This post was written by Minyanville contributor Fil Zucchi.

To highlight defense names in the face of the current spending priorities feels like soaking in gasoline and walking around smoking a cigarette. With that visual as a backdrop, it is also fair to say that Obama is probably just as focused on protecting the motherland as Bush was, and, much as he may dislike it, that will force continued if not increased spending in certain areas of defense. The one name I have been drooling over for years and which is finally coming together in many respects is L-3 Communication (NYSE: LLL).

Yesterday's announcement by Freddie Mac (NYSE: FRE) to cut but not eliminate its dividend payment got me wondering if there were other companies out there with absurdly high dividend yields that hadn't cut their payments. High-dividend yields are an old-fashioned way to look at companies and one that's fallen out of fashion as tech companies plowed their profits into research. But a 10% yield -- hey even a 7% yield -- is something we'd all be happy to find these days.

Traditionally, companies with high-dividend yields were those with low-growth potential, like utilities. Like Freddie, many of the current high-yield companies were created by a falling stock price. And like Freddie, they could always cut the dividend to keep the yield from getting out of whack. But, if they think the stock will rebound, maybe they won't cut it for fear the dividend cut would be yet another thing to drive off investors.

The highest yielding big company I found was Biovail (NYSE: BVF), Canada's biggest drug maker. The company was hit with an SEC complaint that key executives were lying about earnings. The company and the founder just settled a fight over the future direction of the company -- with the founder stepping aside. The stock, at about $10, has been cut in half in the last year. In May the company declared a quarterly dividend of 37.5 cents a share, which gives it a 15% yield at the current price.

Readers of this space know that the investment bias is toward large-cap companies with demonstrated business models and who have a competitive advantage in established markets, preferably with a favorable global trend as a support. But every once in while an exception is made, and with the above in mind, L-3 Communications (NYSE: LLL) is worth a review.

L-3 makes secure and specialized systems for satellite, avionics, and marine communications, with a healthy percentage of its business coming from the U.S. Government.

Analysts like LLL's diversified revenue streams: specialized products (34%) intelligence/communications (22%) government services (25%), and aircraft modernization and maintenance (19%).

Three recent technology-related failures serve as a reminder that there are significant though barely acknowledged vulnerabilities associated with modern financial markets' dependence on advanced communications and sophisticated systems.

The first was the hiccup that occurred in the stock market on February 27th, when an unexpected computer problem and unusually heavy trading led to delays in reporting the value of the Dow Jones Industrials Average. When the situation was eventually resolved, it triggered a momentary panic as traders assumed the large and sudden downward price adjustment represented a wave of forced selling (to be sure, astute market watchers quickly realized that other indices had already fallen more than the Dow by that point.)

The other two incidents, although unrelated to each other, occurred over the course of the past 48 hours. One apparently stemmed from a server back-up at software maker Intuit Inc (NASDAQ: INTU), following a rush of last-minute requests for electronic filing of tax returns. Another was a major outage affecting users of Research in Motion's (NASDAQ: RIMM) BlackBerry service, which prevented many subscribers from sending and receiving emails for a number of hours.

One of my closest friends, Liz, is a speech pathologist for young children and doesn't have much need for computers. I've taught her all about iTunes, wireless networks, and CD burning, but several months ago she introduced me to Skype. Her husband's sister and brother-in-law currently live and work in Tokyo, so the Internet telephony feature has been a lifesaver. They can remain in close contract, even with the 12-hour time difference, and it's free of charge. Plus, there's a visual element unavailable over traditional telecom wires.

Earlier today, Melly Alazraki reported that online auctioneer eBay Inc. (NASDAQ: EBAY), the parent of Skype, has released a new version that incorporates the PayPal online payment feature. Skype users will now be able to transfer money back and forth using PayPal accounts, but this is only the tip of the iceberg. EBAY officials are planning on blending the two services more down the line; a spokesperson noted that "We hope that adding this capability will result in a better, more enriching experience for both Skype and PayPal users, which is crucial to extending our leadership positions in the communications and payments markets." This new feature will make it easier for my friend's sister-in-law to contribute money to her nieces' college funds (did I mention Liz is the mother of triplet girls? No wonder they don't have time to fiddle around with iTunes).

EBAY shares are fractionally higher in early trading and continue to fight toward the $35 level. This is the location of the stock's 20-month moving average and is also home to hefty out-of-the-money call open interest in the April and July options series.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

"Cash is the lifeblood of any business," says Roger Conrad. "And few companies have the robust vital signs of Comcast Corp. (NASDAQ: CMCSK), which the editor of The Utility Forecaster calls "America's cable king."

The advisor was particularly impressed with the firm's third quarter results, noting that its "historically robust growth rates" have accelerated even further, with revenue surging 22%, cash flow 25% and operating income 46%.

With the acquisition of assets from a bankrupt Adelphia this year, Conrad notes, the firm has expanded its basic cable customer rolls to 24 million and its network reach to more than 40 million homes. That expanded base, he predicts, will set the stage for more upselling to broadband Internet, telephone, and digital cable service (now more than 50% of the overall base).

He says, "Many see communications as a life-and-death struggle between telecom and cable giants." On the contrary, he notes, the "robust" performance of Comcast "paints the picture of an increasingly profitable industry."

With its rising cash flow stream and its "first meaningful earnings" of 58 cents per share in the latest quarter, the advisor rates Comcast a buy up to $40.

For those seeking income, he points out that the stock doesn't pay a dividend. But there is another option; Conrad recommends the Comcast 5.85% Notes of 01/15/10, which have a yield to maturity of 5.3%.

He sees little interest rate risk i the issue and the possibility of capital gains "as the company's credit rating is increased in coming years."