Green Mountain can generate profits through its purchases from royalty-paying licensees. That may worry investors in this high-priced, hot coffee stock.

Bears say WMS shares are flying too high, and see several catalysts that could cause a 10% to 30% drop from current levels. Hazards include lowballing of rivals' potential.

Far off their 52-week high, Varian's shares could climb 25% as the company expands overseas and steps up sales of gear used to inspect shipping containers.

The only large defense names to get a Buy rating are Boeing (BA) and Rockwell-Collins (COL), because of their exposure to the commercial-aerospace market. Both generate about half of their sales from commercial aerospace, which Whittington sees rebounding in the next year. If he is right about these two exceptions, Boeing could almost double to 84 and Rockwell-Collins could rise to 65. Both have been trading in the low 40s.

The only large defense names to get a Buy rating are Boeing (BA) and Rockwell-Collins (COL), because of their exposure to the commercial-aerospace market. Both generate about half of their sales from commercial aerospace, which Whittington sees rebounding in the next year. If he is right about these two exceptions, Boeing could almost double to 84 and Rockwell-Collins could rise to 65. Both have been trading in the low 40s.

This fiscal year, several factors will support the stock, says Roepers, including $20 million in acquisition-related synergies; a $10 million improvement in the peanut-butter business, and a $35 million reduction in acquisition costs. That totals about 50 cents a share, before taxes. Smucker isn't just PB&J sandwiches. The company's brands include well recognized names like Hungry Jack pancake mixes and Crisco oils. Given its predictable cash flow and those brands, Smucker deserves a "pretty high" multiple, Roepers says. Yet on several measures of value it trades near the bottom of its own long-term trading range. For example, its P/E has ranged from 10 to 30 over the years. Today it is 12 times fiscal 2010 consensus estimates of $3.36. And the stock sports a 3.5% yield. If the S&P 500's gains are sustained, the company's shares eventually will participate in the rally. If they fade, peanut butter will become as highly valued to investors as it is to kids. Either way, Smucker shares seem undervalued.

People certainly found it appealing. One fund manager I chatted with said that not only does he intend to start using the service when it launches June 3, but also that he is mulling whether to short Google. I was a little startled by that response, but you can see his point: Microsoft might be able to nibble some market share away from Google at the margin, and slow its steady march to complete domination.

People certainly found it appealing. One fund manager I chatted with said that not only does he intend to start using the service when it launches June 3, but also that he is mulling whether to short Google. I was a little startled by that response, but you can see his point: Microsoft might be able to nibble some market share away from Google at the margin, and slow its steady march to complete domination.