Aflac (NYSE: AFL) is a new addition to the "Borderless Portfolio" maintained by global expert John Christy. Here's the latest from his industry-leading Forbes International Investment Report.

"If you own a television, chances are you're quite familiar with the infamous squawking duck in Aflac's commercials. Aflac has also been in the news lately as the first American company to give shareholders a 'say on pay', or the ability to vote on executive compensation.

"Less well known, however, is Aflac's huge presence in the Japanese insurance market. In 2007, roughly
75% of the company's pre-tax operating earnings were generated in Japan.

"Alfac has been doing business in Japan for more than 30 years, and one in four Japanese households has an Aflac insurance policy. In Japan, Aflac sells healthcare policies for certain things that aren't covered by the national healthcare system, as well as life insurance. And, yes, they have a talking duck in their ads over there too.

"At a time when many financial companies are reporting massive write-offs, Aflac reiterated its target of 15% earnings growth this year, and double-digit growth in 2009. Aflac Japan is doing its part to help drive this growth with 19% operating earnings growth in the first quarter of 2008."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.

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MOST NOTEWORTHY:

• Kaufman Bros. believes Drugstore.com (NASDAQ: DSCM) is well-positioned for long-term growth and significant margin expansion, led by share gains in the OTC and prestige beauty verticals. The firm started shares with a Buy rating and $3.25 target.
  
• Merriman initiated Sycamore (NASDAQ: SCMR) with a Neutral rating and prefers to be on the sidelines given the company's concentrated customer base and lack of clarity on strategic priorities and ongoing business operations.
  
• SunTrust Robinson expects the Aflac's (NYSE: AFL) cancer insurance policies in Japan to benefit from concerns about the national health system. Shares were assumed with a Buy rating and $79 target.

• Caris initiated Mylan (NYSE: MYL) with a Buy rating and $18 target.
  
• NetSuite (NYSE: N) was assumed with a Hold rating and $22 target at Deutsche Bank.
  
• Stanford initiated Time Warner (NYSE: TWX) with a Buy rating and $20 target.

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In the light of those worries about safe investments, CNNMoney is asking us to reconsider our opinions, claiming that there really are some quality stocks in these challenging financial times.

Berkshire Hathaway tops the list, mainly because of its CEO Warren Buffett, who has the experience of surviving previous recessions. While some investors may have impression that the company has a lot of tough times ahead, CNNMoney sees Berkshire with a lot of capital, which could be enough to steer it through the current economic storm. To support this argument, CNNMoney cites Keppler Asset management CIO Michael Keppler, who is convinced that Berkshire will be able to beat the difficult market.

CNNMoney also likes Royal Bank of Canada (NYSE: RY) whose minimal exposure to subprime lending has helped it successfully pass through the mortgage meltdown. One analyst at Desjardins Securities, Michael Goldberg, is confident that the bank has growth potential due to its high earnings and capital.

There are also some stocks that investors may have ignored and that are worth considering. It points out Aflac Inc. (NYSE: AFL) whose earnings showed a rise of 20% since the beginning of 2007, especially boosted by the weak dollar. While the stock is not cheap, it looks like a good buy if we take into account its previous efficient moves.

Following the same logic, CNNMoney picks Bank of Oklahoma Financial Corp., saying it has no exposure to the problems that hit most other financials, such as subprime lending and collateralized debt obligations. The bank was able to beat the credit crisis and, in addition, its chairman George Kaiser aims to increase its capital at about $4 billion.

Last, but not least, the article recommends investors take a look at Raymond James Financial Inc. (NYSE: RJF), one of the few remaining regional brokerages in the United States. Despite posting disappointing earnings numbers earlier this year, the stock has rebounded nicely following its surprising second quarter results. CNNMoney warns that this stock may be a little to expensive, but its lower risk could still justify investing in the company.

What are your thoughts on these stocks, and the overall financial sector? Has the past year put you off from considering investing in financials, or have you been using the recent pull back as a good chance to pick up some stocks at discount? Let us know what you think of the stocks mentioned in this post, as well as any other financials that you feel were left out.

Check out CNNMoney 's slideshow of these five picks.

Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.

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Financial Stocks to Love
The subprime mortgage meltdown and resulting credit crisis have slammed financial stocks recently. But there are still some diamonds in the rough. They include Berkshire Hathaway, RBS, AFLAC, Raymond James and BOK.
Financial stocks we love - CNNMoney.com

Big Mac's Local Flavor
Once vilified for pushing America on the world, McDonald's lets countries invent their own buns, bags, and business practices. Now some ideas are making their way back home.
Big Mac's local flavor - FORTUNE

America's Best Drugstores
Consumer Reports readers rate service, speed, and advice (but too few ask for it). The top rated stores include Medicine Shoppe for independents, Publix for supermarkets and Kmart for mass merchants. The worst rated include RiteAid for independents, GiantEagle for supermarkets and Wal-Mart for mass merchants. The top-rated online drugstores were Walgreens for store websites and CaremarkRx for pharmacy benefit managers.
ConsumerReports.org - Drugstores: Ratings, finding the best store
ConsumerReports.org - Drugstores, which store is best for you?
Top Rated Drugstores Best Online Drugstores

Where to Find the Biggest Savings at Drugstores
Consumer Reports study of prices for four drugs at 13 stores and Web sites turned up big differences in prices. The moral if you pay out of pocket: Call different stores. Costco offered the biggest savings overall. Some Web sites, including AARP.com and Drugstore.com, were also relatively inexpensive, and shipping costs are low or nonexistent. Rite-Aid and Walgreens were the most expensive.
ConsumerReports.org - Drugstores, where to find the biggest savings

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Aflac (NYSE: AFL), which is a major insurer, has an off-beat message - at least, according to its commercials (which involve a noisy duck).

Well, the company has made some history this week. That is, the shareholders can vote "yes" or "no" on executive compensation.

While it is non-binding, it is still important. If anything, its recognition from Aflac that its shareholders have a say on things.

Funny enough, the company really doesn't need this in terms of pacifying shareholders. After all, Aflac has been a solid performer.

However, does this mean we'll see other firms join in the trend? Perhaps some. But, when it comes to giving up a little power, you're likely to see lots of resistance in the boardroom.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

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• AFLAC Inc. (NYSE: AFL) reported better-than-expected earnings for the first quarter.
• Ambac Financial Group Inc. (NYSE: ABK) posted a wider-than-expected loss; shares hit new low.
• Amdocs Ltd. (NYSE: DOX) beat Q2 estimates on strength in the managed services businesses.
• Amphenol Corp. (NYSE: APH) beat expectations in the first quarter and raised its guidance.
• Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) posted a larger-than-estimated Q1 loss.
• Aptar Group Inc. (NYSE: ATR) posted record Q1 results and raised its Q2 guidance.
• Bank of America (NYSE: BAC) Q1 earnings plunged on further housing-related write-downs.
• Brinker International Inc. (NYSE: EAT) narrowly beat earnings expectations on cost cutting.
• Bristol-Myers Squibb Co. (NYSE: BMY) beat analysts' estimates for the first quarter.
• Credit Suisse Group (NYSE: CS) reported a wider-than-forecast loss on subprime-related write-downs.
• Cree Inc. (NYSE: CREE) earnings slipped while revenues soared 29%.
• Eli Lilly & Co. (NYSE: LLY) reported worse-than-expected Q1 earnings on discontinued product charge.
• Gannet Inc. (NYSE: GCI) beat low expectations as earnings and revenue continue slump.
• Hasbro Inc. (NYSE: HAS) posted better-than-expected Q1 earnings on international strength.
• JAKKS Pacific Inc. (NASDAQ: JAKK) missed Q1 expectations on restructuring and litigation costs.
• Kimberly-Clark Corp. (NYSE: KMB) beat EPS estimates by a penny, as revenue jumped 10%.

• Lufkin Industries (NASDAQ: LUFK) beat analysts' expectations and raised its Q2 guidance.
• Manpower Inc. (NYSE: MAN) beat Q1 earnings expectations on strength in Europe.
• Mattel Inc. (NYSE: MAT) swung to a loss in Q1 on gross margin pressures.
• Merck & Co. (NYSE: MRK) Q1 profit nearly doubled on a one-time payment from a partner.
• Philip Morris International Inc. (NYSE: PM) posted solid results on new products and the weak dollar.
• Schering-Plough Corp. (NYSE: SGP) Q1 profit plunged but still beat analysts' expectations.
• UnitedHealth Inc. (NYSE: UNH) lowered its 2008 outlook after missing Q1 earnings estimates.
• Western Union Co. (NYSE: WU) posted strong results on exchange rates and strength overseas.

Also, Jim Cramer discusses "crummy lenders" and Joseph Lazzaro considers Citigroup Inc. (NYSE: C) as a barometer of the economy. One analyst thinks financials may have hit bottom and it may be time to buy, and Jon Ogg looks at what short sellers are making of tech stocks. Ted Allrich discusses what to sell/what to buy.

Upcoming results to watch for include Verizon Communications (NYSE: VZ), Tyson Foods (NYSE: TSN), CBS Corp. (NYSE: CBS), Countrywide Financial (NYSE: CFC), U.S. Steel Corp. (NYSE: X), Office Depot (NYSE: ODP), General Motors (NYSE: GM), Procter & Gamble (NYSE: PG), Kraft Foods (NYSE: KFT), Starbucks (NASDAQ: SBUX), Time Warner (NYSE: TWX), Comcast (NASDAQ: CMCSA), Exxon Mobil (NYSE: XOM), and Chevron (NYSE: CVX).

Visit AOL Money & Finance for more earnings coverage.

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MOST NOTEWORTHY: RAM Holdings, State Street and Ericsson were today's noteworthy downgrades:

• Banc of America downgraded shares of RAM Holdings (NASDAQ: RAMR) to Neutral from Buy as they believe the company could have increasing loss provisions related to RMBS and CDO exposure over the next several quarters.
  
• State Street (NYSE: STT) was cut to Market Perform from Outperform at Keefe Bruyette on valuation and difficult comparisons in the second half of 2008.
  
• HSBC downgraded Ericsson (NASDAQ: ERIC) to Neutral from Overweight and prefers Nokia (NYSE: NOK) at current levels.

OTHER DOWNGRADES:

• Bear cut Quintana Maritime (NASDAQ: QMAR) to Peer Perform from Outperform.
  
• Goldman downgraded Lukoil (OTC: LUKOY) to Neutral from Buy.
  
• UBS downgraded Aflac (NYSE: AFL) to Neutral from Buy.

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UBS cut Aflac (NYSE: AFL) to "neutral," according to MartketWatch.

Deutsche Bank upgraded China Mobile (NYSE: CHL) to "buy" from "hold," according to Briefing.com. The financial site also reports that JP Morgan downgraded Crocs (NASDAQ: CROX) from "overweight" to "neutral."

Douglas A. McIntyre is an editor at 247wallst.com.

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"Value stocks are those whose prices are relatively low compared to their fundamental value, as measured by factors such as earnings and net worth," notes Mark Hulbert.

"Value stocks can be considered all-season stocks, as history shows that they can perform well in both up and down markets." Here, the editor of The Hulbert Financial Digest also offers a list of value stocks that recommended by the most advisors who have also beaten the broad market over the last decade on a risk-adjusted basis.

"Value stocks are to be distinguished from so-called growth stocks, which have relatively high price-to-earnings and price-to-book ratios.

"Consider first how value stocks perform during bear markets. Believe it or not, they on average actually tend to make money. It's not only that they lose less money than the overall market, they actually gain.

"Take the 2000-2002 bear market, for example, during which the overall stock market declined by 48.6% (as measured by the dividend-adjusted version of the Dow Jones Wilshire 5000 index (97199001:Dow Jones Wilshire 5000 Composite Index

"In contrast, according to data compiled by University of Chicago finance professor Eugene Fama and Dartmouth University finance professor Kenneth French, the average value stock over this time gained over 80%.

"The professors calculated this by constructing a portfolio out of the 30% of publicly-traded stocks with the lowest price-to-book ratios; they rebalanced this portfolio once a year. Transaction costs were not included in their calculations.

"This impressive bear-market performance was not out of character. During the 1972-1974 bear market, during which the Dow Jones Wilshire 5000 index lost some 42%, value stocks gained nearly 40%.

"Which stocks should you buy if you think there is a good chance that the bear market in March will resume in earnest? Value stocks would appear to be ideal candidates. That's because they tend to have far less downside risk than the broad market.

"But what if you want to hedge your bets, on the theory that there is a not inconsiderable chance that the stock market could show impressive strength over the coming month? Once again, you could do a lot worse than buying -- you guessed it -- a diversified package of value stocks.

"You'd normally think that any asset class with returns this impressive during bear markets would lose big during bull markets. But this is not the case with value stocks. Consider all months since July 1926 in which the broad market outperformed Treasury bills; during these months, according to Professors Fama and French, value stocks produced an annualized return of 4.7%.

"What's the catch? It's that value stocks typically don't outperform the broad market when it is gaining. So, in effect, value stocks offer us the prospect of not losing during bear markets, in return for gaining during bull markets at a below-market rate.

"While that seems like an attractive trade-off, coming as it does now in the wake of the severe market correction that began last October, many a money manager will tell you that --from a psychological point of view -- many clients find it harder to gain less money than the market when it is going up than it is to lose money alongside the broad market when it is declining.

"So in deciding whether or not to pay attention to the value stocks that are mentioned later in this column, you first need to determine whether you are willing to gain at a below-market rate if the bull market resumes in earnest, in return for having a fighting chance of not losing money if the market proceeds to fall off a cliff.

"If you are, here's a list of value stocks that are recommended by four or more of the newsletters on the Hulbert Financial Digest monitored list that have beaten the Dow Jones Wilshire 5000 index over the last decade on a risk-adjusted basis. (To determine whether one of the stocks recommended by four or more of these top performers qualifies as a value stock, I focused on issues within the S&P 500/Citigroup Value Index.)

"AFLAC Incorporated (NYSE: AFL), National Oilwell Varco (NYSE: NOV), and Wal-Mart Stores, Inc. (NYSE: WMT) are each recommended by of the outperforming advisors. Hewlett-Packard Co. (NYSE: HPQ) and International Business Machines (NYSE: IBM) are recommended by 5 outperfoming advisors.

"Pfizer Inc. (NYSE: PFE) is recommended by 6 outperformers. And General Electric Company (NYSE: GE) is recommended by 9 on the Hulbert Financial Digest monitored list that have beaten the Dow Jones Wilshire 5000 index over the last decade on a risk-adjusted basis."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.

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For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.

"I like Aflac (NYSE: AFL) as a top conservative choice for 2008," says Chuck Carlson, editor of The DRIP Investor. "The stock is a true 'steady eddy' performer and represents a cornerstone holding for any dividend reinvestment-based portfolio.

"Aflac is the number one provider of "guaranteed-renewable" insurance in the U.S. and the number one insurance company in terms of individual insurance policies in force in Japan. The firm insures more than 40 million people worldwide.

"Aflac's products should see good demand going forward as copays and deductibles are likely to increase for US and Japanese workers over the next several years.

"From a dividend perspective, there's a lot to like. Dividends have increased for 25 consecutive years, and dividend growth has been impressive. Dividends have been increased twice in 2007. With the consensus earnings estimate of $3.80 per share in 2008, look for the firm to give shareholders a generous dividend boost next year.

"Overall, the company offers the stability and consistency investors crave during volatile markets and the stock should handily outperform the market in 2008. Investors should note that Aflac offers a direct-purchase plan whereby any investor may buy shares directly from the company, the first share and every share."

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"Aflac (NYSE: AFL), is a true 'steady eddy' performer and represents a cornerstone holding for any DRIP portfolio," says Chuck Carlson.

In his blue-chip service, The DRIP Investor, the advisor covers quality stocks for long-term investing, with an added focus on dividend reinvestment plans. Here's his latest on this insurance company.

"Stocks that hold up well during rocky market periods tend to be leaders when markets resume their upward move; one stock that has shown excellent relative strength in recent trading is Aflac.

"The stock, with the well-known (and maybe even a little annoying but always memorable) duck for its mascot, is trading just off its 52-week high. The company's per-share profits have beaten expectations in each of the last three quarters, and record per-share profits are slated for 2008.

"From a dividend perspective, there's a lot to like. Dividends have increased for 25 consecutive years, and dividend growth has been impressive. Finally, the company has an extremely investor friendly dividend reinvestment plan, including direct purchase for initial shares, and no fees on the buy side.

"Aflac is the number one provider of "guaranteed-renewable" insurance in the U.S. and the number one insurance company in terms of individual insurance policies in force in Japan. The firm insures more than 40 million people worldwide.

"The company has more than 90,000 licensed sales associates selling insurance in Japan and more than
68,000 licensed sales associates in the U.S. Many customers buy the policies through payroll deduction at their place of employment. Japan operations typically account for more than 70% of revenues and profits.

"Aflac's business is showing strength in both the U.S. and Japan. In the third quarter, Japan premium
income in yen rose 4.2%. Cancer insurance sales were quite strong for the quarter, rising nearly 22%. U.S. business premium income increased nearly 11% in the quarter.

"The company is confident of increasing operating earnings per share by 15% to 16% this year and 13% to 15% in 2008. Dividends have grown nicely this year, with two increases in 2007. The current quarterly rate is $0.205, providing an indicated yield of 1.3%. With the consensus earnings estimate of $3.80 per share in 2008, look for the firm to give shareholders a generous dividend boost next year.

"Aflac's products should see good demand going forward as copays and deductibles are likely to increase for U.S. and Japanese workers over the next several years. The company offers the type of stability and consistency that investors crave, especially during uncertain economic and financial times. The stock represents a quality buy at current prices."

Each day, Steven Halpern's TheStockAdvisors.com website features the latest investment commentary and favorite stock picks of the nation's leading financial newsletter advisors.

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MOST NOTEWORTHY:

• Citigroup upgraded Total SA (NYSE: TOT) to Buy from Hold following the company's Q3 results. JP Morgan upgraded shares to Overweight from Neutral, as they believe the company's Q3 results underlined the strength of exploration and production growth prospects versus peers.
  
• Friedman Billings raised its rating on HLTH Corporation (NASDAQ: HLTH) to Outperform from Market Perform following the company's proposal to merge into WebMD Health Corp (NASDAQ: WBMD) for a combination of cash and stock.
  
• The firm also added shares of Aflac (NYSE: AFL) to its Top Picks List, as they believe Aflac is the only high quality, defensive growth story in the Life Insurance sector.
  
• CIBC upgraded shares of First Solar (NASDAQ: FSLR) to Sector Outperformer from Sector Performer following the Q3 upside and set a $230 target on the stock.
  
• Banc of America upgraded shares of Town Sports (NASDAQ: CLUB) to Neutral from Sell on valuation as they believe the downside risk is now priced into the stock.

• Credit Suisse upgraded Nortel Networks (NYSE: NT) to Neutral from Underperform.
  
• Merrill upgraded Lincoln National (NYSE: LNC) to Buy from Neutral.
  
• Tyson Foods (NYSE: TSN) was raised to Market Perform from Underperform at Wachovia.

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MOST NOTEWORTHY:

• Stifel cut shares of Nvidia (NASDAQ: NVDA) to Sell from Hold on valuation.

• Briggs & Stratton (NYSE: BGG) was cut to Underperform from Neutral at Baird following the disappointing Q4 report and guidance.

• Goldman downgraded Sun Microsystems (NASDAQ: SUNW) to Neutral from Buy.

• Goldman also cut Healthways (NASDAQ: HWAY) to Sell from Neutral on valuation, following the recent rally that lacked material news of fundamental changes at the company.

• JP Morgan cut MGIC Investment (NASDAQ: MGIC) to Underweight from Overweight following recent strength which they believe is not warranted by fundamentals. They believe the overhang of the proposed RDN merger along with weak near-term fundamentals will likely drive underperformance in shares until the merger issues are fixed...

• Robinson Humphrey downgraded Goodrich Petroleum (NYSE: GDP) to Reduce from Neutral.

• RBC Capital downgraded Symmetricom (NASDAQ: SYMM) to sector Perform from Outperform.

• Restoration Hardware (NASDAQ: RSTO) was downgraded to Hold from Buy at BB&T.

• Henry Schein (NASDAQ: HSIC) and Aflac (NYSE: AFL) were cut to Equal Weight from Overweight at Morgan Stanley.

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The markets bounced back from the selling they saw yesterday to end the day with minor gains. The NYSE had heavy volume of 4.1 billion shares with 1,323 shares advancing while 1,972 declined for a gain of 20.41 points to close at 9,930.36. On the NASDAQ, 2.4 billion shares traded, 1,357 advanced and 1,696 declined for a gain of 8.31 to 2,648.17.

Stocks moving included Amazon.com (NASDAQ: AMZN) magically lifted $16.93 (24%) to $86.18 on earnings that tripled. Convergys (NYSE: CVG) plummeted $3.47 (-15%) to $20.45 on earnings. AFLAC Incorporated (NYSE: AFL) rose $4.29 (8%) to $56.19 on 84 cents per share earnings. Xerox Corporation (NYSE: XRX) fell $1.11 (-6%) to $18.22 after reporting Q2 income of 28 cents per share.

Options were very active today on Apple Computer. There was heavy volume on the August 150 calls (APVHJ) with over 58,000 options trading. This activity is not surprising given the level of excitement over the iPhone and the earnings numbers due tonight. Amazon also saw heavy volume on the August 90 calls (ZQNHR) with over 32,000 options trading following its spike up today. Time Warner Cable (NYSE: TWC) saw heavy volume on the October 40.0 calls (TWCJH) with over 24,000 contracts. In options there were over 6 million puts and over 6.1 million calls traded for a put/call open interest ratio of 0.98.

Kevin Kersten is an Options Analyst with InvestorsObserver.com. Do you have any deadwood in your portfolio? Check out the 18 Warning Signs That Tell You To Dump A Stock. Disclosure note: Mr. Kersten owns and or controls a diversified portfolio of long and short positions that may include holdings in companies he writes about.

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MOST NOTEWORTHY:

• Citigroup upgraded shares of Anheuser-Busch (NYSE: BUD) to Hold from Sell as they see a 70% chance of an alliance between Anheuser-Busch and InBev in the next two years; they believe such a merger would create a market leader.

• Merriman upgraded IMAX Corp (NASDAQ: IMAX) to Buy from Neutral after IMAX removed its overhang by completing SEC filings, while fundamentals have remained strong.

• Citigroup upgraded Amgen (NASDAQ: AMGN) to Hold from Sell to reflect the potential for CMS to roll back proposed reimbursement cuts in oncology, an improving risk/reward profile and the potential for positive phase 3 denosumab data by year-end.

• Stifel raised its rating on Fifth Third Bancorp (NASDAQ: FITB) to Hold from Sell on valuation.

• Kaufman upgraded TiVO (NASDAQ: TIVO) to Buy from Sell as indicators of the change in its business model suggest a positive transaction. The firm feels the the EchoStar (DISH) litigation provides an attractive risk/reward potential, creating an attractive entry point...

• Aflac (NYSE: AFL) was upgraded at Lehman to Overweight from Underweight.

• Stifel upgraded Progressive (NYSE: PGR) to Hold from Sell.

• Wedbush upgraded Jack in the Box (NYSE: JBX) to Buy from Hold.

• Eastman Chemical (NYSE: EMN) was upgraded to Buy from Hold at Citigroup.

• Navteq (NYSE: NVT) was upgraded to Buy from Neutral at UBS.

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