Some companies left behind in bull's dust

— -- Some investors are finding out that there are holes in the Wall Street cliché that a rising tide lifts all boats. As stocks in general have surged back from the bear market low, a handful have not only missed the rally, but lost ground.

In fact, 46 stocks in the Standard & Poor's 1500 index are lower than when the market hit its 12-year-low on March 9.

The left-behind stocks stick out even more, as the stock market has soared nearly 50% from that time in a jump that's been one for the record books because of how far it has come so quickly.

Even amid a bull market, investors are avoiding stocks that have faults. "There have been companies and stocks that have been completely left in the dust," says David Sowerby of Loomis Sayles. "These are the unfortunate souls that nobody wants to take to the prom."

Focusing on stocks that have been overlooked by the market's rally this year is like looking for weeds in a forest. The rally has been very broad, with 97% of the stocks in the S&P 1500 up or flat since the March 9 low. More than 93% are up by 10% or more.

So why do these few stocks have the dubious distinction of falling while the broad market has had one of its fastest, most intense rallies ever?