Both Magma and QLogic sell at a multiple of 11 times normalized earnings per share.

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Banks could conserve billions in much needed capital until they reach normalized earnings power maybe by 2011.

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The company sells at a multiple of 12 times normalized earnings, excluding cash.

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Price-earnings ratios thus remain intact at mid-teens with a normalized earnings progression approximating 6 percent, maybe more because operating profit margins hold up.

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They reach normalized earnings in 2011.

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Stocks like Freeport-McMoRan, Vale and Peabody Energy sell on a construct of normalized 2014 earnings power.

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The fact is that nobody knows with certainty what normalized Apple earnings over the next five years will be.

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Last week, it felt as if this scenario was beginning to be tested as investors seemed to begin to value stocks not on recession earnings, but rather on normalized earning power over the next recovery cycle.

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