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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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Brian Sullivan is co-anchor of CNBC's "Power Lunch" (M-F,1PM-3PM ET), one of the network's longest running programs, as well as the host of the daily investing program "Trading Nation." He is also a frequent guest on MSNBC's "Morning Joe" and other NBC properties.

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