Sometimes, market events and macroeconomic concerns can weigh on even the best of company performances.

That was probably the case with Fuel Systems Solutions (FSYS), which trounced the Thomson/Reuters First Call first quarter earnings estimate of 91 cents, by earning $1.59. Fuel Systems earned 44 cents per share a year ago.

The market's response: muted, sluggish, even bearish, with the Fuel Systems' shares falling in-sync with the market's decline amid lingering concerns about Greek/European debt. Fuel Systems' shares have fallen throughout the week, including a $1.50 drop to $26.86 on Friday at mid-day.

Readers of my columns know that my investment bias favors the energy sector, including companies that offer alternative energy solutions. And with the aforementioned in mind Fuel Systems (NASDAQ: FSYS) is worth a review.

Fuel System appears to be well-positioned to benefit from Congress' proposed extension of tax incentives and credits for natural gas vehicles and infrastructure. The proposed bill also mandates that 50% of the U.S. government's vehicle covert to natural gas in the years ahead. The First Call FY2009/FY2010 EPS estimates for FSYS are $1.61 to $1.97.

While the release of economic data doesn't stop next week (see economic schedule highlights below), the earnings season does wind down dramatically. Most of the S&P 500 companies already have reported on the past quarter, which means dismal earnings news is largely behind us, at least for a while. About the only companies of note expected by analysts surveyed by Thomson Reuters to report falling earnings this week are Costco Wholesale Corp. (NASDAQ: COST), Wendy's/Arby's Group Inc. (NYSE: WEN), Foot Locker Inc. (NYSE: FL), Bank of Montreal (NYSE: BMO), and Steinway Musical Instruments Inc. (NYSE: LVB).

While PetSmart Inc. (NASDAQ: PETM) and Big Lots Inc. (NYSE: BIG) quarterly profits are expected to be about the same as a year ago, Liz Claiborne Inc. (NYSE: LIZ), Kenneth Cole Productions Inc. (NYSE: KCP), Ciena Corp. (NASDAQ: CIEN), and Trina Solar Ltd. (NYSE: TSL) are expected to have swung to losses in the most recent quarter.

This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

For his top idea for 2009, Bob Bogda looks to a play on reducing the world's dependence on fossil fuels. In SmallCapInvestor, the advisor selects Fuel Systems Solutions (NASDAQ: FSYS).

"When it comes to reducing the world's dependence on fossil fuels, there are abstract theories and then there are practical tools.

"Fuel Systems Solutions falls squarely into the latter category, as a growing number of car and bus manufacturers discover how its equipment helps vehicles run more efficiently on cleaner sources of fuel, investors are reaping the benefits.

The shares of Fuel Systems Solutions, Inc. (NASDAQ: FSYS) are on the upswing today, following news of an acquisition and a bullish brokerage nod. This morning, Fuel Systems said its Italian unit has agreed to purchase Distribuidora Shopping SA for $22 million. The Argentinean company produces components and systems for the compressed natural gas vehicles market, and FSYS President Matthew Beale said, "The transaction reinforces our natural gas vehicle product line and expands our global manufacturing and distribution footprint."

In other news affecting the shares today, FSYS was initiated with a Buy rating at Janney Montgomery Scott. The analyst noted that Fuel Systems is "well positioned to take advantage of the drive to cleaner transportation alternatives," and added, "We believe Fuel Systems will not need to raise additional capital."

Considering its impressive year-to-date performance, FSYS seems overdue for more bullish attention from analysts. Zacks reports that only three brokerage firms currently cover the stock, with all of them maintaining an enthusiastic Strong Buy opinion.

With the shares up 118.6% in 2008, there's ample opportunity for more optimistic initiations along the lines of Janney Montgomery Scott's. Any additional upbeat comments could draw more buyers to the table for this relatively undiscovered high-flying stock.

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.

General Motors (NYSE: GM) is recently down 56 cents to $13.23. Deutsche Bank has a Hold rating on GM. GM call option volume of 24,528 contracts compares to put volume of 37,879 contracts. GM July option implied volatility of 83 is above its 26-week average of 60 according to Track Data, suggesting larger price movement.

Fuel Systems Solutions (NASDAQ: FSYS) is recently up $6.24 to a seven-year high of $41.43. FSYS develops internal combustion engines to run on clean-burning gaseous fuels. FSYS option volume of 654 contracts compares to put volume of 52 contracts. FSYS July option implied volatility of 84 is above its 26-week average of 69 according to Track Data, suggesting larger price movement.

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