The limited partnership's shares, pounded in recent months, could roughly double over the next year if the lofty level of cash-flow distributions holds up.

"Those are real solid numbers," says money manager Chuck Jones of Atlantic Trust in San Francisco. Atlantic Trust has $15 billion under management, including a stake in HP. Despite their reversal of fortune, on a forward earnings basis HP shares trade more cheaply than Dell's. HP trades for 8.18 times fiscal 2010 estimated earnings, versus Dell's 8.32 multiple for its Feb. 1, 2010, earnings. HP also seems a bargain compared to IBM (IBM), which trades at nine times expected 2009 earnings. The multiple is particularly attractive, says Jones, when coupled with HP's strong cash generation, even during miserable economic times, driven by the reliable revenue streams. HEWLETT-PACKARD HAS "limited downside and significant upside," Jones says. He thinks the shares could rally to the low-50s once signs of normalcy return to the stock market.

Millicom has fallen about 66%, to 42, from its high of a year ago. When investors rediscover emerging markets, the stock could rally more than 25% and command a P/E of 10 to 12.

Debt to total capital is less than 40%, and Saks has no trouble funding itself, Galluccio says. Citi Investment Research puts the value of Saks' real estate at $1.46 billion. Saks won't make a profit this year and might not earn money next year either. But in normal times, Galluccio figures the company could earn 50 to 60 cents a share and merit a price/earnings multiple of 10 to 12. That implies a stock price of 5 to 7 a share, compared with Friday's 3.82. If the recession deepens, Saks' stock could fall further. But the company's real estate provides support. Chances are, when the clouds lift, Saks current stock price will seem cheap -- but the Armani Collezione won't.

Charge-offs of bad card debt, or losses, may rise from 6.6% of balances today to more than 10% by 2010. Among pure-play card issuers, Capital One is best-positioned for the storm.

The Dow Jones Stoxx index of 600 European companies is off 47% in 2008, one of the worst years for European equities in history, and certainly the worst in over a generation. Only 17 stocks in the index are up for the year. Among big companies, German auto maker Volkswagen (ticker: VLKAY), the subject of takeover interest from sports-car producer Porsche Automobil Holding (PAH3.Germany), is ahead 67%. The worst performer: Anglo Irish Bank (AGIBY), down 98.6%.

The Dow Jones Stoxx index of 600 European companies is off 47% in 2008, one of the worst years for European equities in history, and certainly the worst in over a generation. Only 17 stocks in the index are up for the year. Among big companies, German auto maker Volkswagen (VLKAY), the subject of takeover interest from sports-car producer Porsche Automobil Holding (PAH3.Germany), is ahead 67%. The worst performer: Anglo Irish Bank (AGIBY), down 98.6%.

More than half of new subscriptions for Research In Motion's sales of BlackBerry messaging phones now are to consumers, but this has come at a steep price. Two weeks ago, the company told investors that it would have a gross profit of 40% to 41% in the current quarter, versus 45.6% in the prior one, on sales much higher than expected. Needham & Co. tech analyst Charlie Wolf on Monday said he expects low-40s gross profit to be a problem for RIM through 2010. RIM's sales of new smartphones such as the Storm, which is carried by AT&T (T), aren't bringing in the kinds of profits that the company enjoyed when it sold only to the suits. Making complex phones and selling them at consumer prices just isn't as profitable. And it could get worse, with things like "hero" campaigns -- large in-store displays that cost RIM big bucks -- yet another drain on the company's profitability if the Wal-Mart deal becomes an important stake in the ground in electronics retailing.