Looking at some of the cash-rich giants, Exxon sits on $30 billion of net cash, or $6 a share. At 62, the stock trades for just seven times projected 2008 earnings market value, although it's likely that '09 profits will fall due to the drop in oil and natural gas prices. It's possible that Exxon may shift some of its cash from an aggressive share buyback program to an acquisition because some aggressive independent energy outfits like Chesapeake face trouble because of debt-financed acquisition binges.

Microsoft CEO Steve Ballmer has been criticized for indecisiveness, but he was smart to walk away from the company's $47 billion offer to buy Yahoo!, whose shares are down to 12 from over 30 in the spring. Microsoft offers a nice package of a great balance sheet with $23 billion in cash, another $6 billion of equity investments, a monopoly software business and the lowest P/E in its history at just over 10 with the stock around 22. Microsoft's earnings could fall below its projection of about $2.15 a share in its fiscal year ending in June 2009, but a miss arguably is reflected already in the stock.

After being blasted by investors for conservatism for holding too much cash, tech leaders now are lauded by Wall Street. Apple and Dell have cash equal to more than 25% of their market values.

After being blasted by investors for conservatism for holding too much cash, tech leaders now are lauded by Wall Street. Apple and Dell have cash equal to more than 25% of their market values.

Yahoo!, whose shares now trade around 12, has about $2 a share in cash and another $3 a share in investments, including a stake in Yahoo Japan. That could limit further downside in the stock.

Depressed Motorola could get support from its cash position, which equals 30% of its market value. The same is true for Electronic Arts .

Depressed Motorola could get support from its cash position, which equals 30% of its market value. The same is true for Electronic Arts .

Loews , the conglomerate controlled by the Tisch family, has seen its shares battered recently because of sharp declines in CNA Financial and Diamond Offshore, in which it owns big stakes. Loews, at 26, is down from 40 recently. The good news is that Loews sits on about $3.5 billion of net cash, or $8 a share. The company's total net asset value, including positions in public companies, private investments and cash, is about $40 a share. Investors now can buy Loews at a big discount from its NAV and get a management team led by CEO Jim Tisch that's done a good job making acquisitions and delivering for shareholders.