Your stock just took a nosedive -- but don't panic. First, let's see whether it had good reason to fall. Sometimes, panic-fueled drops can make excellent buying opportunities. Here's the latest crop of cratered stocks that could provide a possibility for profit:

Stock

CAPS Rating (out of 5)

Tuesday's Change

Uranium Resources (Nasdaq: URRE)

*

(13.5%)

Longwei Petroleum Investment Holding (NYSE: LPH)

****

(12.5%)

China New Borun (Nasdaq: BORN)

*

(11.1%)

The market dropped 178 points yesterday, or 1.6%, as fears over China's economy sent stocks into a tailspin. But stocks that went down significantly more are still big deals.

The devil's in the details
Uranium miner Uranium Resources was having a good month up until yesterday. It settled a legal dispute over its New Mexico project, regained listing compliance with the Nasdaq exchange, was buoyed by Cameco's (NYSE: CCJ) production forecasts, and had the U.S. Supreme Court cleared the last remaining obstacle to gaining its NRC license. Shares have been riding high.

Yesterday's tumble was undoubtedly related to the news that China will be torquing down even more on its overheating economy. As questions abound regarding the reliability of the country's inflation numbers -- now even a major Chinese think tank questions the veracity of official figures -- the need to tighten further is seen as a given.

Mining stocks in general fell yesterday, with the CAPS Mining Exploration sector dropping more than 4%. Rio Tinto (NYSE: RIO) was down 4%, Stillwater Mining (NYSE: SWC) was down 7%, and Cameco was off 9%.

CAPS member Timfromholland believes the long-term trends for uranium are in favor of Uranium Resources' recovery:

Cold war stockpiles of uranium are depleting fast, driving the price for uranium up, expecting peak around 2013. Also, URRE has some good operations going on in New Mexico.

Let us know on the Uranium Resources CAPS page if this miner still represents a glowing opportunity.

The sky's not the limit
It was a surprising result for recently IPO'd Longwei Petroleum, considering third-quarter revenues nearly doubled to $113 million and profits, excluding a non-cash charge related to the issuance of warrants in Longwei's October 2009 financing, surged 84%. Management says next year ought to be another record-breaking period. But China's immediate economic future weighs heavily here, too, as even PetroChina (NYSE: PTR), which just announced it was tapping into its stockpiles to meet higher demand, was off 3%.

It's that sort of incongruity that opens up attractive valuations that leads wgriffin100 to believe Longwei will outperform:

LPH is a company in a growing economy with a balance sheet that seems sound for a relatively young company. Fossil fuels will be needed by the Chinese the make their countries economy grow.

Only you can decide whether Longwei Petroleum is slick investment for you. Add it to your watchlist where all the Foolish news and analysis about this stock is aggregated for you.

A giant leap ... down
If China's economy does crater, then China New Borun will undoubtedly find itself much in demand. It produces corn-based edible alcohol and realized a 26% increase in revenues this past quarter, with sales anticipated to rise 56% for the full year. It also started selling liquid carbon dioxide and crude corn oil, both presumably not edible.

Yet there's some concern about the company after four directors suddenly resigned their positions. Now two did so to keep a majority of board members independent after two others jumped ship, but this doesn't bode well, particularly after controversy erupted over whether this is just another Chinese small-cap fraud. Such instances have been mounting lately, and jittery investors are dumping these stocks at the first whiff of a financial stench.

In light of such developments and with more than 40% of CAPS members rating the alcohol producer to underperform the market, I wouldn't wade in here until matters clarify themselves. But tell us on the China New Borun CAPS page whether you believe the new lower price is an opportunity reborn.

Ready for a resurrection
Just because your stock has taken a beating doesn't mean it's going to roll over and die. Markets are known for overreacting. A closer look at what's happened to your stock can give you an edge over other investors who just react to the market's lead.

That's why it pays to start your own research on these stocks on Motley Fool CAPS, where you can read a company's financial reports, scrutinize key data and charts, and examine the comments your fellow investors have made, all from the stock's CAPS page. Then you can decide for yourself whether it's ready to come back from the dead.

The Fool owns shares of and has written covered calls on Cameco. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Fool contributor Rich Duprey does not have a financial position in any of the stocks mentioned in the article. You can see his holdings here. The Motley Fool has a disclosure policy.