These are the 6 cheapest stocks in the market right now

With the overall market trading at somewhat rich valuations despite stagnant growth, investors looking for value may need to get a bit more speculative.

Perhaps one ought to keep that thought in mind when perusing the list of the six S&P 500 stocks that are trading at the lowest valuations — based on the common price-to-expected-earnings comparison.

Stock
Forward P/E
Performance YTD
Endo International 4.6 -55.3
General Motors 5.3 -10.1
United Continental 5.3 -20.5
American Airlines Group 5.7 -21.6
Delta Air Lines 6.2 -18.3
Ford Motor 6.4 -5.5

Topping the list is a real stinker, pharmaceutical company Endo (ENDP), which has lost more than half of its value this year thanks to a bevy of issues.

"ENDP shares have fallen by over $35 (-57 percent) year to date due to concerns about drug pricing, leverage, M&A, and specialty pharmacies," Gabelli analyst Kevin Kedra wrote in a recent note, adding that "concerns about the opioid market" have weighed on the shares as well.

"We believe that ENDP is the most attractive play among the so-called Valeant-like companies," Kedra concluded — which, if true, would be a dubious distinction.

The rest of the list is made up exclusively of airline and auto companies, which may reflect great investor skepticism about how sustainable those companies' recent spate of profit growth is.

Among those names, Eddy Elfenbein of the Crossing Wall Street blog favors Ford (F), particularly given the strength of its recent earnings report.

Read MoreTruck sales drive record results at Ford; shares surge

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Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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