"One group of stocks that has always intrigued us are those whose symbols have one letter," notes George Putnam. The editor of The Turnaround Letter explains, "Odd as this idea may at first seem, it actually makes some sense for a deep value investor. These are often old-line companies with well-known brand names. In some cases the single letter symbols were awarded many decades ago."

After reviewing the 19 stocks with single letter symbols (7 are currently unused), Putnam offers six that he says, have been "beaten down pretty badly and now look particularly appealing."'

"Agilent Technologies (NYSE: A), which makes electronic and bio-analytic measuring devices, was spun out of Hewlett-Packard in 1999. Revenues surged in 2000 as did the stock price, reaching a lofty 162.

"But the company subsequently suffered along with its customers in the communications and technology sectors. However, the financials are sound, including strong cash flow that is supporting a $2 billion share buyback, and management has been restructuring and realigning operations for long-term growth.

"Citigroup (NYSE: C) traces its roots date back to 1812 when it was formed as City Bank of New York. The wheeling and dealing of former CEO Sandy Weill created a financial services giant with some 200 million customers spanning more than 100 countries.

"However, giants are not particularly nimble, and Citicorp has struggled in the new credit environment that began a year ago. The new management team will probably divest many businesses, but they have a good core on which to rebuild.

"Ford Motor (NYSE: F) looked like it was beginning to rebound when spiraling gas prices battered sales of the company's trucks and SUVs.

"Management has been quick to react, laying off workers and shutting down plants. We think the brand is strong enough to survive, and so does legendary investor Kirk Kerkorian, who has been buying Ford shares as they drop.

"Kellogg (NYSE: K) has compiled decent results in recent years, including steadily rising revenues, earnings and cash flow.

"But the headwinds of rising costs for corn and wheat have spooked investors, leading to a sharp selloff in the shares earlier this year. As a result, the stock trades near levels reached in 1997. This may be an opportunity to get an iconic brand at a bargain price.

"Macy's (NYSE: M), operating under the Macy's and Bloomingdales names, has grown to become the nation's fourth largest department store. The $17 billion acquisition of Mays in 2005 expanded the Macy's brand nationwide, but the merger hasn't yet met expectations.

"And now, fearful of rising inflation and constrained consumer spending, investors have sold the stock off to a nearly 5-year low. Macy's has the financial strength to ultimately prevail, and at current valuations (0.4x sales and below book value), it could be cheap.

"NetSuite (NYSE: N) is the youngest of the single letter stocks. The provider of on-demand business management software went public in late 2007. (The N symbol formerly belonged to Inco, a nickel producer that was acquired in 2006.)

"After rallying to nearly $46 in its first few weeks, the stock declined sharply and has bounced around the $20 level for the last several months. While its operating history is short, NetSuite's products look interesting. And with $170 million in cash, the company has time to prove itself.

"Qwest Communications International (NYSE: Q) is the indirect progeny of another single letter stock, the original AT&T). Much of the current company is made up of the business of old US West, which was created by the break-up of AT&T in 1984.

"Qwest provides telephone services in 14 western and midwestern states. The company is at a disadvantage to some of its peers because it doesn't have its own wireless business.

"But, that said, the old wireline franchise still has a lot of value as they figure out how to send more data and video over the phone lines.

"Sprint Nextel NYSE: S) has struggled since the acquisition of Nextel in 2005, but there are some indications that the business may be at least leveling off.

"A new management team is aggressively pursuing new marketing schemes as well new technology such as WiMAX. If results don't improve, some or all of the company could be sold.

"AT&T (NYSE: T) was reconstituted when SBC bought AT&T in 2005 but kept the AT&T name and stock symbol. The company went on to purchase BellSouth in 2006, which brought with it full control of Cingular Wireless (since renamed AT&T).

"The company services some 60 million local phone lines, 15 million broadband subscribers and 71 million wireless customers.

"As merger-related charges begin to wane and synergies begin to payoff, operating results should begin to improve. The company's financials are sound, quite capable of supporting a share repurchase program and attractive dividend."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.