Technological innovation has always been one of America's trump cards, but most computer-related stocks climbed to absurd heights during the Internet boom of the late 1990s, only to plummet thereafter.

Today, a number of leading infotech firms are executing crisply on their business plans and generating loads of cash. Yet the stocks are cheaper than rags! Several of today's best tech stocks are trading at valuations that reflect little or no premium to the overall market, despite the companies' clearly superior fundamentals. A few even pay decent dividends! (See also, "Vishay Intertechnology (VSH): Proving Tech Stocks are Back.")

The fact that technology stocks are growing sales and profits through the recent economic turmoil is the truest testament to this industry's stability. These stocks offer you another chance to play off Mr. Market's whims, perhaps padding your wallet 30% to 50% in the next 12 months! And that ain't bad… .

Three Tech Stocks for Your Consideration

Hewlett-Packard (HPQ) recently reported its fiscal third-quarter profit jumped 14%, beating Wall Street's expectations! Mind you, this is no minor feat. HPQ has dramatically improved its profit margins while grabbing market share away from Dell in the hotly contested personal computer business. Under the leadership of CEO Mark Hurd, the company's sales have grown much faster than the industry, and this magnificent thoroughbred has a lot further to run. Hurd has launched a friendly $12 billion takeover bid for EDS. If Hurd can pull it off, I think HPQ could easily double its profits within the next five years.

Intel (INTC) reported a 25% earnings jump, comfortably ahead of analysts' forecasts. These results give no indication that...