Will History Right the Wrongs of These 3 Broad-Market Laggards?

The S&P 500 Index (SPX) recently underwent its fourth correction since the 2008 stock market crash -- and, although the broad-market barometer started a historically bearish September off on a dismal note, not all hope is not lost. In fact, as Schaeffer's Senior Quantitative Analyst Rocky White noted, the three previous pullbacks have presented buying opportunities for traders -- and highlighted three stocks in particular that could be poised to pop in the wake of the SPX's recent correction.

Pharmaceutical firm Mallinckrodt PLC (NYSE:MNK) has had a disastrous run of late, down 35% since its July 23 high of $127 to trade at $82.92. Amid this decline, the stock seems to have found a footing atop the round-number $80 mark, an area it bounced from last Wednesday. Additionally, the shares are hovering around their year-over-year breakeven level, which could be bullish for MNK down the road.

On the sentiment front, short-term speculators have shown a distinct preference for MNK calls over puts, per the security's Schaeffer's put/call open interest ratio (SOIR) of 0.94. Not only does this show that call open interest outweighs put open interest among options expiring in three months or less, but it ranks lower than 95% of all similar readings taken in the past year.

Since its July 24 close at $65.94, drugmaker Mylan NV (NASDAQ:MYL) has shed roughly one-quarter of its value, due in large part to an M&A-related bear gap. The stock recently bottomed near $45.50, though, and was last seen near $48.50 -- not far from its 52-week breakeven mark.

In the equity's options pits, traders have been quick to bet against MYL. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day put/call volume ratio of 0.71 ranks in the 94th annual percentile. Simply stated, puts have been bought to open over calls at a near-annual-high clip.

Lastly, radio frequency solutions specialist Qorvo Inc (NYSE:QRVO) has declined nearly 39% since topping out at a 13-year high of $88.35 in late June. However, the stock took a sharp bounce off $45 last week, and was more recently seen trading at $54.21 -- up 10.4% year-over-year.

Wall Street remains in QRVO's corner. At the ISE, CBOE, and PHLX, for example, traders have bought to open 2,446 calls compared to 203 puts in the past two weeks, resulting in a top-heavy call/put volume ratio of 12.05. Elsewhere, almost 86% of covering analysts maintain a "buy" or better rating on the stock, while just 2.1% of its float is sold short.