Finnish mobile device maker Nokia dominates the cell phone industry. From high-end smartphones to cheap entry-level phones, Nokia has done a good job of generating healthy profits in a notoriously competitive industry. "They figure out a way to make money in every niche of the handset business," says Jim Kelleher of Argus Research. To that end, Nokia's earnings per share are expected to grow more than 20% by the end of 2008.

The company owns dozens of factories in low-cost locations, which helps keep costs down. That's a big reason why Nokia can operate profitably in all sectors of the cell phone market, even the low-end sub-$100 phones.