As we near the end of the second quarter, many great stocks are trading at discounted prices and cheap valuations. The market choppiness at the end of May has helped bring down the prices of several leading stocks. So, too, have corporate earnings. Missing Wall Street’s profit and sales targets has led to selloffs in many top stocks, opening up buying opportunities.

Investors, particularly those with long time horizons, should pounce and buy some great stocks while they’re on sale. Given their pedigree and potential to rebound in coming quarters, these stocks will not likely be down for long. The key is to buy the stocks on the dip so you can ride them higher when the share price reverses and recovers. Here are some undervalued blue-chip stocks at B-movie prices.

Gap (GPS)

Shares of the Gap (NYSE:GPS) are running hot after the clothing retailer reported strong first-quarter financial results and raised its full-year guidance. GPS stock has risen 34% since the company’s Q1 print at the end of May. That brings the stock’s year-to-date gain to 41%. But even with the big recent run, Gap stock still looks reasonable, trading at 16 times future earnings estimates. The stock also pays a quarterly dividend of 15 cents per share, which gives it a yield of 2%.

The Gap announced a Q1 EPS of 41 cents. That’s compared to the 14 cents forecasted among analysts. Revenue totaled $3.39 billion, topping Wall Street estimates of $3.29 billion. Sales were up 3% from a year earlier despite high inflation and interest rates. The company said all four of its brands — Gap, Old Navy, Athleta and Banana Republic — posted positive comparable sales for the first time in years. Looking ahead, Gap said it expects sales to be up slightly compared to previous guidance for flat revenue this year.

Costco Wholesale (COST)

Costco Wholesale’s (NASDAQ:COST) stock has barely moved since the wholesale club reported mixed financial results for Q1 of this year. While the print was okay, analysts continue to grumble about Costco’s failure to raise its annual membership fees, which haven’t increased since 2017. Membership fees generate about 70% of the company’s operating profit. COST stock is up 25% on the year but has been trading largely sideways for more than a month now.

The company reported EPS of $3.78, which topped analyst estimates of $3.70. However, revenue of $57.40 billion narrowly missed Wall Street forecasts of $58.1 billion. Sales were up 9% from a year earlier, and Costco said its same-store sales rose 6% year over year during the quarter, in line with expectations. Management blamed the revenue miss on a pullback in consumer spending on non-essential items amid high inflation and interest rates.

Costco continues to see strength in its e-commerce unit, with digital same-store sales gaining 20% year-over-year in Q1. Company executives said they’re working to improve delivery times of e-commerce shipments and adding a store pick-up option for digital purchases.

Salesforce (CRM)

The stock of Salesforce (NYSE:CRM) is down 13% and looks ripe for the picking after the cloud computing giant missed its quarterly revenue target for the first time since 2006. Salesforce reported EPS of $2.44 compared to $2.38 expected among analysts. Revenue in the quarter amounted to $9.13 billion versus $9.17 billion that had been forecast on Wall Street. Despite the miss, sales increased 11% from a year earlier.

Salesforce attributed the results to longer deal cycles during the quarter and the implementation of a new go-to-market strategy that cut into bookings. Revenue from the company’s Professional Services unit fell 9% to $548 million. Looking ahead, the company provided forward guidance that also missed analysts’ forecasts. Salesforce expects earnings in the current quarter of $2.34 to $2.36 on $9.20 billion to $9.25 billion in sales. Analysts had expected $2.40 in earnings and $9.37 billion in revenue.

Despite the near-term headwinds, Salesforce, a Dow 30 component, will likely be just fine long-term and will bounce back. In the meantime, investors can buy a leading blue-chip tech stock on the cheap.

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.