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NEW YORK (TheStreet) -- According to Goldman Sachs analysts Andrew Sawyer and Stephanie Whited, sales of big U.S. household consumer names continued to decline into August. At the same time, private label competition was outpacing the household and personal-care industry, they said in an investor note.

Against this backdrop,


(PG) - Get Procter & Gamble Company Report

missed Wall Street consensus estimates when it reported fourth-quarter earnings on Aug. 3. And on Jul. 20, another consumer behemoth,


(JNJ) - Get Johnson & Johnson Report

, again slashed its full-year forecast, after cutting in April.

Brian Gilmartin, a


contributor and portfolio manager and founder of Trinity Asset Management called J&J and P&G "a tail of two different disappointments" -- reflecting a prevailing sentiment in the investment community.

Also worth noting is many investors still have nerves about P&G's especially pronounced drop during the mysterious Dow "flash crash" that sent the index down by almost 1,000 points on May 6.

While most would agree that the economy is a major factor weighing down these companies, many would also argue that J&J and P&G are facing problems unique to themselves.

P&G is among the companies that Moody's believes has the least capacity to assume additional debt through shareholder payouts within current rating categories and that the consumer behemoth fits the profile for "high shareholder-payout risk ... with fewer options to deploy its cash ..."

At the same time, analysts say J&J continues to face tough generic drug competition, pricing pressure in Europe, big recalls and the challenges of regulatory reform.

Still, financial advisors,

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while pointing out J&J and P&G's flaws, also note where the two can or are already making important improvements in areas of weakness

, as well as offer

advice on how to approach trading the two stocks.

Although J&J and P&G are facing many challenges, these are still "one-decision stocks" that tend to do well in bull markets because their P/Es tend to expand, Gilmartin noted.

Readers of


, of the choices below, which best describes your sentiment on J&J and P&G stock right now? Take the poll below, to see which stocks


is bullish -- and bearish -- on.

-- Written by Andrea Tse in New York.

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>>J&J, P&G: A Tale of Two Disappointments And Improvements

>>How to Trade and Invest in Pressured J&J and P&G

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