Leading international design, engineering, and contracting firm Fluor Corp. (FLR), first discussed here on February 17, 2009, at a price of $39.21, has ascended to the stratosphere, taking out $70 resistance, and now may be a good time to consider taking some profits.

However, those investors who can tolerate the risk can maintain their full position, but keep in mind the journey to plus-$80 may not be completed in 2011.

Shares of Fluor Corp. (FLR), which had meandered all summer through September in a roughly $43 to $49 range, exploded to the upside this fall, taking out $50 and $60 resistance. I first discussed the Fluor, which closed at $62.24 Friday, on February 17, 2009, at a price of $39.21, and now may be a good time to consider taking some profits.

However, those investors who can tolerate the risk can maintain full position, and go for an even larger gain, as Fluor is likely to continue to head north, once its overbought short-term status normalizes.

The standout stat in engineering company Fluor Corp.'s (FLR) first quarter report? All things considered, it was 76-cent earnings per share performance, roughly in-line with the 74-cent Thomson/Reuters First Call estimate.

CEO Alan Boeckmann said end-market diversification enabled the company to deliver "good profitability despite lower new award levels in recent quarters and the trailing impact of a significant reduction in spending by our oil and gas clients." Fluor earned $1.12 per share a year ago.

Fluor Corporation's (FLR) shares have backed-off after nearing $60 this summer, but I'm reiterating my buy rating for the company, first recommended on February 17, 2009, at a price of $39.31. Here's why:

Look for high-single-digit to double-digit revenue growth in 2010 with Fluor, a leading international design, engineering, and contracting firm, on U.S. fiscal stimulus package-related infrastructure work, and as oil/gas and electric power companies resume their long-term capital projects.

Do not underestimate the power of a new administration in Washington. With the ability to spend a huge amount of dollars, team Obama can wield tremendous influence in the market.

Case in point is the stem cell space. It is widely expected that Obama will issue an executive order eliminating restrictions on stem cell research.

Stocks like StemCells Inc. (NASDAQ: STEM) and Geron Corp. (NASDAQ: GERN) have been moving higher since the inaugural.

Coincidentally, on Friday, GERN announced approval for human trials for its treatment of spinal chord injuries using stem cells. Both GERN and STEM were up big as a result.

Another space expected to do well under the Obama administration is construction. A massive stimulus plan is said to be coming in February. A key point of the plan will be to boost infrastructure spending.

The dollars will benefit companies like Fluor Corp. (NYSE: FLR) and Jacobs Engineering (NYSE: JEC). Unlike stem cells, the market has yet to move these stocks higher. FLR is down more than 10% and JEC is down nearly 18% so far this year.

Fluor Corporation (NYSE: FLR) provides engineering, procurement, construction management and project management services worldwide. Projects involve the design and construction of manufacturing facilities, transportation infrastructure, refineries, healthcare buildings, power plants and telecommunications infrastructure. The company also provides administrative and support services to the U.S. government. The oil and gas sector accounts for about 50% of sales. Commercial clients include Exxon Mobil (NYSE: XOM), General Motors (NYSE: GM) and DuPont (NYSE: DD).

Investors were pleased last week, when the company reported Q1 EPS of $1.50 and revenues of $4.81 billion. Analysts had been looking for $1.27 and $4.64 billion. Officials said that consolidated backlog rose to $31.5 billion, up 33% from the year ago period. Management also guided FY08 EPS to $6.25-$6.55, versus consensus of $5.63.