PE Ratio. This article says that there are currently only 10 stocks in the S&P 500 with PE ratios less than 10. They calculate PEs using analysts' expectations of 2004 EPS rather than the EPS numbers reported for 2003.

The report cited several companies whose stocks have comparatively low price-earnings ratios, largely in the home building sector, including homebuilders Centex Corp. (NYSE:CTX), Pulte Homes Inc. (NYSE:PHM) and KB Home (NYSE:KBH).