CBS Corporation (CBS): We all know CBS, which trades with an enterprise value/EBITDA of 5.809 and forward P/E of 8.61. These valuations are extremely cheap by almost any valuation metrics in the market, nonetheless for a top-notch media company. CBS has 10 time period winning programs, more than all the other networks combined. This means, during a slowdown, advertisers look to get the most bang for their buck—advertising with CBS makes the most sense, given their dominate force in winning programs. CBS just recent bought CNET.com. the #1 website in the computer and consumer electronics category that reaches more than 17 million people each month. BNRY.vom, ZDNET and TechRepublic , are among the fastest growing destination in the expanding business category, with a combined 18.4MM monthly users. That’s almost 35 million users each month, not including CBS.com and CBSnews.com and other local CBS sites, which bring in about 100 million visitors each month. Applying a Yahoo (YHOO) multiple to the websites alone, shows that sum of parts is equal to at least 2/3rds the current market cap of the company. Let’s also not forget that CBS radio revenue ranks #1 in NYC, #2 in LA, #1 in Chicago, #2 in San. Fran, #1 in Dallas, #5 in Houston, # 1 in Philly and #1 in Boston. CBS also owns Simon & Schuster. Who cares who the next president is ( joking of course)-- Mainstream media is going to benefit from over $400 million in advertising for the current Presidential campaign. And with a tight race, this number could increase. Buy CBS

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Kellogg Brown and Root (KBR): $1.6 billion dollars in CASH, $0 debt and backlog north of $13 billion dollars. Of its revenue, 89% is internationally based and 11% is domestically based. KBR’s backlog is broken up into six pieces: downstream, government and infrastructure, services, technology, upstream and ventures. The downstream unit has a backlog of just under $300 million, mostly focused on various downstream projects, such as refining. Most of this segment is based on emerging markets. Government and infrastructure has a backlog of $5 billion, with vast diversification among various defense services and nondefense branches of the U.S. government. The services business unit backlog ballooned from the first quarter of 2007 to first quarter of 2008, up a whopping 208%. Mostly driven from demand from the Canadian oil sands, this is an indirect play on the Canadian oil sands. Technology is the smallest backlog of the portfolio, coming in at around $110 million. This is mostly leveraged to intellectual property assets and is focused on capitalizing on future licensing opportunities. The upstream side of the business accounts for the largest portion of the backlog portfolio, coming in at a $6.5 billion vs. first-quarter 2007's $4 billion. This portion is directly leveraged to the price of oil and natural gas and exploration thereof. The Ventures backlog accounts for $700 million, up 17% since the first quarter of 2007. Here KBR makes equity investments on a stand-alone basis. Near its 52-week low, KBR’s total backlog has grown from $10.7 billion in first-quarter 2007 to $13.4 billion in first-quarter 2008, up 25% year over year. During the same time, recurring business income has grown 30%, which means KBR’s customers love their service. Buy KBR

ATP Oil & Gas (ATPG): Which is sitting on is 52-week low list is a buy. ATPG trades with a forward P/E of 4.23, EV/EBITDA of 3.787 and trading at 1x 2008 cash flows. Production growth is up 31% year over year and even faster growth is projected in the future. ATP recent sold a 10% stake in a small oil/nat. gas felid for $85 million dollars, suggesting the worth of this felid only is over $80 million. In the coming weeks, ATPG will be updating production and monetization levels to investors. I think that is when the stock takes off Buy ATPG

Great snapback play

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