Apple can carry stocks, particularly the tower stocks, but also component makers that have lagged off of TriQuint (TQNT), players like Skyworks (SKWS) (loved by Breakout Stocks) and American Tower (AMT).

Cramer said that the only way to deal with such problems as frequent dropped calls on cell phones is to build more cell phone towers. "We need more infrastructure," he said. Well-positioned to benefit from this, he said, is American Tower (AMT).

good growth

UBS said it is downgrading American Tower (AMT) to Neutral from Buy based on valuation. Shares have rallied since February 6 upgrade and now reflect positive cell tower demand. Price target unchanged at $48.

American Tower (AMT) downgraded to Sector Perform rating from Outperform at RBC on valuation. Price target and 2008 ebitda estimates hold at $50 and 1.082 billion, respectively.

The wireless and broadcast communications infrastructure company said it will repurchase up to $1.5 billion in common stock. The Boston-based company plans to finance the repurchase through cash on hand, cash from operations, borrowings under its credit facility and future financing transactions.

The company also provided full year 2008 outlook with rental and management segment revenues between $1.52 billion and $1.54 billion. Network development services segment revenues are projected to be in the range of $35 to $50 million and income from operations during 2008 is expected to be between $126 and $143 million.

On February 25th American Tower reported fourth quarter and full year earnings with fourth quarter total revenue increasing 12% to $378.1 million. The company reported $128.9 million in cash from operating activities while free cash flow was $81.5 million. The company will report further financial information after it resolves a tax issue regarding its former satellite and fiber network access unit,
Verestar.

Jim Taiclet, American Tower’s CEO stated, “Due to a strong finish in 2007, our tower revenue performance exceeded our expectations. Moreover, the momentum of tower demand entering 2008 enables us to confidently raise our tower revenue outlook for 2008. Our performance and outlook are the result of three key factors: the robust demand for tower space among numerous carriers in all of our served markets, the high quality of our tower assets, and the proven ability of our people to deliver superior customer service and lease processing cycle times.”

American Tower (AMT) was upgraded to Buy rating from Neutral at UBS on valuation. UBS believes the recent weakness has created an attractive entry point as stock is trading below its historical average not seen since mid-2005. Price target holds at $48.

Strong secular growth trends

Secular Trend

Goldman Sachs said it is pushing its rating on American Tower (AMT) to Neutral from Buy, due to greater upside opportunity in CCI. Coverage view remains favorable, and price target raised to $51 from $50.

A dead dog

Three reasons to sell: 1) Liabilities to Assets 10:1 (not even counting shareholder equity), 2) PE over 600, 3) over hyped stock for a correcting market. Skinny little needle pops that big fat balloon every time. Don't be afraid, instead, embrace the correction with gleeful certainty. Sell the hype and buy the value.