Oppenheimer analysts just released an in-depth look at the first-quarter earnings for the communication, wireless and cloud stocks. Results were solid for the high-end wireless sector and okay for consumer wireline. Twelve of the companies Oppenheimer covers met or exceeded estimates, and five reported an earnings miss, with the more enterprise-focused companies guiding to weaker results. The analysts continue to believe that wireless data and cloud services are in the early stages of growth and that this, combined with online gaming, mobile video and social networking, will drive strong interest for many of the stocks in their coverage universe.

Here are the Oppenheimer stocks to buy, including a top three list.

Akamai Technologies Inc. (NASDAQ: AKAM) is one of three top stocks to buy. Akamai has followed a steady pattern of reporting two consecutive strong quarters followed by one weaker quarter. Assuming this trend continues, the second quarter this year will be another strong quarter for the company. The Thomson/First Call price target for the stock is $47.

American Tower Corp. (NYSE: AMT) is also in the top three. The Oppenheimer analysts think that American Tower is the favorite to acquire AT&T Inc.’s (NYSE: T) remaining tower portfolio, which would increase the company’s tower count by 50%. The consensus price objective for this top name is $91.50.

Comcast Corp. (NASDAQ: CMCSA) rounds out the top three stocks to buy at Oppenheimer. Cable trends look solid for the remainder of the year, as the company was able to pass through a series of rate adjustments with only minor pushback. New acquisition NBCUniversal, had a much better first quarter than expected. The consensus target for the stock is $48. Investors are paid a 1.80% dividend.

Crown Castle International Corp. (NYSE: CCI) is another tower name to make the Oppenheimer stocks to buy list. Over the past four quarters, year-over-year sales growth has been 17%, 21%, 30% and 34%, respectively. As the weather warms up, it is likely the company will have additional equipment installations and repair work as network capital spending heats up. The consensus price objective for the stock is $86.

AT&T Inc. (NYSE: T) is one of two carriers to buy. The company expects much better results in its wireless business in the second quarter after a weak start to the year. The consensus for this blue chip name is $38. Investors are paid an outstanding 4.90% dividend.

Verizon Communications Inc. (NYSE: VZ) also grabs a spot on the stocks to buy list. Verizon Wireless will pay out a total $7 billion distribution in June to Verizon and Vodafone Group PLC (NASDAQ: VOD) commensurate with their respective 55% and 45% stakes in the company. That puts Verizon’s share at $3.85 billion, and Vodafone will get $3.15 billion. The consensus price target for Verizon Communications is $54. Shareholders receive a 3.90% dividend.

RigNet Inc. (NASDAQ: RNET) is a small cap name that offers an interesting twist. The company provides network infrastructure services for the remote communications needs of the oil and gas industry. The consensus price objective for the stock is $27.50.

Interxion Holdings N.V. (NYSE: INXN) could be a play on growth in Europe. The company provides carrier-neutral colocation data center services in Europe. The consensus for the stock is at $21.41, way below the current trading level.

magicJack Vocal Tec Ltd. (NASDAQ: CALL) wraps up the list of stocks to buy at Oppenheimer. With television commercials that run constantly, the company provides consumers inexpensive voice over Internet protocol (VOIP) phone service. The consensus estimate for the stock is at $26. A move to the target would represent an almost 40% gain.

Even with the impressive stock market rally, investors can feel comfortable at least scale buying some of these top names. With an ever increasing consumer base around the world, growth prospects for these stocks seem very achievable.

We saw new positions taken in Citigroup Inc. (NYSE: C) of 1 million shares and in Hess Corp. (NYSE: HES) at 2.7 million shares. Family Dollar Stores Inc. (NYSE: FDO) was a new stake and that was put at 5 million shares.

Some 2.8 million shares were also seen in Vodafone Group PLC (NASDAQ: VOD) which is likely an arbitrage play of sorts in a Verizon Communications Inc. (NYSE: VZ) deal over Verizon Wireless. Paulson also has a merger-arb piece left over in H. J. Heinz Company (NYSE: HNZ) with a stake of 1 million shares.

Cobalt International Energy, Inc. (NYSE: CIE) was a new position, but this was put at about $80 million in shares and in debt securities combined. InterOil Corporation (NYSE: IOC) was a new stake of 1.87 million shares.

MGIC Investment Corp. (NYSE: MTG) was a new stake of 17 million shares which has since risen in value, but there was an additional $152 million in debt securities held there.

Paulson’s position in the SPDR Gold Shares (NYSE: GLD) was listed as 21,837,552 shares worth some $3.37 billion as of March 31. That compares to a December 31, 2012 value of $3.538 billion. Based upon the closing price of $134.63 on Wednesday, that value would be down to $2.94 billion as of now.

Some of these positions were higher in the after-hours from the report. With Paulson under much more criticism than praise of late, you have to wonder if the cynical view of shorting Paulson’s picks may start to take shape. Just keep in mind that Paulson’s losses in gold might not mean that he makes bad decisions elsewhere and indefinitely.

PAULSON’s FULL HOLDINGS

On Monday night came news that Verizon Wireless would pay out $7 billion in a dividend to co-owners Verizon and Vodafone. Verizon Communications owns 55% of Verizon Wireless, so it will receive $3.85 billion. Vodafone owns 45%, and it is set to receive $3.15 billion. Both payments will be made toward the end of June.

There are two takes here. One is that the move is by Verizon Communications to force a position for a buyout of Verizon Wireless. The other is that the move is meant to appease Vodafone and to keep from having to cough up tens of billions of dollars that would require a huge debt or equity offering to finance the deal.

Our view is that the dividend is move intended to kick the can down the road on any major M&A transaction. Verizon already greatly underyields rival AT&T Inc. (NYSE: T) on its dividend, at 3.9% versus 4.8%. This move may allow Verizon to catch its dividend back up and perhaps deal with the Vodafone stake in Verizon Wireless in pieces, or at least further out on the calendar.

The annual meeting was held on Tuesday in Paris, France. The merger of Alcatel and Lucent has been difficult to integrate. Management has been reshuffled enough to feel like a corporate game of musical chairs. The company has tried to move into a specialist role rather than being a full-service telecom equipment provider, but it has been a costly move so far.

Unfortunately, Alcatel-Lucent’s investors have had to be very patient. Its investors also have paid a serious price for that patience under what looks and feels like a perpetual strategic review of its operations.

Another unfortunate outcome is that this likely means that many of the Lucent assets are likely to be jettisoned, sold or partnered off at unfavorable fire-sale terms, compared to what was paid for them. The company has managed to burn through about half a billion euros (or about $650 million) just in the first quarter alone.

Combes also went on record to say that the current situation is just not sustainable over the long term. Combes is asking investors to remain patient for one or two more months as he plans to release the new strategy at the end of June or beginning of July. Investors should know that Combes has a reputation for cost-cutting efforts at prior employers, such as Vodafone Group PLC (NASDAQ: VOD) and France Telecom S.A. (NYSE: FTE), but this will be on top of a cost-cutting effort that was initiated under his predecessor. One last consideration here is that investors also may have to be prepared to face more dilution if the company needs more capital. That could come from a rights offering or an outright share offering, but no formal plans have been released.

It seems that Alcatel-Lucent investors are willing to remain more patient than we may have considered ahead of the annual meeting. Its shares are up 8.4% at $1.42 in New York ADR trading, and shares locally trading in Paris are also up the same 8.4% today.

Alcatel-Lucent is becoming less and less of an American story and more and more of a European and international story. The local ordinary shares trading in Paris have come close to 60 million in Paris trading on Tuesday, while New York ADR trading is currently at about 14 million shares.

Ergen said, “We’re not going to lose because we’ve got a better offer on the table.” Dish’s offer for Sprint is $7.10 in cash per share, along with a 32% ownership stake for Sprint shareholders in the combined company, tops Softbank’s cash offer of $6.38 a share and a 30% stake in Sprint.

Softbank has said that it will not improve its offer, but that was then. Ergen appears to expect a sweetened offer for Sprint from Softbank, and indicated yesterday that Dish would have to seek a private equity partner if Softbank put in a bid of $7.50 or $8.00 a share.

Ergen also made it very clear about what is important to Dish: the spectrum owned by Clearwire Corp. (NASDAQ: CLWR), a company controlled by Sprint and for which the wireless carrier already has offered to buy the rest of the company. Dish has tried before to acquire spectrum from Clearwire, only to be rebuffed. Now the gloves are off.

Ergen’s strategy — if he can acquire Sprint/Clearwire — is to leverage Dish’s satellite network with a terrestrial wireless network that would allow subscribers to get mobile wireless service as part of a single package. Verizon Wireless — still a joint venture between Verizon Communications Inc. (NYSE: VZ) and Vodafone Group PLC (NASDAQ: VOD) — and AT&T Inc. (NYSE: T) both seek the same thing, but neither has the content licenses that Dish already has in place with the media companies.

That is a huge part of Ergen’s play here. Dish would be transformed virtually overnight into the only U.S. provider of a single, all-inclusive wireless-pay TV package that would allow customers seamless access to media content both inside and outside their homes.

Suddenly, Dish is a threat to what is essentially a duopoly at the top of the wireless industry in the United States. The FCC would be hard-pressed to deny a merger that promises to increase competition for consumers.

It is still early days, but the fight for Sprint/Clearwire has all the earmarks of being a good one for Sprint shareholders. Shares are trading now at $7.12, slightly above Dish’s cash offer of $7.10. If Softbank makes a higher bid, shares will shoot up on the expectation that Dish will top the offer.

Ergen has as much as said that Dish Network’s future depends on its acquisition of Sprint/Clearwire. Certainly Dish’s growth prospects are dim without a transformative deal like this, and there are no other deals out there like this one. For Dish, it is grow or die.

A low-end version of the Nokia Corp. (NYSE: NOK) Lumia may be Microsoft Corp.’s (NASDAQ: MSFT) best opportunity to get share in the mobile sector. (Reuters)

The Consumer Financial Protection Bureau (CPFB) will investigate car lending companies over certain questionable practices. (Reuters)

Its property and casualty business pushes American International Group Inc. (NYSE: AIG) results higher. (Reuters)

Intel Corp. (NASDAQ: INTC) picks it chief operating officer to lead the company and disappoints investors who want change to move the firm beyond PCs. (Reuters)

CEO Ivan Glasenberg of the newly merged Glencore Xstrata says layoffs are critical to his plans. (WSJ)

Verizon Communication Inc.’s (NYSE: VZ) chief executive officer says Verizon Wireless may not pay its annual dividend to Verizon or Vodafone Group PLC (NASDAQ: VOD) in the hope Vodafone will sell its shares. (WSJ)

The Reserve Bank of India cuts its rate to 7.25%. (WSJ)

Barnes & Noble Inc.’s (NYSE: BKS) Nook will start to run Google Inc. (NASDAQ: GOOG) apps. (WSJ)

Shares of LinkedIn Corp. (NYSE: LNKD) fall on a weak outlook. (WSJ)

European Central Bank President Mario Draghi says the bank may decide to ease more after it cut its key rate to 0.5%. (WSJ)

The average home price in 100 of China’s largest cities moved up by the higher rate in a year-and-a-half. (WSJ)

International Business Machines Corp. (NYSE: IBM) discussions with Lenovo about selling its server division fail. (WSJ)

Market share improvement in North America, Asia and Europe push General Motors Co. (NYSE: GM) shares higher. (WSJ)

A slew of regulatory issues badly damage J.P. Morgan & Co.’s (NYSE: JPM) role as the premier bank in the United States. (NYT)

Michael Bloomberg’s positive comments about the Financial Times cause more speculation he might buy it. (NYT)

Commercial mortgage trading by Fannie Mae and Freddie Mac comes under scrutiny. (FT)

Siemens A.G. (NYSE: SI) cuts its forecast, which may pressure its CEO to leave. (Bloomberg)

Shoe company Adidas posts record profits. (Bloomberg)

Krzanich has been Intel’s chief operating officer since January 2012, but he first joined Intel back in 1982. He will assume the new CEO role at the Intel annual stockholders’ meeting on May 16.

Mr. Krzanich is 52 years old. Here is the biggest takeaway being toward the shift into smartphones and tablets where the company has been absent:

I look forward to working with our leadership team and employees worldwide to continue our proud legacy, while moving even faster into ultra-mobility, to lead Intel into the next era.

As COO, Krzanich led an organization of more than 50,000 employees over the Technology and Manufacturing Group, Intel Custom Foundry, NAND Solutions group, Human Resources, Information Technology and Intel’s China strategy.

Renée James, 48, was promoted to be president of Intel, and she also will assume her new role on May 16. She was chairman of Intel’s software subsidiaries Havok, McAfee and Wind River, and she currently serves on the board of directors of Vodafone Group PLC (NASDAQ: VOD) and VMware Inc. (NYSE: VMW) and was chief of staff for former Intel CEO Andy Grove.

The global economy continues to rely on central bank aide to prop up gross domestic product. (Reuters)

China’s move to 4G will give some equipment suppliers huge contracts. (Reuters)

Tough European sales may start to badly damage U.S. corporate earnings. (WSJ)

The government blocks cash payouts to some General Motors Co. (NYSE: GM) executives. (WSJ)

The number of people in the U.S. looking for jobs fell to its lowest level since 1979 because of retiring baby boomers. (WSJ)

Fred Hassan leaves as the chairman of Avon Product Inc.’s (NYSE: AVP) board. (WSJ)

A move to dividend-paying stocks may be causing their prices to move too high. (WSJ)

More Republican members of Congress will support a tax on online sales. (NYT)

Cable firm AXS TV will start to run programming from AOL Inc.’s (NYSE: AOL) HuffPo Live. (NYT)

Passengers may well shy away from flying the Boeing Co. (NYSE: BA) 787, which recently fixed battery problems. (NYT)

Chat applications will continue to hurt revenue from texts, which have helped telecom earnings. (FT)

More Europeans may modify their positions on the value of austerity. (Bloomberg)

Nokia Corp. (NYSE: NOK) ups its commitment to $20 phones as it loses market share to smartphones from Apple Inc. (NASDAQ: AAPL) and Samsung. (Bloomberg)

The Bank of Japan believes it can reach its inflation targets by 2015. (Reuters)

Amazon.com Inc.’s (NASDAQ: AMZN) growth slows in the first quarter but margins are better because of lower marketing costs and profits in noncore businesses. (Reuters)

Research firm IDC reports that Apple Inc. (NASDAQ: AAPL) lost more global market share in smartphones in the first quarter, down to 17.3% from 23% in the same quarter a year ago. (Reuters)

Samsung Electronics profits grew in the most recent quarter, ahead of the launch of the Galaxy S4. (Reuters)

George Soros buys 7.9% of the shares of J.C. Penney Co. Inc. (NYSE: JCP). (Reuters)

Results at U.S. banks drop as borrowing falls. (Reuters)

Vodafone Group PLC (NASDAQ: VOD) wants $30 billion more for its 45% share in Verizon Wireless than Verizon Communications Inc. (NYSE: VZ) is willing to pay. (WSJ)

Fred Amoroso, the chairman of Yahoo! Inc. (NASDAQ: YHOO), resigns. (WSJ)

The chief executive of United Continental Holdings Inc. (NYSE: UAL) says that many of the integration problems of the merger that created the company are gone. (WSJ)

Starbucks Corp.’s (NASDAQ: SBUX) second-quarter earnings rise 26% on strong sales in Asia and the United States. (WSJ)

Debt taken on by Dish Network Corp. (NASDAQ: DISH) to buy Sprint Nextel Corp. (NYSE: S) could swamp the wireless company’s results. (WSJ)

The recession in southern Europe could spread to Germany and other northern European nations. (NYT)

A system that allows electric car owners to send power back to their power companies becomes a financial success. (NYT)

Samsung warns that the growth of smartphone sales could slow. (FT)

Searches for financial terms from the markets may be able to help predict store prices. (FT)

There have been rumors for years that a deal would be consummated. Verizon takes on a very large risk if it finally does make the purchase. The wireless service subscription business in the United State has become a zero-sum game, at least as far as absolute subscriber counts go. More than 300 million people have wireless service accounts, and that is at or above the level of the U.S. population.

The big four wireless companies — AT&T Inc. (NYSE: T), Sprint Nextel Corp. (NYSE: S) and T-Mobile, which will soon merge with MetroPCS Communications Inc. (NYSE: PCS) — continue to try to take market share from one another. Sprint is likely to step up its pursuit of customers because of a new investment from likely owner Softbank. Each of these companies has increased its fees for data used by customers, but competition has put price pressure on these initiatives.

Reuters said of Verizon’s bid for Vodafone’s stake:

The sources said Verizon was now ready to push aggressively for a deal. It hopes to start discussions with Vodafone soon for a friendly agreement but is prepared to take a bid public if the British company does not engage, one of the sources added.

“I don’t really see this as a surprise,” one of Vodafone’s 15 largest investors told Reuters, on condition of anonymity. “The talk about this deal has been quite intense recently. We knew that Verizon were definitely a keen buyer and that Vodafone were a keen seller.”