North American stocks have started to teeter after a very strong first half in 2024. Certainly, that is to be expected. Stocks never go up in a straight line. In some respects, that is a very attractive thing about stock markets.

Pullbacks can be great opportunities to pick up shares in great quality businesses at a nice discount. As Warren Buffett famously said, "Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down." If you are looking for some quality that is momentarily marked down, here are three stocks to buy right now.

An undervalued tech stock to add today

Enghouse Systems (TSX:ENGH) stock has been down in the dumps for a couple of years. It had a massive run-up after the COVID-19 pandemic hit. However, that quickly reversed as demand for communications software (its core business) quickly normalized. This has led to a couple years of moderating growth.

Fortunately, things appear to be turning around. Enghouse has used its ample cash-rich balance sheet to sweep up struggling software providers. It can often turn these struggling businesses into cash machines in quarters.

The company just announced a strong quarter where revenues, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA), and earnings per share increased respectively by 17.6%, 12.8%, and 15.6%.

Enghouse is trading with a nice 3.4% dividend yield and its lowest valuation in many years. It also has a mountain of cash ($250 million) that it can use to deploy into acquisitions and share buybacks in the months ahead.

A transport company on a roll higher

TFI International (TSX:TFII) stock is down 7% in the past six months. If the stock were to pull back more, it could start to look interesting.

TFI is Canada's largest transport, freight, and logistics company. It also has a growing business in the U.S. Its stock is up 387% in the past five years.

However, 2024 has been a terrible year for freight. Volumes are down and it has hit the bottom line. Fortunately, TFI has been generating strong free cash flow and taking market share by improving customer service.

When the freight environment recovers (there are some signs it will), TFI is positioned to deliver good gains in the future. It has a lot of levers to deliver good returns. Whether it be operational improvements, share buybacks, potential spinouts, and acquisitions, TFI can still deliver in the future.

A top retail stock hitting a lull

Alimentation Couche-Tard (TSX:ATD) has been another great Canadian compounder that is temporarily beaten up. Despite being up 312% in the past 10 years, its stock is down 10% in the past 10 years.

Like the stocks above, Couche-Tard is not immune to a weakening economy. This has impacted earnings for the past couple of quarters. Likewise, news about its proposal to buy 7-11 has jittered the market. It would be a huge acquisition that would likely require issuing equity/debt and complex execution to make successful.

If any company could be successful, it is Couche-Tard. It is an expert acquirer of convenience businesses. It is also an expert operator that benefits from scale, brand power, and technology.

Regardless, if the 7-11 deal comes to fruition, the future looks bright for Couche-Tard. You may have to be patient through the current economic weakness, but it should emerge shining.