Generally the kind of bull market rally that we have experienced is known to be one where “a rising tide lifts all boats.” For the most part, that has indeed been the case, with every S&P 500 sector positive this year except consumer discretionary. Sometimes though, even top names can be left behind for one reason or another, and this time is no exception.

A new research report from Merrill Lynch documents some top stocks that have underperformed the overall market. Not only are these some of the market leaders in their respective sectors, they are also oversold, some to the point where there potentially could be a snap-back rally in the shares. With second-quarter earnings right around the corner, investors may want to see if any of these stocks rated Buy at Merrill Lynch make for a good fit in their portfolios.

Amazon.com Inc. (NASDAQ: AMZN) recently announced its entry into the smartphone arena, and it is a top stock to buy at Merrill Lynch, especially on an oversold basis now. The Internet retail giant is down a very big 18% year-to-date. Many Wall Street analysts view Amazon as the innovation leader and a top stock to own for 2014 and beyond. In addition to its online retailing muscle, the company has a gigantic cloud storage business that continues to dominate rivals. It will add even more revenue to the top line with the recent increase in their Amazon Prime memberships. The Merrill Lynch price target for the stock is $420. The Thomson/First Call consensus price target is at $417.54. Amazon closed on Monday at $327.24 a share.

eBay Inc. (NASDAQ: EBAY) is down 15% so far this year. The company is continuing improvements in the user experience. eBay’s marketplaces keep attracting new users, shown by double-digit growth in active users and items sold. eBay recently announced that 10 new countries in sub-Saharan Africa, Eastern Europe and Latin America will now have the ability to use PayPal. The expansion brings the total number of territories PayPal serves to 203. Customers that have Web access and a bank card authorized for Internet transactions in the new regions will now be able to sign up for accounts. PayPal reported revenue of $1.8 billion for the first quarter of 2014, and 148 million active accounts worldwide. The Merrill Lynch price target is $65, and the consensus target is posted at $61.42. The stock closed Monday at $49.39.

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Nike Inc. (NYSE: NKE) makes the list as top consumer discretionary name that has moved sideways to down all year long. In the near-term, the company has potential upside from a turnaround in its China business, improvements in gross margins and continued innovation-driven market share gains in both basketball and running footwear. With one of the most recognizable brands in the world, long-term investors may do very well adding shares here. Investors are paid a 1.3% dividend. The Merrill Lynch price objective for the the sporting apparel giant is $88, and the consensus target is $82.79. Nike closed Monday at $75.45.

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Pfizer Inc. (NYSE: PFE) trades at a low 14 times earnings and is one of the top pharmaceutical names at Merrill Lynch. The company updated investors and physicians at a recent Wall Street conference on the Phase 2 trial results on palbociclib for advanced breast cancer. The doctors on the breast cancer panel at the conference were much more optimistic than previously about the possibility of palbociclib being filed and approved on Phase 2 data in first line advanced breast cancer. Preliminary/interim overall survival data presented at AACR conference was generally positive. Investors are paid a 3.5% dividend. The Merrill Lynch price target is $36, and the consensus target is $34.40. Pfizer closed Monday at $29.45.

Priceline Group Inc. (NASDAQ: PCLN) is one of the momentum stocks that got pounded in the spring sell-off, but it has started to bounce back. With the summer travel season off and running, this industry powerhouse may be poised for big earnings in the second and third quarters. Given the market’s shaky view of names like this, investors may want to scale some capital in, especially given the stock’s hefty price. The Merrill Lynch price target is $1375, and the consensus target is higher at $1428.96. The stock closed Monday at $1205.60

The higher the market goes, the more difficult stock selection becomes. Given the low interest rate environment and an improving outlook for the economy, stocks still remain a solid place to have capital. Investors looking to deploy more now should consider some of these blue chip names that are oversold and may offer better upside not only if the market goes higher, but to have less downside in a correction.

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