Those surprised by the market's strength in recent weeks should be even more impressed with the rebound in China, where both their market and economy have proven among the most resilient in the world.

Global specialist Nicholas Vardy adds, "While the US markets are rising, Asian stocks are on fire." ETF expert Paul Tracy adds, "China funds have screamed to the top of the performance charts."

In large part, this strength is due to the country's stimulus program. Tracy points out, "To combat the sagging global economy, Chinese Premier Wen Jiabao orchestrated a massive 4 trillion yuan ($586 billion) stimulus package.

This post is part of a special report, Global advisors look to China.

"Bull markets are born in the pits of despair; from current low stock prices and low PE valuations, the gains over the coming 5 to 10 years could be truly spectacular," says Tom Bishop.

In his BI Research, the small cap growth specialist looks at two stocks that are based in China and set to benefit from China's stimulus program: energy efficiency play, SmartHeat (NASDAQ: HEAT) and medical diagnostics firm, Mindray Medical (NYSE: MR).

MOST NOTEWORTHY: Vale, Allos Therapeutics and Torchmark were today's noteworthy initiations:

• Lehman believes Vale (NYSE:RIO) is well-positioned to benefit from rising steel demand in emerging economies. The firm started shares with an Overweight rating and $45 target.
  
• Citigroup initiated Allos Therapeutics (NASDAQ:ALTH) with a Buy rating and $11 target and believes the company's lead drug PDX is likely to be the first FDA approved agent for peripheral T cell lymphoma.
  
• Friedman Billings expects Torchmark's (NYSE:TMK) sales to get back on track given increased recruiting, ongoing management initiatives, and the potential demise of Medicare Advantage. Shares were assumed with an Outperform rating and $72 target.

OTHER INITIATIONS:

• Baird initiated Navigant Consulting (NYSE:NCI) with an Outperform rating and $24 target.
  
• KeyBanc assumed Ingersoll-Rand (NYSE:IR) with a Buy rating and $49 target.
  
• Mindray Medical (NYSE:MR) and China Medical (NASDAQ:CMED) were initiated with Overweight ratings and targets of $50 and $54, respectively, at Morgan Stanley.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Applied Materials Inc. (NASDAQ: AMAT) Q2 profits declined on a glut of flash memory chips.
• Bally Technologies Inc. (NYSE: BYI) beat Q3 expectations and offered full-year guidance.
• Barclay's (NYSE: BCS) reported a big Q1 loss on credit-related write-downs.
• Constant Contact Inc. (NASDAQ: CTCT) saw big increases in Q1 revenues and in its customer base.
• Deere & Co. (NYSE: DE) Q2 profits rose on international demand, but results just missed estimates.
• Fluor Corp.'s (NYSE: FLR) strong Q1 results are a signal for the energy sector, says Jim Cramer.
• Freddie Mac (NYSE: FRE) Q1 loss widened on the housing slump, but not as much as forecast.
• IndyMac Bancorp Inc. (NYSE: IMB) narrowed its loss but predicted it wouldn't see a profit in 2008.
• LDK Solar Co. Ltd. (NYSE: LDK) Q1 earnings topped forecasts and it raised its outlook.
• MBIA Inc. (NYSE: MBI) reported a larger-than-expected Q1 loss due to write-downs.
• Mindray Medical International Ltd. (NYSE: MR) beat Q1 expectations and raised its full-year guidance.
• Nuance Communications Inc. (NASDAQ: NUAN) Q2 earnings were in line with analysts' expectations.
• ON Semiconductor Corp. (NASDAQ: ONNN) beat Q1 expectations and raised its Q2 revenue forecast.
• RealNetworks Inc. (NASDAQ: RNWK) beat Q1 estimates and announced share buybacks and a spin off.
• Salary.com Inc. (NASDAQ: SLRY) missed Q1 forecasts, leading to analysts' downgrades.
• Sykes Enterprises Inc. (NASDAQ: SYKE) beat Q1 estimates and raised its Q2 and full-year forecast.
• Syniverse Holdings Inc. (NYSE: SVR) beat Q1 expectations on strength in "messaging and mobil data."
• Toll Brothers Inc. (NYSE: TOL) warned of lower Q2 profits and more "challenging times" ahead.
• Website Pros Inc. (NASDAQ: WSPI) reported flat earnings despite soaring revenues and operating income.

Mindray Medical International (NYSE: MR) is a Chinese manufacturer of medical equipment. It offers a variety of patient monitoring devices, diagnostic laboratory instruments and ultrasound imaging systems to clinics, hospitals and other health care providers in China and abroad. Mindray is headquartered in Shenzhen and operates sales/service offices in Asia, Europe and the Americas.

The firm pleased investors last week, when it reported Q1 EPS of 23 cents and revenues of $89.3 million. Analysts had been looking for 19 cents and $84.4 million. The CEO attributed success in the quarter to a high level of international activity and more the forty percent growth in domestic sales. Management also guided FY08 revenues to $560-$580 million ($454.88M consensus).

It's been tough for healthcare IPOs. But in the case of the debut of Masimo (NASDAQ: MASI) (ticker info unavailable at posting), things are certainly more upbeat. The stock is up about 19% in today's heavy trading.

Masimo develops non-invasive patient monitoring products to improve patient care. The systems involve circuit boards and reusable sensors as well as sophisticated software.

Because of the effectiveness of the technology, Masimo has had lots of traction with customers. For example, the company's worldwide installed base is about 399,000 units. Masimo also has major OEM agreements with companies like GE Medical Systems, a division of General Electric Company (NYSE: GE), Philips Medical Systems and Mindray Medical International (NYSE: MR).

Last year, Masimo posted revenues of $155.1 million. In fact, the compound annual growth rate (CAGR) has been 41.6% over the past four years. The company is also profitable

Lead underwriters of the deal included Piper Jaffray, Deutsche Bank Securities, and Citi.

The prospectus is located at the SEC website. Also, if you want to see more recent IPO pricings, click here.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.