5 Cheap Stocks to Own Now

By Nancy Zambell of InvestorPlace

Unless you've been living under a rock, by now you know that August was characterized by a spate of merger and buyout action across Wall Street -- particularly in the tech sector. That's because corporations are sitting on a boatload of cash and equity prices are relatively depressed, making the time ripe for a takeover or acquisition.

As we enter September after the Labor Day weekend, many investors are rolling up their sleeves and getting into the business of buying, too. If the first few trading months are any indication, we could have a nice rally ahead of us.

So how can you share in the action? A good place to start is to look at affordable stocks that not only have low share prices but also strong outlooks that make them likely targets for significant gains. After all, it's hard to believe that Apple(AAPL) will double from $250 a share to $500. But a stock that's at $5 or $7? Well, a double doesn't seem that impossible.

Here are five affordable targets that make great acquisitions for investors in September.