The stocks of some great companies are on sale right now. Well-known businesses and top brands have stocks deep in the red this year despite all three U.S. stock indices trading near all-time highs. With the current rally in equities concentrated in only a few names, many stocks have been left behind.

For investors, particularly those with long time horizons, the current situation presents a buying opportunity. A lot of great stocks are down substantially right now, trading near 52-week lows and at ultra-cheap valuations. Investors with the courage to take positions in beaten-down names are sure to be rewarded when the share prices recover in the not-too-distant future.

That is especially true when it comes to value stocks of dependable blue-chip companies. Here are three oversold stocks to buy that deserve your immediate attention.

Lululemon Athletica (LULU)

Lululemon Athletica’s (NASDAQ:LULU) stock is down nearly 40% this year and is the worst performer in the benchmark S&P 500 index. Really? The athletic apparel retailer’s shares are down more than Boeing’s (NYSE:BA), and the aircraft manufacturer had a door plug blow off an aircraft mid-flight. Lululemon’s biggest controversy, and the main drag on its share price, is slowing North American sales.

But even slowing sales in the U.S. weren’t enough to dampen Lululemon’s first-quarter financial results, which beat Wall Street forecasts across the board. The company announced an EPS of $2.54 versus the $2.38 expected among analysts. Revenue of $2.21 billion topped consensus expectations of $2.19 billion. Overall sales rose 10% from a year earlier.

While it is true that U.S. sales have slowed, they were still up 3% from a year ago in Q1. And international sales, where the company has concentrated on growing its business, continue to make up for any shortfall stateside. That makes Lululemon an oversold stock to buy.

McDonald’s (MCD)

McDonald’s (NYSE:MCD) stock has trended lower ever since management said earlier this year that higher menu prices are starting to hurt sales. Consequently, McDonald’s stock is down 12% on the year and getting close to a 52-week low. This should be seen as a buying opportunity by investors, especially as McDonald’s continues to report decent financial results and adjust its menu to the current economic climate.

For Q1, McDonald’s reported mixed results. EPS of $2.70 slightly missed forecasts of $2.72. But revenue of $6.17 billion topped estimates calling for $6.16 billion. Worldwide sales at McDonald’s increased by 5%, while global same-store sales rose by 1.9%. To attract cash-strapped consumers, McDonald’s is bringing back $5 value meals for a limited time. Starting June 25, the value meals will be available for a month before being discontinued.

The value meals should help to give McDonald’s finances a lift in the near term. And, if they prove popular, they could make a permanent comeback at the Golden Arches.

American Airlines (AAL)

The stock of American Airlines (NASDAQ:AAL), the world’s largest carrier, has also been a laggard this year, having fallen 18% since January. Over the past 12 months, AAL stock has declined 31%. The drop is surprising given that air travel in the U.S. has come all the way back from the pandemic and is currently at record levels. The problem for American Airlines continues to be business travel.

At the end of May, management at American lowered their sales and profit guidance for the year, citing ongoing weakness in business travel. The carrier has struggled to reignite corporate customers and business travel since the COVID-19 crisis ended. American Airlines also recently announced the departure of Chief Commercial Officer Vasu Raja, further pressuring the share price.

As the world’s most international airline, American Airlines has also seen its operations disrupted in the Middle East and parts of Europe due to geopolitical conflicts. While disappointing, AAL stock is currently trading right around its 52-week low and looks like an oversold stock to buy on the dip.

On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.