Word: coca-cola
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...bottom line, the business pages tell us that our Herculean economy may be on shaky ground. The financial troubles of so much of the rest of the world may finally be creeping across our borders. Our soaring stock market has hit some turbulence. Long-time stock superstars like Coca-Cola, American Express, and Walt Disney have all recently taken dives. In response, our play-it-cool financial captain Alan Greenspan, as if in a fit of nostalgia for the early '90s, recently announced a rare cut in interest rates...
...that way, in large part, precisely because they belong to the most popular index and simply got floated higher and higher on a tide of investor cash. Just this week Procter & Gamble, a charter member of the S&P 500, announced that it could not meet its growth targets. Coca-Cola too has stumbled on slower overseas growth. And the computerized "sell programs" have made the Generals ride a roller coaster of late...
Other companies that took major hits were transportation stocks whose business involves trade and travel: the parent companies of such airlines as American, United and Delta. Companies like Coca-Cola, Procter & Gamble and Gillette, which not long ago were praised for their successful penetration of global markets, last week were punished harshly through stock sell-offs. General Electric, the world's most valuable public corporation and one of the most admired, fell 22%, losing $68 billion of its market value...
...drop from a previous peak. Many investors, though, have been in a quiet bear market for several months; that's because, during the last stages of the run-up in the Dow and the S&P 500, most of the increase was accounted for by such large companies as Coca-Cola and Microsoft; many smaller stocks were left behind. In the S&P 500, virtually all the gains in share prices in recent months were made by the 50 largest. At the same time, the Russell 2000 index of smaller stocks--traditionally favored by many individual investors...
...matter. There are companies behind those pieces of paper we call stocks. If a company's fortunes sink, so eventually will its stock. Beware of any company whose price-earnings multiple is greater than the expected annual growth rate for its earnings over the next few years. For example, Coca-Cola's P/E, even now, is 40; its earnings could rise 15% a year. That's definitely not the real thing...