Tuesday: E.I. DuPont de Nemours & Co. (NYSE: DD); Johnson & Johnson (NYSE: JNJ); McDonald’s Corporation (NYSE: MCD); Travelers Cos. Inc. (NYSE: TRV); and Verizon Communications Inc. (NYSE: VZ)

Wednesday: Boeing Co. (NYSE: BA) and United Technologies Corporation (NYSE: UTX)

Thursday: AT&T Inc. (NYSE: T) and Caterpillar Inc. (NYSE: CAT)

Friday: Chevron Corporation (NYSE: CVX) and Procter & Gamble Co. (NYSE: PG).

We have compiled Thomson Reuters estimates, when the earnings are due, and what the share pricing has been on each, and added in additional color if applicable.

TUESDAY

E.I. DuPont de Nemours & Co. (NYSE: DD), or just DuPont, just declared its normal dividend but it reports on Tuesday morning.  The chemicals giant is expected to have earnings of $0.33 EPS and $8.53 billion in revenues. Shares are just under $50.00 and the 52-week range is $37.10 to $57.00.

Johnson & Johnson (NYSE: JNJ) has news of a patent loss ahead of its earnings report due Tuesday morning.  The drug, medical products, and consumer products giant is expected to report earnings of $1.10 EPS and $16.28 billion in sales.  With shares close to $65.00, the 52-week range is $57.50 to $68.05.

McDonald’s Corporation (NYSE: MCD) reports on Tuesday morning and the Golden Arches’ estimates for the fast food giant are $1.29 EPS and $6.80 billion in sales.  Shares are within yet another hair of another all-time high and it has recently talked up sales and has already raised its dividend.

Travelers Cos. Inc. (NYSE: TRV) is still probably the most forgotten financial stock of the DJIA components.  The insurer is expected to report earnings of $1.52 EPS and $5.47 billion in sales.  With shares above $61.00, the 52-week trading range is $45.97 to $64.17.

Verizon Communications Inc. (NYSE: VZ) is due to lead of the telecom sector on Tuesday morning and earnings are expected to be $0.53 EPS on $28.4 billion in revenues.  With shares around $39.00, the 52-week range is $32.28 to $40.48.

WEDNESDAY

Boeing Co. (NYSE: BA) may have a boost from the rival A380 having cracks in its wings, if the rationale is not one that “all super-jumbos ar scary.”  Boeing reports Wednesday morning and the aerospace and defense giant is expected to report $1.00 EPS and $19.4 billion in revenues. With shares around $75.50, the 52-week range is $56.01 to $80.65.

United Technologies Corporation (NYSE: UTX) still appears to be the conglomerate with the most upside in 2012 according to analysts and GE’s recent earnings reaction has not done much to really amp-up expectations.  The earnings are due Wednesday morning and the consensus targets are $1.46 EPS and $15.07 billion in revenues.  With shares under $77.00, the 52-week range is $66.87 to $91.83 and the consensus price target is $89.44.

THURSDAY

AT&T Inc. (NYSE: T) is due on Thursday morning and estimates are $0.45 EPS and $31.94 billion in sales.  Shares are back above $30 around $30.40 and the 52-week range is $27.20 to $31.94.

Caterpillar Inc. (NYSE: CAT) is expected to report Thursday morning and estimates are $1.73 EPS and $16.04 billion in sales.  With shares back above $105.00, the 52-week range is $67.54 to $116.55 and the consensus price target is now $115.28.

FRIDAY

Chevron Corporation (NYSE: CVX) is due with earnings Friday morning and the oil giant’s consensus estimates are $2.93 EPS and $71.08 billion in sales.  With shares around $106.40, the 52-week range is $86.68 to $110.99 and the consensus price target is $124.95.  Keep in mind that Chevron is the second highest weighting in the DJIA due to its high share price.

Procter & Gamble Co. (NYSE: PG) is due to post the consumer product giant earnings report Friday morning.  The consensus estimates are $1.08 EPS and $22.2 billion in sales.  Shares are trading around $66.10 and the 52-week range is $57.56 to $67.72 and the consensus target is $72.37.

We will be releasing more detailed previews on each of these the day ahead of each earnings report this week.  Additional data will be around forward earnings estimates for guidance, what the implied valuations are, color on what to look for in addition to earnings, as well as opinions from analysts, what the charts are showing, and what the options traders are expecting for a price move.

JON C. OGG

We have compiled Thomson Reuters estimates, when the earnings are due, and what the share pricing has been on each, and added in additional color if applicable.  There are a few additional themes we would watch: dividend coverage, how a strong dollar is impacting earnings and competitiveness, making earnings on cost monitoring while revenues may be soft, and exposure to Europe.

TUESDAY

E.I. DuPont de Nemours & Co. (NYSE: DD), or just DuPont, reports on Tuesday morning.  The chemicals giant is expected to have earnings of $0.33 EPS and $8.53 billion in revenues. Shares are just under $50.00 and the 52-week range is $37.10 to $57.00.

Johnson & Johnson (NYSE: JNJ) is due Tuesday morning.  The drug, medical products, and consumer products giant is expected to report earnings of $1.10 EPS and $16.28 billion in sales.  With shares close to $65.00, the 52-week range is $57.50 to $68.05.

McDonald’s Corporation (NYSE: MCD) is due to report on Tuesday morning and estimates for the fast food giant are $1.29 EPS and $6.80 billion in sales.  Shares are within yet another hair of another all-time high and it has recently talked up sales and has already raised its dividend.

Travelers Cos. Inc. (NYSE: TRV), the most forgotten financial stock of the DJIA, is expected to report earnings of $1.52 EPS and $5.47 billion in sales.  With shares above $61.00, the 52-week trading range is $45.97 to $64.17.

Verizon Communications Inc. (NYSE: VZ) is due to lead of the telecom sector on Tuesday morning and earnings are expected to be $0.53 EPS on $28.4 billion in revenues.  With shares around $39.00, the 52-week range is $32.28 to $40.48.

WEDNESDAY

Boeing Co. (NYSE: BA) is due Wednesday morning and the aerospace and defense giant is expected to report $1.00 EPS and $19.4 billion in revenues. With shares around $75.50, the 52-week range is $56.01 to $80.65.

United Technologies Corporation (NYSE: UTX) may be the conglomerate with the most upside in 2012 according to analysts.  The earnings are due Wednesday morning and the consensus targets are $1.46 EPS and $15.07 billion in revenues.  With shares under $77.00, the 52-week range is $66.87 to $91.83 and the consensus price target is $89.44.

Read Also: Why The DJIA Could Peak Up 12% at 13,678 in 2012

THURSDAY

AT&T Inc. (NYSE: T) is due on Thursday morning and estimates are $0.45 EPS and $31.94 billion in sales.  Shares are back above $30 around $30.40 and the 52-week range is $27.20 to $31.94.

Caterpillar Inc. (NYSE: CAT) is expected to report Thursday morning and estimates are $1.73 EPS and $16.04 billion in sales.  With shares back above $105.00, the 52-week range is $67.54 to $116.55 and the consensus price target is now $115.28.

FRIDAY

Chevron Corporation (NYSE: CVX) is due with earnings Friday morning and the oil giant’s consensus estimates are $2.93 EPS and $71.08 billion in sales.  With shares around $106.40, the 52-week range is $86.68 to $110.99 and the consensus price target is $124.95.  Keep in mind that Chevron is the second highest weighting in the DJIA due to its high share price.

Procter & Gamble Co. (NYSE: PG) is due to post the consumer product giant earnings report Friday morning.  The consensus estimates are $1.08 EPS and $22.2 billion in sales.  Shares are trading around $66.10 and the 52-week range is $57.56 to $67.72 and the consensus target is $72.37.

We will be releasing more detailed previews the day ahead of each DJIA earnings report this coming week.  Additional data will be around forward earnings estimates for guidance, what the implied valuations are, color on what to look for in addition to earnings, as well as opinions from analysts, what the charts are showing, and what the options traders are expecting for a price move.

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Producers like Chesapeake Energy Corp. (NYSE: CHK), Exxon Mobil Corp. (NYSE: XOM), and others support increased exports. Large consumers like Alcoa Inc. (NYSE: AA) and E.I. du Pont de Nemours & Co. (NYSE: DD) will see a sharp increase in fuel costs, and generally oppose exporting natural gas in large quantities.

According to the EIA’s summary of its full report, there are four significant impacts of increasing natural gas exports:

1. Increased natural gas exports lead to increased natural gas prices.
2. Natural gas markets in the United States balance in response to increased natural gas exports largely through increased natural gas production [from shale gas deposits].
3. The remaining portion [of increased gas production] is supplied by natural gas that would have been consumed domestically if not for the higher prices.
4. Even while consuming less, on average, consumers will see an increase in their natural gas and electricity expenditures.

It is worth noting that in point 3, the increased gas available for domestic consumption comes from fuel-switching. Electricity now generated using natural gas will be generated in coal-fired plants (mostly) and, to a lesser extent, from renewable sources.

Booming production from shale fields and expected warmer weather is sending natural gas prices lower again today, down more than -6% to $2.32/thousand cubic feet, the lowest level in 10 years.

Under any of the EIA’s scenarios, domestic natural gas prices rise, it’s just a question of how fast and how much.

Paul Ausick

The nearly certain nine Dogs of the Dow are as follows: AT&T Inc. (NYSE: T); Verizon Communications Inc. (NYSE: VZ); Merck & Company, Inc. (NYSE: MRK); Pfizer, Inc. (NYSE: PFE); General Electric Co. (NYSE: GE); E.I. du Pont de Nemours (NYSE: DD); Johnson & Johnson (NYSE: JNJ); Intel Corporation (NASDAQ: INTC); and The Procter & Gamble Company (NYSE: PG).  The horserace for the tenth spot on the Dogs is taking place among three DJIA components, with a distant fourth in the running: Microsoft Corporation (NASDAQ: MSFT); Kraft Foods Inc. (NYSE: KFT); Chevron Corporation (NYSE: CVX); and J.P. Morgan Chase & Co. (NYSE: JPM).

Here is the current expected order of the 2012 Dogs of the Dow, with dividend yields included:

• AT&T Inc. (NYSE: T) 5.9%
• Verizon Communications Inc. (NYSE: VZ) 5.2%
• Merck & Company, Inc. (NYSE: MRK) 4.5%
• Pfizer, Inc. (NYSE: PFE) 3.7%… After the most recent dividend hike which has not been paid out, the new yield will be 4.06% rather than a rounded off 3.7%.
• General Electric Co. (NYSE: GE) 3.6%
• E.I. du Pont de Nemours (NYSE: DD), or DuPont, 3.6%
• Johnson & Johnson (NYSE: JNJ) 3.5%
• Intel Corporation (NASDAQ: INTC) 3.4%
• The Procter & Gamble Company (NYSE: PG) 3.14%

The four DJIA stocks competing for the tenth-spot:

• Microsoft Corporation (NASDAQ: MSFT) 3.07%
• Kraft Foods Inc. (NYSE: KFT) 3.08%
• Chevron Corporation (NYSE: CVX) 3.03%
• J.P. Morgan Chase & Co. (NYSE: JPM) 2.98%

What is so interesting about this list is that Microsoft is entering the Dogs for what may be the first time ever.  McDonald’s Corporation (NYSE: MCD) is actually not in the list this year.  Those which have recently raised dividends outside of Microsoft are AT&T, Merck, Pfizer, and G.E.

If you average the top nine DJIA yields, investors get an average of about 4.06%.  If you include a 3.05% average for the competing four to go into the tenth spot, then the average dividend yield comes to 3.96%. As far as how this compares to the 2011 list, the lowest yield a year ago was roughly 3.1% as well.

Is it any coincidence that the average yield last year among the ten Dogs was 4.01%?  Here is the 2011 Dogs of the Dow review from a year ago for comparison.

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JON C. OGG

Big users of natural gas, like chemical companies Dow Chemical Co. (NYSE: DOW) and E.I. du Pont de Nemours & Co. (NYSE: DD), want the price of natural gas to stay low. Producers like Exxon Mobil Corp. (NYSE: XOM) and Chesapeake Energy Corp. (NYSE: CHK) would like to see prices rise. And there’s at least one company that would like to help the producers boost prices — Cheniere Energy, Inc. (AMEX: LNG).

Cheniere’s original plan was to build an import facility in the Gulf of Mexico to convert liquefied natural gas (LNG) back to a gas and pipe it onshore for sale. The boom in shale gas production killed that idea, but the company’s plant at Sabine Pass is built and now the company wants to convert the plant to an export facility that would liquefy US-produced natural gas, load the LNG onto tanker ships, and send it to Japan or India or Korea where prices are nearer $13/tcf than $3/tcf.

The Wall Street Journal has a story today about resistance to Cheniere’s export plan because it would almost certainly raise domestic natural gas prices. Unlike oil, natural gas is primarily a regional product and its sale depends on pipelines connecting regional producers with regional customers. The development of liquefied gas plants has not yet had much impact on regional pricing, but if the US continues to find and develop shale gas reserves, producers will need to find additional markets.

Big consumers of domestic natural gas want the prices to remain low, and are gearing up for a campaign against US liquefaction facilities. The battle lines are being drawn over jobs, with Dow, for example, arguing that higher natural gas prices will lead to a loss of US manufacturing jobs. The energy companies argue that export facilities will create construction and production jobs.

The US Department of Energy is studying the issue and is expected to release a report in the next few weeks analyzing the effect of exports on domestic supplies and pricing. Depending on the conclusions of that report, one side will claim government interference in the market and the other will claim vindication. Stay tuned.

Paul Ausick

The unofficial closing bells put the DJIA down more than 162 points to 12,021.77 (-1.33%), the NASDAQ fell more than 34 points (-1.31%) to 2,612.26, and the S&P 500 fell nearly -1.5% or more than 18 points to 1,236.48.

There were several analyst upgrades and downgrades today, including Boeing Co. (NYSE: BA) raised to overweight with an $82 target price at Morgan Stanley. Other ratings actions today include AutoZone Inc. (NYSE: AZO) maintained as ‘buy’ with a $381 target price at Argus, E.I. du Pont de Nemours & Co. (NYSE: DD) cut to ‘neutral’ at Citigroup; El Paso Pipeline Partners L.P. (NYSE: ELB) started as ‘overweight’ at JPMorgan; Lennar Corp. (NYSE: LEN) and Toll Brothers, Inc. (NYSE: TOL) cut to ‘hold’ at KeyBanc.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: Barnwell Industries Inc. (AMEX: BRN) is down about -2.8% at $3.09. There were no other earnings report of note today.

Other standouts from today include the following stocks:

Diamond Foods Inc. (NASDAQ: DMND) is down more than -22% at $31.45. The snack food company faces more questions about its accounting. See our coverage for more details.

Vulcan Materials Co. (NYSE: VMC) is up more than 15% at $38.84. The construction materials company received an unsolicited takeover bid from competitor Martin Marietta Materials Inc. (NYSE: MLM).

Oxigene, Inc. (NASDAQ: OXGN) is up nearly 20% at $1.21. The biopharmaceutical company has signed an agreement with a Danish pharmaceutical firm to provide one of Oxigene’s cancer drugs in Europe.

Helix Biopharma Corp. (AMEX: HBP) is down nearly -13% at $1.36. The cancer drug development company has appointed a special committee and engaged an outside auditing firm to investigate claims of unauthorized “representations and assurances” made by certain shareholders to European shareholders who purchased the company’s shares in a private placement.

Pinnacle Airlines Corp. (NASDAQ: PNCL) is down nearly -16% at 1.17, after posting a new 52-week low of $1.08 earlier today. The regional airlines is initiating a program to cut costs and raise cash, and shares were downgraded today at Dahlman Rose from ‘hold’ to ‘sell’ with a target price of $0.75.

Rosetta Resources Inc. (NASDAQ: ROSE) is down -11% at $45.00. The oil & gas exploration & production company experienced disappointing results from two wells in northern Montana.

National Bank of Greece SA (NYSE: NBG) is down more than -15% at $2.03, after posting a new 52-week low of $2.01 earlier today. The bank is the victim of the lack of enthusiasm that developed over the weekend for the Eurozone agreement.

Stay tuned for Tuesday. Here are some noteworthy events on the schedule (all times Eastern):

• 7:30 a.m. – NFIB small business optimism index
• 8:30 a.m. – Retail sales
• 10:00 a.m. – Business inventories
• 2:15 p.m. – Federal Reserve open market committee meeting announcement.

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Paul Ausick

Altera Corporation (NASDAQ: ALTR) Raised to Outperform at BMO Capital Markets.
AutoZone Inc. (NYSE: AZO) Maintained as Buy with a price target of $381 by Argus.
Boardwalk Pipeline Partners, LP (NYSE: BWP) Started as Neutral at JPMorgan.
Boeing Co. (NYSE: BA) Raised to Overweight with $82 price target at Morgan Stanley.
Bally Technologies, Inc. (NYSE: BYI) Raised to Overweight at JPMorgan.
El Paso Pipeline Partners, L.P. (NYSE: EPB) Started as Overweight at JPMorgan.
E I DuPont de Nemours & Co. (NYSE: DD), or DuPont, Cut to Neutral at Citigroup; Lowered estimates for DuPont at Credit Suisse.
Edwards Lifesciences Corp. (NYSE: EW) Raised to Buy with $75 target at Canaccord Genuity.
Kindred Healthcare, Inc. (NYSE: KND) is already a strong buy but was named as the value stock of the day by Zacks Investment Research.
Lennar Corporation (NYSE: LEN) Cut to Hold at KeyBanc.
Linear Technology (NASDAQ: LLTC) Reiterated Underperform and named Bear of the Day by Zacks Investment Research.
MetroPCS Communications, Inc. (NYSE: PCS) Started as Outperform at Credit Suisse.
Pall Corporation (NYSE: PLL) on Focus List and raised price target to $68 at Credit Suisse.
PNM Resources, Inc. (NYSE: PNM) Cut to Market Perform at Wells Fargo.
PS Business Parks (NYSE: PSB) reiterated Outperform and named as Bull of the Day at Zacks.
SAP AG (NYSE: SAP) Reiterated Buy with $84 price target objective by Argus.
Toll Brothers (NYSE: TOL) Cut to Hold at KeyBanc.

If you want to receive the full 24/7 Wall St. 2012 Model Dividend Portfolio you can sign up in the email submission below.  Each morning we send our free email list subscribers a snapshot of the key feature stories, the top daily analyst upgrades and downgrades, previews for key events, and many other aspects governing your finances.

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JON C. OGG

Applied Materials Inc. (NASDAQ: AMAT) Started as Hold at Deutsche Bank.
Becton Dickinson & Co. (NYSE: BDX) Reiterated Buy with $87 target at Argus.
E. I. du Pont de Nemours and Company (NYSE: DD) Started as Neutral at UBS.
Genesco Inc. (NYSE: GCO) named as Value stock of the day at Zacks.
Hewlett-Packard Co. (NYSE: HPQ) Raised to Outperform at RBC.
Hibbett Sporting Goods (NASDAQ: HIBB) named as Bull of the Day at Zacks.
Ingram Micro, Inc. (NYSE: IM) named as Bear of the Day at Zacks.
Kodiak Oil & Gas Corp. (NYSE: KOG) Reiterated Outperform and raised target to $11 at Credit Suisse.
Nabors Industries Ltd. (NYSE: NBR) Cut to Hold at Jefferies.
Netflix, Inc. (NASDAQ: NFLX) maintained Sell but cut target to $57 at Canaccord Genuity.
Newpark Resources (NYSE: NR) Started as Hold at Canaccord Genuity.
QUALCOMM Incorporated (NASDAQ: QCOM) Started as Outperform at Scotia.
Research In Motion Limited (NASDAQ: RIMM) Raised to Market Perform at Bernstein.
Spectrum Brands Inc (NYSE: SPB) Started as Outperform at Credit Suisse.

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If you add up the past 12 SPDR Dow Jones Industrial Average (NYSE: DIA) dividend payments, the DJIA yield has been almost 2.5% over the last year. The good news is that the yield is already higher if you include the hikes that are likely to be announced. The price of the DJIA today should offer what will be closer to a 3% dividend yield in 2012.

The list of the 30 DJIA components is very long, but we have reviewed each and all of the following: Alcoa (NYSE: AA), American Express (NYSE: AXP), AT&T (NYSE: T), Bank of America (NYSE: BAC), Boeing (NYSE: BA), Caterpillar (NYSE: CAT), Chevron (NYSE: CVX), Cisco Systems (NASDAQ: CSCO), Coca-Cola (NYSE: KO), DuPont (NYSE: DD), Exxon Mobil (NYSE: XOM), General Electric (NYSE: GE), Home Depot (NYSE: HD), Hewlett-Packard (NYSE: HPQ), International Business Machines (NYSE: IBM), Intel (NASDAQ: INTC), Johnson & Johnson (NYSE: JNJ), JPMorgan Chase (NYSE: JPM), Kraft Foods (NYSE: KFT), McDonald’s (NYSE: MCD), 3M (NYSE: MMM), Merck & Company (NYSE: MRK), Microsoft (NASDAQ: MSFT), Pfizer (NYSE: PFE), Procter & Gamble (NYSE: PG), Travelers Companies (NYSE: TRV), United Technologies (NYSE: UTX), Verizon Communications (NYSE: VZ), Walmart Stores (NYSE: WMT) and finally Walt Disney (NYSE: DIS).

We have broken out each DJIA component to review the history and expected dividend action individually. While this is a no short read, dividend and income investors better pay close attention here. Value investors should pay attention as well. It is these DJIA components that are often considered as the prize of the sector and many peers are facing the same trends today and tomorrow. Our review focuses on when the last hikes have been seen, when the next dividend hike will come, and what the price and implied upside to the Thomson Reuters consensus price target offers. We also even have shown an expected income payout ratio on each if applicable to further show which companies can boost their payouts ahead.

Alcoa is still hanging its hat on the notion that the aluminum market will double by 2020, so we have to at some point expect the DJIA component to boost its dividends again in the years ahead. Still, the company is trying to accumulate more liquidity and the current climate is a choppy one for metals players. The dividend has been stuck at $0.03 since the first of 2009 and it was $0.17 per quarter before then. Any hikes might only be nominal until the business climate becomes a bit more steady and predictable. The 1.1% is very unimpressive for a DJIA component and we have no great dividend ambitions in the near-term for Alcoa, even if only 10% to 15% of expected 2012 income is slated for payouts. At $10.35, the consensus price target of about $13.25 is well under the 52-week high of $18.47.

American Express has had its dividend steady at $0.18 per quarter since its January 2008 payment and the current yield is only 1.4%. The company’s credit metrics keep improving and its payout is not quite 19% of expected earnings next year. Still, this is a financial stock and it is hard to a financial stock to boost dividends right now. It has no branch bank operations but the climate remains tenuous. At $49.70, the consensus price target is around $55.75 if you trust price targets on financial firms.

AT&T has had four quarters in a row of $0.43 and it has a history of raising its dividend each year. The question that hangs over it is the regulatory block over the T-Mobile buyout and the huge penalty that AT&T will ultimately have to pay out of it cannot clear regulatory hurdles. This is one of the dividend stars with a 5.8% yield but it also pays out more than 70% of its expected income. Another hike is possible, but our take is that the dividend yields are now so high that telecom giants will only ratchet them up slightly. At $29.20, the consensus price target is $31.90.

Citizens for American Tax Justice said of its new research: “This study takes a hard look at the federal income taxes paid or not paid by 280 of America’s largest and most profitable corporations in 2008, 2009 and 2010. The companies in our report are all from Fortune’s annual list of America’s 500 largest corporations, and all of them were profitable in each of the three years analyzed. Over the three years, the 280 companies in our survey reported total pretax U.S. profits of $1.4 trillion.” Under the tax code, these firms would have paid twice that much, if each paid the full 35% that is the normal corporate tax.

The Citizens for American Tax Justice list of companies that paid no federal corporate taxes from 2008 to 2010 includes many of the same companies that are on similar lists, such as General Electric (NYSE: GE), Verizon (NYSE: VZ), DuPont (NYSE: DD) and Boeing (NYSE: BA).

The report says the reason for the lack of payments is “tax-avoidance schemes devised by major accounting firms.” The federal government agencies that enforce the tax code are not naive enough to believe that big companies will fail to take advantage of every provision of the rules.  Corporations have slipped through the loop holes that were part of the legislation that created the code. Their accountants make a large portion of their own profits by turning the laws to their advantage.

What Citizens for American Tax Justice does not put into its new report is what happens to the money that does not go to taxes. Eventually, almost all of this capital makes it back into the financial system, either in the U.S. or overseas. Even a company like Apple (NASDAQ: AAPL) will not hold the $80 billion it has forever. The cash will return to the economy by way of dividends, investments or job additions. The complaint about tax payments does not take that into account.

Douglas A. McIntyre