The sell-off Thursday was quick punch in the collective guts of investors that may have become a touch too complacent. In one day, all the July gains were knocked out, and a slight degree of panic has hit the market. With the gross domestic product coming in much higher than expected, and the past two quarters of the year shaping up as good or better than the second quarter, it may be time to start looking for bargains.

In a new report, Merrill Lynch has researched a group of large cap stocks that were already oversold before Thursday’s steep decline. Investors looking to put some dry powder to work have a superb shopping list, most of which fared much better Thursday than the market as a whole.

Analog Devices Inc. (NASDAQ: ADI) is down almost 10% in the past two weeks. The company posted strong second-quarter earnings and its view for the third quarter exceeded analyst expectations. The company is engaged in the design, manufacture and marketing of analog, mixed-signal and digital signal processing integrated circuits for use in industrial, automotive, consumer and communication markets worldwide. Investors are paid a 2.7% dividend. The Thomson/First Call consensus price target is $57.63. The stock closed Thursday at $49.63.

Coach Inc. (NYSE: COH) is down a huge 40% in the past 90 days. The stock got hit big when the company missed earnings, and investors have a chance to scoop up shares of this premium retail name at a bargain. Despite being hurt by the earnings miss, the company is projected to grow earnings huge in China, and this could get growth right back on track. Investors receive a solid 3.9% dividend. The consensus price target is at $36.30. The stock closed Thursday at $34.56.

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Michael Kors Holdings Ltd. (NYSE: KORS) is down right at 20% over the past six weeks. The stock has been a hot retail name in clothing and clothing accessories, and it could be the epitome of the social media advertiser. As one of the fastest growing luxury brands in the world, the company has the cushion of the high-dollar consumer, but that hasn’t stopped it from pursuing an aggressive social media branding and sales agenda. The consensus price target $105.65. Shares closed trading at $81.48.

Raytheon Corp. (NYSE: RTN) is a top aerospace and defense stock that dropped more than 10% in the past week. We featured it as one of the top stocks being added at the big mutual funds. The company is the world’s largest missile maker, and it reported second-quarter earnings in which sales fell 6.8% as all four of its divisions reported declines. However, profits rose 13% and the company maintained its outlook for the rest of the year. Investors are paid a 2.5% dividend. The consensus price target is $107. Raytheon closed Thursday at $90.77.

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TJX Companies Inc. (NYSE: TJX) is another top stock that has been way oversold, down a large 15% since the spring. For investors looking for a consumer discretionary position, the stock is ideal as the company is a low price leader in retail. To build its e-commerce infrastructure, T.J. Maxx bought online off-price retailer Sierra Trading Post for $200 million in cash last December. Fashion bloggers are gushing over the new T.J. Maxx online selection, especially “The Runway,” which is devoted to luxury designers.

Pent-up demand to buy online clearly exists. Growing online sales and increased store traffic may bode well for this top name to buy. Investors are paid a 1.3% dividend. The consensus price target is $64.24, and the stock closed Thursday at $53.29.

United Technologies Corp. (NYSE: UTX) is down almost 8% in the past two weeks. This top industrial stock provides high technology products and services to aerospace industries and building systems worldwide. Its segments are UTC Climate, Otis, Controls & Security, UTC Aerospace Systems, Pratt & Whitney and Sikorsky. Investors receive a 2% dividend. The consensus price objective is $128.71. United Technologies closed Thursday at $105.15.

Whole Foods Market Inc. (NASDAQ: WFM) has had a very rough go of things as earnings have swooned as competition gets more intense. The one-month implied volatility is almost three times higher than the historical number, and for good reason: the stock got hit yet again after weak earnings and guidance. With that in mind, the company is the market leader in their sector and may have value at these lower levels. Investors are paid a 1.2% dividend. The consensus price target is $44.73. Whole Foods closed Thursday at $38.23 a share.

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These stocks are quality companies that for one reason or another have been sold off hard. Investors who have some cash ready to put to work may want to stay nimble, as the market may be poised for a big leg down. However, these stocks have already been hit good, so they could be added to a watch list.

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