In retail stocks, as in consumer buying, the big question is: where to shop? With the third quarter just around the corner, Morgan Keegan senior analyst Brad Stephens offered CNBC some ideas.

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His first pick is Warnaco.

"It's 70 percent the Calvin Klein brand," he told CNBC. "According to a recent Fortune study, that's the world's number-two most-desired brand behind Gucci. You get 55 percent of your sales outside the country."

Stephens also likes Fossil.

"In addition to the Fossil brand, they also have the global licenses for Burberry, Armani, Diesel, and DKNY," he pointed out. "This is a (company) that gets 52 percent of its sales from wholesale outside the U.S., another 6 or 7 percent from retail stores outside the U.S."

The one American-based retailer on his list is Aeropostale.

"We're really not too bullish on the U.S. economy right now," he admitted. "When you look at Aero, you've got pricing 30 to 40 percent below the other teen retailers in the mall, such as American Eagle or Hollister [a unit of Abercrombie & Fitch

]."

Large caps with international exposure are the best way to get through the rough patch, according to Schwab portfolio manager Vivienne Hsu. Knowing the right large caps with the correct international exposure is the key.

Her four-star Schwab Core Equity Fund is up an average of 9.9 percent per year over the last five years.

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Her list begins with Hasbro .

""The consumer discretionary sector can be a bear to navigate through," she admitted to CNBC. "We like Hasbro more on a top-down perspective; there is a likelihood that...consumers may be trading expensive entertainment for low-cost entertainment, such as board games, hand-held devices."

She also likes Occidental Petroleum.

"Everybody knows oil is getting a little toppy," she said. "We like Occidental, on the other hand, because of very, very strong fundamentals."

She praised the company's ability to generate free cash flow and its record on increasing its dividend and cutting its debt.

Also on her list is IBM.

A 50-50 blend of growth and value, focused internationally. That's James Moffett's five-star formula. He's the lead portfolio manager of the five-star UMB Scout International Fund.

Typically, Moffett goes after smaller large-cap and larger mid-cap companies. He's especially enthusiastic about Latin America in general, and Brazil and Chile in particular.

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High on his list is AmBev, Brazil's leading brewer.

"If you're selling beer on the equator, and you've got over a 50 percent market share, you ought to be making good money on it," he told CNBC.

He's not limited to Latin America; in the technology area, he likes Canon.

"We think of them as making cameras, but they make a lot of other things," he explained. "They make copiers, they make equipment for making semiconductors; we view them as a broad-based January technology play."

Susan Byrne has a message for investors who are waiting for the market to get back to normal.

"People need to understand...this is the new normal," the chairman and chief investment officer of Westwood Holdings Group told CNBC. "We're likely to be a much slower grower than outside the United States."

Outside the United States is where she finds investment opportunities.

Byrne has managed the five-star Westwood Equity Fund for more than 21 years.

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Topping her list is United Technologies.

"UTX is terrific geography, all over the world," she said. "They make Otis elevators, they make Pratt & Whitney engines for planes, they make H/VAC systems...when you look at new buildings going up in Dubai or Shanghai, you know that they're Otis elevators."

Freeport McMoRan is a big commodity play.

"This is an American-based copper company," she explained. "If you wanted to re-create this company, you'd have to take $250 a share to make this company the way it is today."

She's impressed by the results just released by Nike.

"Nike did exactly what we wanted it to do," she said. "Two-thirds of their business is outside the United States, so even though the United States was slow, we saw very strong 20 to 30 percent growth outside the United States,"

She disagrees with those who think it's too late to get into oil-related companies, and she likes XTO Energy.

The uranium sector is due for a rebound and investors can profit from this by buying either miners or companies building nuclear power plants, according to Peter Howe, head of trading at Helvetia Wealth.

Uranium miner Cameco, and Japanese industrial companies Mitsubishi Industries, Sumitomo Heavy Industries, Nippon Crucible and Toshiba, will all benefit if prices of uranium rise as expected, Howe told "Worldwide Exchange."

The second half of 2008 looks mighty encouraging to Al Meyers.

His AHA Diversified Equity Fund is up an average of 10.11 percent per year over the last five years.

"It's all going to depend upon earnings," he told CNBC. "It's going to set the tone for the second half. There are some very good values out there right now."

So where does he see them?

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Topping his list is Barrick Gold.

"It's a well-managed company," he said. "The valuation right now is attractive. We've owned this stock as a firm for a long time. Call it an inflation play, a commodity play, it's still a good stock holding in an uncertain market environment."

Meyers also likes ConAgra Foods and Medtronic.

Patrick Becker sees brighter days in store for the market, once it re-focuses from what's going wrong to what's going right.

His Becker Value Equity Fund is up 1.77 percent in this difficult year.

Does the second half of the year look better to him than the first half?

"We think so," he told CNBC. "We think there's some good, compelling values out there."

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Highest on his list is FedEx, despite the soaring price of fuel.

"Whenever the fuel prices move rapidly, up or down, they get either a windfall or they get hurt, and what you've seen in the last quarter is them getting hurt fairly substantially," he said. "The opportunity here is, FedEx is a terrific company, one of the best, they invest in the downturns; the little guy...going out of business, that's an opportunity for FedEx."

Becker also likes Starbucks (surprised?) and Lawson Software.

George Shipp, portfolio manager at Scott & Stringfellow, says focusing on three themes will help an investor weather the current market turbulence.

His five-star BB&T Special Opportunities Fund is up an average of 16.7 percent per year over the last five years.

His themes: the rise of Asian economies, and the ensuing demand for basic materials and energy; the continued growth of the Internet; and the graying of the population.

He named two stocks that fit his themes.

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Shipp's first pick is Nalco.

"(It's) a water chemicals treatment company," he told CNBC. "They're number one in the business; everybody likes clean water -- there's no enemies; they have a great exposure to the energy industry."

He also likes Akamai.

"It's the largest content-delivery network," he said. "Akamai makes the Internet run faster... their number-one competitor is a four-dollar stock right now, and Akamai recently prevailed in a patent-infringement suit, so we like their competitive position there."

Disclosure:

George Shipp owns shares of Nalco and Akamai both personally and through his fund.

Disclaimer

Analysts say the bears wull rule will the Sensex -- the Bombay Stock Exchange Sensitive Index -- for the next few quarters.

What's the shortest path to long-term value? Michael Lippert, portfolio manager of the Baron iOpportunity Fund, offered his stock recommendations for this volatile market.

"We model our companies out four or five years, and we look at the potential for those companies to deliver earnings and cash flow out in the future," Lippert explained to CNBC. "My fund looks for investments in the Internet and information technology spaces."

So whose models look the most rewarding?

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At the top of his list is Equinix.

"Equinix operates data centers that act as hubs of the Internet," he said. "Equinix's business has grown at a 30 percent rate for the last several years; we think that will continue; they generate very high margins and a lot of discretionary free cash flow."

He also likes Nextel International Holding.

"They operate the (Sprint) Nextel assets in Latin America," he said. "They're run by a high-quality U.S. management team; their top markets are Mexico and Brazil; those markets down there are less penetrated than up here; they're taking share, even in challenging markets."