Consumer Staples Sector Looks Overvalued: Wells Fargo Strategist

The consumer staples sector looks overvalued, according to Scott Wren, senior global equity strategist at Wells Fargo Investment Institute. Instead, Wren favors the industrials and consumer discretionary sectors. Plus, Wren comments on first quarter earnings season, which is heating up. This week, the major banks report financial results, including JPMorgan (JPM), Wells Fargo (WFC), Goldman Sachs (GS) and Citigroup (C). He says even though forecasts are looking rather bleak, he still expects earnings growth of 5-7% for the year on the heels of an improving economy. TheStreet's Scott Gamm has details from New York.