There is no real doubt anymore that the bloom is off the industrial
rose; investors are no longer asking if there's going to be a
significant slowdown in industrial earnings growth, but rather when the
growth will resume. To that end, Danaher (NYSE:DHR)
did not really provide a lot of cheer with its second quarter earnings
release. Danaher is still not really cheap enough to own today, but it's
at least at a point where investors may want to watch it more closely
in case this market malaise stretches into the fall.