But Hansen shares look topped out once again. At the very least, they're well above the average 12-month target of 37.25 held by analysts. "There's not a lot of margin for error in this market environment with that valuation," Van Winkle says. He adds that a takeout premium has likely been embedded into Hansen shares, with many anticipating that Coca-Cola (KO) could make a bid for the entire company. The company said its market share in energy drinks continued to rise in the quarter. Hansen now controls about 28% of the category. Despite the recent momentum, Mark Astrachan, an analyst at Stifel Nicolaus, downgraded Hansen shares in late March to Hold from Buy. "There's a lot of good news out there," he says. "But we think the shares are reflecting that."

Campbell Soup (CPB) lacks the buzz of Monster energy-drink maker Hansen Natural. But its proven staying power makes it the better stock bet. Shares of 140-year-old Campbell should still fit the bill. The soup maker has raised its dividend for six straight years, and, at 3.8%, Campbell sports its highest yield in at least 20 years. Over the last five years, Campbell's shares have posted a total return of 12%, versus a 6% decline for the Standard & Poor's 500 index.

Hess shares have advanced rapidly and might be ripe for a pullback that would present a buying opportunity. And over the next 18 months, they could hit 70, versus a recent 61.

Consider Blue Nile (NILE), whose shares are up 152% since late January. Blue Nile hawks diamonds and jewelry online but had investors smitten last week with its "golden cross" -- a rare occurrence when a stock's rising 50-day moving average crosses above its 200-day average. The reasons for the recent ascent aren't hard to fathom: First-quarter profit was better than expected as weaker commodity costs offset lower demand. Diamond-buying is moving online and, like Tiffany's (TIF), one supposes Blue Nile is assured of customers as long as men need to propose (or apologize). But shares fetching 72 times 2009 profits are pricey even by Blue Nile's exalted standards, not to mention in comparison with Tiffany's 18 times earnings and 38 times for Internet retailers. It makes even Amazon.com 's (AMZN), at 49 times earnings, look cheap. Analysts expect Blue Nile's earnings to grow 28% next year, but that glittering future is amply priced into shares trading at 57 times projected 2010 profits. "Risks related to rising competition -- which should persist post recession -- aren't appropriately factored into shares," and that can curb pricing power and cash-flow growth even as the economy rebounds, says Susquehanna analyst Marianne Wolk.

The embrace of recent rejects has also lifted Blackstone Group (BX) 258% since late-February. Blackstone is armed with $27 billion of buying power, and there are many bargains to be had. The best deals traditionally were had at the bottom of the market, so any glimpse of economic recovery encourages the reflexive rush toward Blackstone. A 30-cent quarterly dividend, or 9% yield, provides an additional bribe. Buyers' patience will be sorely tested, however, and the $231.6 million first-quarter loss reported last week was the least of it. Buyout firms' returns were built on leverage and debt, both of which will be scarce for years to come. Coaxing management and owners to take on debt will get tougher. Acquisitions made near the market peak -- like a $26 billion deal for Hilton Hotels -- could take years to recoup, if ever, and the value of its portfolio continues to deteriorate. Last week, Blackstone said it wrote down the value of its private equity holdings by just 3% last quarter and its real estate by 19% -- far less than writedowns of 29% to 39% last year. The extent of future writedowns is unclear. Any deals Blackstone snags today could take years to pay off. With shares fetching nearly 51 times 2009 expected earnings, versus 22 times for asset managers generally, shareholders might not wait.

"Wipro could be the one Indian IT company that global competitors such as IBM worry about most, based on the breadth of its service offering and an ambitious global acquisition program," says Ashish Thadhani, an analyst at New York-based Gilford Securities. That's a big step for a firm whose name is still mispronounced (it's "Whip-Row," not "Why-Pro") and which started life 64 years ago as Western India Vegetable Products. Wipro's resurgence hasn't gone unnoticed. Investors have piled in, more than doubling the value of its American depositary receipts, which closed at $10.42 Friday. Yet analysts see hope in the form of India's weak currency. Wipro has been hurt by some of its currency hedges. But Gilford Securities' Thadhani says that the rupee should strengthen against the greenback, helping Wipro to "surprise on the upside as headwinds stemming from its currency hedges turn into tailwinds."

I've been speculating in recent weeks, along with most everyone else, about which enterprise-technology companies are likely to be in play in the next year or so. And Red Hat (RHT), a provider of Linux open-source operating-system software, fits the bill.

If Red Hat were snapped up, Whyman suggests, another open-source outfit, such as Novellus Systems (NVLS), could certainly become a target -- if it isn't already.