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Power Play: Betting on beaten-down stocks

Delphi headquarters
Gary Malerba | Bloomberg | Getty Images
Delphi headquarters

Stocks are rallying for a third straight session, with the Dow and S&P 500 regaining about 80 percent of Brexit-related losses.

AB U.S. Concentrated Growth CIO Jim Tierney tells CNBC's "Power Lunch" on Thursday, the recent sell-off has created some opportunities. "A number of companies have been disproportionately impacted and we would be buying into this weakness," Tierney said.

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One name he likes now is Delphi Automotive. "Delphi was a cheap stock to start, but the 15 percent drop seems too severe," Tierney said.

He believes Delphi has a good content story that should more than offset any weakness in global unit volumes. "Crash avoidance systems, as an example, will be in almost all new U.S. cars by 2020, a growth opportunity for the company even if we are only selling 17 million cars at that point.," Tierney said.

Delphi is down during trading and is off 27 percent year-to-date.