With the markets in a free fall, there is an opportunity for bargain hunters to secure some great deals. While the decline might not yet be over, investors should be looking to possibly hit the buy button on these three stocks.
BlackBerry Ltd. (TSX: BB)(NYSE: BB) has seen its share price drop more than 13% in the past month, and on Monday it closed under $15 for the first time this year. The drop in price gives investors a good entry point and an opportunity to get the stock on a dip as a result of pessimism in the markets.
The company’s focus on cybersecurity and self-driving vehicles has helped bring back optimism to a stock that was once associated with failure and disappointment. In January, BlackBerry announced Jarvis, which will seek to leverage the company’s strengths as it looks to position itself as a trusted brand among automakers looking for a software provider that can ensure both quality and safety.
As we’re seeing more companies run into trouble with losing data and security breaches, BlackBerry is going to see a lot of opportunity for growth. Last year, it even won a government contract with a U.S. agency to provide secure messaging tools, which will only further strengthen its reputation for safety and security.
While the stock has seen a big drop recently, the markets have been largely to blame for that, and I fully expect BlackBerry to recover and soar to new highs.
Corus Entertainment Inc. (TSX: CJR.B) has lost nearly 30% of its value in just one month, but unlike BlackBerry, it can’t blame the markets for its catastrophic fall. Instead, the company’s poor results last quarter got investors into a panic and a large sell-off ensued. While the stock was able to muster up a modest rebound to back over $9 a share, the recent market turmoil has sent it back down to ~$8 and near its recent 52-week low.
While there may be concerns about the company’s recent results, over the long term it has strong growth opportunities with the broad range of content that it owns and provides to many consumers. The share price is once again near all-time lows, and if you can get this one close to $8, then you shouldn’t hesitate to do so, because it would be a great value buy. Even at its current price, Corus trades at less than 0.7 times its book value.
Hudson’s Bay Co. (TSX:HBC) has dropped more than 14% of its value in the past month. However, at ~$10, the stock has seen strong support at this level. The last time the stock dipped to this level was back in December, and it would eventually go on to rise to ~$12.
Although the company has struggled to stay out of the red, its global expansion and the sale of some key assets will help to shore up its financials and provide investors with more stability over the long term.
HBC’s book value is $9.44, and the closer you can get to snapping up the stock at that amount, the better of a deal you’ll get. However, even at $10 it could still be a great buy.
