SH: Perspective from Briefing.com
15:36 ET Beverages : :
A day like today, with the Nasdaq at a 52-week low and the Dow over 240 points lower, we aren't the the only ones thinking about a beverage. Not surprisingly, Anheuser-Busch (BUD) is one of the few issues in the green today, along with fellow brewer, Coors (RKY) and of course, the market's favorite defensive play, Miller Brewing parent, Philip Morris (MO).
Higher-than-expected employment numbers have essentially killed whatever hope some had for an inter-meeting rate cut, and what little buying interest the is on the floor has been directed toward the classic defensive plays such as drugs, cigarettes, food and beverages.
There are no "1999-like" opportunities out there right now, and outperforming the S&P 500 has once again become the yardstick.
13:45 ET Day Trader : :
It's pretty much understood that few companies will meet the 2001 expectations layed out by analysts in 2000. In fact, many companies will even fail to meet the numbers they guided down to at the end of the December quarter. Anticipation of quarterly shortfalls, followed by several quarters of downward revisions, has sent investors fleeing from the tech sector. Steady deterioration in price has resulted in a situation where investors are selling first, and asking about the company's ability to meet earnings later. It's the uncertainty of not knowing just how bad the situation is that makes investors nervous about holding top names even after they have come down to seductive levels.
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