Sohu.com (SOHU):Sohu.com provides online and wireless products in the People's Republic of China. Web properties include Web page search, music search, and news search. Wireless products focus on entertainment information, communications, online games, and e-commerce. Beijing based SOHU reported blockbuster results in 2008. Revenue and earnings grew substantially, exceeding market expectations and guidance in almost every product area. The stock itself is dirt cheap, selling at just 9.9x next year’s earnings, with a historic growth rate of 42% annually. Sohu.com has $314 million dollars in cash, or just over 1/6thits entire market cap in cash, which equals $8.249 per share in cash. Management and corporate insiders own 25.02% of the company as well---putting their financial interests directly in-line with that of the common equity shareholders. Sohu.com also has a 19% short position.

NPS Pharmaceuticals (NPSP): With several drugs in their pipeline, net revenue gains resulting from licensing fees from Nycomed for Gattex, which NPS designed to treat short-bowel syndrome, positive royalty revenue on sales of Amgen's (AMGN) Sensipar, and a few data points this year, I frankly don’t see how the stock doesn’t move higher from here. $100 million in cash, with a burn rate of about $55 million to $65 million throughout 2009. Some of the top biotech investors are in NPS, such has the $7 billion New York City-based biotech hedge fund OrbiMed Advisors, which is the second-largest investor with an 8.39% stake. In addition, Merlin BioMed Group has a 2.59% stake, and Renaissance Technologies has a 7.81% stake.

Calgon Carbon(CCC): Calgon Carbon is a pure play in the water-purification sector. Calgon's products are used to remove organic compounds from air, water and other liquids. The company is ramping up its profitability, with analysts expecting the company to go from losing money last year to EPS of 16 cents this year and 30 cents the year after

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