With all the gloom in the global economy, I got to wondering whether there is anything else going on in the world of business. I'm looking for growth because I think that's what will ultimately bring the economy out of the doldrums. Not surprisingly, that growth is coming from technology companies. In Growth Matters, I look at consumer technology companies that point the way to growth trends -- and in the process introduce services and products you may want to explore.

If you like playing games on your PC, then you should know Jagex -- or its popular RuneScape game. To learn more, I interviewed Adam Tuckwell, Jagex's head of public relations, who said, "Jagex is one of the world's leading developers of browser-based games. We specialize in the development of online games that can be played on almost any PC in the world. Our flagship title, RuneScape, is a massively multiplayer online role playing game that has been played by over 150 million people."

Earlier today, China's premier expressed concern about its sizable holdings of Treasuries and U.S. debt. Premier Wen Jiabao asked America to safeguard the value of Treasuries, noting that China is ready to expand its stimulus if the economy gets worse.

According to Wen, China is the biggest foreign creditor to the U.S. -- causing the Premier to ask the U.S. to make sure that its response to the current economic environment doesn't harm the value of the Chinese holdings.

"With occupancy rates around 95%, apartment REITs appear to be the one bright spot in the REIT sector," says Asif Suria in The SINLetter; he looks at AvalonBay Communities (NYSE: AVB).

"The company generates nearly half its net operating income from the NY/NJ metro area and New England. California represents an additional 32% of net operating income.

"With a management team that is well respected and leverage that is the lowest of any apartment REIT, AvalonBay has traded at a premium over the last few years and the stock was trading at nearly $150 when I first came across the company in early 2007.

"I continued watching the company over the last two years looking for an opportunity to start a position. With a decline of over 70% from its 2007 high and a yield of 8.1%, this apartment REIT is finally at a level that not only offers a fat yield but also the potential of price appreciation.

• Bernstein upgraded Merck (NYSE: MRK) to Outperform from Market Perform and raised its target to $30 from $27 citing valuation and its decision to buy Schering-Plough, at what appears to be a reasonable price.
  
• RBC Capital upgraded Palm (NASDAQ: PALM) to Outperform from Sector Perform and raised its target to $12 from $5 as it believes webOS has increased its chances for Smartphone leadership and will increase its attractiveness as an acquisition target.
  
• RW Baird upgraded Alcatel-Lucent (NYSE: ALU) to Outperform from Neutral on valuation as it believes balance sheet risks are overly discounted in the stock, creating a buying opportunity. The firm has a $3 target on shares.
• Express Scripts (NASDAQ: ESRX) was raised to Buy from Hold at Argus.
  
• France Telecom (NYSE: FTE) was upgraded at Morgan Stanley to Equal Weight from Underweight.
  
• Foster Wheeler (NASDAQ: FWLT) was upgraded to Conviction Buy from Neutral at Goldman.

I own shares of Disney (NYSE: DIS). I haven't been too happy about the performance of the stock lately. So, as you can imagine, I want the company to allocate its capital very wisely.

Recently, I've been thinking a lot about Disney's video-gaming ambitions. The Mouse has invested heavily in this area. It doesn't want to just license titles out to other developers. It wants to make the games all by its corporate self. To that end, the company has purchased development studios.

But, after reading about its gaming plans, I continue to be indecisive in terms of exactly how deep I want Disney to be involved in developing entertainment software.

AT&T (NYSE: T) closed at $24.35. T April option implied volatility of 39 is below its 26-week average of 45, according to Track Data, suggesting decreasing price movement.

Verizon (NYSE: VZ) closed at $28.14. VZ April option implied volatility of 38 is below its 26-week average of 46, according to Track Data, suggesting decreasing price movement.

Comcast (NASDAQ: CMCSA) closed at $12.92. April option implied volatility is at 64; July is at 62; near its 26-week average according to Track Data, suggesting non-directional price movement.

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

Sprint Nextel Corp. (NYSE: S) was the worst telecom merger in recent memory. The $35 billion merger in 2005 was intended to keep Sprint from becoming a smaller player in the wireless market as competitors were combining and becoming wireless powerhouses.

The only problem was that Sprint and Nextel merged but appeared to keep everything separate. In effect, very little "merged" at all.

There is a tipping point in every economic cycle. No one really knows when it occurs. We do know it occurs during periods of euphoria. People have money, credit is readily available and there is a buying spree of everything from TVs to cars to houses etc. To meet the demand, factories produce more and more goods.

Then a Black Swan event occurs. The term Black Swan comes from a book by Nassim Nicholas Taleb entitled: Black Swan. Black Swan refers to a once in a lifetime experience. We see white swans for our entire life and then one day, out of nowhere, we see a Black Swan.

The Black Swan this time was the financial crisis. Banks were leveraged 30 to 40 times their capital and the housing market started to implode.