We see a silver lining for the telecommunications industry in this challenging environment, as the valuation level now reflects remedial conditions in the economy. Our Outperform recs include QCOM, VOD, CHL, DOX and VIV.

ZOLL Medical Corporation (ZOLL) reported fourth quarter earnings of 16 cents per share, beating the ZacksConsensus Estimate of 8 cents. The company earned 41 cents per share in the year-ago quarter.For fiscal 2009, the company earned 45 cents per share,

delivered mediocre third quarter results, with below-par operating performance. The 2010 guidance does not reflect any major growth. Although Synopsys is gaining traction from newproducts, acquisitions, and new EDA partnerships, we believe these are unlikely to show results in the

China Mobile (CHL), the largest wireless carrier in the world, continues to deliver healthy operating results as demonstrated by strong subscriber retention in 2008.As we approach the end of 4th quarter 2009, our opinion remains firm that new competitive entities

is one of the largest real estate developers inFlorida, which has been hit hard by the downturn in the U.S. housing industry. Large price declines have led to significantly high levels of inventory and operations have deteriorated rapidly.St. Joe has

Tech Data (TECD) reported better-than-expected results for the third quarter, beating the Zacks Consensus Estimates. Moreover, the company gave encouraging revenue guidance for the upcoming quarter. We expect revenue to rebound modestly in fiscal 2011.The company's balance sheet remains strong.

fourth-quarter results missed Zacks Consensus Estimates due to lower sales in Household Products and an adverse currency impact. The company expects growth in earnings for fiscal2010 driven by continued reduction in overhead costs.The company stands to benefit from restructuring initiatives,

as we anticipate the company to perform well above the market. The Gap is the leading player in the highly fragmented specialty retail sector, and has a market cap more than double its nearest competitor.The company has improved its business

TAL, SIGM, FRED, JOE

The flurry of acquisition activities in the past few years have expanded Greatbatch's (GB) customer base, particularly in orthopedics, and moved its product portfolio into higher growth segments. However, the company reported disappointing third quarter fiscal 2009 results.Earnings per share

In our opinion, consumer electronics sales in the holiday season will be robust. We have Outperform ratings on AAPL, HPQ, TTWO, ERTS and AMZN.

We remain positive on reinsurer PartnerRe Ltd. due to its excellent underwriting abilities, strong capitalization, solid ratings and reputation in the market, which will enable it to take advantage of the stronger demand and better pricing being witnessed currently. We

NC, VARI, WPC, RAIL

is one of the leading online travel companies in the world. The company's third quarter results beat consensus estimates on both the top and bottom lines.Management expects strong double-digit bookings growth in both domestic and international businesses in the fourth

is an OEM of analog and mixed-signal integrated circuits. Forward guidance is for a revenue increase of 2-9% in the first quarter.Management has refocused R&D into areas that should drive margins. It has also initiated a massive restructuring program to

We look for global demographic trends -- aging populations in developed nations and the rapid urbanization of developing countries -- to fuel long-term growth of St. Jude Medical (STJ). These trends give rise to growing demand for cardiovascular health care.However,

in both revenues and earnings in fiscal 2010. Revenue should improve in 2011, assuming an improvement in overall economic conditions.The company has announced a significant reduction in headcount. However, it is likely that the company will not be net free-cash-flow-positive

Our long-term recommendation on Companhia de Bebidas das Americas, or AmBev (ABV), is Outperform. We anticipate the company perform well above the broader market.AmBev is the largest beverage company in South America and commands a strong portfolio of well-established flagship

Tiffany & Co. (TIF) is well positioned to deliver robust sales and earnings growth by leveraging capital investments made in the past several years. The company holds a significant position in the world jewelry market and is poised to benefit