"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, now would there? The idea of buying a once high-flier at a discount price certainly has its attractions. The trick, of course, is to improve the odds that when you make your grab, it's shaft and not blade you latch onto. That's where we come in.

In The Motley Fool's continuing effort to keep your investing dollars safe, today we introduce a new feature -- and a new use for the Fool's groundbreaking collective intelligence service, Motley Fool CAPS. In this column, we'll give Mr. Market's silverware drawer a shake, then take a look down and see who's fallen furthest. Next, we head over to the CAPS boards to learn which of these stocks Foolish investors think are ready to rebound to new highs -- and why.

With that said, let's meet today's list of contenders, drawn from the "new 52-week lows list" at MSN Money:

52-Wk High

Current Price

CAPS Rating

Earthlink (NASDAQ:ELNK)

$12.21

$6.60

*

Ionatron (NASDAQ:IOTN)

$14.82

$3.72

*

NIS Group (NYSE:NIS)

$14.69

$5.05

**

Cell Genesys (NASDAQ:CEGE)

$8.10

$4.02

**

HomeBanc (NYSE:HMB)

$8.99

$4.15

**

IMAX (NASDAQ:IMAX)

$10.95

$3.40

***

Jupitermedia (NASDAQ:JUPM)

$18.81

$6.15

****

Knives and knaves
As you can see, our fellow investors over on CAPS aren't terribly enamored of this lot. The vast majority of the stocks on MSN's "shot" list don't even have CAPS ratings, because they're too small and too illiquid to merit inclusion in our service. And of those that do make the initial cut, more than 70% receive below average ratings of only one or two stars.

Ready to bounce?
That said, we do find one possible superstar in the making. According to the collective wisdom of over 100 investors, online content and research firm Jupitermedia has fallen so far it's got nowhere left to go but up. As of this writing, a whopping 119 investors have put their reputations on the line to publicly declare which way they think Jupitermedia is heading, and 113 of these learned souls -- including 30 of our "all-star" raters -- say the company's ready to bounce.

Among them:

  • investorpoet , ranked in the 92nd percentile of our lay stock analysts, argues that with "an owner earning run rate of $0.50 per share with growth kicking in next year" this is "not a $6 stock."
  • FreethinkerKW , who places in the top 1% of our raters, agrees, and intends to "catch this falling guillotine with my bare hands" here.
  • Meanwhile, BeatTheSNP, who at a more modest 82% remains one of our best raters, cautions that while "I think the stock will rebound. beware of the low P/E, it is higher when you back out all the 1-time charges from the I/S."

Are they right? Are they wrong? Tell us what you think on Motley Fool CAPS. So far, only one out of 31 all-star raters thinks Jupitermedia will underperform the S&P from its current price. Maybe you can be No. 2.

IMAX is a Rule Breakers recommendation.

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 123 out of over 14,000 raters. The Fool has a disclosure policy.