As investors scramble on Wall Street to find the next great affordable investment, those in the know have been paying extra attention to the NASDAQ in hopes of finding a great penny stock. It seems that more and more excellent penny stocks are coming from NASDAQ than any other exchange, so let’s take a look at what companies are ready to break out and take investors on a ride with them.

According to recent research, Sigma (NASDAQ: SIGM) is poised to make a major breakthrough in the coming months. With a stock value around $9.50, this stock is a little too pricy for those looking to keep their investments to under $5 a share, but the future of this little electronics company is too good to pass up. Unlike most penny stocks, Sigma is a name most of us have heard of. They made high definition televisions and other electronics, as well as semiconductors and computer chips. If you’ve been to your local Best Buy, you’ve likely seen Sigma products. Although Sigma does tend to be a bit on the low-end side compared to other industry stalwarts like Panasonic, Sony and Toshiba, they have a strong niche market established already, and since most families from coast to coast will be tightening their belts over the next year, the chances of more Sigma products moving than any other brand is high.

Exelixis (NASDAQ: EXEL) has quickly become one of the hottest stocks on the market in the last few weeks, and when you consider how much money the major drug companies bring in every year, it is easy to see why. With a stock price under $3, this is a wonderful investment for folks hunting around for the next big penny stock value. The big question facing investors who are thinking about Exelixis is how is the economic downturn going to affect drug companies across the board? Too many people these days can’t afford their prescriptions as it is, will people still find ways to pony up the cash for their medications or will these prescriptions be the first thing to get cut out of people’s budgets? If they are, the entire drug industry could be looking at tough times.

Melco Crown Entertainment (NASDAQ: MPEL) is another very affordable penny stock that has a bright outlook for the future. Currently trading at around $3.50 a share, this company runs casinos and hotels around the world. Again, this isn’t the type of stock one would consider investing in during a recession; entertainment and travel are often two areas in which people cut back on before any other, but this stock is currently significantly undervalued and with major holdings in the Far East, many investors are thinking that Melco Crown Entertainment is headed in the right direction.

Finally, RF Micro Devices, a NASDAQ stock currently trading at under $2 a share has been the subject of significant speculation in recent weeks. It has rocketed up the list of NASDAQ penny stocks on the news that they have been picked by cell phone giant Samsung to supply chips for a hot new line of phones. Technology like this used to be an unwise recession time investment, but items like cell phones and laptops have become so integrated in what we do every day, sales are expected to remain steady.

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Tags: exel, Exelixis, Melco Crown Entertainment, mpel, RF Micro Devices, rfmd, sigm, sigma