NEW YORK (TheStreet) -- As the Dow and S&P 500 continue to make new highs, Wall Street appears even more on edge. Recently joining the list of pessimists is hedge-fund superstar David Einhorn, who insists "we are witnessing our second tech bubble in 15 years."
Einhorn's chief concern is on stock prices, believing investors have rejected "conventional valuation methods." He stopped short of identifying which companies fit the bubble criteria. But one thing is certain, it's unclear what will pop it.
To that end, here are five companies (in no particular order) that have not participated in the bubble. Not only have they recently reported solid earnings results, they have the fundamental metrics to back their valuations, which still points to higher highs.
It's hard to ignore Intel's prospects are the company's solid first-quarter report. The stock is at $26, up only 0.2% for the year to date but 8% for the past 52 weeks. Aside from being one of the tech sector's best dividend payers with a yield of 3.5%, Intel's push into the "Internet of Things" makes the chip giant one of the best turnaround candidates on the market.
The Internet of Things, which includes wearable devices, can potentially become a lucrative opportunity for Intel, especially given that consumers are buying fewer PCs. Wearable gadgets market is predicted to grow to $8 billion in the next four years, or six times 2013's market value at $1.4 billion.
Intel, which still relies on PCs for a significant portion of its revenue, is working to shed that dependency. Equally impressive is that the company would not need a big chunk of the smartphones/tablets market to grow. By embracing the Internet of Things, Intel is skating to where the puck is going to be. And I'm expecting a goal.
For exactly the opposite reason I love Qualcomm, which pays a 2.1% yield. The stock is at $80, up 7.7% for the year to date and 20% for the past 52 weeks. Qualcomm's world-class product cycle continues to impress analysts, including analysts at CLSA, who recently raised their price target on the stock from $82 to $90 per share.
As more global consumers choose phones that use Qualcomm's technology to connect to high-speed data networks, like the new long-term evolution (LTE) systems, Qualcomm creates more separation. The company continues to invest capital to develop chips that works on multiple frequencies at the same time.