A new look at the problems comes from “Missing Pieces: Women and Minorities on Fortune 500 Boards―2010 Alliance for Board Diversity Census” which was published today by an alliance of Catalyst, The Executive Leadership Council (ELC), the Hispanic Association on Corporate Responsibility (HACR), Leadership Education for Asian Pacifics, Inc. (LEAP), and The Prout Group, Inc. It would be a temptation to call the data self-interested, but since it comes from each company’s own SEC filings, that is hardly the case. The information shows that “Fortune 500 boards were less diverse than Fortune 100 boards. Men held close to 85 percent of all board seats. White men dominated the board room, holding 77.6 percent of board seats. Minority men held 6.8 percent. White women held 12.7 percent. Minority women held 3.0 percent.”

It should be expected that the firms which have no women or minorities on their boards are run by old white men. And, why not? They have their positions to be preserved along with those of their colleagues and lieutenants. If these men can dominate their boards, why not do so? It is a rare group or person who likes real competition.

HCA Holdings (NYSE: HCA), the healthcare services company, is run by Richard M. Bracken. He sits on the Federation of American Hospitals board, which that organization might eventually  find uncomfortable. HCA does not have a single woman or minority on its board, although certainly half of its customers are women. Many of the HCA directors went to Ivy League schools.

L-3 (NYSE: LLL), the defense contractor, is run by Michael T. Strianese. Robert B. Millard is lead director and chairman of the executive committee. He is also a member of the Council on Foreign Relations. It’s a wonder that the federal government allows such a large contractor to do business with it given the absence of minorities and women on its board.

Pipeline company Kinder Morgan (NYSE: KMP) is run by Richard D. Kinder.  C. Berdon Lawrence, the chairman of Kirby Corp, is Kinder’s lead director.

Pilgrim’s Pride (NYSE: PPC), the poultry firm, is run by Bill Lovette who only joined the firm recently. Lonnie “Bo” Pilgrim, 82, has served as a director since 1968. He is also a former chairman of the National Chicken Council.

Sonic Automotive (NYSE: SAH), the car retailer, is run by O. Bruton Smith. He is also a director and the controlling stockholder of Speedway Motorsports. William R. Brooks is another Sonic director. He is also a Vice President of Charlotte Motor Speedway and a Vice President and Director of Atlanta Motor Speedway.

Douglas A. McIntyre

Women, who  make up about 40% of the students at elite business schools,  have an especially difficult time moving into the ranks of senior management at America’s largest public companies. New data from the research from the nonprofit Catalyst shows that 60 of the Fortune 500 corporations have no female directors. Out of the same group, 136 companies have no women among their top five executives.  Moreover, there are 26 Fortune 500 firms which have neither a female board member nor a woman in executive management. The data came from proxy statements filed as of June 30, 2010.  24/7 Wall St. research found that four companies have added a female director since then: Philip Morris, Blockbuster, Virgin Media, and Synnex.

After we reviewed the Catalyst data, the companies were categorized by industry, and 24/7 Wall St. examined their corporate websites to see whether they had any women in top management at all. When we did find someone, they were usually in human resources, public relations, investor relations, or accounting.

The figures are outrageous and point to lingering misogyny in the board rooms and executive suites of a number of America’s largest companies. It is incomprehensible how public companies in the 21st Century can manage to exclude women from such critical roles.

1) Autoliv (ALV)
Autoliv makes and distributes automotive safety products, such as airbags and seat belts.
-Company lists no women on management team.

2) Cameron International (CAM)
Cameron International is a global provider of flow equipment products, systems, and services to oil, gas, and process industries.
-Rozlin Larkey – Vice President of Human Resources
-Grace B. Holmes – Corporate Secretary

3.) CC Media Holdings (CCMO.PK)
CC Media Holdings, the parent company of Clear Channel Communications, is a media company that works in radio and advertising.
-Company lists no women on management team.

4.) CHS (CHSCP)
CHS, which occupies the 91st position on the Fortune 500, is a diversified energy, grains, and food company.
-Company lists no women on management team.

5.) Emcor Group (EME)
Emcor group designs and constructs electrical and mechanical systems, including transformers, generators, and power cables.
-Mava K. Heffler – Vice President of Marketing and Communications

6.) Energy Transfer Equity (ETE)
Energy Transfer Equity, which owns the general partner of Energy Transfer Partners, transports natural gas throughout the United States.
-Company lists no women on management team.

7.) EOG Resources (EOG)
EOG Resources is one of the largest independent natural gas and oil companies in the United States.  As of the end of 2009, it employed approximately 2,100 people.
-Maire Baldwin – Vice President of Investor Relations
-Patricia Edwards – Vice President of Human Resources
-Ann Janssen – Vice President of Accounting

All of this happens against a backdrop of American government complaints about the value of the yuan and a trade war which includes tariffs of some Chinese-made rubber tires exported to the US.

The American chicken has become the latest victim of the escalating tensions between the world’s No.1 and No.3 economies.

The mainland will levy heavy tariffs on the import of American chicken products. Some of these duties are as high as 80% and involve goods from Tyson ((TSN) and Pilgrim’s Pride (PPC). The two companies rely enough on exports that there sales and earnings could be significantly affected by the Chinese decision.

The news shows the extent to which China is willing to retaliate against US trade actions and the extent to which the American government will go to ignore Chinese wishes on military and human rights issues. The pace at which the disputes are growing is accelerating and 2010 may well end up as the year in which the tensions  between two radically different forms of government and two widely different trade philosophies boil over.

It is hard to say what the effects of an all out trade war between the US and China might bring. China could substantially damage US companies such as Wal-Mart (WMT) and McDonald’s (MCD) by restricting their businesses in China which have become a significant part of their global revenue. The US could block the import of inexpensive Chinese goods which are sold by thousand of retail firms and product companies. These corporations are unlikely to be able to source inexpensive goods to replace those from China, if they can be replaced at all. China’s manufacturing capacity is unmatched around the world.

A severe limit on Chinese goods would probably eventually help revive the crushed US manufacturing base which has been decimated by the collapse of American industries, especially auto manufacturing. But, a drop in Chinese imports probably means that US consumer will pay more for many goods. US labor costs are not likely to match those in China. “Made in the USA” is nice in theory, but expensive for the people who buy the products that are made.

Douglas A. McIntyre

Williams-Sonoma (WSM) Who can afford to decorate a home? Earnings fall. Sells off to $7.26 from 52-week high of $31.88.

Pilgrim’s Pride (PPC) Lenders extend debt, but market is still nervous. Down to $1.10 from 52-week high of $30.15.

McKesson (MCK) Weak guidance. Slips to $35.50 from 52-week high of $68.43.

Vistaprint (VPRT) Bad forecast and downgrades. Daily double. Plunges to $16 from 52-week high of $48.60.

Clean Energy Fuels (CLNE) Plan to raise money hurts shares. Falls to $6.62 from 52-week high of $19.95.

Douglas A. McIntyre

Teradata Corp (TDC) is facing competition from Oracle (ORCL). It drops to $19.50 from 52-week high of $30.08.

Air Products and Chemicals (APD) lowers forecasts and is downgraded by Citi. Shares fall to $70.17 from 52-week high of $106.06.

Spansion (SPSN) gets a broker downgrade. It sells down to $1.65 from 52-week high of $8.68.

Douglas A. McIntyre

Medicis Pharmaceutical (MRX) Firm says it will restate financials. Falls to $14 from 52-week high of $32.18.

Entegris (ENTG) No new news. Sells down to $4.71 from 52-week high of $9.49.

Capella Education (CPLA) No special news, Falls to $42.16 from 52-week high of $75.38.

Douglas A. McIntyre

Pepsi Bottling Group (PBG) Still troubled by problems at one of Coke’s bottlers. Down to $29.22 from 52-week high of $43.38.

Royal Caribbean Cruises (RCL) Getting killed like the rest of the travel industry. Down to $25.40 from 52-week high of $43.96.

Gatehouse (GHS) Analyst encouraging company to drop dividend to save money. Down to $2.79 from 52-week high of $19.60.

Acadia Pharmaceuticals (ACAD) Major drug trial failure. Sharp sell-off to $4.30 from 52-week high of $17.33.

Douglas A. McIntyre

• AGCO Corp. (NYSE: AG) Raised to Outperform from Market Perform at Wachovia.
• AT&T (NYSE: T) & Verizon (NYSE: VZ) Cut to Neutral from Buy at UBS.
• GameStop (NYSE: GME) Raised to Neutral from Sell at Goldman Sachs.
• General Electric (NYSE: GE) Cut to Neutral from Outperform at JPMorgan.
• Invitrogen (NASDAQ: IVGN) cut to Neutral from Buy at Banc of America.
• Pilgrims Pride (NYSE: PPC) Cut to Neutral from Outperform at Credit Suisse.
• SanDisk (NASDAQ: SNDK) Raised to Market Perform from Underperform at JMP Securities.
• SunPower (NASDAQ: SPWR) Raised to Outperform from Neutral at Credit Suisse.
• Wendy’s (NYSE: WEN) Raised to Equal Weight from Underweight at Morgan Stanley.
• YRC Worldwide (NASDAQ: YRCW) Raised to Neutral from Underweight at JPMorgan.

Jon C. Ogg
June 16, 2008

• Caterpillar (NYSE: CAT) Cut to Neutral from Outperform at Credit Suisse.
• Cirrus Logic (NASDAQ: CRUS) Cut to Hold from Buy at Jefferies.
• Embarq (NYSE: EQ) Raised to Outperform at Wachovia.
• Heritage-Crystal Clean (NASDAQ: HCCI) started as Buy at Piper Jaffray.
• Marriott (NYSE: MAR) Cut to Neutral from Buy at Goldman Sachs.
• MGIC Investment Corp (NYSE: MTG) Raised to Outperform from Peer Perform at Bear Stearns.
• Pilgrims Pride (NYSE: PPC) Raised to Outperform from Neutral at Credit Suisse.
• Ryder System (NYSE: R) Cut to Neutral from Outperform at Baird.
• Schlumberger (NYSE: SLB) Raised to Overweight from Equal Weight at Morgan Stanley.
• Wells Fargo (NYSE: WFC) cut to Underperform from Perform at Oppenheimer.

Jon C. Ogg
April 21, 2008

Superior Offshore (DEEP) Still concerns about solvency. Down to $1.15 from 52-week high of $19.58.

Equity Media Hldgs (EMDA) Receives "going concern" letter from auditors. Down to $.65 from 52-week high of $5.

X-Rite (XRIT) Cuts forecasts and jobs. Drops to $4.85 from 52-week high of $16.42.

Douglas A. McIntyre