U.S. stocks have soared since March on signs the recession is abating. Either that, or the recession is abating because stocks have soared since March. It's difficult to tell growth from froth when the former is measured chiefly in terms of how much consumers spend. The past decade, after all, produced a flood of consumer spending, but it was paid for by asset bubbles (two for stocks, one for houses) and a rise in borrowing, even while household incomes shrank after inflation.

were making good money before the recession, unlike, say, Ford (F); 2) saw sales plunge as a direct result of the recession, unlike thriving Apple (AAPL); 3) have had only modest stock recoveries this year, unlike, again, Apple; and 4) haven't issued new stock so liberally that each outstanding share is now vastly diluted in value, as have several big, troubled banks. I recently searched for just such attributes while keeping an eye out for dividends but not requiring them. Below are three companies that turned up.

It's possible, I suppose, that the world has discovered a better means of long-distance passenger travel than the jumbo jet, and that no one has told me yet. If that's not the case, though, Boeing (BA) seems underpriced. The company carries a lower stock market value today than at the end of 1996, even though sales and profits have about tripled since then. Even a 4% dividend yield hasn't enticed stock buyers to lift shares higher than their current price of nine times forecast 2009 earnings. True, the company's next-generation, fuel-efficient Dreamliner was supposed to be in the air two years ago, but Boeing is busy manufacturing more than just excuses. Sales of existing planes and military hardware are expected to increase 11% this year. As for the Delayliner, it's still two years ahead of Airbus's competing model.

DuPont (DD) sells industrial chemicals, electronic innards, construction materials and more in 70 countries. Since many of its wares are primary goods used by manufacturers, it should be among the first companies to show signs of improvement during a broad expansion. Last week the company reported a 61% plunge in second-quarter profit on double-digit sales declines in most product categories. Management reckons third-quarter sales will fall short of year-ago levels, too, and that growth will resume in the fourth quarter. Shareholders collect a meaty 5.5% dividend while they wait. Payments will likely take up the bulk of this year's depressed profit, but look more affordable relative to early forecasts for next year, which call for 15% growth in earnings per share.

Perhaps the economy is a long way from producing a leisure boom. Sales for Carnival (CCL), a cruise operator, are forecast to fall 11% this year. But trends are starting to look a bit less ugly. According to Wedbush Morgan, an investment bank, prices for cruises booked for the third quarter, while still 15% lower than nine months ago, have increased over the past 10 weeks. At the very least, that suggests that those so inclined should book cruises soon. At most, it warrants a purchase of the stock. Carnival carries an ambitious debt load, but a manageable one. Investors no longer need worry about management suspending the dividend; it did so last fall. The shares sell for less than 14 times earnings, and Carnival, while producing nothing near a banner year, is doing better than expected. Earnings per share have beaten forecasts in its past three quarters by an average of 35%.