GE, Cisco and Emcor Group -- plays on Obama's $900 billion infrastructure boost?

President-elect Barack Obama plans to offer a $900 billion infrastructure investment plan, according to an economic adviser. Three companies are among the beneficiaries of that plan. And it might be worth looking at them as investments.

The advisor, James Galbraith, recommends spending of more than $900 billion to rewire classrooms and libraries for high-speed Internet service and repair bridges and highways. And the companies that would benefit from this spending are high tech: General Electric (NYSE: GE) -- thanks to its Ecomagination program, Cisco Systems (NASDAQ: CSCO) which makes communication infrastructure gear and Emcor Group (NYSE: EME) which makes systems for voice and data, electrical power and lighting.

GE could get orders for its green products. It spends $1.4 billion a year to develop energy-efficient products such as locomotives, jet engines and power-plant equipment, including wind turbines and solar power. It might also benefit from water treatment, lighting efficiency, "smart grid" electrical distribution and health-care information systems. Cisco stock rose 8.2% on the Nasdaq yesterday -- more than twice the average increase -- due to the perception that it will benefit from this infrastructure plan.

Let's hope Obama's infrastructure plan meets the high expectations built into these stock price increases.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He owns GE stock and has no financial interest in the other securities mentioned.