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The P/E ratio for the Consumer Discretionary sector was cut in half this week from 33 down to just over 16. What gives? Well, when you take out struggling General Motors (NYSE:GM), the sector's valuation suddenly looks much more attractive. With GM's bankruptcy filing this week, it came out of all of the major indices and sectors. It may not be the best way to improve a sector's fundamentals, but it's definitely one way to do it.

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Source: Consumer Discretionary Sector PE Ratio Drops from 33 to 16