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If you're concerned about a forthcoming market correction, GlaxoSmithKline, AT&T, and Procter & Gamble may be worth buying right now.
Update: I spoke with Shire (SHPG) CFO Jeff Poulton about his decision to leave, and he was quick to dispel any concerns that his departure was about anything except his desire to pursue a new opportunity. Poulton also said that calling Shire a specialty-pharmaceutical company is a misnomer, as an overwhelming percentage of revenue now comes from its orphan drug business, a point raised by analyst Evercore ISI analyst Josh Schimmer, who wrote that Shire has "biotech cash flows with a spec pharma valuation" in a note last week. Shares of Shire have fallen 4% to $139.71 at 1:26 p.m. today.
Analysts are most critical about Teva's plan to cut $5 billion in debt by the end of the year.