One out of every 10 companies in the S&P 500 index -- including stalwarts like Apple and JPMorgan Chase -- is now cheaper than during the 2008-2009 market meltdown.
Even as S&P 500 earnings soar past Wall Street estimates quarter after quarter, the lack of investor confidence has dropped the forward price-to-earnings ratio of at least 50 of the largest U.S. companies below their crisis lows, according to a screen of Thomson Reuters data.
Investors are now willing to risk less cash for every $1 in earnings they expect to rake in for upcoming quarters than they were in 2008 or 2009.
The companies in question are not exactly obscure. Besides Apple Inc <AAPL.O> and JPMorgan Chase & Co <JPM.N>, others on the list include Microsoft Corp <MSFT.O> and Wal-Mart Stores Inc <WMT.N>, illustrating the extent of investor pessimism.
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