With the S&P 500 down more than 10% in the past three months, it's clearly been a rough late spring for the stock market. So many stocks have fallen from their highs -- some deservedly, some indiscriminately. How can we separate disastrous companies from the very real opportunities out there right now?

I decided to start my search with a pool of our 165,000 person-strong Motley Fool CAPS investment community's favorite stocks. These companies have the most bullish support from our members, weighted by each player's ability.

I used our CAPS screening tool to pick out beloved stocks trading at a discount. These seven companies have fallen 30% or more over the past three months. They also have market caps greater than $500 million, and a maximum five-star CAPS rating.

Company

13-Week Price Change

Industry

Market Cap

ATP Oil & Gas (Nasdaq: ATPG)

-56.9%

Independent oil & gas

501.6M

FormFactor (Nasdaq: FORM)

-46.5%

Semiconductor-broadline

541.0M

Global Industries (Nasdaq: GLBL)

-31.4%

Oil & gas equipment and services

501.0M

Infinera (Nasdaq: INFN)

-31.9%

Communication equipment

657.5M

Manitowoc (NYSE: MTW)

-35%

Construction machinery

1.3B

NVIDIA (Nasdaq: NVDA)

-36%

Semiconductor-specialized

6.2B

Patriot Coal (NYSE: PCX)

-42.1%

Industrial metals & minerals

1.2B

Data from Motley Fool CAPS and Yahoo! Finance as of July 15, 2010.

Of course, screens are merely a first step in the stock-selection process. Join us on Motley Fool CAPS to dig into these companies further. Let our 165,000-strong (and counting) CAPS community help you identify the best opportunities today.