Three Bedrock Blue Chips At Firesale Prices

Jeff Reeves MarketWatch August 11, 2011

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Aug. 11, 2011, 12:01 a.m. EDT

By Jeff Reeves

ROCKVILLE, Md. (MarketWatch) "” There are various clichés that value investors fall back on in times like these. You know "” buy when there is "blood in the streets," how "when Wall Street can't sell what it wants, it sells what it can." And so on.

Whatever you think of these annoying slogans, you have to admit there's a long history of sharp lurches down creating big opportunities for aggressive investors.

Notice I say "aggressive investors." This is a risky proposition, to be sure, and is not for folks at or very near their retirement age. But if you, like me, decades away from retirement, you can afford to miss the true bottom by a month or two. The idea is simply to buy into grossly oversold stocks during the mayhem and expect them to bounce back sometime in 12 to 18 months once the initial shock is long gone.

You might scoff at anyone taking on such risk. But nothing is ever a sure thing when it comes to investing. And in times like these "” when even the creditworthiness of the Treasury has been called into question and so-called "high-yield" savings accounts barely keep up with the rate of inflation "” it's a bit naïve to think you can find any place that is truly risk-free. Read why you need to sell gold and shun Treasuries on InvestorPlace.com.

So if you are inclined to bargain hunt sometime in the near future, here are a few picks to consider: Cisco Systems, AT&T and Wal-Mart.

In the depths of the brutal 2008-09 selloff, Cisco /quotes/zigman/20039/quotes/nls/csco CSCO -2.31% flopped from around $25 per share to briefly bottom out under $14. As of this writing, shares are currently hovering iust below $14.

/quotes/zigman/20039/quotes/nls/csco CSCO 13.73, -0.33, -2.31% Cisco is at multi-year lows

According to 34 "experts" surveyed by Thomson/First Call, both the median and mean target on Cisco is $20. The most recent targets, admittedly, have been moving down "” such as the new $16 target set by Auriga in its June 27 "hold" recommendation on Cisco "” but frankly, I'll take a stock that "only" has 15% upside from here.

Yes, investors have had good reason to sell off Cisco stock in recent months as Juniper Networks /quotes/zigman/202982/quotes/nls/jnpr JNPR -3.95% has elbowed into the corporate marketplace, and bloated operations have stifled Cisco's ability to adapt to the cloud computing revolution. But there are reasons to be optimistic Cisco is trying to right the ship. In the past year, there has been a big management shakeup, thousands of layoffs and production changes that include a shift away from consumer offerings of its DVR and Flip video camera manufacturing. The turnaround might come at the perfect time for investors who buy in during the current mayhem.

What's more, Cisco began offering a decent dividend in March and currently boasts a yield of about 1.7% "” something you couldn't say back in 2009.

You could argue these moves are not enough, or you could argue the stock market has a long way left to fall. But with a forward P/E of about 8 and falling fast, I'd seriously consider adding Cisco at under $14 per share. Read about five $100B stocks not worth a dime on InvestorPlace.com .

AT&T

AT&T /quotes/zigman/398198/quotes/nls/t T -3.36% dipped down to as low as $22 in March 2009, and aside from a week or two in July 2009, it never again closed beneath $24. Shares currently are around $28 a share -- but a 15% slide would put the telecom giant back at the same level as the financial crisis lows more than two years ago.

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/quotes/zigman/20039/quotes/nls/csco Add CSCO to portfolio CSCO Cisco Systems Inc. $ 13.73 -0.33 -2.31% Volume: 146.48M Aug. 10, 2011 3:59p var embeddedchart1623182370Chart = new EmbeddedChart('#embeddedchart1623182370', NormalChartStyleNoDecimals, 240, 80, '1dy', '5mi', null, null, null, 'US:CSCO'); jQuery.data($('#embeddedchart1623182370').get(0), 'embeddedchart', embeddedchart1623182370Chart); /quotes/zigman/202982/quotes/nls/jnpr Add JNPR to portfolio JNPR Juniper Networks Inc. $ 20.67 -0.85 -3.95% Volume: 14.11M Aug. 10, 2011 4:03p var embeddedchart1522167676Chart = new EmbeddedChart('#embeddedchart1522167676', NormalChartStyleNoDecimals, 240, 80, '1dy', '5mi', null, null, null, 'US:JNPR'); jQuery.data($('#embeddedchart1522167676').get(0), 'embeddedchart', embeddedchart1522167676Chart); /quotes/zigman/398198/quotes/nls/t Add T to portfolio T AT&T Inc. $ 27.88 -0.97 -3.36% Volume: 61.99M Aug. 10, 2011 3:59p var embeddedchart372029418Chart = new EmbeddedChart('#embeddedchart372029418', NormalChartStyleNoDecimals, 240, 80, '1dy', '5mi', null, null, null, 'US:T'); jQuery.data($('#embeddedchart372029418').get(0), 'embeddedchart', embeddedchart372029418Chart); //$(document).ready(function() { var storywidth = $('#mainstory').width(); var maxwidth = storywidth; $('#maincontent pre').each(function (index, value) { var thiswidth = $(value).width(); if (thiswidth > maxwidth) maxwidth = thiswidth; }); var offset = maxwidth - storywidth; if (offset > 0) { var margin = 13; var blanketwidth = $('#blanket').width(); var contentwidth = $('#maincontent').width(); $('#blanket').width(blanketwidth + offset + margin); $('#maincontent').width(contentwidth + offset + margin); $('#mainstory').width(storywidth + offset + margin); } //}); Page 1 Page 2 var OB_permalink= 'http://www.marketwatch.com/story/3-bedrock-blue-chips-at-fire-sale-prices-2011-08-11'; var OB_Template="marketwatch"; var OB_widgetId= 'AR_1'; var OB_langJS ='http://widgets.outbrain.com/lang_en.js'; if ( typeof(OB_Script)!='undefined' ) OutbrainStart(); else { var OB_Script = true; var str = ""; document.write(str); } Comments on this story 9 Comments Most Popular Jeff Reeves 3 bedrock blue chips at fire-sale prices 1. Slide Show Top 10 real-estate markets in U.S. college towns 2. Slide Show The 10 best places to live in the U.S. 3. Ruth Mantell's On the Job Free college tuition? Yes, please 4. Asia Markets Asian stocks mostly lower, but off lows 5. Join the Conversation 9 Comments 1,000 characters My comments... Community guidelines » Add Comment Breaking Insight Peter Brimelow Gold shares responding (finally)? Jeff Reeves 3 bedrock blue chips at fire-sale prices Ben Weiss's Eye on Asia How to own the greatest gaming company for "?free' Bill Mann's Canada Riot memories fade in well-behaved Vancouver Find a Broker Partner Center » Video Juniper Networks Shares Knocked Back Netflix Swings Wildly, But Keeps Barrelling Ahead Travelzoo, On Cloud Nine, Suddenly Loses Altitude WebMD Catches Flu from Bears Featured Stories

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What's more, Cisco began offering a decent dividend in March and currently boasts a yield of about 1.7% "” something you couldn't say back in 2009.

/quotes/zigman/398198/quotes/nls/t T 27.88, -0.97, -3.36% AT&T is a buy at $24

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Aegon profit slips 2.4%

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Anheuser-Busch InBev profit up 26%

2:08a

Zurich Financial profit jumps 88%

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Japan's Nikkei ends down 0.6% at 8,981.94

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Japan's Topix drops 0.8% to end at 770.88

1:24a

Gold shares responding (finally)?

1:01a

Asian stocks mostly lower, but off lows

12:26a

Asian appetite to support oil demand

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Here's relief: Prices at the gas pump are falling

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3 bedrock blue chips at fire-sale prices

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Foreclosure activity drops to 44-month low

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Riot memories fade in well-behaved Vancouver

11:31p

Japan's Topix opens afternoon trade dwon 1%

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BREAKING

Japan's Nikkei Average off 0.9% in early afternoon

11:05p

Korea holds rates steady despite high inflation

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Australian shares rebound from early losses

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NBC Sports signs up Major League Soccer

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Three Bedrock Blue Chips At Firesale Prices

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