Monday, January 4, 2010

A blistering start to 2010 (IBM, CVX, INTC)

BIG gains to start the new year.

The DJIA is up 163 points or 1.53%, with the "big boys" pulling their weight.  Top weighted IBM (9.5% of the index) is up 1.2%.  Chevron (CVX), which moved ahead of Exxon in DJIA weight in recent months (5.6% right now versus 4.95% for XOM), is up almost 3% after a positive Barron's story this past weekend.

Lower-weighted but still important, Intel (INTC) is up almost 3% on an upgrade from Baird, whose target price of $26 implies nearly 30% upside.  Baird's industry checks among computer manufacturers indicate rising procurement forecasts for the first half of 2010, and they feel that Wall Street consensus estimates for Intel might be a bit conservative.

A look at the DJIA, sorted (declining) by dividend yield, from Index ARB :

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