If you like to buy blue chip stocks while they're on sale, there are plenty to pick from right now. The Dow Jones Industrial Average (DJINDICES: ^DJI) is down to the tune of 15% year to date, and fully half of its 30 components are down by even more.

It's this group of laggards, of course, that pique the most interest among bargain hunters. But are the worst performers of 2022's first half the best deals now, or should their share price weakness be read as a warning about these companies' underlying businesses?

The usual advice is, don't buy a stock just because it has tumbled by an unusual amount ... even if it's a blue chip. In this particular instance, however, you may actually want to start nibbling on these oversold equities.

If you were wondering, the Dow's biggest losers thus far this year are Walt Disney (NYSE: DIS) , Nike (NYSE: NKE) , and Home Depot (NYSE: HD) , down 38%, 37%, and 33%, respectively. And it's not tough to figure out why each of them slumped.

While Disney is rebounding from the initial impact of the pandemic on many of its business units, the growth of its streaming platforms is slowing dramatically. The media and entertainment giant has also been criticized and even boycotted for its stances on certain sociopolitical matters.

Nike remains the king of athletic apparel. However, it's also been impacted by the economic impact of Russia's invasion of Ukraine, as well as dealing with persistent global supply chain woes. Analysts had been expecting its revenue to slump in its fiscal fourth quarter, which ended May 31, and anticipated profits of only $0.81 per share, compared to $0.93 per share in the prior-year period. Nike did top that outlook: It reported operating income of $0.90 per share for Q4 on Monday. But both its sales and its earnings still fell.

Home Depot, of course, is bumping into a housing market headwind. The number of new home construction starts fell to a 13-month low in May, and the annualized number of new permits to begin home construction fell by 7%. The National Association of Home Builders/Wells Fargo Housing Market sentiment index also reached a two-year low in June after falling for six consecutive months. Home Depot doesn't exclusively serve homebuilders. This construction slowdown suggests waning consumer interest in any home improvements though, and in the meantime, somewhere between 40% and 50% of the retailer's business is driven by professional contractors. Any measurable weakness on the construction front is a concern for the company, and a worry for shareholders.

Given all those issues, the underperformances of these Dow stocks make some sense.

Before dismissing any of these names as potential purchases though, it might be worth taking a step back and looking at the bigger picture. Their recent stock price weakness may be less about these companies specifically and more about the market environment. If that's the case, perhaps investing in these beaten-down Dow components would actually make sense.

Although it's smart to buy good companies while their stock prices are low, a low price alone doesn't inherently make a stock "good." Indeed, there usually aren't even degrees to the idea. A mediocre company doesn't become a more compelling investment just because its stock has been pummeled. Investors should generally expect to pay up for quality.

The current conditions on Wall Street, however, appear to be creating some exceptions to that rule.

It's not the sort of thing that's easy to put your finger on. As most veteran investors can attest, the market can be moody. In the latter half of 2020 and for the better part of 2021, most stocks could do no wrong -- at least, not for long. As such, simply buying on the dip kept being a successful strategy. The mood shifted around the turn of the year. Investors began seeing the very same glasses as being half-empty rather than half-full. In the space of a few weeks, News that wasn't viewed as particularly worrisome suddenly became threatening to businesses' market values.

That's not to suggest that recent developments haven't taken a legitimate toll on the aforementioned Dow names. A housing market slowdown will be a headwind for Home Depot. Nike's supply chain problems are taking a toll on its business.

The punishment, though, does not fit the crime. Each of these three blue chips has fallen by more than 30% this year, and Disney is off by more than 40% over the course of the past 12 months. And the largest parts of these sell-offs were arguably rooted in overblown fears of what might happen.

Sometimes -- often for unclear reasons -- investors as a group pick on certain stocks more than they should. Blame the market environment. Fear is contagious. Fear also draws crowds to media outlets, many of which rely on this traffic to generate the ad revenue that pays their bills.

The good news is, investors tend to figure out their fears have reached irrational levels sooner than later. Once that happens, look for the market's most oversold stocks of its healthiest companies to start climbing again.

In this vein, consider this: Even against the backdrop of the lackluster fiscal Q4 2022 it recently completed, in its fiscal 2023, Nike is still expected to pump up its top line by 11%, and grow its earnings from $3.75 per share to $4.45 per share.

None of this should be viewed as an assertion that Home Depot, Disney, and Nike have already hit their cyclical lows and can only climb from here. They may still decline. Summer is a slow time for stocks anyway, and years that start on a bearish foot tend to remain on that bearish foot through September.

Rather, this is simply to point out that investing isn't always a matter of merely picking the right stocks. The most skilled investors regularly take the market's temperature and ask what's really driving a stock's price movements. Sometimes it has little to do with the company. Sometimes, it's the broader market environment pushing shares around. And sometimes, that translates into opportunities for the investors who pay attention to those sorts of nuances.

10 stocks we like better than Walt Disney

When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now... and Walt Disney wasn't one of them! That's right -- they think these 10 stocks are even better buys.

*Stock Advisor returns as of June 2, 2022

James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Home Depot, Nike, and Walt Disney. The Motley Fool recommends the following options: long January 2024 $145 calls on Walt Disney and short January 2024 $155 calls on Walt Disney. The Motley Fool has a disclosure policy.

If you know of local business openings or closings, please notify us here.

· Hunter Pocono Peterbilt plans to move Pocono Township operations to Stroudsburg

· Coal Winery and Kitchen at 81 Broad St., Bethlehem, has closed as its owner searches for a new location for the business, according to its Facebook page. 

· Lowhill Township supervisors approved a 312,120-square-foot commercial warehouse and distribution center on a 43.4-acre tract on the west side of Route 100, south of the Kernsville Road intersection.

· The Mint Gastropub at 1223 W. Broad St., Bethlehem, announced that it has temporarily closed to undergo a merger with a "well-known restaurant group" from Bethlehem.

· The Slatington Farmers Market opened its 28,000-square-foot showroom, which includes space for 53 vendors, as well as a 4,000-square-foot event space.

· St. Luke's University Health Network opened a new pediatric inpatient unit next to the eight-bed pediatric intensive care unit at St. Luke's University Hospital – Bethlehem.

· 25th Asian House opened at the location of the former Tin Tin Chinese restaurant in the 25th Street Shopping Center in Palmer Township.

· The Chick-Fil-A in Broadcasting Square shopping center in Spring Township was razed to make way for a new, expanded facility for the popular chicken sandwich restaurant.

· Plans for drive-thru locations of a Chipotle and a Starbucks at the intersection of Ivy League Drive and Kutztown Road were rejected by Maxatawny Township planners.

· Cumru Township plannes reviewed preliminary plans for NorthPoint-Morgantown Commerce Center, a 738,720-square-foot warehouse to be built on 75.2 acres at Morgantown Road (State Route 10) and Freemansville Road.

· Kutztown University has plans to expand its historic Poplar House to 13,161 square feet with an addition around its side and back, but keep the 129-year-old structure intact.

· A wine store and beverage outlet could be coming to a new two-unit building along the commercial strip of Blakeslee Boulevard Drive East in Lehighton, Carbon County.

· ChristianaCare, a Delaware health care organization, has announced it will buy the former Jennersville Hospital in West Grove, Chester County.

· Garden of Health Inc. celebrated the opening of the food bank's new warehouse at 201 Church Road, North Wales, in Montgomery County.

· Silverline Trailers Inc. opened its first location in Pennsylvania and in the Northeast at 223 Porter Road, Pottstown, where it sells utility, cargo, dump, equipment and car hauler trailers. 

· A new smoothie and bowl restaurant, Sips & Berries, opened at 285 Maple Ave., Harleysville, in Montgomery County.

· Terrain on the Parkway offers 160 new 1-, 2- and 3-bedroom apartments at 1625 Lehigh Parkway East in Allentown. 

· Lehigh Valley native Don Wenner is moving his real estate investment and finance firm DLP Capital from Bethlehem to Allentown at 835 W. Hamilton St.

· While Wells Fargo has been the leader in closing banks lately, it will hold a ribbon-cutting for its new downtown Allentown office at 740 Hamilton St. on June 30.

· If you're in the market for sterling silver jewelry, minerals and semi-precious gemstones, C& I Minerals is now operating at the South Mall at 3300 Lehigh St. in Allentown.

· The Allentown-based utility company PPL Corp. bought a major Rhode Island utility.

· Ownership at Martellucci's Pizzeria in Bethlehem has changed, but Paul and Donna Hlavinka and their family are running the pizza place at 1419 Easton Ave., just as it has been operated for 49 years. 

· Dr. Jacob Kasprenski's new Kasprenski Family Eye Care opened at 1088 Howertown Road, Catasauqua.

· Josie's New York Deli in downtown Easton closed early in the COVID-19 pandemic, but a June 13 Historic District Commission meeting approved a request for a new sign at its building at 14 Centre Square. 

· Zekraft cafe has opened its second location in the Easton Silk Mill in Easton. The first Zekraft restaurant was opened in Bethlehem. The restaurants' menus change frequently, with a focus on local ingredients. 

· Manta Massage at 319 Main St., Emmaus, will hold its grand opening on July 10 starting at 11 a.m. 

· The former Iron Lakes Country Club, constructed in the late 1950s and early 1960s, will operate at 3625 Shankweiler Road in North Whitehall Township under its new name, The Club at Twin Lakes. 

· Prologis, a titan in the logistics industry, will own and operate three warehouses proposed in Upper Macungie Township at the former Air Products headquarters campus at 7201 Hamilton Blvd. 

· Lehigh Valley Health Network ceremonially opened its first Carbon County hospital — a $78 million, 100,578-square-foot facility at 2128 Blakeslee Boulevard Drive East in Mahoning Township.

· Pocono Township commissioners voted to accept Swiftwater Solar's preliminary final plan for the $111 million, 80-megawatt field on a private 644-acre site on top of Bear Mountain that would include about 200,000 solar panels.

· Firetree Ltd. wants to expand its in-patient rehab operation at the former Sands Ford auto dealership at 440 N Claude A Lord Blvd. (Route 61), Pottsville.

· A Dunkin' in Schuylkill County located at 400 Terry Rich Blvd., St. Clair, has become just the fourth location of the donut and coffee chain to go entirely digital. 

· The Conservatory music school in Bucks County will close after 34 years, and school officials say the COVID-19 pandemic is the cause. The nonprofit, located at 4059 Skyron Drive, Doylestown, will close June 30.

· A Popeyes Louisiana Kitchen and Arby's will be built on the site of the former Ahart's Market on Route 22 in Phillipsburg, New Jersey.

· Hunterdon County Chamber of Commerce offices and the Unity Bank Center for Business & Entrepreneurship will be located at 119 Main St., Flemington. 

· Honeygrow opens Quakertown location, next to Chipotle on Route 309, on June 3.

· Dunkin' reopens remodeled restaurant at 1174 MacArthur Road in Whitehall Township

· Muse Modern Med Spa at 325 Fifth St. in Whitehall Township  will hold a grand opening June 4.

· Around Again, a consignment store, opened at 154 S. Main St., Phillipsburg

· Steak and Steel Hibachi, a restaurant in the works at 44 W. Walnut St., Bethlehem, still plans on opening late this summer. 

· Take It Outdoors Recreation Hub has moved to a spot along the Schuylkill River Trail at Riverfront Park in Pottstown, Montgomery County

· Pedego Electric Bikes has a new outlet in Lambertville, N.J. at 13 N. Union St.

· Amanda Vachris has opened a new Keller Williams Real Estate office at 15 St. John St. in Schuylkill Haven.

· Easton's new West Ward Market will open Wednesday and be open on Wednesday's through the summer from 3 p.m. to 7 p.m. The market, created by the Greater Easton Development Partnership, will sell fresh produce on 12th Street, next to Paxinosa Elementary School.

· Ciao Sandwich Shoppe is adding a second location, this time on College Hill in Easton. Ciao plans to open at 325 Cattell St. in late summer. Ciao already operates in downtown Easton at 12 N. Third St

· Ma's Crepes and Cakes will hold a grand opening and ribbon-cutting June 16 at 46 W. Broadway, Jim Thorpe. The celebration starts at 5 p.m., with the ribbon cutting at 5:45 p.m. 

· Bethlehem's Back Door Bakeshop will reopen as a wholesale operation at 7 E. Church St. in the city's historic district. The business was open for nine years as a retail outlet at Broad and Center streets, before announcing in March that it would close the storefront April 3 and "go back to its origins as a wholesale business."

·The Beef Baron on Catasauqua Road in Bethlehem is closed indefinitely for renovations

· The Brothers That Just Do Gutters are opening a new location in Allentown at 1302 N. 18th St.

· St. John Chrysostom Academy, an Orthodox school serving grades 1-9 starting this fall, held a grand opening at its St. Francis Center, Bethlehem, campus.

· Easton Commons, a shopping center anchored by Giant Foods at 2920 Easton Ave., Bethlehem Township, has a new name: The Shops at Bethlehem.

· Carbon County is getting a taste of Brazil at Uai Brasil BBQ at 315 Lehigh Ave. in Palmerton.

· The Keystone Pub in Bethlehem Township, at 3259 Easton Avenue, has reopened after a lengthy and expensive renovation. 

· The Trading Post Depot opened at 401 Northampton St., Easton. The rustic furniture store makes custom tables for dining rooms, desktops, conference centers and more.

· The Easton area has a new gym: Homemade Fitness at 444 Cedarville Road in Williams Township.

· Il Gaetano Ristorante opened at its 665 Columbus Ave., Phillipsburg, location. 

· Ciao! Sandwich Shoppe to open second location on College Hill in Easton, replacing The Kettle Room

· Rene and Grisellies Benique have opened Ezekiel 47 Cafe at 10 S. Fifth Ave., off Fifth and Penn avenues, in West Reading. 

· Alter Ego Salon and Day Spa in Emmaus is holding a grand opening Sunday, May 22, from 11 a.m. to 3 p.m., with a ribbon cutting at noon. 

· Origen Latin Fusion has opened at the site of the former Tomcat Cafe in Sinking Spring, Berks County. 

· Sellersville Senior Residences will hold a ribbon-cutting ceremony May 24. The Bucks County affordable-housing community for adults 55 and older has 50 apartments, with eight allocated for people with behavioral health needs.

· The House and Barn in Emmaus has opened its Shed outdoor dining and cigar bar area. The House and Barn is at 1449 Chestnut St. in Emmaus.

· Realtor Amanda Vachris and the Schuylkill Chamber of Commerce will hold a ribbon cutting at Vachris's new Keller Williams Real Estate office at 15 St. John St., Schuylkill Haven, at 4 p.m. on May 24.

· Il Gaetano Ristorante will hold a grand opening on Friday, May 20, at 5:30 p.m. The 665 Columbus Ave., Phillipsburg.

· First Commonwealth Federal Credit Union will hold a grand opening at its new headquarters in Trexlertown, 6126 Hamilton Blvd., on May 18.

· Vinyl Press Signs & Graphics has relocated within Emmaus. The new site is 15 S. Second St., not far from the former Sixth Street location.

· Pedro's Cafe in Emmaus to close

· SV Sports (formerly Schuylkill Valley Sports) to close Quakertown location

· Flemington DIY will host a Grand Re-Opening on May 14 at 26 Stangl Road, Flemington. The celebration will kick off at 10 a.m. 

· Elpedio’s Ristorante at Seipsville opened at 2912 Old Nazareth Road in Easton. The restaurant is open Wednesday through Sunday.

· Uai Brazil opened at 315 Lehigh Ave, Palmerton, offering both a seated or buffet option. 

· Colombian Mex Restaurant opened at 107 E Union Blvd in Bethlehem, offering traditional Colombian cuisine. 

· Precision Ink opened at 161 W Berwick St. in Easton. 

· King Wing opened a location in Bethlehem at 129 E. Third St., serving wings and sandwiches.  

Get up-to-the-minute news sent straight to your device.