Securities Regulation and the Increasing Impact of Macroeconomic Forces on Stock Prices

The Wall Street Journal reported yesterday that macroeconomic forces are driving stock prices to move in a lockstep fashion more than ever, making traditional stock analysis based on an individual company's fundamentals less and less relevant.  If this trend continues, it may raise some interesting securities regulation questions.  For example, should companies be emphasizing the role of macroeconomic forces, and the increasing incidence of lockstep stock price movement, more in their disclosures?  What about event studies?  Should their value be discounted because information that is material about a particular company is less likely to move that company's stock price?  Or, is company-specific information simply less material?

SJP