They range from software vendor Taleo , which makes programs to help companies recruit, trading at 46 times next year’s earnings, to rural phone-line provider Ntelos Holdings , whose shares have more than doubled in the last year. Ntelos now trades at 32 times next year’s estimated earnings per share, well above its projected 24% year-over-year earnings growth. In truth, Advent may increase sales next year 16% — not bad, but hardly astounding considering the 41% and 22% growth rates projected for Google and Apple, respectively, or even the 12% projected for Microsoft, whose growth may be at a point of acceleration. But the stock trades at 25 times that figure, compared with just 17 times for Microsoft , which may see 35% free-cash-flow growth next fiscal year. read more

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