More than a third of the Dow is in a correction, or worse. Here's what could make a comeback.

The Dow Jones Industrial Average is within striking distance of all-time high, but more than a third of its components are stuck in the mud.

Even as the blue-chip index nears its all-time high hit in January, 12 of its members are trading in a correction, or 10 percent below recent highs. The worst of the group is Intel, down 20 percent from its all-time high in early June and one of just two Dow stocks negative this quarter.

Other components in a correction include 3M, Goldman Sachs, Walmart and IBM.

Some investors believe that despite the carnage since their respective highs, several blue chips are poised to make a comeback.

Michael Bapis, managing director of Vios Advisors at Rockefeller Capital Management, is bullish on DowDuPont and the index's newest member, Walgreens Boots Alliance.

"[Walgreens has] gotten beaten up so badly because of this whole Amazon stay-at-home economy craze, if you will, so people just forgot about a company like Walgreens," Bapis said Wednesday on CNBC's "Trading Nation."

He likes the chain's cheap valuation, its same store sales growth and its 2.47 percent dividend yield. As for DowDuPont, he believes the market has not yet realized the value in its merger, completed about a year ago.

Intel is another name some think will play catch-up.

"We do continue to like Intel … particularly compared to peers like AMD that have really seen just huge returns this year relative to Intel's underperformance," Stacey Gilbert, head of derivative strategy at Susquehanna, said Wednesday on "Trading Nation."

Gilbert pointed to coverage from Susquehanna's semiconductor analyst Chris Rolland, who gives Intel a positive rating and has a $58 price target, implying 26 percent of upside from Wednesday's levels. Rolland has noted the strength in data centers and the diverse nature of Intel's business, particularly with the "internet of things" and autonomous driving.

The options market flow remains bullish on Intel, Gilbert said.

"It's not 'pound-the-table' bullish, it's not 'hey-you're-going-to-miss-out' bullish. It's 'I'd-rather-own-this-than-not-own this.'"

Disclosure: Susquehanna Financial Group makes a market in Intel.

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