(Click on image to enlarge)Two stocks that may represent deep value report earnings Wednesday morning: Advanced Auto Parts () and Target ().AAP was decimated six months ago when it drastically cut full year earnings guidance. A quarter ago, AAP brought in a new CEO, Shane O’Kelly, previously the CEO of HD Supply. I don’t pretend to know what happened with AAP’s business to cause it to so drastically cut guidance or much about the new CEO. But this is an auto parts retailer that has been around a long time, is cheap even on much reduced guidance and perhaps the new CEO can turn things around. I have a small position.(Click on image to enlarge)TGT has also been decimated over the last two years. Part of the problem is the macro economy with consumers cutting back on discretionary items. But part of the problem appears to be company specific as well. Once again, however, TGT has been a great retailer for a long time and is cheap even on much reduced guidance. I have a position and sold TGT $100 Nov17 Puts just before Monday’s close for $1.54.In general, it’s a . That is, cheap stocks are usually low quality businesses. But AAP and TGT could be exceptions to the rule because I’m not convinced these brands are no longer quality companies.More By This Author:Not A Bull Market, Next Week: Long WMT/Short HDDIS And The Bifurcated Market ThesisUBER Is Superior To LYFT On Every Metric