Plenty of brand name stocks are under $10

— -- Investors eager to rummage through Wall Street's bargain bin will find plenty of merchandise to choose from.

And to some, the rising ranks of stocks with cut-rate price tags is another sign of how there are bargains to be found. "The number of companies that are cheap enough for us to consider is higher," says Scott Barbee, portfolio manager of the Aegis Value fund.

Some say the availability of deals is at historic levels. "The market has really gotten inexpensive," says Barbara Marcin, portfolio manager of the Gabelli Blue Chip Value fund. The Standard & Poor's 500-stock index is trading for 13.0 times its expected operating earnings per share over the next 12 months. When the stock market peaked last October, the S&P traded at 21.1 times actual future earnings per share.

And that has investors, who are evaluating some of these stocks, thinking they might have a shot at buying stocks that will skyrocket twice or more in value. "Some of these stocks are doubles and triples," says John Schneider, portfolio manager of the Touchstone Large Cap Value fund.

Are these stocks huge bargains or just Wall Street's versions of poorly made sweaters about to unravel?

Buying beat-up stocks has a mixed recent track record. Last year, there were nine S&P 500 stocks trading for less than $10, and most are still languishing. And a low share price doesn't necessarily mean a company is cheap. Sixteen of the 23 stocks under $10 don't have price-earnings ratios because they've lost money the past 12 months, says Standard & Poor's Capital IQ. Another five have steep P-Es of 20 or more, because their earnings have fallen faster than their share prices.