"The Canadian dollar, which recently hit its highest level since the U.S. Civil War, now has room to fall by 10%-15%. It may be time to take a short position in a currency ETF."

"Investors are valuing BNY Mellon more modesty than its two biggest rivals. When they fully recognize the company's virtues, the stock will rise by over 15% annually."

"Loews trades around $49, a marked discount to its estimated net asset value of $64 a share. A plan to spin off its tobacco unit could lift the stock about 20%, to $59."

"Cogent shares, trading near 12, are worth about one-third that, by one estimate. The market for its fingerprint-ID systems is growing more slowly and is more price-sensitive than expected."

Some stocks that are underwater but still appear attractive as contrarian plays include Macy's, Discover Financial (DFS) and Progressive (PGR).

Some stocks that are underwater but still appear attractive as contrarian plays include Macy's, Discover Financial (DFS) and Progressive (PGR).

Some stocks that are underwater but still appear attractive as contrarian plays include Macy's, Discover Financial (DFS) and Progressive (PGR).