The real question with SWY is what should the multiple be? Clearly the rise in the share price since early December was fueled by a multiple expansion of the P/E. Now the selling seems to be feeding on a multiple contraction. One could estimate where the low will be if one knew what multiple the market now thinks is appropriate for SWY. Cantor Fitzgerald's note from April 12th that SWY is losing market share in many markets certainly adds to the problem.