With the S&P 500 down nearly 8% since the start of 2008, it’s been a rough year for the stock market. So many stocks are down from their highs -- some more deservedly than others. It's more important than ever to figure out how to separate disastrous companies like Bear Stearns (NYSE:BSC) and Countrywide Financial (NYSE:CFC) from the very real opportunities that are out there right now.

One great place to start looking is a pool of the favorite stocks of our 105,000-strong Motley Fool CAPS investment community. On CAPS, the best-performing players' opinions have greater influence over a stock's ratings, making these picks truly among the best of the best.

I used our new CAPS screening tool to pick out some of the CAPS community’s most well-regarded stocks that are trading at a discount. Let's look at five companies that have fallen 30% or more from their 52-week highs.

They also have:

• Market caps greater than $5 billion.
• Five-star ratings, the highest possible, from our CAPS community.

Remember, in the first year for which we have data, five-star companies outperformed the market with an average gain of nearly 28%.

Data from Motley Fool CAPS and Yahoo! Finance as of June 11.

Of course, screens are merely a first step in the stock-selection process. Come and join us on Motley Fool CAPS to dig further into these companies. Let our CAPS community help you identify today's best opportunities.

For additional investing ideas:

• This Stock Is Cheap -- or Is It?
• The CAPS Screen: 5 Warren Buffett Stocks
• The Easiest Money You'll Ever Make