2006 price change: -35.1%

Telecom stocks have sizzled but this equipment maker hasn’t joined the rally. Several telecom carriers are waiting for regulatory approval of big mergers and have held back on spending. That's hurt ADC, which sells equipment that delivers high-speed Internet, video and voice services.

2007 outlook: ADC may take investors on a rocky ride next year. But if regulatory issues begin to clear up, then shares are well positioned for a rebound since telephone carriers would be likely to spend more on fiber-optic networks.