Mouth Watering Multiples

With the stock market hovering at 12 year lows, at least some stocks must be attractive just for their valuations -- right?

As Fast Money Series producer John Melloy noted in his blog, there are a growing number of stocks with single-digit multiples – in fact Melloy says more than half the S&P is trading at a trailing multiple below 10.

And he’s not the only one taking notice. Bloomberg News notes that the S&P 500's overall P/E is the lowest since 1986.

Now Melloy also says some companies are cheap for a reason and will stay that way, but others could be great long-term buying opportunities.

Which ones? We asked the FM traders to come up with a list. Here are the stocks they recommend putting on your radar.

Stock Trailing 12-Month P/E

Atlria (MO) 10.4
IBM (IBM) 9.9
Lockheed Martin (LMT) 9.9
Hewlett-Packard (HPQ) 9.8
XTO Energy (XTO) 9.0
Exxon Mobil (XOM) 8.2

Of course the traders have a wide range of opinions on these stocks, but by and large they feel all of the names above look cheap. If you’d like to hear their specific comments please watch the video.

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Trader disclosure: On Feb. 24th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (MSFT), (PALM); Najarian Owns (GE) Put Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (GDX) & (GDX) Short Calls; Najarian Owns (HPQ) Calls; Najarian Owns (JPM) & (JPM) Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (X) Put Spread; Seymour Owns (AAPL), (EEM), (MON), (BAC), (FXI), (VIP), (MS), (SSL) Seymour's Firm Owns (FCX), (COP); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (MS), (TM), (DIS); Terranova Owns (DIS), (FXC), (XBI), (KCE); Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns (IBM) Call Spread; Terraova Owns Nymex MACI Oil Futures