Shares of the big technology companies might have been derailed by economic concerns, says Michael Cahill, a portfolio manager based in New York with Chilton Investment, which oversees $7.8 billion, but the underlying tech trends remain in place. He argues that beaten-down semiconductor stocks like Anadigics (ANAD) probably could double "in a year or two."

The Big Money folks fingered tech stalwarts such as Intel (INTC), Apple (AAPL), Cisco and Research In Motion (RIMM) as among their favorites, along with insurer American International Group (AIG).

The Big Money folks fingered tech stalwarts such as Intel (INTC), Apple (AAPL), Cisco and Research In Motion (RIMM) as among their favorites, along with insurer American International Group (AIG).

The Big Money folks fingered tech stalwarts such as Intel (INTC), Apple (AAPL), Cisco and Research In Motion (RIMM) as among their favorites, along with insurer American International Group (AIG).

The Big Money folks fingered tech stalwarts such as Intel (INTC), Apple (AAPL), Cisco and Research In Motion (RIMM) as among their favorites, along with insurer American International Group (AIG).

The Big Money folks fingered tech stalwarts such as Intel (INTC), Apple (AAPL), Cisco and Research In Motion (RIMM) as among their favorites, along with insurer American International Group (AIG).

Jim Hardesty, founder of Baltimore- based Hardesty Capital, with $700 million in assets, is drawn to General Electric's bargain-bin valuation: 13 times 2009 earnings estimates of $2.48 a share. He thinks that the stock could rebound to $50 in coming months.

Many managers, not surprisingly, dubbed Google, Apple and Research In Motion the market's most overvalued issues, a dubious distinction also shared by First Solar (FSLR), Monsanto (MON), Intuitive Surgical (ISRG) and Sears Holdings (SHLD), the struggling retailer controlled by hedge-fund manager Edward Lampert.