ConocoPhillips, Proctor & Gamble in Bear Territory, but Aren’t ‘Buys’

With the Dow Jones Industrial Average reaching correction territory, some of the biggest stocks entered bear market territory, defined as a 20 percent drop or more from the stock’s most recent high. Oil giant ConocoPhillips (COP) slipped 44 percent from its recent high, Hewlett-Packard (HPQ) lost 32 percent, while Procter & Gamble (PG) fell 23 percent. But BGC Partners markets analyst Michael Ingram doesn't think these stocks are 'buys' despite their precipitous declines. 'Markets are embracing the sum of all fears,' he said. 'We had seen some sectors such as utilities, which act as bond proxies, hold up but even those are cracking. There's a problem with global growth.' For investors, he said there's no reason to be loading up on risk. 'If you're going to venture into risk assets right now, that's like catching a falling knife.' TheStreet’s Scott Gamm reports from New York.