Investing in the market can be a fickle business. There have been some impressive returns on indexes like the S&P 500, and the TSX has remained relatively flat. However, this doesnât mean stocks are working the same way.

Investors, however, can look at this and see an opportunity. It means amongst the rubble, there are discounts to be discovered. The trick? Finding stocks offering not just a discount but also providing investors with quality that they can experience — not just in the short term but for years to come.

With that in mind, letâs look at two stocks that, although trading down, offer a good opportunity for todayâs investors.

Teck stock

Teck Resources Limited (TSX:TECK.B) presents a compelling investment opportunity, especially now that its stock price has dipped from its 52-week highs by 15%. Teck Resources is a leading Canadian mining company with a strong focus on essential metals like copper and zinc, which are crucial for global development and the energy transition. The company's operations span Canada, the United States, Peru, and Chile, giving it a diversified geographical footprint. This broad exposure not only mitigates risks but also positions Teck to capitalize on global demand for these essential resources.

What about earnings? Teck is set to release its second-quarter 2024 earnings on July 24, 2024. However, during the last quarter, Teck reported revenue of $3.988 billion, an increase from $3.785 billion in the first quarter (Q1) of 2023. The company reported an EPS of $0.56, which fell short of analysts' expectations of $0.87. Furthermore, Teckâs net income was $165 million, significantly down from $576 million in the same quarter last year. This decline was attributed to lower prices for some of their key commodities.

However, recent reports indicate that global mining giant Rio Tinto is considering a bid to acquire Teck Resources. Such an acquisition could significantly increase Teck's stock value, providing a substantial return on investment for current shareholders. The interest from Rio Tinto underscores the intrinsic value and strategic importance of Teck's assets in the global mining sector. This could set shares surging for the stock far beyond 52-week highs.

Nutrien

Another company trading down is Nutrien (TSX:NTR), with shares falling 24% from 52-week highs. Nutrien is a leading provider of crop inputs and services, playing a critical role in global food production. As the world's largest provider of crop nutrients, Nutrien's strategic position in the agriculture sector ensures it remains essential for meeting global food demand. This sector's stability can provide a buffer against economic volatility, making Nutrien a more secure investment.

Not that weâve seen this lately. Nutrien reported total sales of $5.389 billion for Q1 2024, down from $6.107 billion in the same quarter last year, a decline of 12%. The company recorded net earnings of $165 million, or $0.32 per diluted share, significantly lower than the $576 million, or $1.14 per diluted share, reported in Q1 2023.

Despite a challenging first quarter in 2024, where Nutrien reported a decline in net earnings due to lower fertilizer selling prices, the company saw increased earnings in its Retail segment. Higher gross margins for crop nutrients and crop protection products, driven by strong demand and improved product lines, indicate resilience and potential for recovery and growth.

In fact, Nutrien stock recently increased its quarterly dividend. Now, investors receive $2.96 annually per share, currently a 4.14% dividend yield! And this certainly demonstrates confidence in the companyâs future.

Bottom line

While Teck stock and Nutrien stock are down now, donât count them out. One has a potential target, and the other has a resurgence in prices. Together, investors have a strong opportunity at the ready.

The post 2 Stocks Down 15% and 24% to Buy Right Now appeared first on The Motley Fool Canada.