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5 Stocks for an Oversold Market

Stocks in this article: CSCO HP INTC QCOM MSFT

Another reason to be bullish HP is the same reason that I have become excited about both Microsoft and chip giant Intel. The company is due to release its new line of Ultrabook machines that will be based on Intel's chip platform and Microsoft's new Windows 8 operating system -- an event that I once said will add $8 to Microsoft's share price.

As it stands both Intel and Microsoft have also become significantly discounted, though it seems that Intel has become the more forgotten of the two as it continues to suffer from a market that has turned its attention toward the new kids on the block -- names that include ARM Holdings (ARMH) and Nvidia (NVDA).

However, astute investors should seize this opportunity to add to their positions as there is clear evidence that Intel continues to be underappreciated for performances that would have otherwise placed lesser-known companies in higher regard. Intel still does not get enough credit for having also become a "services company" -- to the extent that it saw close to double-digit growth in revenue in its last quarter.

As bullish as I am on Intel, I have become equally enamored with one of its rivals in Qualcomm -- a stock that has fallen 20% since reporting its most recent earnings. However, the company continues to affirm exactly why I think it has one of the best businesses not only among the semiconductors, but within the entire market. Even better, it operates in fast-growing industry. This is why it continues to amaze me as to how the company rarely (if ever) gets mentioned when listing some of the best brands and operations on the stock market.

Not only is Qualcomm an industry leader, but when one considers that its brand now controls the internal component space of almost 300 million smartphones and other devices, it becomes clear just how underappreciated the stock has become.

In its most recent conference call, management showed it has a firm handle on what it needs to do to mitigate the supply-chain issue that has scared investors -- a concern that I fully expect to be resolved by at least the end of the third quarter.

Bottom line

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