Term
sheet
To
prospectus dated December 1, 2005,
prospectus
supplement dated October 12, 2006 and
product
supplement no. 88-I dated July 19, 2007
|
Term
Sheet to
Product
Supplement No. 88-I
Registration
Statement No. 333-130051
Dated
March 7, 2008; Rule 433
|
Structured
Investments
|
JPMorgan Chase & Co.
$
25.50%† per annum Reverse
Exchangeable Notes due March 31, 2009
Linked to the Least Performing Common Stock in the Dow 10
IndexSM*
* not including the common stock of JPMorgan Chase & Co.
† The actual interest rate will be determined
on
the Pricing Date and will not be less than
25.50%
|
·
|
The
notes are
designed for investors who seek a higher interest rate than the current
dividend yield on the common stocks included in the Dow 10
IndexSM*,
other than
the common stock of JPMorgan Chase & Co. or than the yield on a
conventional debt security with the same maturity issued by us or
an
issuer with a comparable credit rating. Investors should be willing
to
forgo the potential to participate in appreciation in the Reference
Stocks, be willing to accept the risks of owning equities in general
and
the common stock of the least performing issuer in the Dow 10
IndexSM*,
in
particular, and be willing to lose some or all of their principal.
|
·
|
The
notes
will pay at least 25.50%†
interest per
year. However,
the
notes do not guarantee any return of principal at
maturity.
Instead,
the payment at maturity will be based on the Final Share Price of
the
Least Performing Reference Stock and whether the closing price of
any
Reference Stock has declined from its Initial Share Price by more
than its
Protection Amount during the Monitoring Period, as described
below.
|
·
|
Senior
unsecured obligations of JPMorgan Chase & Co. maturing March
31,
2009††.
|
·
|
Payment
at
maturity for each $1,000 principal amount note will be either a cash
payment of $1,000 or delivery of shares of the Least Performing Reference
Stock, in each case, together with any accrued and unpaid interest,
as
described below.
|
·
|
Minimum
denominations of $1,000 and integral multiples
thereof.
|
Reference
Stocks:
|
The
common
stocks included in the Dow 10 IndexSM,
as of the
Pricing Date, other than the common stock of JPMorgan Chase & Co., as
reflected in “The Reference Stocks” below (each such common stock, a
“Reference Stock,” and together, the “Reference Stocks”). Upon the
occurrence of certain corporate events with respect to the issuers
of the
Reference Stocks, the Reference Stocks may change during the term
of the
notes. See “General Terms of Notes —
Anti-dilution
Adjustments —
Reorganization
Events” in the accompanying product supplement no. 88-I for further
information about changes to the Reference Stocks.
|
Interest
Rate:
|
At
least 25.50% per annum,
paid
monthly and calculated on a 30/360 basis. The actual interest rate
will be
determined on the Pricing Date and will not be less than 25.50% per
annum.
|
Protection
Amount:
|
For
each
Reference Stock, an amount that represents 50%
of the applicable Initial Share Price of such Reference Stock, subject
to
adjustments. See “The
Reference Stocks — Initial
Share Prices and Protection Amounts” below for the Protection Amount for
each Reference Stock.
|
Maturity
Date:
|
March
31,
2009††
|
Pricing
Date:
|
On
or about
March 26, 2008
|
Settlement
Date:
|
On
or about
March 31, 2008
|
Observation
Date:
|
March
26,
2009††
|
CUSIP:
|
48123MZJ4
|
Interest
Payment Date:
|
Interest
on
the notes will be payable monthly in arrears on the last calendar
day of
each month (each such date, an “Interest Payment Date”), commencing April
30, 2008, to and including the Interest Payment Date corresponding
to the
Maturity Date. See “Selected Purchase Considerations — Monthly Interest
Payments” in this term sheet for more information.
|
Payment
at
Maturity:
|
You
will
receive $1,000 for each $1,000 principal amount note plus any accrued
and
unpaid interest at maturity unless
(a) a
Trigger Event has occurred and (b) the Cash Value of the Physical
Delivery
Amount for the Least Performing Reference Stock is less than $1,000,
in
which case in lieu of $1,000 in cash you will receive the Physical
Delivery Amount (or, at our election, the Cash Value thereof) for
the
Least Performing Reference Stock. The
market value of the shares of the Least Performing Reference Stock
delivered to you as the Physical Delivery Amount or the Cash Value
thereof will be less than the principal amount of your notes and
may be
zero. Accordingly, you may lose some or all of your principal if
you
invest in the notes.
|
Trigger
Event:
|
A
Trigger
Event occurs if, on any day during the Monitoring Period, the closing
price of any Reference Stock has declined, as compared to that particular
Reference Stock’s Initial Share Price, by more than that Reference Stock’s
Protection Amount.
|
Least
Performing Reference Stock:
|
The
Reference
Stock with either (i) the greatest percentage decrease between its
Initial
Share Price and its Final Share Price, as compared to the percentage
decreases or increases between the respective Initial Share Prices
and
Final Share Prices of the other Reference Stocks, or, (ii) if the
Final
Share Price of each of the Reference Stocks has appreciated in value
as
compared to its respective Initial Share Price, the lowest percentage
increase between such Reference Stock’s Initial Share Price and its Final
Share Price, as compared to the percentage increases between the
respective Initial Share Prices and Final Share Prices of the other
Reference Stocks. The determination of the single Least Performing
Reference Stock may be affected by the occurrence of certain corporate
events affecting such Reference Stock. See “General Terms of Notes
—
Anti-dilution
Adjustments.”
|
Monitoring
Period:
|
The
period
from the Pricing Date to and including the Observation Date.
|
Physical
Delivery Amount:
|
For
each
Reference Stock, the number of shares of such Reference Stock, per
$1,000
principal amount note, equal to $1,000 divided by the Initial Share
Price
of such Reference Stock, subject to adjustments.
|
Initial
Share
Price:
|
For
each
Reference Stock, the closing price of the Reference Stock on the
Pricing
Date. Please
see “The Reference Stocks —
Initial
Share Prices and Protection Amounts” below for the Initial Share Price for
each Reference Stock. The
Initial
Share Price is subject to adjustments and any Reference Stock issuer
may
be changed in certain circumstances. See “Description of Notes
—
Payment
at
Maturity” and “General
Terms of Notes —
Anti-dilution
Adjustments”
in the
accompanying product supplement no. 88-I for further information
about
these adjustments.
|
Final
Share
Price:
|
For
each
Reference Stock, the closing price of such Reference Stock on the
Observation Date.
|
†† |
Subject
to
postponement in the event of a market disruption event and as described
under “Description of Notes — Payment at Maturity” in the accompanying
product supplement no. 88-I.
|
Price
to
Public
|
Fees
and
Commissions (1)
|
Proceeds
to
Us
|
|
Per
note
|
$
|
$
|
$
|
Total
|
$
|
$
|
$
|
(1) |
If
the notes
priced today, J.P. Morgan Securities Inc., which we refer to as JPMSI,
acting as agent for JPMorgan Chase & Co., would receive a commission
of approximately $60.00 per $1,000 principal amount note and would
use a
portion of that commission to allow selling concessions to other
dealers
of approximately $40.00 per $1,000 principal amount note. The concessions
of approximately $40.00 include concessions to be allowed to selling
dealers and concessions to be allowed to an arranging dealer. The
actual
commission received by JPMSI may be less than $60.00 and will depend
on
market conditions on the Pricing Date. In no event will the commission
received by JPMSI, which includes concessions to be paid to other
dealers,
exceed $60.00 per $1,000 principal amount note. See “Underwriting”
beginning on page PS-30 of the accompanying product supplement no.
88-I
.
|
·
|
Product
supplement no. 88-I dated July 19, 2007:
|
http://www.sec.gov/Archives/edgar/data/19617/000089109207002959/e27931_424b2.pdf |
·
|
Prospectus
supplement dated October 12, 2006:
|
http://www.sec.gov/Archives/edgar/data/19617/000089109206003117/e25276_424b2.pdf |
·
|
Prospectus
dated December 1, 2005:
|
http://www.sec.gov/Archives/edgar/data/19617/000089109205002389/e22923_base.txt |
·
|
THE
NOTES OFFER A HIGHER INTEREST RATE THAN THE YIELD ON DEBT SECURITIES
OF
COMPARABLE MATURITY ISSUED BY US OR AN ISSUER WITH A COMPARABLE CREDIT
RATING —
The
notes
will pay at least 25.50% interest per annum, which we believe is
higher
than the yield received on debt securities of comparable maturity
issued
by us or an issuer with a comparable credit rating. The actual Interest
Rate will be determined on the Pricing Date and will not be less
than
25.50% per annum. Because the notes are our senior unsecured obligations,
any interest payment or any payment at maturity is subject to our
ability
to pay our obligations as they become
due.
|
·
|
MONTHLY
INTEREST PAYMENTS — The
notes offer monthly interest payments at a rate of at least 25.50%
per
annum. Interest will be payable monthly in arrears on the last
calendar day of each month (each such date, an “Interest Payment Date”),
commencing April 30, 2008, to
and
including the Interest Payment Date corresponding to the Maturity
Date,
to the holders of record at the close of business on the date 15
calendar
days prior to the applicable Interest Payment Date. If an Interest
Payment
Date is not a business day, payment will be made on the next business
day
immediately following such day, but no additional interest will accrue
as
a result of the delayed payment.
|
·
|
THE
NOTES DO NOT GUARANTEE THE RETURN OF YOUR PRINCIPAL —
Your
return
of principal at maturity is protected so long as a Trigger Event
does not
occur or if the Final Share Price of each Reference Stock has appreciated,
as compared to its respective Initial Share Price. However, if a
Trigger
Event has occurred, you could lose the entire principal amount of
your
notes.
|
·
|
REFERENCE
STOCKS —
The
Reference
Stocks are the component stocks of the Dow 10 IndexSM,
which we
refer to as the Index, as of the Pricing Date, excluding the common
stock
of JPMorgan Chase & Co. The Reference Stocks will not be modified for
changes in the composition of the Index during the term of the notes,
but
may be modified in the case of certain corporate events. See “General
Terms of Notes — Anti-dilution Adjustments — Reorganization Events” in the
accompanying product supplement no. 88-I for further information
about
selecting a successor Reference
Stock.
|
·
|
YOUR
RETURN AT MATURITY MAY BE BASED ON A REFERENCE STOCK THAT DID NOT
EXPERIENCE A DECLINE IN EXCESS OF ITS PROTECTION AMOUNT DURING THE
MONITORING PERIOD — Your
return
at maturity may not necessarily be based on a Reference Stock that
declines by more than its Protection Amount during the Monitoring
Period.
For example, if a Trigger Event occurs with respect to a Reference
Stock
and that Reference Stock experiences a significant closing price
increase
on the Observation Date such that its Final Share Price exceeds its
Initial Share Price, your return on the notes will probably not be
based
on the performance of that Reference Stock. Under these circumstances,
if
on the Observation Date the Final Share Price of one or more of the
remaining eight (8) Reference Stocks declines from its respective
Initial
Share Price, your return on the notes will be based on the Least
Performing Reference Stock, which Reference Stock will be different
than
the Reference Stock that initially declined by more than its Protection
Amount. Accordingly, you could lose a portion of your principal amount
even if the Least Performing Reference Stock never, at any time during
the
Monitoring Period, declined by more than its Protection Amount.
|
·
|
TAX
TREATMENT AS A UNIT COMPRISING A PUT OPTION AND A DEPOSIT
—
You
should review carefully the section entitled “Certain U.S. Federal Income
Tax Consequences” in the accompanying product supplement no. 88-I. Subject
to the limitations described therein, and based on certain factual
representations received from us, in the opinion of our special tax
counsel, Davis Polk & Wardwell, it is reasonable to treat the notes as
units comprising a Put Option and a Deposit for U.S. federal income
tax
purposes. We will determine the portion of each coupon payment that
we
will allocate to interest on the Deposit and to Put Premium, respectively,
and will provide that allocation in the pricing supplement for the
notes.
By purchasing the notes, you agree to treat the notes for U.S. federal
income tax purposes consistently with our treatment and allocation
as
described above. If the notes had priced on March 6, 2008, we would
have
treated approximately 9.96% of each coupon payment as interest on
the
Deposit and the remainder as Put Premium. The actual allocation that
we
will determine for the notes may differ from this hypothetical allocation,
and will depend upon a variety of factors, including actual market
conditions and our borrowing costs for debt instruments of comparable
maturities on the Pricing Date. Assuming this characterization is
respected, amounts treated as interest on the Deposit will be taxed
as
ordinary income while
|
|
the Put Premium will not be taken into account prior to maturity or sale. However, there are other reasonable treatments that the Internal Revenue Service (the “IRS”) or a court may adopt, in which case the timing and character of any income or loss on the notes could be significantly and adversely affected. In addition, on December 7, 2007, Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. While it is not clear whether the notes would be viewed as similar to the typical prepaid forward contract described in the notice, it is possible that any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. The notice focuses on a number of issues, the most relevant of which for holders of the notes are the character of income or loss (including whether the Put Premium might be currently included as ordinary income) and the degree, if any, to which income realized by Non-U.S. Holders should be subject to withholding tax. Both U.S. and Non-U.S. Holders should consult their tax advisers regarding all aspects of the U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments and the issues presented by this notice. Purchasers who are not initial purchasers of notes at the issue price should also consult their tax advisers with respect to the tax consequences of an investment in the notes, including possible alternative characterizations, as well as the allocation of the purchase price of the notes between the Deposit and the Put Option. |
·
|
YOUR
INVESTMENT IN THE NOTES MAY RESULT IN A LOSS — The
notes do
not guarantee any return of principal. The payment at maturity will
be
based on the Final Share Price of the Least Performing Reference
Stock and
whether the closing
price of
any Reference Stock
has declined
from its Initial Share Price by more than its Protection Amount on
any day
during the Monitoring Period. Under certain circumstances, you will
receive at maturity a predetermined number of shares of the Least
Performing Reference Stock (or, at our election, the Cash Value thereof).
The market value of those shares of the Least Performing Reference
Stock
or the Cash Value thereof will be less than the principal amount
of each
note and may be zero. In addition, on the Pricing Date, stock prices
generally in the market and stock prices for the Reference Stocks
may be
significantly higher than historical averages, which could increase
the
likelihood of subsequent declines in stock prices and of a Trigger
Event
with respect to one such Reference Stock. Accordingly, you could
lose up
to the entire principal amount of your
notes.
|
·
|
YOUR
PROTECTION AMOUNT MAY TERMINATE ON ANY DAY DURING THE TERM OF THE
NOTES
—
If,
on any
day during the Monitoring Period, the closing price of any Reference
Stock
declines below its Initial Share Price minus its Protection Amount,
you
will be fully exposed to any depreciation in the Least Performing
Reference Stock. We refer to this feature as a contingent buffer.
Under
these circumstances, if the Cash Value of the Physical Delivery Amount
for
the Least Performing Reference Stock is less than $1,000, you will
receive
at maturity for each $1,000 principal amount note a predetermined
number
of shares of Least Performing Reference Stock (or, at our election,
the
Cash Value thereof) and, consequently, you will lose 1% of the principal
amount of your investment for every 1% decline in the Final Share
Price of
the Least Performing Reference Stock compared to the Initial Share
Price
of the Least Performing Reference Stock. You will be subject to this
potential loss of principal even if the prices of the Reference Stocks
subsequently recover such that the Final Share Price of each Reference
Stock is above its respective Initial Share Price minus its respective
Protection Amount. If these notes had a non-contingent buffer feature,
under the same scenario, you would have received the full principal
amount
of your notes plus accrued and unpaid interest at maturity. As a
result,
your investment in the notes may not perform as well as an investment
in a
security with a return that includes a non-contingent
buffer.
|
·
|
YOUR
RETURN ON THE NOTES IS LIMITED TO THE PRINCIPAL AMOUNT PLUS ACCRUED
INTEREST REGARDLESS OF ANY APPRECIATION IN THE VALUE OF ANY REFERENCE
STOCK —
Unless
(i)
the Final Share Price of any Reference Stock is less than its Initial
Share Price and (ii) on any day during the Monitoring Period, the
closing
price of any Reference Stock has declined, as compared to its Initial
Share Price, by more than its Protection Amount, for each $1,000
principal
amount note, you will receive $1,000 at maturity plus accrued and
unpaid
interest, regardless of any appreciation in the value of any Reference
Stock, which may be significant. Accordingly, the return on the notes
may
be significantly less than the return on a direct investment in one
or
more of the Reference Stocks during the term of the notes.
|
·
|
YOU
ARE EXPOSED TO THE CLOSING PRICE RISK OF EACH REFERENCE STOCK
—
Your
return
on the notes and your payment at maturity, if any, is not linked
to a
basket consisting of the Reference Stocks. Rather, you will receive
set
interest payments at a rate of not less than 25.50% per annum and
your
payment at maturity is contingent upon the performance of each individual
Reference Stock such that you will be equally exposed to the risks
related
to all
of the
Reference Stocks. Poor performance by any one of the Reference Stocks
over
the term of the notes may negatively affect your payment at maturity
and
will not be offset or mitigated by positive performance by any of
the
other Reference Stocks. The performance of the individual Reference
Stocks, and your payment at maturity, should not be expected to match
the
performance of the Dow 10 IndexSM.
|
·
|
YOUR
PAYMENT AT MATURITY MAY BE DETERMINED BY THE LEAST PERFORMING REFERENCE
STOCK — If
a Trigger
Event occurs, you will lose some or all of your investment in the
notes if
the Final Share Price of
any Reference Stock
closes at a
level below its Initial Share Price. This will be true even if (i)
the
Final Share Price of each of the other eight (8) Reference Stocks
has
appreciated in value compared to its respective Initial Share Price
and/or
(ii) the sole Reference Stock with a Final Share Price that declined
compared to its Initial Share Price was not the same Reference Stock
which
declined by more than its Protection Amount during the Monitoring
Period.
|
·
|
NO
OWNERSHIP RIGHTS IN THE REFERENCE STOCKS —
As a holder
of the notes, you will not have any ownership interest or rights
in the
Reference Stocks, such as voting rights, dividend payments or other
distributions. In addition, the issuers of the Reference Stocks will
not
have any obligation to consider your interests as a holder of the
notes in
taking any corporate action that might affect the value of a Reference
Stock and the notes.
|
·
|
NO
AFFILIATION WITH THE REFERENCE STOCK ISSUERS —
We
are not
affiliated with the issuers of the Reference Stocks. We assume no
responsibility for the adequacy of the information about the Reference
Stock issuers contained in this term sheet or in product supplement
no.
88-I. You should make your own investigation into the Reference Stocks
and
their issuers. We are not responsible for the Reference Stock issuers’
public disclosure of information, whether contained in SEC filings
or
otherwise.
|
·
|
THE
REFERENCE STOCKS MAY CHANGE FOLLOWING CERTAIN CORPORATE EVENTS —
Following
certain corporate events relating to an issuer of a Reference Stock,
such
as a takeover or a going private transaction, the calculation agent
will
have the option to replace such Reference Stock with the common stock
of a
company selected from among the common stocks of those U.S. companies
with
the three largest market capitalization with the same Standard Industrial
Classification Code as the issuer of that Reference Stock. We describe
the
specific corporate events that can lead to these adjustments and
the
procedures for selecting a successor Reference Stock under “General Terms
of Notes — Anti-dilution Adjustments — Reorganization Events” in the
accompanying product supplement no.
88-I.
|
·
|
CERTAIN
BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE NOTES
PRIOR
TO MATURITY —
While
the
payment at maturity described in this term sheet is based on the
full
principal amount of your notes, the original issue price of the notes
includes the agent’s commission and the cost of hedging our obligations
under the notes through one or more of our affiliates. As a result,
and as
a general matter, the price, if any, at which JPMSI will be willing
to
purchase notes from you in secondary market transactions, if at all,
will
likely be lower than the original issue price and any sale prior
to the
maturity date could result in a substantial loss to you. This secondary
market price will also be affected by a number of factors aside from
the
agent’s commission and hedging costs, including those referred to under
“Many Economic and Market Factors Will Impact the Value of the Notes”
below.
|
The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity. |
·
|
LACK
OF LIQUIDITY — The
notes
will not be listed on any securities exchange. JPMSI intends to offer
to
purchase the notes in the secondary market but is not required to
do so.
Even if there is a secondary market, it may not provide enough liquidity
to allow you to trade or sell the notes easily. Because other dealers
are
not likely to make a secondary market for the notes, the price at
which
you may be able to trade your notes is likely to depend on the price,
if
any, at which JPMSI is willing to buy the notes.
|
·
|
POTENTIAL
CONFLICTS —
We
and our
affiliates play a variety of roles in connection with the issuance
of the
notes, including acting as calculation agent. In performing these
duties,
the economic interests of the calculation agent and other affiliates
of
ours are potentially adverse to your interests as an investor in
the
notes. We and/or our affiliates may also currently or from time to
time
engage in business with the Reference Stock issuers, including extending
loans to, or making equity investments in, the Reference Stock issuers
or
providing advisory services to the Reference Stock issuers. In the
course
of this business, we or our affiliates may acquire non-public information
about the issuers of the Reference Stocks or the Reference Stocks,
and we
will not disclose any such information to you. In addition, one or
more of
our affiliates may publish research reports or otherwise express
opinions
with respect to one or more of the Reference Stock issuers, and these
reports may or may not recommend that investors buy or hold the Reference
Stocks. As a prospective purchaser of a note, you should undertake
an
independent investigation of the Reference Stock issuers that in
your
judgment is appropriate to make an informed decision with respect
to an
investment in the notes.
|
·
|
HEDGING
AND TRADING IN THE REFERENCE STOCKS —
While
the
notes are outstanding, we or any of our affiliates may carry out
hedging
activities related to the notes, including in the Reference Stocks
or
instruments related to one or more of the Reference Stocks. We or
our
affiliates may also trade in the Reference Stocks or instruments
related
to one or more of the Reference Stocks from time to time. Any of
these
hedging or trading activities as of the Pricing Date and during the
term
of the notes could adversely affect our payment to you at
maturity.
|
·
|
MANY
ECONOMIC AND MARKET FACTORS WILL INFLUENCE THE VALUE OF THE NOTES
—
In
addition
to the value of the Reference Stocks and interest rates on any trading
day, the value of the notes will be affected by a number of economic
and
market factors that may either offset or magnify each other and which
are
set out in more detail in product supplement no. 88-I.
|
· Initial Share Price: | $21.00 |
●
Protection
Amount: $10.50
|
· Interest Rate: | 25.50% per annum |
Hypothetical
lowest closing price of the common stock of Citigroup Inc. during
the
Monitoring Period
|
Hypothetical
Final Share Price of the Least Performing Reference Stock (Citigroup
Inc.)
|
Payment
at Maturity
|
Total
Value of Payment Received at Maturity**
|
$21.00
|
$42.00
|
$1,000.00
|
$1,000.00
|
$8.40
|
$22.05
|
$1,000.00
|
$1,000.00
|
$21.00
|
$21.00
|
$1,000.00
|
$1,000.00
|
$10.50
|
$10.50
|
$1,000.00
|
$1,000.00
|
$8.40
|
$19.95
|
47
shares of
Citigroup
Inc. common stock or the Cash Value thereof
|
$950.00
|
$8.40
|
$8.40
|
47
shares of
Citigroup Inc. common stock or the Cash Value thereof
|
$400.00
|
$5.25
|
$5.25
|
47
shares of
Citigroup Inc. common stock or the Cash Value thereof
|
$250.00
|
$0.00
|
$0.00
|
47
shares of
Citigroup Inc. common stock or the Cash Value thereof
|
$0.00
|
** |
Note
that you
will receive at maturity any accrued and unpaid interest in cash,
in
addition to either shares of the Least Performing Reference Stock
(or, at
our election, the Cash Value thereof) or the principal amount of
your note
in cash. Also note that if you receive the Physical Delivery Amount,
the
total value of payment received at maturity shown in the table above
includes the value of any fractional shares, which will be paid in
cash.
|
Ticker
Symbol
|
Issuer
|
Exchange
|
Initial
Share Price
|
Protection
Amount
|
C
|
Citigroup
Inc.
|
NYSE
|
||
DD
|
E.
I. du Pont
de Nemours and Company
|
NYSE
|
||
GE
|
General
Electric Company
|
NYSE
|
||
GM
|
General
Motors Corporation
|
NYSE
|
||
HD
|
The
Home
Depot, Inc.
|
NYSE
|
||
MRK
|
Merck
&
Co., Inc.
|
NYSE
|
||
PFE
|
Pfizer
Inc.
|
NYSE
|
||
T
|
AT&T
Inc.
|
NYSE
|
||
VZ
|
Verizon
Communications Inc.
|
NYSE
|