"Don't catch a falling knife." Thus commandeth the old saw (to mix a cutlery metaphor).

But if people weren't tempted to catch cutlery in the first place, there'd be no need for this little bit of investing wisdom, would there? The idea of buying a former highflier at a discount price certainly has its attractions. The trick, of course, is to increase the odds that when you make your grab, you're catching haft, not blade. That's where we come in.

In The Motley Fool's continuing effort to keep your investing dollars safe, today we once again assume our position beneath Mr. Market's silverware drawer. As the knives plummet, we'll measure who's fallen farthest. Then we'll head over to Motley Fool CAPS, and ask which of these stocks Foolish investors think are ready to rebound to new highs -- if any.

With that said, let's meet today's list of contenders, drawn from the latest "52 Week Low" list at Nasdaq.com:

52-Week High

Currently Fetching

CAPS Rating (out of 5)

Christopher & Banks (NYSE:CBK)

$31.25

$12.08

**

Delia*s (NASDAQ:DLIA)

$12.00

$4.66

**

Empresas ICA S.A. de C.A. (NYSE:ICA)

$27.59

$22.10

***

Coachmen Industries  (NYSE:COA)

$12.90

$6.60

*

Cost Plus

$14.34

$4.00

*

John B Sanfilippo  (NASDAQ:JBSS)

$16.19

$9.76

*

SourceForge (NASDAQ:LNUX)

$5.55

$2.56

*

Companies are selected from the Nasdaq "52 Week Low" list published on Nasdaq.com on the Saturday following close of trading last week. 52-week high and current pricing provided by Yahoo! Finance. CAPS ratings from Motley Fool CAPS.

Knives and knaves
In today's edition of MSN's "short list," Mr. Market has dealt us a straight flush -- seven companies that investors would like to flush down the commode. Ah, the joys of scraping the bottom of the market's barrel, looking for treasure among the crud.

Obviously, we're seeing no above-average winners this week. But we do have a company that well more than 100 of our players have reviewed, and that has won the endorsement of a commanding majority of those polled. With 100 outperform ratings versus only 14 underperforms on CAPS, at least a few investors think Christopher & Banks has a shot at greatness.

Ready to bounce?
But will these investors be rewarded for their faith in the company? Let's examine the logic behind their decisions.

Bull case for Christopher & Banks
NetscribeRetail, CAPS's most consistent provider of detailed firm write-ups (if not necessarily its strongest player), introduces us to the company:

Christopher and Banks is a specialty retailer operating under the Christopher and Banks, C.J. Banks, and Acorn names. Christopher and Banks and C.J Banks stores offer assortments of sportswear and sweaters whereas Acorn stores offer upscale women's fashions along with complementary jewelry and accessories. The company operates 524 Christopher and Banks, 218 C.J Banks and 37 Acorn stores across U.S. ... [and] targets female baby boomers."

New player ocala24 adds what sounds like a first- or second-hand opinion how C&B might turn things around, musing: "Women love this store for quality, price & great sales."

Let's end with a blast from the past. tlpriest, writing back in December, endorsed the stock based on its "[p]ristine balance sheet with no debt, adequate cash, and reasonable ROE," while adding the caveat that C&B still "[needs] to get earnings and growth back on track."

Nearly nine months later, much remains the same. Sales were up a meager 5% last quarter, while profits plunged. However, C&B continues to boast the "pristine" balance sheet. It has no long-term debt, and not only is its cash "adequate" -- I'd actually say this company is swimming in the stuff. Cash and equivalents make up a good 22% of its total market cap.

Time to chime in
Actually, one thing is different about C&B -- its share price is down 30% from when tlpriest recommended the stock. Does that make the company even more of a buy than when it was last recommended? Or is the stock just beginning its swan dive? Crunch the numbers, then come on over to CAPS and tell us what you think.

Motley Fool CAPS: It's fun, it's free, and it just might make you famous.

Fool contributor Rich Smith does not own shares of any company named above. You can find him on CAPS, publicly pontificating under the handle TMFDitty, where he's currently ranked No. 308 out of more than 60,000 rated players. The Fool's disclosure policy avoids airborne silverware on general principle.