However, I do see the merit, to one degree or another, of the downgrade. I do think that currency issues will be plaguing companies this quarter. And it's not exactly old news. We've been hearing about this for a long time now.

Here's some reason for optimism, though: Colgate-Palmolive does have a good history of beating earnings projections. But you do have to wonder if competition from private-label brands, in addition to the negative impact from currency translations, is going to catch up with the company. Generic items have also seen their fair share of print lately.

The stock has been weak over several time periods. Year-to-date, three-month, one-month frames, they're all in the red, at the time of this writing. And Colgate-Palmolive is currently closer to a 52-week low than a 52-week high.

I'd say that there may indeed be more downside risk to Colgate-Palmolive. Of course, that's the trader in me talking. Like I say, I'd have to assume that the stock will generate decent returns over a multitude of years. It's not my favorite, though, of all the stocks mentioned here. I'm loyal to Procter and Gamble for the most part, as I have the most faith in that company's portfolio of supermarket wares. Colgate-Palmolive is a decent company, but as with any stock, it could break its 52-week low of $54.36 and head lower. Bear markets tend to do that to stocks, even the defensive ones.

Disclosure: I don't own any company mentioned; positions can change without notice.