Even high-quality blue-chip stocks have been thrown overboard in the panic of the past six days.

Shares in some of the world’s strongest and most profitable names have been knocked down 5%, 10% or in a few cases even more in the global selloff.

Nobody knows what’s going to happen next in Japan. And nobody can say for certain what it will mean for the global economy.

Listen to Ben Inker. He’s the head of asset allocation at fund shop GMO. “However horrific the human cost,” he wrote this week, “economically, most disasters are hard to spot in the data. GDP does not necessarily fall, and if it does, the bounce-back is usually quite rapid.”

And, as he added, the events of the next few months, even years, don’t actually matter that much to the true value of the stock market anyhow.

There are no guarantees. But if you’ve been struggling to find decent places to invest, and you’ve been waiting for better prices, the following stocks are worth a look:

• Wal-Mart Stores Inc. : Yes, it has its troubles. Like falling same-store sales here in the U.S., and too many customers living on food stamps. But it’s still an incredible retailer. This stock is back to levels seen three years ago. As recently as January it was at $58. Today it’s just $51.That’s a paltry 12 times forecast earnings, and the dividend yield is 2.8%.
• Coca-Cola Co. : Last week it was nearly $66. Today it’s tumbled all the way down to $61. And for the world’s biggest brand name that’s cheap, on 12 times forecast earnings, with a 3% yield.
• Procter & Gamble Co. : The classic widow and orphan stock. The Crest, Tide and Gillette behemoth, $67 recently, has been marked down to $60. Reasonable on fifteen times forecast earnings, with a healthy 3.2% yield.
• Johnson & Johnson : The health-care giant has had a rough few months, and has been hit by product recalls. The stock has tumbled to $58, from a peak of $66 in the fall. On 12 times forecasts, with a yield of 3.7%, it has priced in a fair amount of gloom already.
• Microsoft Corp. : I hate most of their software, and recently wasted hours grappling with a Windows Mobile product, but I can’t deny the stock is cheap. It’s down to just $25, from nearly $30 recently. Just 10 times forecast earnings, yielding 2.6%.
• Merck and Co. Inc. : It’s at $31, from nearly $34 recently. As with most of the big pharmaceutical companies, investors face the usual trade-off between slow growth and awesome cashflow. But at 8 times forecasts, and with a fat dividend yield of 4.9%, this stock has already priced a lot of that in.
• Vodafone Group PLC : This British firm is the world’s largest mobile-network operator, and owns a 45% stake in Verizon Wireless here in the U.S. The stock is down to $27, from nearly $30 recently. A bargain at 10 times forecast earnings, with a yield of 4.8%.
• Diageo PLC : The world’s biggest drinks company — brands include Guinness beer, Smirnoff vodka, Captain Morgan rum and a whole range of Scotch whiskys. It’s now $72, down from nearly $81 recently. Reasonable on 14 times forecast earnings, yielding 3.5%.
• Nippon Telegraph and Telephone Corp. : Here’s one Japanese stock even a grandmother might want to think about. Japan’s Ma Bell has U.S.-listed depositary receipts. They’re $22, from $25 recently. Now on 10 times forecasts, yielding a remarkable — for Japan — 2.8%.
• GlaxoSmithKline PLC : Another cashflow-rich, slow-growth pharmaceutical giant. London-based Glaxo is now $37, down from $39 recently. But it’s cheap, on just 8 times forecast earnings, yielding a huge 5.6%.

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The primary goal isn’t to make as much money as possible or “beat the market.” Instead, it’s to create a portfolio of investments that will allow you to meet specific obligations — no matter what happens in the markets. This may seem like a distinction without a difference. But it requires a fundamentally different mindset and approach than investing to maximize returns.

It even has a name: liability-driven investing.

“You’re not investing to maximize returns…you’re maximizing the chance of being able to meet future income needs,” says Christopher Jones, chief investment officer at Financial Engines, which provides asset-allocation services to 401(k) plans.

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Actuant Corp. has strung together seven earnings surprises as both the top and bottom lines continue to improve. In addition, a recent acquisition led to a buying frenzy. Those factors have lead to nice upward estimate revisions, pushing shares to a Zacks #1 Rank (Strong Buy).

Actuant is an industrial company that operates in more than 30 countries through a variety of markets. The company offers hydraulic and electrical tools, as well as other related products and services.

Another Surprise
I originally featured Actuant back in October and since then the company has posted yet another earnings surprise, making it seven in a row. The announcement came on December 16 and included EPS of 36 cents, nearly double the 19 cents from a year ago. Analysts were looking for 34 cents.

Revenues for the period were up 34%, to $87.4 million. If you strip out acquisitions, and other adjustments, you still have core growth of roughly 14%. Solid top and bottom line growth? Sounds good to me.

Raising Guidance
One aspect that can go toe-to-toe with EPS when it comes to quarterly reports is ATU’s outlook. In this release the CEO for Actuant raised the outlook thanks to encouraging trends and other favorable variables.

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The entire morning today I was reading about Actuant Corporation which has improved earnings and sales, beat expectations but I was baffled why the stock slumped today by almost 6%. I couldn’t find why; what is behind such behavior.

Well, here is why:

Actuant Sees Second Quarter Earnings Below Estimates; but Raises 2011 Guidance

Actuant Corp. said it expects second quarter earnings of $0.25 to $0.30 per share on revenue of $325.0 million to $335.0 million. The current consensus earnings estimate is $0.31 per share on revenue of $302.6 million for the quarter ending February 28, 2011. The company also said it now expects 2011 earnings of $1.45 to $1.60 per share on revenue of $1.38 billion to $1.43 billion. The company’s previous guidance was earnings of $1.30 to $1.45 per share on revenue of $1.225 billion to $1.275 billion and the current consensus earnings estimate is $1.42 per share on revenue of $1.28 billion for the year ending August 31, 2011.

Source: Trading Markets.com.

However, I believe, Actuant still has a great outlook so I am holding my position for now.

MILWAUKEE–(BUSINESS WIRE)–Actuant Corporation ATU today announced results for its first quarter ended November 30, 2010.

Highlights

* 71% year-over-year increase in diluted earnings per share from continuing operations (“EPS”) to $0.36 (excluding prior year special items – see attached reconciliation of earnings.)
* Core revenue growth (total sales less the impact of acquisitions, divestitures and foreign currency rate changes) of 14%. All four segments reported core sales growth, including the Energy segment at 4%.
* Year-over-year operating profit margin expansion of 230 basis points, excluding prior year restructuring costs.
* Completed the previously announced Mastervolt acquisition after quarter-end, repositioning the Electrical segment to higher growth and product technology.
* Increased full year guidance to reflect strong Q1 results, favorable trends, a lower effective tax rate and the Mastervolt acquisition.

Robert C. Arzbaecher, Chairman and CEO of Actuant commented, “Actuant had a strong start to the fiscal year with double digit core revenue growth, solid operating margin expansion and EPS above our expectations. In particular, we were pleased to have all four segments contributing to the core sales growth with Energy at 4%, and robust 22% core growth at both Engineered Solutions and Industrial. We completed the acquisition of Mastervolt, deploying $150 million of capital on this attractive growth platform which repositions our Electrical segment’s growth, margin and innovation trajectory. I want to thank our employees for their continued hard work and dedication in creating a solid start to the year.”

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Actuant Corporation will release its earnings tomorrow morning (12/16/2010). A conference call will be held at 10:00 AM CST. Watch/listen it here.