"The new administration will likely soon launch a new spending program to put people back to work and boost the economy," says Jim Powell, adding, "That's even more likely now that the financial crisis is in full swing and growth is declining."

In his Global Changes & Opportunities Report he looks at General Cable (NYSE: BGC) as a play on the rebuilding of the nation's electric power grid.

"Politicians at all levels have also voiced strong support for rebuilding our woefully inadequate infrastructure. Because building roads, bridges, electrical grids, and so on, will employ many voters, I think allocations for such projects will go to the top of the government's spending list.

"That's especially true since infrastructure projects will also funnel billions of dollars to state and local governments that are facing hard times. All in all, modernizing the the electric power grid should be another very pro?table long-term investment.

"I believe the most promising beneficiary of the electric power project will be General Cable. The company produces products for a wide variety of applications including large cables for long distribution networks.

The nation's electrical and telecommunications wiring needs run the gamut from delicate instrument filaments to light transmitting fiber optic lines to massive industrial power cables. Broadscale wire makers face a wide range of manufacturing complexities, but there is a Highland Heights, Kentucky firm that can handle them.

General Cable Corp. (NYSE: BGC) manufactures copper, aluminum and fiber optic wire and cable products. These are used in the industrial power and control, utility, mining, equipment control, entertainment, military, residential construction, industrial and medical equipment, automotive aftermarket, enterprise networking, and telecommunications markets. Brand names include Carol, BICC, and Helix/HiTemp. AT&T (NYSE: T), Verizon Communications (NYSE: VZ) and Qwest Communications International (NYSE: Q) are customers. Alcatel-Lucent (NYSE: ALU) is a major competitor.

The company surprised the Street last week, when it reported Q1 EPS of $1.01 (ex-items) and revenues of $1.01 billion. Analysts had been looking for 76 cents and $980 million. Management also guided Q2 EPS to $1 or better (86 cent consensus) and Q2 revenues to something approaching $1.1 billion ($1.06B consensus). The CEO remarked, "The company continues to experience increasing demand, particularly for overhead transmission cable in the U.S. and Europe. Combined with tight supply in the market for utility products, this has produced increasing prices and is allowing manufacturing improvements to fall to the bottom line."

RBC Capital Markets subsequently reiterated its "outperform" rating on the issue and boosted its price target from $61 to $74. The stock popped into a bullish "flag" consolidation pattern on the news. Prices frequently exit flags moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.

Altogether, brokers now recommend the shares with two "strong buys," three "buys" and two "holds." Analysts see a 14% average annual growth rate through the next five years. The BGC Price to Sales ratio (0.87), Sales Growth rate (25.48%), EPS Growth rate (146.34%), Return on Investment (13.62%) and Return on Equity (38.44%) compare favorably with industry, sector and S&P 500 averages.

Institutions hold about 95% of the outstanding shares. Over the past 52 weeks, the stock has traded between $26.10 and $65.60. A stop-loss of $55.50 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.