The Corporate Power Rankings are released at midnight on each Sunday based on performance during the previous week.

Apple moved back into the No.1 spot on pre-orders of the iPad. McDonald’s dropped sharply down the list due to fears of more competition from Burger King (BKS) and Starbucks (SBUX). AT&T (T) dropped into the basement as concerns about the FCCs broadband initiative and its cost to the telecom industry spread.

	Company	Rank (last week)	Symbol	Comment
	Apple	1 (5)	APPL	Apple has large number of pre-orders for the iPad. Market does not like the look for iPad clones from PC companies. Death of Palm a small benefit.
	Disney	2 (2)	DIS	“Alice In Wonderland” tops box office for third week. ESPN should benefit big from return of Tiger Woods at “Masters.”
	Berkshire Hathaway	3 (3)	BRK	Berkshire Hathaway will benefit from Warren Buffett as CEO for years to come. His Axl Rose imitation for Geico commercial proves he has years to go.
	IBM	4 (6)	IBM	IBM benefits from new reviews of analytics software. Masters sponsorship gains value. Big Blue begins to take early lead in cloud computing.
	Coca-Cola	5 (4)	KO	Coca-Cola moves to finish buy-out of Russian juice company Nidan and should gain on Pepsi in the region. Expansion into Malaysia should also help sales.
	Ford	6 (7)	F	Ford closer than ever to dumping Volvo. Edmunds says March car sales will rise 34%. New JP Power data also makes Mustang & Co. look hot.
	McDonald’s	7 (1)	MCD	McDonald’s may not have such an easy time against Burger King this year as it has in the past according to Deutsche Bank. Analysts also see Starbucks improving momentum.
	Abbott Labs	8 (8)	ABT	Abbott’s Simcor does not get restrictions some feared from FDA. New program to speed breast cancer drugs to market should help fortunes of firm’s veliparib trials.
	Wal-Mart	9 (9)	WMT	Wal-Mart should be helped by major merchandising deal with Dreamworks for “How to Train Your Dragon”. Sam & Co. also cuts grocery prices to crush local competition.
	Cisco	10 (11)	CSCO	Cisco’s new router gets good reviews after weak initial reception. FCC plans to expand broadband would bring Cisco Kid major business.
	Philip Morris	11 (10)	PM	Philip Morris sales will be helped by international effort to cut tobacco smuggling. Stock still benefits from smokes company’s plan to buy back shares
	Johnson & Johnson	12 (12)	JNJ	Johnson & Johnson could face some FDA pressure over use of its anemia drugs. Trouble at rival Boston Scientific should help JNJ stent and medical devices sales.
	Verizon	13 (14)	VZ	Verizon files promising suit to limit use of rival Cablevision’s (CVC) set-top box. Availability of Google’s Nexus on VZ wireless network should help sub sales.
	Oracle	14 (13)	ORCL	Oracle gets Russian approval of Sun buy-out, as if it mattered. Rival SAP lays out strategic plan and market thinks it looks weak.
	Proctor & Gamble	15 (15)	PG	Procter & Gamble deal to buy Sara Lee (SLE) unit may be blocked in Europe. Company’s distance from Woods during scandal could look like a dump as golfer returns.
	GE	16 (16)	GE	GE CEO Immelt gets no bonus, but did not deserve one. Sterne Agee analyst upgrades stock to “neutral” which is hardly an endorsement. Conglomerate plans to double its R&D to $10 billion for its Ecoimagination program over the next five years. What’s Ecoimagination?
	Intel	17 (17)	INTC	Intel helped by Barron’s comments on PC trends and improved chip sales. New six-core processor chip should increase sales to server companies.
	Pfizer	18 (21)	PFE	Pfizer looks like it may win bid for German generic firm Stada. Healthcare bill should force big pharma companies  to hold current prices on drugs.
	FedEx	19 (18)	FDX	FedEx warns of slow economic growth hinting results will be poor. Competitor Deutsche Post misses outlook which means FedEx could be taking market share. Or, whole industry may be weak.
	Microsoft	20 (19)	MSFT	Microsoft prospects in China get big boost as Google’s exit from search business there becomes more likely. New Windows 7 mobile version gets good reviews
	Dow Chemical	21 (20)	DOW	Dow Chemical CEO gets 23% pay raise for a good year and deserves it. Surge in China GDP expectations and exports numbers good for global chemical providers.
	Exxon-Mobil	22 (22)	XOM	Exxon Mobil benefits from surge of global oil prices to above $81 and growth in China crude needs. But, concerns about margins in huge refinery operations grow.
	Hewlett-Packard	23 (23)	HPQ	Hewlett-Packard tablet PC competitor to iPad looks DOA. No unique features. Wins patent suit against ink cartridge manufacturers.
	JP Morgan	24 (24)	JPM	JP Morgan should benefit from disclosure of Fed actions during credit crisis. But, market is concerned about whether JPM used same balance sheet tricks as Lehman. And, Congress is still likely to restrict profitable trading operations.
	Goldman Sachs	25 (25)	GS	Goldman Sachs loses more than any bank if Volcker rule moves through Congress. Bank loses bid to keep vote on executive pay of off proxy.
	American Express	26 (28)	AXP	American Express loses 61% of comp compared to 2008, but still gets $17 million. Delinquency rate stable in Feb which is a plus. Firm probably wishes it was still friends with Tiger.
	Caterpillar	27 (26)	CAT	Caterpillar may benefit from increase in commodities prices and derivative improvement in mining and drilling. China building sector may overheat but should buy more CATs in the meantime.
	Google	28 (27)	GOOG	Google may be adding sales of its Nexus One to all three major US carriers, but concerns about China overwhelm any other news.
	Boeing	29 (29)	BA	Boeing says it will see increased sales this year and will up capacity, but aerospace firm’s lock on Air Force tanker project fade as rival EADS prepares bid.
	Bank of America	30 (31)	BAC	Bank of America hurt by Goldman Sachs downgrade of earnings prospects. Release of Fed data on bailout funding to banks could prove embarrassing.
	Home Depot	31 (32)	HD	Home Depot shares hit 52-week high and are up 11% in the last month. HD investors must believe the positive half of the housing data and not worry about the bad stuff.
	AT&T	32 (30)	T	AT&T is pressured by concerns that FCC plan to build out national broadband would hurt earnings and raise expenses over time. Not being a Tiger sponsor any more must hurt.

Douglas A. McIntyre  douglasamcintyre@247wallst.com

Reuters:   Google’s (GOOG) ad partners in China expressed concerns about its plans.

Reuters:   If banking laws change, Goldman Sachs (GS) may be unable to cope.

Reuters:   China’s demand for natural gas may surprise global markets.

Reuters:   Arrow will shortly reply to an offer from Royal Dutch Shell (RDS) and PetroChina (PTR).

Reuters:   The World Bank told China to tighten it monetary policy.

Reuters:   Intel’s (INTC) stock moved up on comments about first quarter revenue.

Reuters:   The Fed renewed its policy to keep rates low for and extended period.

Reuters:   PIMCO says that the Fed’s end to mortgage purchasing is a form of tightening.

Reuters:   A Senate panel is likely to approve bank reform.

WSJ:   Foreign companies find it harder to do business in China against its membership in the WTO.

WSJ:   Simon Property is readying a new bid for GGP.

WSJ:   Bank of Japan loosened its monetary policy.

WSJ:   VirnetX Holding won a patent suit against Microsoft (MSFT) for use of virtual private network software.

WSJ:   Regulators ordered Boeing (BA) to fix problems on 777s.

WSJ:   Pepsi (PEP) said it will move full-calorie sweetened drinks from schools in 200 countries by 2012.

WSJ:   The Google (GOOG) Nexus One will compete with the Apple (AAPL) iPhone on the AT&T (T) network.

Janet Yellen will be nominated to be vice chair of the Fed (various)

Meg Whitman’s former CEO of Ebay (EBAY) run for governor of California may be hurt by her investments in firms that may have profited from the recession (LA Times).

Pierre-Henri Flamand of Goldman Sachs (GS) may start his hedge fund (The Telegraph).

Douglas A. McIntyre

AIG (AIG) has developed a new system for paying management bonuses  (NYT)

“While banks like JPMorgan and Goldman Sachs have enough liquidity to consider raising dividends or buying back stock, regulators have told U.S. banks to preserve their cash for the moment” (FT)

Citigroup (C) is selling preferred trust shares to raise as much as $2 billion (Bloomberg)

Chinese auto company Geely has raised the money necessary to buy Volvo (Dagens Industri)

Douglas A. McIntyre

Goldman has earmarked over a third of its income for compensation for many years. The practice has become a habit, so no shareholder in the company cannot express surprise at the policy. The International Brotherhood of Electric Workers wants a court  to consider Goldman’s 2009 payments as an individual act and not one in a long line of actions. If the union did not like Goldman’s pay program’s why did it become a shareholder at all? Or, why didn’t it sell its shares long ago?

The reason why the union or any other enterprise or individual shareholders buy Goldman’s shares is the financial firm’s unprecedented history for making large sums of money and increasing its share price. Over the last year, Goldman’s shares are up 100% compared to a gain of little over 50% for the DJIA. Goldman’s most direct competitor, Morgan Stanley (MS), has posted a 40% rise in its stock during the last year.

The right of boards of directors at public companies to set compensation is rarely challenged and when challenges come, they are not successful.  The board’s responsibility to set and monitor pay has been granted by the SEC and that is not likely to change. A challenge to Goldman’s big paydays is futile. The bank’s executives are paid well because they earn it.

Douglas A. McIntrye

Reuters:   China said it was committed to US debt but worried about gold.

Reuters:   Japanese car companies are studying a brake override system.

Reuters:   Sony (SNE) will start selling 3D TVs in Japan.

Reuters:   Northrup (NOC) dropped out of bidding for a U.S. military air tanker project.

Reuters:   Google (GOOG) and MySpace face charges of cyber-bullying by some members.

Reuters:   Greece is urging the G20 to reign in speculators on its national debt.

Reuters:   The International Brotherhood of Electic Workers sued Goldman Sachs (GS) over its compensation practices.

Reuters:   Obama targeted large insurers as a major cause of healthcare cost increases.

WSJ:   Google (GOOG) is testing TV search services.

WSJ:   Private equity firms are facing suits over some of their investments.

WSJ:   UK banks face debt downgrades.

WSJ:   AIG (AIG) and MetLife (MET) reached a deal for AIG to sell its Alico unit for $15.5 billion.

WSJ:   Google (GOOG) will have problems building and servicing its ultra high-speed internet network.

WSJ:   IBM’s (IBM) CEO compensation dropped.

WSJ:   Tivo’s loss rose on increased costs.

WSJ:   Markets were buoyed by chance that Dubai would settle debt problems.

WSJ:   Many retailers are increasing inventories.

WSJ:   Verizon Wireless will start to carry NFL games.

NYT:   Pension funds are making riskier investments.

NYT:   Google’s (GOOG) translation tool has become highly sophisticated and is gaining a large following.

NYT:   Oil and gasoline prices are moving up.

NYT:   Pfizer (PFE) and Teva (TEVA) are competing to buy generics companies.

NYT:   Brazil may put tariffs on some US goods.

NYT:   Portugal is preparing austerity measures.

FT:   Merkel of Germany said an IMF-like agency in Europe would require a new treaty.

FT:   China will keep buying US debt.

FT:   News Corp (NWS) is expanding more rapidly into the Middle East.

Bloomberg:   Ethanol prices are about to rise.

Douglas A. McIntyre

Proxy season has begun and as the documents are mailed to shareholders it is clear that there has not been much belt-tightening in the corporate suits of most large US public companies. Pay packages of $10 million to $20 million or better seem to be the norm based on early figures.

Jeff Immelt at GE (GE) gave up his bonus and his base salary in 2009 stayed at $3.3 million, which is what it was in 2008 and 2007. His gesture meant very little. GE did not have a particularly good year, but its four Vice Chairmen made over $13 million each.

At Coco-Cola (KO,  the board decreased chief Mahtar Kent’s total compensation to $18.8 million from $22.4 million in 2008.  The nineteen million dollars may seem to be a pay cut, but to the average worker at Coke and the average shareholder, it is a king’s ransom.

Lockheed Martin (LMT) posted a slight drop in net income last year, but CEO Robert J. Stevens made $23 million.

The rate at which proxies will be released will pick up over the next two or three weeks. It is unlikely that many CEOs at America’s largest companies will be on their way to the poor house. That will raise this issue for the hundredth time about why chief executives are paid so much more than their workers, even when the firms that they run have mediocre years. Congress will call for public companies to give more power to shareholders to set management compensation.

But, 2010 will be like last year and the year before that and the one before that. Boards of directors will set CEO pay. They will continue to be reluctant to punish management for weak results. The CEO pay bonanza will go for another year because the federal government will focus on it during proxy season but will quickly turn its attention to other things which it feels are more pressing.

Douglas A. McIntyre

The Corporate Power Rankings are released at midnight on each Sunday based on performance during the previous week.

Apple took the top spot as its market cap moved toward $200 billion and it set April 3 to launch the iPad.  Ford moved into second place as its February sales topped GMs for the first time in 12 years.

Home Depot dropped to 31st as home sales dropped.

	Company	Rank (last week)	Symbol	Comment
	Apple	1 (5)	APPL	Jobs & Co.’s stock hits all-time has as market value reaches $200 billion. Market anticipates new iPad launch on April 3. Planned Microsoft competing PC tablet is a non-issue.
	Ford	2 (6)	F	February sales move up 43% as firm passes GM in monthly market share for the first time in 12 years. Toyota implosion should help the house that Henry built keep momentum.
	Disney	3 (4)	DIS	“Alice in Wonderland” film hits $116 million on first weekend. ABC pulls signal from Cablevision and cable firm’s customers will riot to force CVC to pay ABC the $40 million it wants.
	Coca-Cola	4 (3)	KO	Coca-Cola gets flack for its deal to buy it bottlers. But, Wall St. seems unconcerned. UBS upgraded Coke to a “buy”. Board member Herb Allen shows support by buying $6 million in shares.
	Berkshire Hathaway	5 (1)	BRK	New data claims Buffett’s performance has beat any and all mutual funds over last 45 years. But, shares downgraded by KBW after BRK releases earnings.
	Cisco	6 (8)	CSCO	Should release faster routers next week and widen core revenue stream. Shares hit 52-week high and competitor Ciena stumbles. Did Cisco take its market share?
	IBM	7 (2)	IBM	Claim to make gains in chip speed, but the market does not think that will get business from Intel. Is pushing patent reform in Congress, but there is no guarantee IBM’s plan will prevail.
	Wal-Mart	8 (12)	WMT	Retail sales post largest gain since 2007, according to government stats. To the delight of shareholders, sons of Walton increase dividend 11%.
	McDonald’s	9 (7)	MCD	Rival Wendy’s/Arby’s moves to local pricing and $1 menu. Competition seems more likely to cut costs to get Kroc & Co. market share points.
	Philip Morris	10 (9)	PM	Morgan Stanly applauds cigarette company’s $12 billion share buyback program. Credit Suisse says it favors PM over rival British American Tobacco.
	Oracle	11 (13)	ORCL	Barron’s gives Sun buyout an endorsement as earnings engine hums along. Private equity firm offers big premium to buy rival Novell, a sign ORCL may be underpriced.
	Johnson & Johnson	12 (10)	JNJ	FDA expresses concerns about firm’s insulin pumps. Rival Pfizer offers anti-clotting pill that may take JNJ share.
	GE	13 (11)	GE	ABC job cuts an indication 2010 will be hard for networks and NBC already lost money on Olympics. Chief Immelt takes no bonus, but other top managers become rich with 2090 comp.
	Abbott Labs	14 (15)	ABT	FDA favors transplant drug over new treatment from Bristol-Myers. Head of Abbott Medical Optics takes over powerful position at top of medical device lobby.
	FedEx	15 (17)	FDX	Problems at US Postal Service likely to cause cutback in service sacrificing business to FDX. Morgan Keegan upgrades stock based on anticipation of big earning increase.
	Verizon	16 (16)	VZ	FCC plan to aggressively expand broadband will help providers like VZ. Microsoft to launch new cellular handset with carrier, but no one may buy it.
	Dow Chemical	17 (14)	DOW	Firm will sell ill-fitting division Styron plastics for $1.6 billion. Rival Reliance Industries fails in key strategic bid to buy LyondellBasell and improve hand against DOW.
	Pfizer	18 (20)	PFE	Good showing in trial with new anti-clotting drug. May buy generic firm Ratiopharm which would allow diversification away from patents. Tough hit on Alzheimer’s candidate failure.
	Intel	19 (21)	INTC	iSuppli experts say global chip revenue will rise 21%. UBS says overall industry expansion is faster than expected. It’s good to own 70% of the market.
	Proctor & Gamble	20 (24)	PG	Cramer says he likes company, so how bad could it be? PG finishes 6th in Fortune “Most Admired” ratings, but who cares?
	Caterpillar	21 (18)	CAT	China says GDP will be up at least 8% and infrastructure expansion should be strong. Options trading suggest upward pressure on stock.
	Google	22 (19)	GOOG	Buys DocVerse to broaden competition with MSFT PC software. Finishes 2nd in Fortune “Most Admired” completion, which will not offset antitrust problems in EU and Justice Department concern about settlement with book publishers.
	American Express	23 (22)	AXP	Federal Reserve seeks limits on what credit card company can charge for consumer penalties. Raised rates on some of its cards, tempting Congressional fury.
	Microsoft	24 (27)	MSFT	Forecast of sharp rise in PC sales this year will help Windows 7 sales. Antitrust case against Google could help Mr. Softy in Europe. Plans to launch handset preposterous.
	Boeing	25 (23)	BA	Rival Airbus gets much-needed bailout for A400M model keeping BA competitor alive in military transport business. Boeing will bid on Air Force tanker but may not get the critical win.
	AT&T	26 (29)	T	Dispute between Cablevision and ABC should help T fiber optic business stronger ties with network TV. Apple iPad launch should lift AT&T 3G subscriptions.
	Exxon-Mobil	27 (32)	XOM	Crude at $80 always a plus. Rival BP makes optimistic noises about the industry. Market concern about XOM Baytown refinery turns out to be empty.
	Bank of America	28 (26)	BAC	Volcker rule and new credit card penalty restrictions each undermine BAC prospects. Congress tells rival Citi that days of government support of big banks are over.
	Hewlett-Packard	29 (25)	HPQ	Company has to revise last quarter’s earnings because of bad lawsuit against EDS division. Acute embarrassment worse than impact on EPS.
	JP Morgan	30 (28)	JPM	Pressure from Congress to cut vitally important proprietary trading. Faces limits on credit card charges. Washington dark mood about financial firms shows no sign of improving.
	Home Depot	31 (30)	HD	Relentless bad news on housing with new forecasts that rising defaults could push home prices down this year and in 2011. Investors want big payout of HD cash through dividend. Tough luck.
	Goldman Sachs	32 (31)	GS	Between question about Greek financing transaction and Washington witch hunts about compensation and proprietary trading, GS problems get worse by the day.

Douglas A. McIntyre

Akamai Technologies Inc. (NYSE: AKAM) Raised to Buy at Merriman Curhan Ford.
The Blackstone Group (NYSE: BX) Raised to Outperform at Oppenheimer.
Dominion Resources, Inc. (NYSE: D) Started as Perform at Oppenheimer.
Freeport-McMoRan Copper (NYSE: FCX) Raised to Outperform at RBC.
Goldman Sachs Group Inc. (NYSE: GS) Estimates cut by Dick Bove of Rochdale.
Netflix Inc. (NASDAQ: NFLX) Cut to Underperform at BofA/Merrill Lynch; Cut to Hold at Kaufman Bros; Cut to Neutral at Susquehanna.
Paychex Inc. (NASDAQ: PAYX) Raised to Neutral at Janney Montgomery Scott.
Staples Inc. (NASDAQ: SPLS) Cut to Neutral at Goldman Sachs.
Schlumberger (NYSE: SLB) Raised to Positive at Susquehanna.
Vale SA (NYSE: VALE) Raised to Outperform at RBC.

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JON C. OGG

Reuters:   China would like one price for iron ore to cut commodity speculation.

Reuters:   Two software services will help telcos as they offer alternatives to Google’s (GOOG) Android and Apple’s (AAPL) operating system.

Reuters:   Toyota (TM) will announce March sales incentives.

WSJ:   Staffing problems at federal agencies are holding back jobs programs.

WSJ:   The Senate is close to a deal for banking reform.

WSJ:   AIG (AIG) got about double what it might have for its Asia unit by not selling it a year ago.

WSJ:   GM will announce a shake-up in its sales operations.

WSJ:   Rio Tinto (RTP) uses robots to mine some iron ore.

WSJ:   Japan’s jobless rate improved.

WSJ:   Goldman Sachs (GS) added “bad press” to its list of risk factors in SEC filings.

WSJ:   Deflation is a threat to the eurozone.

WSJ:   The NYSE is in a fight with the IRS over payments for former CEO Dick Grasso.

WSJ:   Debt from sovereign nations may be no more attractive than some corporate debt in the future.

NYT:   Data shows that Toyota (TM) did not recall some Camry models that had problems.

NYT:   Digital billboards may hurt highway safety.

NYT:   An error blocked Sony (SNE) PS3 players from access to the games network.

NYT:   Dodd wants to give the Fed the role of consumer protection agency.

NYT:   The Greek government said more cuts in its budget needed to be made.

NYT:   GM tripled it investment in Opel.

FT:   Asia funds, some of them sovereign, will back Prudential’s deal to buy AIG’s Asia insurance unit.

FT:   Goldman Sachs (GS) had a record number of $100 million profitable trading days last year.

FT:   The volume of global goods traded rose 4.8% in December.

Douglas A. McIntyre