Corporate earnings continue to move stocks more than any other factor, barring unexpected shock events. And while a lot of stocks rise significantly after a company’s quarterly results are made public, many stocks dive, opening up buying opportunities for investors who are on the hunt for bargains, particularly among blue-chip names.

Often times, the immediate reaction to earnings is an overreaction and that can be when great buy-the-dip opportunities emerge. Sometimes, stocks fall despite a company beating Wall Street forecasts on the top and bottom lines. This can be due to lowered guidance, macro-economic headwinds, a downturn in consumer spending, or simply because expectations leading into a print were too high or unreasonable.

Profit-taking in a stock that has had a big run ahead of earnings can also occur, bringing the share price lower and giving investors an opportunity to swoop in. Here is blue-chip bargain hunters: three top-shelf stocks at discount bin prices.

Foot Locker (FL)

Bargain hunters might want to get in on the turnaround at Foot Locker (NYSE:FL). The retailer that primarily sells sneakers just saw its share price jump 24% after issuing a better-than-expected profit as the company’s turnaround strategy begins to take hold. Despite the move higher, FL stock is still down 10% on the year and trading 22% below its 52-week high. This means that it’s not too late to buy the revival in Foot Locker stock.

The company reported EPS of 22 cents for this year’s first quarter. That was well ahead of the 12 cents expected on Wall Street. Revenue in the quarter totaled $1.88 billion, which matched analysts’ forecasts. Although sales were down 1.8% from a year earlier, it was much better than a 3.1% drop that analysts had estimated. Management reaffirmed their full-year guidance, saying they expect sales to be in a range of a 1% decline to a 1% gain.

Foot Locker has been trying to turnaround its business as consumers pullback their discretionary spending on items such as sneakers. The company is revamping its retail stores where it does about 80% of its sales. Underperforming stores have been closed and existing locations have been given a refresh. In April, the company unveiled its re-branded “store of the future,” which changes the previous Foot Locker format.

Dell Technologies (DELL)

Investors who prize growth and like a bargain, should buy the dip in Dell Technologies (NYSE:DELL). The maker of personal computers and laptops saw its share price plunge 18% in a day even though the company’s Q1 financial results beat expectations across the board and management raised their forward guidance on strong demand for artificial intelligence (AI) servers. DELL stock fell because expectations heading into the Q1 print were too high.

The company run by founder Michael Dell reported EPS of $1.27 versus $1.26 that had been expected among analysts. Revenue totaled $22.24 billion compared to $21.64 billion that had been estimated on Wall Street. Sales were up 6% from a year ago. The company said shipments of its AI-optimized servers doubled sequentially to $1.70 billion. Plus, Dell’s backlog of orders for it’s AI servers increased 30% during Q1 to $3.80 billion.

Dell has emerged as a leading supplier of AI servers, which are in high demand as companies invest in infrastructure to support generative AI applications. Looking ahead, Dell said that it expects earnings of $1.65 per share and sales of $24.50 billion for the current second quarter. Analysts had forecast Q2 sales of $23.35 billion. While the results may not have been as strong as some investors had hoped, it’s important to remember that Dell’s AI opportunity is only just beginning.

Despite the post-earning drop, DELL stock is still up 87% on the year.

Kohl’s (KSS)

For blue-chip bargain hunters who only care that a stock have a low valuation, there is department store chain Kohl’s (NYSE:KSS). The company’s stock fell 22% after reporting a surprise loss for the year’s first quarter. KSS stock is now down 20% in 2024 and trading at a rock bottom valuation of nine times future earnings estimates. Kohl’s stock also pays a quarterly dividend of 50 cents per share, giving it a high yield of 8.93%. All of these facts should appeal to diehard value investors.

Throw in the fact that Kohl’s has long been rumored to be a takeover candidate and there’s plenty to consider regarding KSS stock. The current slide in the share price comes after Kohl’s announced a loss per share of 24 cents for Q1, which was much worse than a profit of 4 cents expected among analysts. A year earlier, Kohl’s reported a profit of 13 cents per share. Revenue of $3.18 billion came in below Wall Street forecasts of $3.34 billion and was down 5.3% from a year ago.

The poor showing was blamed on a decline in consumer spending, particularly on discretionary items, amid inflation and high interest rates. Despite the disappointing print, management said they are seeing positive trends in the women’s sales category and growth in the make-up unit. It’s also worth noting that a day after the big earnings plunge, KSS stock rebounded and rose 7%.

On the date of publication, Joel Baglole did not have (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.