"Defensive" Stocks

Integral Systems (ISYS): Forward P/E 17, PEG 0.75, revenue growth last quarter of 55 percent, operating margin of 17 percent.

Curtiss-Wright (CW): Forward P/E 16, PEG 1.2, revenue growth last quarter of 30 percent, operating margin of 11 percent.

Orbital Sciences (ORB): Forward P/E 24, PEG 1.6, revenue growth last quarter of 30 percent, operating margin of 8 percent.

Esterline Technologies (ESL): Forward P/E 15, PEG 0.6, revenue growth last quarter of 45 percent, operating margin of 9 percent.

Doing a little math by dividing their forward P/E by the PEG, you can see that future earnings growth for these companies is projected at annual rates of 13 percent to 25 percent. And a recession isn't going to cut into military spending. That means these companies should continue to fly high.