Your Cheat Sheet to the Top Dow 30 Stock Stories of the Week
Here’s your Cheat Sheet to the week in Dow 30 business news:
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Chevron Corporation (NYSE:CVX): Current price $109.43
Chevron Chief Executive John Watson has told the Associated Press that governments worldwide think that high energy prices are much more frightening than global warming, meaning that oil and gas will stay in demand for the foreseeable future. To meet that demand, Chevron is presently undertaking an enormous cycle of investment targeted at the extraction of oil and gas from wherever it may be.
General Electric Company (NYSE:GE): Current price $20.85
Regulatory bodies in the United States and Europe have accepted GE Healthcare’s applications for review of the investigational PET amyloid imaging agent, or flutemetamol, which is a positron emission tomography imaging agent. A New Drug Application was submitted to FDA for flutemetamol use in the visual detection of beta amyloid in the brains of adult patients suffering from cognitive impairment who are being evaluated for Alzheimer’s disease or other cognitive disorders. Also, a Marketing Authorisation Application was submitted to the European Medicines Agency for flutemetamol utilization in the visual detection of beta amyloid in the brains of adult patients who are being evaluated for Alzheimer’s.
Hewlett-Packard Company (NYSE:HPQ): Current price $15.00
Five years ago, when the company said it was coming to Rio Rancho, New Mexico, it predicted that it would eventually have 1,800 workers there. Now, HP is following the lead of other large companies who have moved to the area and is letting workers go. Officials say that the firm is getting rid of 200 jobs over the next 10 months; the jobs pay around $50,000 a year.
Pfizer (NYSE:PFE): Current price $26.16
Pfizer reports that the European Commission has okayed expanding the use of its pneumococcal conjugate vaccine, Prevenar 13, to older children and adolescents aged between 6 and 17 years for active immunization for the prevention of invasive disease, pneumonia and acute otitis media caused by vaccine-type Streptococcus pneumoniae. Patients in this age group who have not previously received Prevenar 13 may have a single dose of the vaccine. The study met all endpoints, indicating immunogenicity, while establishing a safety profile in children and adolescents aged 6 to 17 years that is consistent with the safety profile established in previous trials in infants and young children.
Verizon Communications (NYSE:VZ): Current price $43.29
Verizon has complained to New York City’s Public Service Commission that its attempts to rewire Lower Manhattan with fiber-optic cable subsequent to Hurricane Sandy has been delayed by building landlords, a number of whom are demanding “excessive” compensation, said The New York Times.
Wal-Mart Stores (NYSE:WMT): Current price $68.58
Wal-Mart is among several competitors affected by Target Corporation’s (NYSE:TGT) holiday pledge to match their prices, which seems now to be a full-year deal, says the Associated Press. Target’s online list includes Amazon.com (NASDAQ:AMZN), Best Buy Co. (NYSE:BBY), Wal-Mart, Toys R Us and Babies R Us.
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Merck & Co. (NYSE:MRK): Current price $42.46
On Monday at the JP Morgan Chase health conference, Chief Executive Kenneth Frazier of Merck said that a potential purchase of Bausch & Lomb would be “something worth thinking about,” according to Bloomberg. Warbug Pincus, which owns Bausch & Lomb, is reportedly seeking first-round bids by the end of January and wants a minimum of $10 billion for the business.
DISH Network (NASDAQ:DISH): Current price $36.10
DISH has unveiled a number of improvements for its Hopper service at the CES, among which includes one that will allow customers to view any show they have paid to see on any device and at any time, which is similar to the “TV Everywhere” plan the TV industry has been trying to launch, says AllThingsD. However, DISH asked neither the TV networks nor pay TV providers for buy-in or permission and seems prepared to go to court once again in defense the feature.
The Walt Disney Company (NYSE:DIS): Current price $51.42
Walt Disney toys are sold worldwide and now, children can also find them in the cloud as the giant company is collaborating with toy company JAKKS Pacific and Patrick Soon-Shiong on a new line of toys. A new technological twist was created to link the items that kids bring home from the store with Disney’s collection of well-known animated characters on smartphones and tablets.
General Electric Company (NYSE:GE): Current price $21.03
GE Capital’s Commercial Distribution Finance division has said that it will continue to be the exclusive provider of inventory financing for the Husqvarna Group’s independent dealer network in the United States and Canada. This accord is an extension to a 2005 private label program, branded Husqvarna Financial Services in the United States.
Intel Corporation (NASDAQ:INTC): Current price $21.29
Intel has again pledged to increase the size of its mobile presence and compete more effectively with chips such as those from Qualcomm (NASDAQ:QCOM) and Texas Instruments (NYSE:TXN), but the chip majors’ presentations and presence at the International Consumer Electronics Show made it “feel like Intel [still is not] taking the space seriously,” said Steve Kovach of Business Insider.
JPMorgan Chase & Co. (NYSE:JPM): Current price $45.63
Chief Executive Jamie Dimon has remarked that some top executives at his bank behaved like children while facing an errant derivatives bet that cost the firm more than $6.2 billion in 2012, according to Bloomberg.
Verizon Communications (NYSE:VZ): Current price $43.01
Speaking at the Las Vegas Consumer Electronics Show, Chief Executive Lowell McAdam described how his company intends to expand its wireless business beyond the phone and to employ its high-speed network for other services, according to the Wall Street Journal. Also, McAdam explained new video offerings from Verizon’s wireless venture with Vodafone (NASDAQ:VOD) as well as endeavors in education, healthcare, and energy management, saying that, “Our goal is to break down the barriers between home and mobile once and for all.”
Microsoft Corporation (NASDAQ:MSFT): Current price $26.62
The Windows surface tablets are more work/enterprise friendly than other tablets with its built-in keyboard and Microsoft Office support. However, Microsoft’s price point on both tablets, with the RT version starting at $499 and the Windows 8 Pro Version (releasing early 2013) starting at $899, may be uncompetitive pricing to the mass market.
The Coca-Cola Company (NYSE:KO): Current price $36.88
The company has filed a police report concerning recent chatter in China that its orange juice contains illegal fungicides, according to a Coca-Cola vice president to China Daily, who added that the firm intends to hold the perpetrators of the rumor legally responsible for their statements.
Procter & Gamble Co. (NYSE:PG): Current price $68.88
Procter & Gamble has been added to the Dividend Channel ”S.A.F.E. 25” list, indicating a stock holding above-average DividendRank statistics among which include a strong 3.3 percent yield as well as a superb track record of a minimum of two decades of dividend growth, says the most recent ”DividendRank” report.
Bank of America Corporation (NYSE:BAC): Current price $11.57
Bank of America is paying Fannie Mae $3.6 billion and buying back $6.75 billion in loans, along with making another payment for foreclosure delays. This represents only the most recent payment that the firm has made for mortgages it or Countrywide underwrote and then sold, either to the government-sponsored enterprises or to private bond investors. During this week in 2011, it made a similar arrangement with Freddie Mac and agreed to pay $8.5 billion to private bondholders in another accord.
The Boeing Company (NYSE:BA): Current price $76.41
Chief Executive Akbar al-Baker of Qatar Airways soft-pedaled safety worries concerning Boeing’s new 787 Dreamliner aircraft, tossing aside several recent incidents with the plane as “teething problems” and announcing that he had no intentions of canceling orders, commenting that, “Of course there will be teething problems from time to time, but this is foreseen with any new aircraft program.” Qatar Airways is the Dreamliner’s biggest customer in the Middle East with an order for as many as 60 of the aircraft — 30 firm orders plus an option to buy an additional 30.
Alcoa (NYSE:AA): Current price $9.11
Alcoa is a leader of the fourth quarter earnings season, beating top-line and hitting bottom line estimates in the face of weak aluminum prices last year. Also, the firm anticipates stronger aluminum demand in 2013. Alcoa delivered income from operations of $64 million, excluding special items, in the quarter along with adjusted EBITDA of $282 million. On a per-share basis, the historic firm hit analysts’ consensus estimate on the mark, earning 6 cents per share.
Chevron Corporation (NYSE:CVX): Current price $109.27
Chevron has named Maria Lindenberg as its chief procurement officer effective January 1st. Lindenberg succeeds Leo Lonergan who will retire on February 1st. Lindenberg, who most recently served as general manager of Supply Chain Management for the company’s Southern Africa Strategic Business Unit, will now oversee Chevron’s enterprisewide supply chain management activities.
The Boeing Company (NYSE:BA): Current price $76.53
Boeing brings out its first 777 constructed at the increased production rate of 8.3 per month, or 100 planes per year. The output acceleration began in October and planning for the new rate has been in the works for nearly a year. During the past 31 months, the 777 program has increased its rate by a factor of two, first from five to an all-time high production rate of seven in 2011, and now to an all-time high rate of 8.3 airplanes monthly. Boeing reported that 1,066 777s have been delivered thus far and a total of 1,431 have been ordered from 66 customers worldwide.
Bank of America Corporation (NYSE:BAC): Current price $11.68
The company will sell 24 of its branches in South Bend and Elkhart and in southwestern Michigan to Indiana’s Old National Bank. The branches hold $779 million in deposits; no purchase price terms were reported.
Caterpillar (NYSE:CAT): Current price $94.72
Caterpillar announces the joint opening of a state-of-the-art proving ground and a large wheel loader manufacturing facility located in Tongzhou, Jiangsu Province. The firm’s growing operations in China and other growth markets are supported by the new facility, with the large wheel loader manufacturing factory designed to meet the needs and requirements for quarry and mining applications. The Cat 986 large wheel loader, which is manufactured at the large wheel loader facility, was designed at Caterpillar’s Wuxi research and development center.
Chevron Corporation (NYSE:CVX): Current price $110.17
Chevron named Maria Lindenberg as chief procurement officer, taking the place of Leo Lonergan, who will retire from the company on February 1st after 36 years of service.
Wal-Mart Stores (NYSE:WMT): Current price $68.12
The Wal-Mart chief executive was aware of the bribery allegations in 2005, say e-mails, according to CNBC.
Exxon Mobil Corporation (NYSE:XOM): Current price $88.89
Barclays Capital has reaffirmed its Equal Weight rating on Exxon Mobil with a price target of $93.
Pfizer (NYSE:PFE): Current price $26.64
Pfizer might request an expedited review from the FDA for its treatment to slow a type of incurable breast cancer which is currently in Phase 2 trial, said Bloomberg, citing statements of Mikael Dolsten, head of worldwide research. At a JPMorgan conference, Dolsten that the firm has not yet reached a decision but is “obviously open to dialogues and advice from FDA and the European agencies regarding getting the drug to patients as soon as possible.”
Verizon Communications (NYSE:VZ): Current price $43.20
Chief Executive Shawn Strickland of Redbox Instant by Verizon, its movie streaming joint venture with Coinstar (NASDAQ:CSTR), said that Netflix (NASDAQ:NFLX) was incorrect to mandate a choice on consumers between streaming and physical media, reports GigaOM. Strickland said that the firm would endeavor to move the 30 to 50 percent of Redbox users who already subscribe to an over-the-top streaming service to Redbox Instant and he sees a place for DVDs “for some time to come.”
General Electric Company (NYSE:GE): $21.12
GE Capital, Healthcare Financial Services recently acted as an administrative agent to close a senior credit facility valued at $21.5 million for Amedica Corporation. The deal will increase the liquidity of Amedica, along with facilitating its working capital requirements to fuel its growth engine.
International Business Machines Corporation (NYSE:IBM): Current price $192.32
The corporate front runner in the race for patents granted in the United States is IBM, which had more granted in 2012 than any other firm, marking the 20th straight year it has done so, according to the yearly count by IFI Claims Patent Services which was published on Thursday.
JPMorgan Chase & Co. (NYSE:JPM): Current price $45.89
JPMorgan will pay $753 million into a fund for wronged borrowers as part of a federal mortgage-abuse resolution, reported a regulatory document filed on Wednesday. The firm is one of a number of domestic banks that agreed this week to pay $8.5 billion through which to settle charges that they wrongfully foreclosed on millions of homeowners in the wake of the financial crisis. The abuses included “robo-signing,” which occurs when banks automatically signed off on foreclosures without properly reviewing documents.
McDonald’s Corporation (NYSE:MCD): Current price $91.24
McDonald’s expects that Italy will become one of its higher-growth areas in the coming decade and is launching more that 100 new restaurants, says Reuters. The company’s Italian division will spend $457 million and hire 3,000 new employees by 2015 so as to increase its market share.
Chevron Corporation (NYSE:CVX): Current price $111.92
Chevron, the second-largest domestic oil company after Exxon Mobil Corporation in market value, anticipates fourth-quarter earnings that are “notably higher” than those of the third quarter, even as the residuals of the August fire at its California refinery lingered. Chevron benefited from a $1.4 billion asset exchange in Australia, and West Texas oil field purchases that boosted its oil and gas output. In addition, its bottom line was helped by a slight rebound in oil and natural gas prices midway through the quarter. In its third quarter, a gain of $600 million in revenues contributed to a profit of $5.25 billion.
General Electric Co. (NYSE:GE): Current price $21.22
Briggs & Stratton Corporation (NYSE:BGG) has made a multi-year agreement with GE Capital Retail Bank through which to supply private label retail financing programs for power equipment and standby generators. The latter provides financial solutions for manufacturers and dealers to assist them in growing their customer sales.
Hewlett-Packard Company (NYSE:HPQ): Current price $15.92
The present challenges for Hewlett-Packard are formidable as its customers are purchasing less of two of HP’s most important products — PCs and printers — while the firm has accumulated debt and spent billions on acquisitions that turned out to be unwise, according to Bloomberg Businessweek. Meanwhile, back on Wall Street, analysts want the company to be broken up. Since August of 2010, its share price has tumbled by 70 percent and it has lost about $68 billion in value. However, a number of its businesses are cash machines and the firm generates over $12 billion in operating income per year. Chief Executive Meg Whitman says that she will make difficult decisions in the future, but needs time to change things, perhaps five years.
Johnson & Johnson (NYSE:JNJ): Current price $72.50
J&J’s subsidiary Janssen-Cilag International said that the European Commission has okayed an extension to the license of the oral, once-daily medication Zytiga. The approved broader indication for the drug now includes its use, in combination with prednisone or prednisolone for treating metastatic castration-resistant prostate cancer, in adult men who are asymptomatic or mildly symptomatic following the failure of androgen deprivation therapy in whom chemotherapy is not yet clinically indicated.
Alcoa (NYSE:AA): Current price $8.92
Oil firms, chemical manufacturers, and Alcoa, along with a several other manufacturing companies, are conducting a campaign against permitting unlimited exports of natural gas, says The Hill. The group is attempting to convince the Energy Department to pay no attention to a recent evaluation that said the economy of the United States would be aided by natural gas exports.
Merck & Co (NYSE:MRK): Current price $43.28
Merck is taking actions to suspend the availability of Trepadtive tablets on a global basis. Trepadtive has not been approved for use in the United States. The firm is engaged in this move based on the current understanding of the preliminary data from the HPS2-THRIVE study and also in consultation with regulatory authorities. As previously reported, HPS2-THRIVE did not meet its primary endpoint of reduction of major vascular events and there was a statistically significant rise in the incidence of some types of non-fatal serious adverse events in the group that received Trepadtive compared to statin therapy. The decision to suspend availability of the medicine is linked with the recommendation of the European Medicine Agency’s Pharmacovigilance Risk Assessment Committee based on the trial’s results.
Cisco Systems (NASDAQ:CSCO): Current price $20.46
East Carolina University has brought a lawsuit in federal court against Cisco Systems requesting injunctive relief and damages for the unauthorized use of ECU’s federally registered trademark “Tomorrow Starts Here.”
Microsoft Corporation (NASDAQ:MSFT): Current price $26.67
Sina Cooporation (NASDAQ:SINA) is in discussions with Microsoft to enable users to link their Weibo microblogging accounts to Windows 8’s “People” application, says Marbridge Daily. Also, Weibo could be integrated into Windows 8 in the future. The social networking site Renren (NYSE:RENN) has been in talks with Microsoft as well in regards to linking accounts with the “People” application.