With its experience in developing and marketing console, PC and online games, Activision Blizzard may see its shares rise as much as 29% in a year.

Even modest growth in global GDP should yield handsome gains for the company. Earnings could start rising at 15%-plus a year -- and the stock looks set to climb at least 20%.

AIG shares look expensive, given its continuing troubles and our calculation of negative tangible common equity. Its debt offers a better play for adventurous investors.

And aside from the above-mentioned financial stocks, there has been some recent frothy speculation in lottery-ticket stocks such as Vonage (VG) and Sirius Satellite (SIRI), which should serve as a caution flag.

And aside from the above-mentioned financial stocks, there has been some recent frothy speculation in lottery-ticket stocks such as Vonage (VG) and Sirius Satellite (SIRI), which should serve as a caution flag.

Cardinal is keeping a 19.9% position in CareFusion, which allows the parent and its investors to participate in improved results there. The post-spin Cardinal looks to be trading for 12.5 times expected 2010 earnings, has renewed a multiyear contract with its largest customer and stands to benefit over time from the encroachment of generic prescription drugs, which carry higher margins. Spinoff Report thinks the "new Cardinal" is properly worth $33 a share, versus the $24.69 implied by the when-issued market.

So, Motorola faces competitive pressure-from other Android devices-that its chief rivals don't. Unless the company can demonstrate clear signs of traction in smartphones, I'd stay out of the way.

The bottom line is that the only real catalyst for Dell isn't under its control. The company eagerly awaits a pickup in PC demand, whether driven by new chips from Intel, the arrival of Windows 7 and Office 2010, increased consumer spending or simply a growing need to replace more of Corporate America's aging PCs. Even as Dell tries to position itself as a sophisticated corporate-solutions provider, to the Street it looks like a commodity-PC manufacturer in a world of still-tight IT budgets and tapped-out consumers snapping up low-end netbooks -- a market in which Dell has little traction. Keep in mind, by the way, that where Dell sees a big refresh cycle coming, Hewlett-Packard recently said it doesn't expect Windows 7 to be a big enough improvement over XP and Vista to spark a major refresh. Is there really a reason to be bullish on Dell? I don't see it.