9 High-Quality Stocks Newly on Sale

Investors hoping for a quiet day in in the market on Thursday after a bruising Wednesday didn't get their wish. A broad-based decline sent the S&P 500 down over 2%, and the index is now off 4.8% over the past five days.

One upside of a stock market drop is that investors can start looking for opportunities to put some cash to work. But how many opportunities have really been created? Director of North American Equity research Dan Rohr argues that the market is just getting closer to fair value and that investors need to still be picky about stock and sector selection. Take technology for example, the sector has been hit hard in recent days, but it looked quite pricey heading into the quarter, and Rohr still thinks sees it as overvalued.

This isn't to say there aren't some pockets of value. Yesterday, we looked at 18 wide- and narrow-moat stocks that moved into 4-star territory. Today we add nine stocks to that list. No one knows what the market will bring in the short or medium term, but these high-quality companies are well positioned for the long-term and are now trading below their fair value estimates.

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