These stocks historically have price-to-earnings ratios in the high teens to low 20s, an I expect they'll return to that level.

Earnings growth has been surprisingly low for drug stocks and there is more of that to come as we go through a cycle of patent expirations. But I think the stocks are close to being washed out and if you have patience they will do quite well over a longer period of time.

Earnings growth has been surprisingly low for drug stocks and there is more of that to come as we go through a cycle of patent expirations, ... But I think the stocks are close to being washed out and if you have patience they will do quite well over a longer period of time.

Investors favor steel stocks due to attractive price-earnings ratios and high dividend yields.

We continue to maintain a bullish stance towards European stocks for 2006. The combination of still low valuations and the prospects that earnings will continue to grow suggests a continued positive stance.

We've had quite strong earnings, but that is starting to be reflected in the price. Multiples currently are getting high and things are looking a bit stretched.