The continues to notch new highs this week, but not all stocks are rallying.
So far this month, 32 S&P 500 components have touched 52-week lows, or a bit more than 6 percent of the index, while 130 components so far this month have touched 52-week highs. In Tuesday trading, 12 stocks hit 52-week lows, according to FactSet data.
Scanning the list of beaten-down names is a good way to find bargains, according to Eddy Elfenbein, editor of the Crossing Wall Street blog.
"A great, easy way, for new investors to go bargain-hunting
One name that stands out on the list is Federal Realty Investment Trust (FRT), which offers a dividend yield of more than 3 percent, and on Tuesday hit its lowest level since September 2015.
"This is a good opportunity to add shares of Federal Realty," Elfenbein said of the stock, which has declined more than 13 percent year to date.
For Evercore ISI's head of technical analysis, Rich Ross, AutoZone (AZO) is the way to go. On Tuesday, the auto parts company hit its lowest levels since August 2015, after declining nearly 15 percent in 2017.
Despite its pullback, Ross says the stock remains technically strong. He pointed out that shares of AutoZone have held their 50-month moving average since 2001, and have advanced from around $25 per share that year to highs of over $800 per share in 2016.
"For my money, the trend and the chart are intact. Our fundamental analysts like the stock a lot," he said. "I think that's a winning combination, to buy a great fundamental story on a compelling technical pullback."
