The Tech Investor's Guide to 2009

Although smartphone sales are slowing, Apple is actually gaining share from competitors such as Nokia(NOK).

Technology analyst firm Gartner recently reported that Apple's smartphone sales grew more than 327% year over year, compared with Nokia's 3% decline.

Apple, which shipped 6.9 million iPhones during its recent fourth quarter, also has more than $24 billion in cash, which should help ease its journey through the coming months.

In addition to its AT&T(ATT)-backed iPhone business, Apple also has a solid revenue stream in iTunes and its 65 million-plus customers. That's one hell of an installed base.

"The combination of solid fundamentals, a sound balance sheet and a tailwind from falling commodity prices should help Apple to generate superior cash flow in fiscal 2009 and allow Apple to outperform its peers," wrote Pacific Crest analyst Andy Hargreaves, in a recent note.

Outsourcing to Remain Strong

Despite recent events in Mumbai, outsourcing remains a viable proposition for U.S. firms wrestling with shrinking IT budgets.

"The offshore value proposition is alive and well, as IT buyers indicate that moving work offshore is a proven way to lower systems cost in a tough environment," explained Citigroup Global Markets analyst Ashwin Shirvaikar, in a recent note.

Technology analyst firm Forrester agrees that outsourcing will grow in 2009, albeit at a modest rate. After growing 4.2% in 2008, outsourcing will grow 5% and 4.5%, respectively, in the next two years, it says.

"Sellers of communications equipment, software, and IT consulting and outsourcing services will see one or two quarters of declining revenues, but on average will still grow modestly in 2009," wrote Forrester analyst Andrew Bartels, in a recent note.