New Legislation Working in GigaMedia's Favor

One of the reasons Nick Atkeson and Andrew Houghton are so certain that GIGM is on the rise is because of new legislation that's working in GigaMedia's favor.

Right now, Internet gaming is illegal in the United States. However, Rep. Barney Frank has been chipping away at that law. He failed to repeal the law in 2007, but he's determined, and with a new administration in desperate need of more tax revenue, Barney may just get his way.

I know I don't need to tell you that GIGM would certainly be one of the go-to companies in this new environment, and companies will line up to enter the new U.S. market.

So, with a number of deals that could come through this summer, a possible buyout and new favorable legislation in the works, the pumps are primed for this $5 stock to double. So don't waste another minute; go out and grab even a small position in GIGM before the stock starts heating up.

And if you want more low-priced stocks, check out Nancy Zambell's Buried Treasures Under $10 service. If it's more options that you're after, Nick Atkeson and Andrew Houghton's Big Money Options service has been on fire through the market volatility and they've helped their subscribers profit handsomely.

Stay Tuned for More Red Hot Summer Stocks

We started off our Red Hot Summer Stocks list with FPL Group (FPL) and McDonald's (MCD), and the consensus is still working in their favor. These are solid stocks that you should be able to buy and profit from through the summer and beyond.

GigaMedia (GIGM), on the other hand, is our knock-it-out-of-the-park pick. Watch this one, and be ready to pull the trigger on your gains.

I'll be in touch again next Tuesday with updates on our current Red Hot Summer Stocks as well as a brand-new consensus pick for your portfolio.

Until next week!

Shannon Miller, InvestorPlace Editor-at-Large

P.S. Tell us what you think about Red Hot Summer Stocks. This series is here to help you profit from the very best and highly-rated stocks in the market today, so tell us what you'd like to see more of, what you like and don't like and anything else.

Simply email HotStocks@InvestorPlace.com.