"We all know that, despite the big run-up recently, many stocks are still below their highs of a year or two ago," obesrves turnaround expert George Putnam.

In The Turnaround Letter, he suggests, "But what about some of the biggest, best known and best managed companies that are trading below where they were ten years ago? That’s pretty tempting." Here, he looks at 8 stocks that still trade below their 1999 highs.

"Sure, late 1999 was the last gasp of the Internet bubble, and so that explains some of the tech names. But our list includes retail, beverage, entertainment, drug and other low-tech businesses.

"We can’t tell you exactly what is going to propel these stocks back to their former heights – if it were obvious, Wall Street would be all over these stocks and they wouldn’t still be in the doldrums – but we think many of them could be poised to rebound.

"Moreover, a number of them have generous dividends, so that you get paid while you wait. 

"Alcoa (NYSE: AA), as one of the world’s largest suppliers of aluminum, has faced substantial headwinds during the economic downturn. A slide in revenues began in the third quarter of 2007, but in the most recent quarter, the company returned to profitability.

"In addition to improving cyclical trends (such as better supply/inventory balances), Alcoa is benefiting from growing demand out of China. To be sure, the company will profit most from a broad-based economic recovery. But at current prices, there appears to be sufficient value to await the upturn.

"Coca-Cola (NYSE: KO) is perhaps the most widely recognized brand name worldwide. Some may think the fizz has gone out of the brand, but Coke’s steps in non-carbonated beverages, such as, Dasani water, Powerade sports drinks and Minute Maid juices are paying off.

"And even the core Coke product still has good potential in China and other international markets. 

"Disney (NYSE: DIS) is the consummate consumer discretionary company, including not only its resorts, movies and consumer products, but also its media outlets ESPN and ABC, which depend on consumer-focused advertising.

"Everyone is still wringing their hands about the prospects for consumer spending, but for patient investors Disney is a well managed company with strong brands and unmatched assets.

"Home Depot (NYSE: HD) pioneered the concept of home improvement superstores, and the stock rode a wave of popularity to P/E multiples in the 60s and 70s around the turn of the century.

"More recently, the company stumbled as it tried to fend off competition from Lowes and others. However, under CEO Frank Blake, who took over in 2007, the company seems to be getting back on track.

"Intel (NASDAQ: INTC) is the world’s largest maker of semiconductors. Despite strong competition, Intel has found a way to remain the technology leader in chips used from PCs and high- end servers to wireless communications and graphics.

"The whole sector has been weak for several years, but when the demand for tech products begins to pick up again, Intel will be one of the primary beneficiaries.

"Microsoft (NASDAQ: MSFT) may seem like a stodgy behemoth these days, but it is taking a number of steps to restore profit growth. The company is aggressively cutting costs at the same time as it is unveiling its latest operating system, Windows 7.

"In addition, it has opened its first retail store and is showing increased willingness to enter into strategic partnerships with others such as Yahoo and Nokia. We wouldn’t bet against Goliath in this battle.

"Pfizer (NYSE: PFE) just completed a $68 billion acquisition of Wyeth, a merger that will significantly expand Pfizer’s reach, both in terms of existing product offerings and new drug pipeline.

"Management expects $4 billion in synergy savings, and that is on top of a general $2 billion cost-reduction program already underway.

"While the entire healthcare sector has been weak as investors worry about what the politicians in Washington are up to, we believe that Pfizer is well positioned for sustained growth.

"Wal-Mart (NYSE: WMT) is the world’s largest retailer. Once you get to a certain size, your growth rate inevitably has to slow. But Wal-Mart has been diligent about focusing on new categories of merchandise where it quickly becomes a market leader, such as groceries, toys and electronics.

"While the stock has gone nowhere for ten years, the financial results have continued to improve – essentially growing into the stock price. While Wal-Mart may never again be a growth stock, it now looks like a very attractive value play."