Walt Disney , for example, is trading at a 26% discount on a forward price-to-earnings basis, below its historic 5-year average forward P/E. Qualcomm is trading at an almost 39% discount on a forward P/E basis, well below its historic 5-year average forward P/E. Meanwhile, home builder DR Horton is very cheap on a forward P/E basis, trading at an almost 47% discount, well below its historic 5-year average forward P/E. The stock is down 34% year to date, but has 28% upside to the average price target, according to FactSet. One is Halliburton , which is up about 25% year to date yet is still cheap on a forward P/E basis.

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