Industrial Stocks Take Another Left Hook -- Part II

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This week's final legislative thrashing has sent the markets down toward could be a final blowoff, what some call "capitulation." That means we've entered into an "all hope is lost" environment, which for some investors, paradoxically, represents a time to buy. My friend Jonathan Moreland believes that we have not yet seen any real capitulation in this market. I would characterize Monday's carnage as precisely that.

Courageous buyers aren't looking to make a quick buck, and they usually acknowledge that any rebound will be slow to evolve. Their major interest stems from a desire to buy stocks at deep discounts to core value.

In Part I of this series, I took a look at some of the steel-related names that appeared on my deep-value industrial screen. In this second part, I am looking at an additional pair of intriguing names that appears on the screen below.

Quenching Thirst

Regardless of how deep any economic slowdown may bite, demand for bottles is likely to stay reasonably constant. Supermarket shelves will still be filled with pickle jars, six-packs of beers and the like. That helps explain the stable annual results posted by Owens-Illinois (OI Quote - Cramer on OI - Stock Picks). The company is the largest provider of glass packaging in 19 of the 22 countries in which it operates and controls 30% of the global glass market.

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