Carlos Slim, America Movil's (AMX) largest shareholder, became the world's richest man in part from his investments in wireless phone service. His empire spans 18 countries and has 200 million subscribers.

Let's look at America Movil's spectacular growth. The company's markets are primarily in Latin America. American Movil controls 74% of wireless service in Mexico under its Telcel brand, which has 60 million subscribers. Brazil is second with 45 million subscribers. It also is the largest provider in the Caribbean with four million users.

The stock chart of Latin American wireless provider America Movil SAB de CV (AMX), first discussed here on June 24, 2009 at a price of $36.47, appears to has formed a double-top near $60 -- a bearish patter -- hence those in at/near $36 may wish to consider taking some profits.

Longer-term, America Movil remains a new business titan with a bright future. In 2011, AMX will likely post 20-25% revenue growth in 2011, following a likely 30% rise in 2010. Improving performance in two, key markets -- Brazil and Mexico -- continue to support revenue growth. Subscriber growth should remain in the strong 6-8% range in 2011, with margins dipping slightly.

"As soon as it is possible to do so, several North American companies are likely to move quickly to enter Cuba, the greatest untapped opportunity remaining in the western hemisphere," says Jim Powell.

Here, the editor of Global Changes & Opportunities looks at what he believes are the best investment opportunities for investing in Cuba, should such a change occur.

"In August, Raul Castro announced that 500,000 public workers in Cuba will be laid off and will need to find jobs in newly-legalized small private enterprises.

America Movil (AMX - option chain) stock is trading lower today after the company said last night that it plans to make buyout offers for Telmex and Telmex Internacional in an effort to create a Mexican telecom giant with 250 million service subscriptions. Any deal would require approval from the Federal Competition Commission, Mexico's antitrust regulator, but billionaire Carlos Slim already controls each company and is looking to consolidate. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on AMX.

This morning, AMX opened at $47.75. So far today the stock has hit a high of $47.79 and a low of $46.75. As of 11:50, AMX is trading at $47.01, down $3.00 (-6.0%). The chart for AMX looks neutral and S&P gives AMX a neutral 3 STARS (out of 5) hold ranking.

Double-digit subscriber growth means good things for America Movil SAB de CV (NYSE: AMX), hence I'm Reiterating my Buy rating for the company, first recommended on June 24, 2009 at a price of $36.47. If you purchased AMX in June, you're up about 30%.

America, is another one of those large caps that was rudely treated by Wall Street, which took shares down to about $25 from the mid-$60s in FY2008. That was a mistake, because all the while AMX, the largest wireless service provider in Latin America, has been expanding its presence in two important emerging markets: Brazil and Mexico. AMX also has a presence in 17 other countries in the Americas, and should have about 200 million subscribers by the end of 2009, up from 183 million at the end of 2008.

"The technical backdrop has taken a distinctly bullish turn," says Michael Ashbaugh in MarketWatch's The Technical Indicator. Here, he looks at the market averages and a trio of stock ideas.

"Perhaps most obviously, the S&P has staged a 10-to-1 rally, and a 28-to-1 spike, from its 200-day moving average. And by any measure, this raises a bullish technical flag.

"With a gravity-defying rally, the S&P extended its gains, clearing resistance at 930 last Thursday. From current levels, significant resistance holds at the 2009 closing high of 946 while initial support rests at 930.

"Meanwhile, the Dow's near-term view is similar. With this week's rally, it's staged a 'V'-shaped reversal, breaking to one-month highs. Looking ahead, significant resistance holds at 8,799 - matching the 2009 closing high - while support rests at 8,580, matching the breakout point.

America Movil (NYSE: AMX), a provider of wireless telecommunications service in Mexico, Argentina, Brazil, Columbia & Ecuador, closed at $33.88. AMX overall option implied volatility of 83 is above its 26-week average of 43 according to Track Data, suggesting larger price movement.

Telmex (NYSE: TMX), an operator of wireline telecommunication systems in Mexico, closed at $22.64. TMX November option implied volatility of 63 is above its 26-week average of 35 according to Track Data, suggesting larger price movement.

Cemex (NYSE: CX), an international producer, distributor and marketer of cement, closed at $10.12. Smith Barney says "Tougher times ahead; downgrading to Hold." CX November option implied volatility of 122 is above its 26-week average of 45 according to Track Data, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

"Based in Mexico, América Móvil (NYSE: AMX) is the largest wireless service provider in Latin America," notes wireless sector expert Nikhil Hutheesing.

The editor of The Forbes Wireless Stock Watch notes that the company's largest stakeholder is billionaire Carlos Slim who holds a 30% stake. Here's the advisors's bullish assessment for the company.

"AMX, which was spun out of Mexico's Telmex in 2000, operates out of Mexico City, but only about 30% of its business is actually in Mexico. It has has been growing rapidly mostly by acquiring troubled Latin American operators that took on too much debt during the telecom bubble.

"Móvil then consolidates operations, changes management as necessary, and makes operations more efficient and profitable.

"With 3G networks in place, América Móvil will be able to boost revenue and profit by selling more data services. It's already offering 3G service in Mexico and plans to spend another $4 billion to upgrade its wireless networks to 3G in five or so more countries this year.

Mexican businessman Carlos Slim Helú is believed to be the richest man in the world. As chairman of Teléfonos de Mexico, better known as Telmex (NYSE: TMX) and América Móvil (NYSE: AMX), Slim has substantial influence over the telecommunications industry in Mexico, and much of Latin America as well.

The past year has been good to Slim. In the spring, with an estimated net worth of $53.1 billion, he overtook investing guru Warren Buffett as the world's second richest person. By the end of the summer, Fortune reported that Slim's net worth had grown to $59 billion, allowing him to overtake Microsoft founder Bill Gates as the world's wealthiest person.

Carlos Slim's personal wealth grew by $12 billion during the year, and he also controls a $150 billion business empire. His family's holdings represented more than 5% of Mexico's 2006 gross domestic product, and Slim-controlled companies made up one-third of the $422 billion Mexican stock exchange.

With his political connections and business savvy, Slim has managed to fend off accusations of monopolistic business practices for years, but the hammer may finally be about to fall. A probe of Carlos Slim's empire by Mexican antitrust regulators is scheduled to ramp up in the new year. Will 2008 see his empire crumble?

CNet Networks (NASDAQ: CNET), a leading independent source of product information with detailed content on technology products, is expected to report EPS on 10/23. Over the last five years, CNET has been frequently mentioned as a buyout target of multimedia conglomerates. STFL says, "Moving to hold; still takeover upside; stand alone valuation less attractive." CNET November option implied volatility of 54 is above its 26-week average of 38 according to Track Data, suggesting increasing price risks.

America Movil (NYSE: AMX), provides wireless telecommunications service in Mexico, Argentina, Brazil, Colombia & Ecuador, announced on 10/10 its intention to pay a special dividend of US$1.85 ADR, shareholders will be called on or before 10/31 to approve the dividend. AMX is expected to announce EPS on 10/18. AMX has a market cap of $117 million. AMX overall option implied volatility of 34 is near its 26-week average according to Track Data, suggesting non-directional price fluctuations.

Daily options update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Each month, the Forbes International Investment Report includes a Q&A feature with a fund manager or analyst which editor John Christy has chosen for "exceptional insight into global markets and investing."

His latest interview is with Gonzalo Pangaro at T. Rowe Price. Based in London, Pangaro, with 15 years of experience in Latin America, manages $6 billion in Latin American equities, including the T.Rowe Price Latin America Fund (PRLAX). Here are some highlights.

Forbes/Christy: Latin American stocks are having a great year so far. Is it too late to get on board?

Pangaro: "I don't think so. There are still very attractive opportunities in Latin America.The performance has been extremely strong in the past three years, but before then, Latin America traded sideways for 10 years. So we are coming from a very low base, and the macroeconomic improvement in many countries has been significant.

"Back in 1994, at the time of the 'Tequila Crisis', countries had exchange rates that were fixed at artificially high levels, big current account deficits, poor fiscal positions, and very high dollar-denominated external debt. So they were very vulnerable.

"All of that has changed. All the key countries have paid down their dollar debt, inflation is under control, currencies are floating freely, and current accounts are in surplus. So I think the economic situation has improved meaningfully.

If you're reading this on 7/7/07, today is your lucky day. That's because Reuters reports that today is the day that an organization called New 7 Wonders of the World is releasing its list of the 7 Wonders of the World in Lisbon. Europe's leading contenders are the Acropolis in Athens, Rome's Colosseum, and the Eiffel Tower. They are competing with Machu Picchu, Mexico's Chichen Itza ruins, India's Taj Mahal, Petra in Jordan, Christ Redeemer in Brazil, and the statues of Easter Island.

In honor of 7/7/07 and those 7 Wonders, I've picked 7 Wonders of the Investment World. Rather than select a stock from each of the countries where the 7 Wonders reside, I've decided to pick seven companies from around the world that I perceive as global leaders in significant industries that may make good long-term investments.

Here are my 7 Wonders of the Investment World -- listed in alphabetical order:

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Nick Vardy, editor of the Global Stock Investor, chose América Móvil (NYSE: AMX) as his favorite stock for 2007. It rose 39% as of 6/1/07. Here is Nick's original recommendation for AMX and his new favorite stock for the second half of 2007.

Updating his outlook on AMX, the advisor says, "Mexico-based América Móvil has been my #1 blue chip play on the global cell phone megatrend. The Latin American markets have been the strongest performing region globally. But even in that context, América Móvil has been a strong relative performer, handily outperforming the broader Mexican market, itself up 18%.

"And América Móvil has done more than make money for investors. It's also propelled controlling shareholder Carlos Slim ahead of Warren Buffett as the #2 wealthiest man in the world. If América Móvil's stock price continues its torrid pace, Slim will dethrone Bill Gates as the world's #1 by the end of the year.

"Should you still buy América Móvil? Absolutely! The stock remains a favorite of some of the world's top hedge funds. With Latin American cell phone penetration rates still hovering around 40%, América Móvil still only has one way to go -- and that's up.

"The stock is still a very good value based on a PEG ( price earnings to growth) of .58. Thanks to América Móvil's fast growth, this number has barely budged since I first recommended the stock in December."

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Nick Vardy, editor of the Global Stock Investor, chose América Móvil (NYSE: AMX) as his favorite stock for 2007, which rose 38% as of 6/1/07. Here is his original recommendation for AMX and his current opinion on the stock.

For his new favorite idea for the second half of 2007, the advisor looks to Millicom International Cellular (NASDAQ: MICC), which he calls, the "Indiana Jones" of the global cell phone industry. He explains, "Luxembourg-based Millicom is one of a handful of global players that are profiting by expanding in cell phone markets where others fear to tread.

"Its strategy has been unique and daring. While the Vodafones and América Móvils of the world slug it out in big cell phone telecommunications markets such as Brazil and India, Millicom has cobbled together a patchwork empire that consists of 16 countries in Central America, South America, Africa, and South and Southeast Asia.

"In total, Millicom's cellular operations are licensed to serve a combined population of approximately 278 million people -- roughly the population of the United States. Millicom has focused on offering prepaid cell phone services in countries where landlines are inadequate.

"Although most of Millicom's sales growth occurs in traditional Latin American markets, more than half of Millicom's customers are in Africa and Asia. And that's where much of Millicom's future growth lies. Given the relatively low cell penetration rates, Africa is the fastest-growing region of the world for cell phone use.

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

John Christy, editor of the Forbes International Investment Report, chose Nokia Corp. (NYSE: NOK) as his favorite stock for 2007, which rose 39% as of 6/1/07. Here is his original recommendation for Nokia and his current opinion on the stock.

For his new favorite stock, the advisor looks south of the border, recommending América Móvil (NYSE: AMX). He explains, "Latin America has been one of the hottest regions for global investors in 2007. As of May 25, the Morgan Stanley Capital International Latin America index is up over 17% in U.S. dollar terms.

"But there's still plenty of money to be made south of the border. AMX is the dominant mobile phone service provider in Mexico. The company's reach extends beyond its home market to more than 125 million subscribers throughout Latin America, with operations in more than a dozen countries.

"Revenue topped $21 billion last year, about half of which came from outside Mexico. The company is controlled by Carlos Slim Helú, who overtook Warren Buffett earlier this year as the world's second-richest man.