This environment typically leads to disparate performances between sectors and stocks, according to strategists at Ned Davis Research.
In the initial stage of a recovery from a bear market, the stocks that have fallen the most tend to be the ones that rebound the strongest. 'After a bottom, the market shifts to more industry-specific and company-specific factors,' says Amy Lubas, senior equity strategist at Ned Davis.
Such differentiation will most benefit those companies that have both cut their costs and have the best prospects for revenue growth, says Goldman's Mr. Kostin.
Among SP sectors, materials stocks posted the biggest decline in SGA costs -- down nearly 10% -- followed by information technology. Energy companies, too, have cut costs significantly. In contrast, SGA costs rose at telecommunications companies and fell only 1% at consumer staples names.
Mr. Kostin says the most likely sources for revenue growth are outside the U.S., where technology, energy and materials companies get the greatest percentage of revenue.
More narrowly, Brazil, Russia, India and China are likely to be the strongest performing economies, and, Mr. Kostin says, the best revenue prospects. Already, a basket of stocks that Goldman identifies as having the greatest business from those so-called BRIC nations has done 29 percentage points better than the SP 500 this year.
Barry Knapp, equity strategist at Barclays Capital, favors industrials as a play on the cost-cutting binge. 'They've been cutting costs for nine years,' he says. 'That sector looks really well-poised for coming out of the recession.'
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