AKAM - Akamai Technologies Inc.

Akamai is THE streaming media company, the one that owns the business, and with streaming media being the hottest thing going, this is the pure play. Akamai, which is Hawaiian for smart, helps companies expand their online business with streaming video without adding hardware; its EdgePlatform network of 20,000 servers in 70 countries handles the distribution of content for customers including nbc, Comedy Central, Yahoo!, Friendster and Apple Computer.

In the most recent quarter revenues increased 47% and EPS increased 71%. Earnings are expected to grow 38% next year while the company sells at a P/E of 63 based on 2006 earnings of 0.87. Not cheap, but a high-beta mover. As more and more media companies are embracing the Net with full-motion video, this is the stock to consider.

Technically, on December 7 Akamai finally broke out on high volume after a two-month consolidation and was able to hold on to these levels.

I'm planning to start 1/2 a position at these levels, adding more if the stocks comes down to test support. Stop somewhere under the 50 EMA.