One of the top performing sectors since this yeah has been the technology sector, up 14% year to date. Cramer has continually referred to Apple (AAPL), Amazon (AMZN), Research in Motion (RIMM), and Google (GOOG) as market leading stocks that he still likes even as all four have been on a nice run.

However, those are stocks that are well known to everyone, this week Cramer is going to expose some of his favorite lesser known tech stocks that could he thinks could really take advantage of the next leg of a rally in tech. As he often does, he will recommend one per day this week, and for Monday the stock was Tekelec (TKLC). Tekelec is a relatively small company that makes systems and software for telecommunications infrastructure, with particular focus on text messaging services.

“India has the fastest mobile growth market in the world and Tekelec already has five of the seven largest Indian carriers as — they intend to introduce local number portability to allow wireless subscribers to keep their numbers. Remember, Tekelec already dominates the market for the equipment the companies need and to make this possible and has a solid presence in India. This could turn out to be a major opportunity for this this is a huge driver of their business. I would recommend Tekelec on India alone, but there are so many other good reasons to buy. It may be a speculative stock, but listen, it’s got a heck of a balance sheet– a lot of speculative stocks when you think of a bad balance sheet, …

Bottom line, I think the next leg of the tech rally belongs to the underexposed companies like Tekelec, TKLC, the first of five unloved companies that have a ton of room to romp over the rest of the quarter as the money flows into growth funds hungry for new names. ” CNBC’s Mad Money 5/4/2009

Tekelec is getting a boost from Cramer’s excitement last night, as the company is currently the third most popular stock on Google Finance today, which is certainly not normal for the company with a market cap just over $1 billion. Furthermore, the stock is up 6.5% at midday today as the rest of the market languishes in negative territory.

As for Ockham, we also have a valuation of Undervalued on TKLC shares. The company is selling well below its historical price-to-cash flow range and the potential for growth in Asia for telecommunications technology is very appealing with their massive population. Given the current underlying fundamentals, by our methodology Tekelec stock could break through $20, and that is probably conservative if the company can continue to lock down business in the emerging markets.

Ockham Research