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Food, beverage, tobacco and drug companies are also giving us a “summer of hope,” he said. That’s how companies like Johnson & Johnson, Procter & Gamble andMerck have all managed to perform so strongly in spite of any bearish sentiment. And even within sectors, we are faced with drastic dichotomies. While German consulting and software company SAP can rally $1.68 on fast-growing IT spending, the India-based firm can plummet 11 percent while citing IT weakness. We see a similar dynamic between Dunkin' Brands and Starbucks.
And then there are the worst of times.
Globally, products are suffering from a lack of demand. This “season of darkness” is especially evident among oil — once considered an inelastic staple commodity — and a number of other industries. Gas prices have fallen as a result of better cars and a weaker world economy, and many oil service companies are in a state of constant decline.
Computer sales have been “crushed,” and not all of it can be blamed on Apple. Luxury and non-discretionary retailers alike are slowing down. And businesses like Dow Chemical, Caterpillar, Alcoa, Ford Motor and General Motors are now being punished for expanding beyond U.S. borders.
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