Clearly, economic growth will slow in the third and fourth quarters, given the effects of Hurricane Katrina, ballooning gas prices, rising interest rates, a renewed surge in corporate layoffs, and plunging consumer confidence.

The big problem, as money manager Tom Postin of Los Angeles-based P&W Partners, sees it – and he’s not alone – is that the slowdown is inadequately reflected in analysts’ earnings estimates. “It means,” he tells me, “we’re sure to see more earnings disappointments than we expect, and portfolios probably have more dogs in them than you might imagine.”

Speaking of dogs, Standard & Poor’s has put together a mini-list of 11 stocks that its team of analysts believes will lag in 2006. Each is rated a “sell” or a “strong sell,” and its dogs include some of the country’s best-known corporate names.

Aside from slowing economic growth, reasons given for avoiding these stocks are varied. They include excessive valuations, weak prospects, margin pressures, problems with new ventures and restructuring efforts, and falling product demand. These negative factors, of course, could add up to potential earnings shocks and skidding stock prices.

Here’s a rundown of S&P’s dogs, along with some brief commentary as to why it thinks investors could get bitten:

ALLIANCE GAMING ($10.85): This diversified gaming company has made progress with cost reductions and the rollout of its Alpha video platform. However, S&P is wary of overall demand for gaming machines, especially from new and expanding markets, in the year ahead. Also, it thinks the current stock price reflects too much investor anticipation of a takeover bid.

CHIRON ($43.65): This biotech company faces potential problems if the upcoming flu season is weak. Likewise, competition for vaccines is likely to increase by the 2007-08 flu season. S&P also thinks Chiron has a below-average pipeline. Further, it’s concerned about the company’s corporate governance, given its belief that options issuance and executive pay seem exorbitant relative to earnings and stock performance.

DOW JONES ($38.19): S&P approves of the recent acquisition of Market Watch by this newspaper company (which publishes the Wall Street Journal and Barron’s) and thinks the September launch of the Weekend Journal will provide advertising growth over time. However, the S &P projects that both ventures will be dilutive to this year’s earnings. In addition, S&P has a negative near-term outlook for advertising spending, particularly in the financial and technology sectors, which make up 32% of Dow Jones’s ad revenue. Also, this year’s earnings are pegged at $1.03 a share, down from $1.21 a year ago.

GENERAL MOTORS ($30.61): Based on S&P’s 2005 earnings estimate of $0.43, versus $4.95 for 2004, the stock of the largest automaker trades at the high end of its historical price/earnings range and above the levels of its peers and the S&P 500. Further, GM’s net margin is expected to be about break-even this year. Negative free-cash flow is also projected in 2005, compared with positive cash flow for the other automakers.

INTERNATIONAL PAPER ($29.80): This major paper and packaging maker is seeing softer demand for uncoated paper, corrugated packaging, and plywood. As a result, S &P has lowered its earnings numbers, cutting its 2005 earnings estimate by $0.25 to $1.20 a share and its 2006 projection by $0.30 to $1.35. The advisory firm is encouraged by the company’s plan to focus solely on uncoated paper and packaging, and to sell or spin off the rest of its businesses. But it thinks this restructuring could be difficult and also views the paper and packaging industry to be in the later stages of an up cycle.

MONSANTO ($62.75): The shares of this agricultural products supplier are rated overvalued, given that it faces business risks and has only moderate longer-term growth potential. The company is also moving away from dependence on its herbicide business, which should experience greater competition and narrowing margins as patents expire.

PEOPLE’S ENERGY ($39.38): S&P’s strong sell recommendation on this diversified energy company is based on what it sees as weak growth prospects. Further, the company’s utility operations are said to face an earnings squeeze due to high natural gas prices, which the advisory thinks will lower demand, increase bad-debt expense, and decrease the likelihood of rate hikes.

Rounding out S&P’s list of 11 dogs are Lincare Holdings ($41.05), Restoration Hardware ($6.32), Technitrol ($15.32), and WGL Holdings ($32.13).