Fortune magazine has released its top 10 stock picks for 2012, and most of the names aren't new.

From Apple (AAPL) to Caterpillar (CAT), the picks rely on stable income stocks that Fortune says are undervalued. "Times are uncertain," the magazine says. "Stocks are moving in lockstep. Reliability and income matter more than ever."

When stocks move in lockstep, it's very difficult to pick ones that can rise above the rest of the action. Did Fortune make the right choices? Let's go through the picks:

1. Apple. Too easy. It's hard to find someone who isn't bullish on Apple these days, particularly after the stock's price-to-earnings ratio has fallen to around 10.

Add to that the company's dominance in the tablet market, its Black Friday performance, its mountain of cash and its sky-high potential in China next year, and there isn't much to criticize. Analysts think 2012 earnings per share will rise 30%, Fortune reports.

2. Caterpillar. Again, China is coming into play here as part of a host of emerging markets needing mining and machinery equipment. CEO Douglas Oberhelman has set his sights on 15% to 20% growth rates through 2015, Fortune reports. And that $29 billion in back orders is nothing to sneeze at.

3. Enbridge Energy Partners (EEP). The company is the U.S. branch of Canada's Enbridge, a pipeline company, and is organized as a master limited partnership. Enbridge Energy has a 7% yield, says Fortune, and payouts have risen by 5% a year on average since 1992.

4. Goodyear Tire (GT). This one seems a little iffy to me. Goodyear has been up and down all year, and is now coming up from a low of under $10 in October. Fortune acknowledges that demand for tires is cyclical, and you have to time this stock just right. On the plus side, auto sales are starting to get hot again as people replace their aging vehicles.

While Goodyear can rely on replacement-tire business, the economy is too fragile to make a big bet on autos. There's a reason Goodyear Tire is only trading at five times projected earnings.

5. Halliburton (HAL). Fortune rightly points out that Halliburton is a good way in to the growing shale gas and oil industry in North America. The oilfield services company is a leader in some of the techniques used in shale gas production, which the U.S. government expects will triple by 2035.

6. Intel (INTC). Another iffy one. Fortune says Intel's free cash flow next year should generate dividends and buybacks. But there's no guarantee. Our own Jim Jubak recently pointed out that PC growth is slowing in a stumbling economy and a shift from PCs and laptops to tablets and smartphones.

Intel's price-to-earnings ratio is cheap, Jubak notes, "but with developed economies showing strong signs of slowing, I think the risk in these shares outweighs the reward at this share price."

7. Johnson Controls (JCI). I've seen more enthusiasm for Johnson Controls lately than just about any other stock. Fortune points to the company's three prongs of growth: Auto parts, heating and air conditioning systems, and a new battery for "micro-hybrid" cars in Europe and soon in the U.S.

But note that the stock is on a huge decline from over $40 this summer to around $31.53 Thursday. Time to buy? You can read more about Johnson Controls here.

8. Lockheed Martin (LMT). A big hang over this stock is the expected cut to the U.S. defense budget. We know it's coming, the question is how much. But Fortune doesn't think the cuts will be that bad in an election year. And the company has a $73 billion order backlog plus expected earnings growth of 2% next year and 10% in 2013.

9. Microsoft (MSFT). The price of this stock has gone nowhere for years. Why does Fortune think 2012 will be any different? The magazine thinks the real story here is the dividend payout, not the stock price. With double-digit earnings growth, $57 billion in cash and significant short-term investments, the dividend is poised to increase further. (Microsoft owns and publishes Top Stocks, an MSN Money site.)

10. Royal Bank of Canada (RY). A bank stock? Are you serious? Canada's economy has fared better than that of the U.S., with a 2.4% gross domestic product growth rate. The stock has a 5.1% yield, and earnings rose 13% last quarter, Fortune reports.