By David StermanNEW YORK ( TheStreet) -- A way to spot undervalued companies is to look for those with earnings growth rates that are higher than their price-to-earnings ratios. They're known as low-PEG stocks, or stocks with a PEG ratio below 1. (For example, a P/E of 10, and an earnings growth rate of 20% yields a PEG ratio of 0.5, or 10 divided by 20.) The converse is also true. Companies with high PEG ratios can be overvalued. They sometimes make compelling short-selling candidates. So I went looking for companies that have P/E ratios that are at least twice as high as earnings growth rates. In other words, they have a PEG ratio above 2. On the table below, I've compiled a list of high-P/E stocks that show either small or negative profit growth forecasts for 2011. For most, profit growth is expected to turn negative next year, but the basic concept of a too-high PEG ratio still applies.