It's rare, indeed, even in today's stressed market, that the shares of a major drug company that's fast becoming such a formidable presence in biotech can be had for less than break-up value. A company, moreover, with a strong balance sheet, high margins and a stock that sells at only 12 times earnings. A company that has long been rumored a likely takeover target for a pharma giant like Pfizer (PFE) or Novartis (NVS). A company with a promising therapy for Alzheimer's that, essentially, you get free. And a company with a dividend yield of 2.7%, paying more than a five-year Treasury note while you await the final verdict on bapineuzumab, potentially "the biggest drug of all time."

The stock could rebound 50%, based on the outlook for bookings and profitability. And Carnival would get a big boost from any drop in fuel costs.

Nobel's shares have fallen 50% in the past year, but now look poised to rebound by as much as 505, to a split-adjusted 73.50 Swiss francs. Some big investors are buying more.

DryShips' stock, now in the low 60s, could fetch 80 within 18 months. In short term, however, seasickness pills are a must; the voyage could be quite choppy.

Last week, Micron said that it had cut its cost of goods sold in the latest quarter by 15% for DRAM and 25% for NAND flash. Nice, but not enough when prices are falling even more. But in a world of flat pricing, the economics could change quickly. Demand for memory is hardly slowing; Micron's cost cuts should leave it well-positioned to capitalize when the market turns, which some think will happen in a quarter or two. Micron will never be a huge earnings story. But, at less than $7 a share, it trades at just 70% of book value and recently fell to a 14-year low. It has $2 billion in cash. The stock looks ugly, but that's when you buy it.

At close to $16, Phoenix stock trades at 80 times projected earnings for the September 2009 fiscal year, and about 6 times revenues. But Schneiderman observes that none of the new initiatives are yet in the estimates. The analyst says that Phoenix aims to grow the BIOS business to $100 million by 2011, from around $70 million this year. He suggests that the segment deserves a stock-market value of about $300 million. The company's remaining market cap is around $140 million -- the option value of the other three businesses. Schneiderman's take is that if any of those new areas gain traction, the stock could be worth more, maybe a lot more. Down the road, he envisions $200 million in revenue, with a stock at five times revenue. In other words, he sees Phoenix rising from the ashes, back to a billion-dollar valuation.

THE TWO LARGEST U.S. PHONE COMPANIES JUST TOOK out a lease on the future, and patient investors could do the same by buying their stocks.

THE TWO LARGEST U.S. PHONE COMPANIES JUST TOOK out a lease on the future, and patient investors could do the same by buying their stocks.