The broader stock market is near all-time highs, but that doesn't mean all stocks are. Remember, the stock market is a market of stocks, not a single entity. Despite the index's success, the S&P 500 is littered with stocks nowhere close to their highs.

That's a potential buying opportunity for long-term investors who can identify broken stocks while avoiding broken businesses. Sometimes, stocks decline for short-term reasons or no reason at all. So, I combed the S&P 500 for some magnificent stocks down on their luck.

Here are three stocks down 17% to 44% that are great investment ideas to buy and hold forever.

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Source Fool.com