" by Lisa Kassenaar, Bloomerberg says that Bank of america was totally unprepared for the resignation of Kenneth D. Lewis as CEO and should have ahd at least two people ready to take over. It compares BofA's lack of preparation with the succession plan at JPMorgan which resulted in Jamie Dimon becoming CEO of JPMorgan.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Boeing BA $61.93 +4.22 7.31% 14,705,031 NYSE: WSJ pB1 "Boeing Reports Signs of Recovery As It Shakes Off a Troubling year" by Peter Sanders, Ann Keeton & Inv. Bus. Daily pA2"Boeing tops, sees '10 EPS below" say despite being saddled by one of the worst years on record in aviation, Boeing is rebounding as the Chicago based firm posted solid 4Q results, swinging to a profit. The earnings come just one quarter after it took a $3.5 bil write off and repotted its largest quarterly loss over due to problems with the 787 Dreamliner and a revamped 747. Boeing posted profit of $1.27 bil or 1.7 a share for 4Q compared with a loss of $86 mil or 12 cents a share a year earlier when Boeing was hit by a 2 month machinists' strike. Rev. increased 42% to $17.94 bil. Boeing forecast earning between $3.70 and $4 a share this year as it works to deliver its newest jetliners in 4Q as the global passenger and air freight markets begin to recover. It earned $1.84 a share last year.
NYT pB4 "Plane Tests On Track, Boeing Says" by AP says Boeing said it would notscale back aircraft production, which some had feared as Boeing reported profits.
Fin Times p12 "Boeing and defense" says Boeing is the second largest US defense contractor behind Lockheed Martin, and trades 15 times prospective earnings versus about 10 tiems for the defense sector. Boeing is well placed in programs such as naval aircraft but the longer term outlook is less certain as Pres. Obama may shrink the defense budget.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the US Fed. Res. reiterated its promise to keep rates exceptionally low for an extended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the avreage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Caterpillar CAT $53.43 -2.42 4.33% 33,551,788 NYSE: WSJ pB4 "Caterpillar's Profit Tumbles 65%" by Bob Titak NYT pB4 "Caterpillar Profit Falls 65%" by AP & Inv. Bus. Daily pA1 "Caterpillar Falls On Soft Outlook" say Caterpillar's 4Q earnings plunged by65% but it said it is seeing demand pick up. The world's largest construction machinery firm said demand is improving in China, N. America, Europe and Japan and expects to benefit from dealers replenishing inventories. Still CAT forecast '10 earnings below Wall St estimates and it sees earnings of about 2.50 a share on a rev increase of 10 to 25%. The Peoria, Ill. firm missed analysts' 4Q estimate of $8.11 bil when sales came in at $7.89 bil a 39% reduction from last year. CAT reported a 4Q profit of $232 mil or 36 cents a share down from $661 mil or 1.08 a share a year earlier. Machinery and engine sales dropped 41% in 4Q while its financial arm saw a 12% decrease in rev. For '09, CAT's earnings dropped 75% to $895 mil, rev plunged 37% last year, causing it to fire more than 20,000 employees.
WSJ pC5 "Bad News" charts Caterpillar says the big construction equipment firm offered a cautious outlook.
WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an extended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the aveage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Chevron CVX $73.76 -0.39 0.53% 11,770,692 NYSE: No mentions found.
Cisco CSCO $23.15 +0.25 1.09% 51,410,358 NASDAQ-GS: Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Coca-Cola KO $54.51 +0.37 0.68% 10,105,987 NYSE:AJC pA1 "Coke bubbly about Super Bowl surge" by Jeremiah McWilliams says Coca-Cola products will ahve a bigger presence at the Feb. 7 Super Bowl than its rival Pepsi which is a switch from how it has traditionally been.
Diseny DIS $29.31 -0.35 1.18% 15,657,030 NYSE: No mentions found.
DuPont DD $32.88 +0.08 0.24% 6,577,760 NYSE: No mentions found.
ExxonMobil XOM $65.479 -0.441 0.67% 34,549,387 NYSE: No mentions found.
GE $16.3 -0.05 0.31% 76,604,918 NYSE: WSJ pB2 "Comcast CEO Presses for Swift merger Review" by Amy Schatz says Comcast's CEO Brian Roberts said the recent fracas at NBC over Conan O'Brien shows what happens when regulatory review of a merger leaves people in limbo. Comcast will file paperwork Thurs. to the FCC for approval of its deal to acquire majority control of NBC Universal from GE.
Home Depot HD $27.84 +0.11 0.4% 12,777,003 NYSE: No mentions found.
Hewlett-Packard HPQ $49.45 -0.29 0.58% 17,532,117 NYSE: WSJ pB6 "New iPad Revives Classic Gadget Debate" by Geoffrey A. Fowler, Yukari Iwatani Kane says consumer electronics makers are split over selling all in one gizmos vs. products with specialized purpose. Apple's new iPad will compete with several specialized devices suck as ebooks like amazon Kindle, games devices like Nintendo, Netbook for just email and web, iPod Nano for Music and Videos. Ipad specs are listed in a side bar. Even before the iPad wa unveiled, Hewlett-Packard had showed off a slate computer designed to display printed content and video.
Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Intel INTC $20.24 +0.24 1.2% 74,224,536 NASDAQ-GS: No mentions found.
IBM $126.36 +0.61 0.49% 8,226,349 NYSE: Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP.
J.P.Morgan Chase JPM $39.33 +0.89 2.32% 65,288,519 NYSE: WSJ pC1 Dow Up 41.87 In Late Rise After the Fed" by Peter A. McKay says financial stocks led a late day market rebound, aided by a favorable Fed. Res. policy statement and an uptick in AAIG following a House hearing examining the insurer's bailout. The Dow Jones Industrial Average was in the red for most of the session but ended with a 41.87 pt. gain, up 0.4%. Its strongest component was Boeing, up 2.8% after it reported better than expected earnings. Caterpillar missed expectations and saw its shares slide 4.3%. Among the big individual winners in the financial sector, which tends to benefit from low borrowing costs as the Fed gave no sign it would raise rates, were Bank of America, up 2.8%, and JPMorgan Chase up 2.3%.
WSJ pC5 "Boeing, Apple and BofA Move Higher" by Donna Kardos Yesalavich says stocks rose Wed. as the Fed. Res. kept interest rates near zero, Boeing reported a bigger than expected 4Q profit, and Apple introduced its highly anticipated tablet. However, a forecast from Caterpillar kept the gains in check. Cat fell as its 4Q earnings topped analysts' forecasts and the firm said it is seeing demand pick up but the stock fell as the firm's earnings forecast for the current year was less than expected. The Dow's financial components were strong as BofA rose 2.8% and JPMorgan rose 2.3%.
Daily Report p6 "Bonuses expose Street's succession weakness" by Lisa Kassenaar, Bloomerberg says that Bank of america was totally unprepared for the resignation of Kenneth D. Lewis as CEO and should have ahd at least two people ready to take over. It compares BofA's lack of preparation with the succession plan at JPMorgan which resulted in Jamie Dimon becoming CEO of JPMorgan.
Johnson & Johnson JNJ $63.5 +0.71 1.13% 14,455,933 NYSE: No mentions found.
Kraft KFT $28.34 +0.58 2.09% 23,587,246 NYSE: No mentions found.
McDonald's MCD $63.73 -0.08 0.13% 8,065,560 NYSE: WSJ pB1 "McDonald's, Franchisees in Germany Wage Dispute" by David Crawford, Julie jargon says McDonald's Geman unit is engaged in a dispute with franchise holders who accuse it of using aggressive tactics to try to force them out of their contracts. MCD hired private detectives to get evidence of conflicts of interest against one franchisee and MCD offered corporate jobs to franchise employees in exchange for info needed to terminate franchise contracts.
WSJ pB3 "Movie GalleryPlans Restructuring" by Mike Spector, Peter Lattmansays Hollywood Video chain owner, Movie Gallery is gong to file for bankrutptcy as consumers are now turning to alternatives such as Redbox, a unit of Coinsta, that operates movie vending machines in grocery stores and McDonald's stores, and Netflix, a mail order and online rental service.
Merck MRK $38.64 +0.06 0.16% 16,911,471 NYSE: No mentions found.
Microsoft MSFT $29.67 +0.17 0.58% 63,349,516 NASDAQ-GS: WSJ pB "china Won't Limit Google's Android" by Aaron Back, Sky Canaves says the Chinese gov won't limi tthe use of Android's operating system for mobile devices by Chinese telecom operators. The state run media featured comments by Microsoft's Chairman Bill Gates that played down China's Internet restrictions.
Inv. Bus daily pA4 "Oracle's Goal: most Complete systems Vendor" by J. Bonasia says Oracle ushered in its hardware era Wed, completing its $7.4 bil purchase of Sun Microsystems and detailing its plan to propel the software giant into Sun's markets for computers, processors, storage systems and networking gear. In offering a range of hardware, software and services, Oracle will compete with longtime partners Hewlett-Packard, IBM, Dell and Cisco Systems, as well as longtime software rivals Microsoft and SAP
Pfizer PFE $19.02 +0.24 1.28% 51,839,479 NYSE: Inv. Bus. Daily pA2 "Pfizer cuts researches, workers" & AJC pA14 "Pfizer refocuses research after Wyeth purchase" say it will scrap testing of 100 experimental drugs to focus on priority areas and will ax 6 research sites and some workers. It will continue 500 research projects including those for Alzheimer's, pain, cancer, inflammatory disorders, mental illness, and diabetes and other metabolic disorders.
Procter & Gamble PG $60.81 +0.12 0.2% 15,201,853 NYSE: WSJ pC1 "P&G's Product and Stock Prices Take Stage" by Ellen Byron says P&G needs to sell a cascade of Cascade, a bounty of Bounty and high tide of Tide as investors will be scouring Procter & Gamble's latest earnings report Thurs morning for signs that sales volumes of its products have rebounded without eating into profit margins. The Cincinnati based world's biggest consumer product firm built its empire by selling high performance household goods, and then using heavy advertising to convince shoppers its brands are worth the extra costs. Analysts think Procter & Gamble will report rev of $21.07 bil for the quarter ended 12/31 up 3% from a year earlier and are expecting earnings of 1.42 per share, vs. 1.58 a share the prior year.
3M MMM $82.3 +0.67 0.82% 5,059,560 NYSE: No mentions found.
Travelers TRV $50.9 +0.67 1.33% 4,498,336 NYSE: No mentions found.
United Technologies UTX $67.61 -0.86 1.26% 7,682,098 NYSE: WSJ pB4 item by Ann Keeton, USA p1B & Inv. Bus. Daily pA2 "China demand lifts United Tech" say United Technologies 4Q earnings fell 6.3%, and it reiterated a Dec. forecast for steady earnings growth in '10. The maker of Otis elevators, Sikorsky helicopters and Carrier air conditioners cut 18,000 jobs in '09 and slashed capital spending by 30%. UtX had a 4Q profit of $1.07 bil or 1.15 a share, down from $1.15 bil or 1.23 a share, a year earlier. Rev fell 4.5% to $14.1 bil. Analysts expected earnings of $1.14 a share on $13.85 bil in rev. The Sikorsky helicopter unit was a bright spot in the 4Q, delivering a record number of large aircraft.
Fin Times p24 "Fin'l stocks surge on prospect of cheap money" by Samantha Pearson says a late rally in fin'l stocks lifted Wall St out of the red yesterday after the uS Fed. Res. reiterated its promise to keep rates exceptionally low for an xetended period. Caterpillar, the world's largest maker of construction equipment, posted a higher quarterly profit than analysts had been expecting and noted encouraging signs of a economic recovery. However, it gave a disappointing profit forecast for this year year. Boeing, the second largest maker of commercial aircraft, also beat estimates but disappointed Wall St. with its outlook as it said its defense biz had suffered from gov budget cuts while demand for air travel remained low. United Technologies, the diversified manufacturer, also weighed on the market in spite of posting results and a forecast that were just above the aveage analysts' forecast. Profit fell 6% in the past quarter due to restructuring costs and lower rev from commercial airline contracts.
Verizon VZ $29.87 -0.30 0.99% 32,723,493 NYSE: Fin Times p15 "Vodafone chief udner pressure over European businesses" by Andress Parker says shareholders seek an end to the impasse at Verizon Wireless that is owned 45 % by Vodafone but the 55% owner, Verizon Communications refuses to allow dividend payments since '05. The dividends are due to resume in '12 per Verzion Comm. CEO Ivan Seidenberg but he made no commitment.
WSJ pB6 "For Wireless Carries, iPad Signals Further Loss of Clout" by Niaj Sheth says AT&T won the right to carry Apple's high profile iPad in the US but it may erode the wireless industry's carrier centered model. Just a half decade ago, the big US wireless firms controlled the way subscribers used their service, setting specs for the phones and locking users into contracts. Apple wrested away control over handsets with the iPhone and now the iPad diminishes carriers' control even further as At&T will offer 2 cellular service plans, but neither will require the contracts that usually accompany its data plans for cell phones and laptops. AT&T has been under fire from iPhone users for poor service, especially in dense areas around NYC and San Fran. Some thought Verizon Wireless, a jv of Verizon Communications and Vodafone would carry the iPad. AT&T has seen wireless data usage jump by 5,000% since late '06. The iPads with the wireless chp version will go on sale 30 days after the other version ships in March. The ipad won't be exclusive to AT&T.
WalMart WMT $53.4 -0.21 0.39% 13,154,259 NYSE: No mentions found.
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Here are the current CEOs of the Dow 30 Companies:
AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke
Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 1/13/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:
1. Exxon Mobil XOM $335 [5]
2. Microsoft MSFT 267 [9]
3. WalMart WMT 208 [4]
4. Chevron CVX 195 [2.5]
5. Johnson & Johnson JNJ 179 [3]
6. Procter & Gamble PG 179 [3]
7. GE 177 [10.5]
8. IBM 171 [1.5]
9 JPMorgan Chase 169 [4]
10. AT&T 158 [6]
11. Pfizer PFE 153 [8]
12. Cisco CSCO 140 [6]
13. BAC 140 [8.5]
14. Coke KO 133 [2]
15. Hewlett-Packard HPQ 123 [2]
16. Intel INTC 113 [5.5]
17. McDonald's MCD 104 [1.5]
18. Verizon VZ 90 [3]
19. Merck MRK 82 [2]
20. United Technologies UTX 68 [1]
21. 3M MMM 59 [.5]
22. Disney DIS 58 [1]
23. American Express AXP 50 [1]
24. Home Depot 48 [2]
25. Boeing BA 45 [1]
26. Kraft KFT 44 [1.5]
27. Caterpillar CAT 39 [.5]
28. DuPont DD 31 [1]
29. Travelers 27 [.5]
30. Alcoa AA 16 [1.5]
Here are the latest SEC filings as of 1/13/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:
Symbol & Co. Name/Date of Filing/Form Filed/ Comments
T AT&T: 12/18/09 8K re: amendment Bylaws to provide that the Chairman of the Board shall call a special meeting of the stockholders whenever requested in writing to do so by stockholders representing 15% (rather than 25%) of the outstanding shares of AT&T.
12/14/09 8K re: agreement with the Communications Workers of America on new, three-year contracts covering approximately 30,000 employees in CWA District 3 (AT&T's Southeast region).
Alcoa AA: 1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.
12/24/09 8K re: a joint venture with Saudi Arabian Mining Company (Ma’aden) for the development of an integrated bauxite mine, alumina refinery, aluminum smelter, and rolling mill in the Kingdom of Saudi Arabia.
American Express AXP: 12/15/09 8K re: delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months ended September 30, October 31 and November 30, 2009.
Bank of Am BAC: 12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.
12/9/09 8K re: amending its Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of the Series S Preferred Stock.
12/3/09 Form 8K re: BAC's repaying the entire $45 billion investment borrowed under the Troubled Asset Relief Program.
12/3/09 8K re: BAC being named as a defendant in two related lawsuits filed in the U.S. District Court for the Southern District of New York.
Boeing BA: 11/20/09 8K re: Boeing issued $700,000,000 of 1.875% Senior Notes due 2012 and $500,000,000 of 3.750% Senior Notes due 2016.
Caterpiller CAT: 12/18/09 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.
Chevron CVX: 1/11/10 8K re: earnings for 4Q '09 are expected to be lower than 3Q '09. Upstream earnings are projected to be in line with third quarter results as the benefit of higher commodity prices is offset by the absence of gains recognized in 3Q from approval of the Gorgon project in Australia. Downstream results are expected to be sharply lower, mainly due to significantly weaker refining margins.
12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.
Cisco CSCO: 11/2/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.
Coke KO: 10/29/09 10QA
Disney DIS: 1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.
1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.
12/2/09 10K
DuPont DD: 11/5/09 Prospectus relating to $1,000,000,000 3.250% Notes due 1/15 & $1,000,000,000 4.625% Notes due January 15, 2020
ExxonMobil XOM: 12/14/09 8K re: Merger Agreement to buy XTO Energy.
12/1/09 8K re: fixing a total ceiling of $139 million in respect of 2009 under XOM's Short Term Incentive Program, of which bonuses were granted to certain officers as follows
GE: 12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.
Hewlett-Packard HPQ: 1/12/10 Prelim. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, California.
12/17/09 10K
Home Depot HD: 12/3/09 10Q
Intel INTC: 8K 1/12/10 8K re: release of 4Q earnings report on Thursday, 1/14 A public webcast of Intel’s earnings conference call will follow at 2:30 p.m. PST at www.intc.com.
12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.
IBM: 11/5/09 8K announcing its Form S-3, effective August 3, 2007, relating to $2,000,000,000 of debt securities.
JPMorganChase JPM: 12/22/09 8K re: the closing of a public offering of $1,500,000,000 aggregate liquidation amount of an affiliated trust.
12/16/09 8K re: the U.S. Treasury selling in a secondary public offering, 88,401,697 warrants, each representing the right to purchase one share of the common stock, of JPM at an exercise price of $10.75 per warrant.
Kraft KFT: 1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.
12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.
12/15/09 8K re: a press release relating to the formal response issued by Cadbury plc regarding the offer by Kraft Foods to acquire all of the shares of Cadbury plc.
McDonalds MCD: 12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.
12/9/09 8K re: an Investor Release reporting MCD's November and year-to-date 2009 sales.
12/4/09 8K re: resignation of Ralph Alvarez as President & COO effective December 31, 2009 & Director and MCD reduced its size by one for a total of 13 Directors.
Merck MRK: 11/184/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.
Microsoft MSFT: 12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.
Pfizer PFE: 12/6/09 8K re: amendment of bylaws & change in fiscal year.
Procter & Gamble PG: 1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.
1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.
12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.
12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.
12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.
3M MMM: 12/8/09 8K re: 2010 sales and earnings outlook.
Travelers TRV: 12/11/09 8K re: the election of Donald J. Shepard as a director. He is the former chairman of the executive board and chief executive officer of AEGON N.V.
United Technologies UTX: 12/18/10 8K re: incorp by reference of prior filings.
11/17/09 8K re: its purchase of the GE Security business from GE for $1.82 billion. The closing is pending regulatory approvals. GE Security, part of GE Technology Infrastructure, supplies security and life safety technologies through a broad product portfolio for commercial and residential applications that include fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. Headquartered in Bradenton, Fla., the business has eight manufacturing facilities and approximately 4,700 employees in 26 countries.
Verizon Communications Inc. VZ: 1/8/10 8K re: estimates that '09 adjusted EPS will be approximately 13 to 15 cents lower than '08 adjusted EPS of $2.54 and that revenues in '09 will be higher than '08. Verizon Wireless will begin providing 4G Long-Term Evolution service in 25 to 30 markets covering 100 million points of presence)by the end of '10 &within 24 months following its start of LTE service, Verizon Wireless expects to provide LTE service to 80 to 90% of the US.
12/23/09 8K re: grant of stock options to executives.
12/7/09 8K re:amendments to bylaws.
WalMartWMT: 12/8/09 10Q
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