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Top 10 Penny Stocks of 2010

6. Cost Plus (CPWM) is a home furnishings retailer based in Oakland, Calif. The stock traded above $40 at the beginning of 2004 and were on a steady decline, falling below $1 for much of 2009. Cost Plus shares finished last year at $1.02.

Closing Price: $4.68 (June 16)

Total Return (YTD): 358.8%

Developments in 2010: In March, Cost Plus swung to a fourth-quarter profit of 95 cents a share from a loss of 83 cents a share in the year-ago quarter. A month later, the company ended its shareholder rights plan earlier than planned. Cost Plus said in May that it had a first-quarter loss of 47 cents a share, although that narrowed from a loss of $1.88 a share in the year-ago quarter. For the second quarter, Cost Plus said it expects revenue to fall in a range between $189 million and $192 million.

Valuation: Raymond James is the only firm covering Cost Plus, and it recommends holding shares. The company has a book value of $2.90 and a price-to-book ratio of 1.66, which is in line with the average of its general retailers peer group, according to Bloomberg. Cost Plus shares offer investors value on a price-to-sales basis, as the company's P/S ratio of 0.12 is well below the sector average of 1.40.

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