Rare is the day you should sell an electric power generation play. And, by extension, pull-backs in the aforementioned companies often represent Buy opportunities, which is why I'm Reiterating my Buy rating for FPL Group (NYSE: FPL), first recommended on March 3, 2009 at a price of $43.30.

With FPL, the safety-plus-growth story is obvious enough. FPL provides electricity to about 4.5 million customers in Florida, covering nearly all of Florida's eastern seaboard, including the Gold Coast.

The Sunshine State may be down but it's hardly out. I'm Reiterating my Buy rating for FPL Group (NYSE: FPL) first recommended on March 3, 2009 at a price of $43.30.

Here, the safety-plus-growth story continues. FPL provides electricity to about 4.5 million customers, covering nearly all of Florida's eastern seaboard, including the Gold Coast. The FY2009/FY2010 EPS estimates for FPL are $4.22 to $4.75.

Nary a good word can be said about this market in the first week of March 2009. The U.S. economy seems set to register at least an 18-month recession, and probably a longer one. U.S. Treasury Secretary Timothy Geithner went to Capitol Hill Tuesday to essentially tell the U.S. Congress more money will be needed for the banking bailout, and Fed Chair Ben Bernanke did the same to brace elected officials for more, essential help for American International Group (NYSE: AIG). As 'The Great One,' Jackie Gleason would chime, "Oh, wonderful!"

Translation: rough sledding, at best, for equities, and a defensive posture is the rule. Still, so long as one expects the U.S. economy to return to some semblance of normalcy -- and that's the view here -- there are bargains to be had for those investors who can tolerate moderate risk. And with the above in mind utility, FPL Group (NYSE: FPL) is worth a review.

"We've followed Warren Buffett's advice to 'buy American'," says Mark Skousen; his Hedge Fund Trader eyes Johnson & Johnson (NYSE: JNJ) and FPL Group (NYSE: FPL).

"Johnson & Johnson as well as FPL Group are two strong positions in companies that have suffered a few 'hiccups' during this historic panic selling, but are likely to survive and prosper in the next year.

"First, Johnson & Johnson, the health care and pharmaceutical giant, beat expectations in its most recent earnings report. The company's earnings jumped 30% to $3.3 billion on revenues of $15.9 billion. It currently is selling for only 15 times forward earnings -- a bargain price.

"Second,, FPL Group -- known as Florida Power & Light -- is a large Florida utility company that is holding up well. It, too, is a solid company that now is on sale because of the financial crisis.

"Revenues are down slightly to $15 billion, and earnings dropped 40% during the past year. But Florida Power is still profitable, and at 10 times next year's earnings, it should continue to recover.

"We think it is wise at this time to limit our exposure to the markets, and to keep our powder dry by focusing strictly on a few well-financed utilities and consumer product firms.

"Overall, we consider both Johnson & Johnson and FPL Group to be solid companies selling at a substantial discount to their real value."

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.

"To say that alternative energies are critical is a severe understatement." asserts Stephen Leeb, who looks at three plays in the sector that earn a spot in his Growth Portfolio.

The editor of The Complete Investor explains, "Readily scalable energy sources such as solar and wind account for under 1%. It's time to get serious."

Three of the stocks he has selected are holdings in his model Growth Portfolio: FPL Group (NYSE: FPL), Exelon (NYSE: EXC), and General Electric (NYSE: GE). Here's a trio of favorites.

"We have focused on those alternative energy stocks with the strongest growth profiles. None is a pie in the sky fantasy; all provide energy in the here and now and have significant and fast-growing revenue streams.

"The fact that their growth should continue to burgeon is one of the most heartening pieces of news on the energy front. We could argue that investing in these stocks not only will be good for your portfolio but is an act of patriotism as well.

With the U.S. economic landscape becoming more uncertain, it's prudent to add a defensive stock or two to your portfolio, and utility FPL Group, Inc. (NYSE: FPL) is worth an evaluation.

FPL Group boasts the fundamentals analysts like to see in a utility company: steady cash flow, above-par customer growth, adequate generating capacity, and favorable power market conditions. Further, analysts also like the cooperative regulatory environment in Florida, FPL's primary state, and the company's 2.3% dividend. With operations in 24 states, FPL has diversified operationally, but the focal point, for investors, is its Florida market: 4.4 million customers, and ample land for commercial and residential growth. The Reuters FY 2007/FY 2008 EPS consensus estimates for FPL are $3.46 to $3.88.

The risks? Analysts are keeping an eye on Florida's population growth and household formation for signs of any changes in long-term trends.

Stock Analysis: FPL Group is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than 2 years should be rewarded from FPL's shares. Sell/Stop Loss if you were to purchase shares in this company: $48.

Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.