Reported

Expected

ART Test

CUSUM

ORT

Series

d Est

Breaks

Breaks

p-value

Test p-value

AA

0.42

7

7.5

0.48

^*0.00

2.68

AIG

0.40

6

6.8

0.52

^*0.00

4.02

BA

0.40

10

6.8

0.09

^*0.01

1.63

CAT

0.41

7

7.1

0.42

^*0.01

5.32

GE

0.44

8

8.0

0.41

^*0.01

4.98

GM

0.36

7

5.5

0.19

^*0.01

5.20

HP

0.44

6

8.0

0.69

^*0.00

0.50

IBM

0.44

11

8.0

0.11

0.06

1.13

INTC

0.46

6

8.6

0.75

^*0.00

2.20

JNJ

0.40

11

6.8

^*0.05

0.16

3.62

KO

0.42

11

7.5

0.08

^*0.00

4.40

MRK

0.39

7

6.4

0.31

^*0.05

3.89

MSFT

0.46

10

8.6

0.25

^*0.03

^*11.24

PFE

0.42

10

7.5

0.14

0.07

3.88

WMT

0.42

10

7.5

0.14

0.31

4.15

XON

0.44

6

8.0

0.69

^*0.00

1.26