股价一年下跌97.5%！最让股民伤心的500 强公司有哪些

《财富》美国500强排名依据的是收入，而不是股票收益，这就是为什么每年榜单上都有一些公司没能回馈投资者，而是给他们带来了损失。

通过今年的榜单，我们可以部分看出2015年的境况。在这一年中，石油和天然气价格的下跌让皮博迪能源公司（Peabody Energy）和切萨皮克能源公司（Chesapeake Energy）受到牵连，他们的股价分别下跌了93%和77%。广告收入减少和亏损扩大则让iHeartMedia公司遭了殃。

随着油价近期出现反弹，表现最糟糕的几支股票在2016年出现了好转。在本文中，我们以去年的榜单发布之日为起点，以今年的榜单发布之日为终点（2015年6月4日—2016年6月3日），对《财富》500强企业的股票表现进行了评估。

在下面的表格中，你可以看到这期间里在股市遭遇最惨痛失败的公司。

TFortune 500 rank: 4The Fortune 500 rankings are based on revenue, not stock returns. That’s why, every year, several companies make the list that have punished their shareholders far more than rewarded them.

This year’s list partly reflects performance in 2015, during which time falling oil and gas prices savaged Peabody Energy BTU 0.00% and Chesapeake Energy CHK 3.33% , which lost 93% and 77%, respectively; while falling ad sales and mounting losses crushed iHeartMedia IHRT 3.81% .

With oil on the rebound recently, the lineup of worst-performing stocks has shifted somewhat in the first half of 2016. For this article, we assessed the Fortune 500 companies based on their stock performance from the time last year’s list came out up to the release of the newest list—June 4, 2015 through June 3, 2016.

1. 皮博迪能源公司

1. Peabody Energy Corporation

《财富》500强排名：458

年度股票表现：下跌97.5%

2016年初至今表现：下跌84.6%

到目前为止，煤业公司皮博迪在《财富》500强里算得上声名狼藉：它也是我们去年的榜单上股市表现最差的公司，同时还是2015年表现最差的公司。随着全球转而采用更加环保的能源，煤矿业已经江河日下。尽管石油和天然气的价格在过去几年里大幅跳水，但与煤炭相比它们甚至还更具吸引力一些。煤炭的价格已经太便宜了，想靠挖煤挣钱变得十分困难。这就是皮博迪公司走向毁灭的原因。在连年巨额亏损后，今年4月，公司申请破产。他们在去年亏损了20亿美元，成为《财富》500强中亏损最多的公司榜单。在按照联邦破产法第11章被予以破产保护后，该公司已经从纽约证券交易所除名，这也让股民心头的阴影更加浓重。他们如今只能通过场外交易来买卖股票了。

Fortune 500 rank: 458

One-year performance: -97.5%

Year-to-date 2016 performance: -84.6%

By now, coal-mining company Peabody Energy belongs in the Fortune 500 hall of infamy: It was also the worst-performing stock on our list last year, as well as the worst performer in calendar 2015. Coal was already in decline as the world turned to more environmentally-friendly energy sources; when oil and natural gas prices collapsed in the last couple of years, they became even more attractive compared to coal, which is now so cheap that it’s hard to make any money by mining it. That has been the undoing of Peabody, which filed for bankruptcy in April after years of onerous losses. It lost $2 billion last year, placing it on our list of the Fortune 500’s billion-dollar losers. The company was delisted from the New York Stock Exchange after its Chapter 11 filing, further dooming its shareholders, who can now only trade the stock over-the-counter.

2. iHeartMedia公司

F2. iHeartMedia

《财富》500强排名：414

年度股票表现：下跌86.1%

2016年初至今表现：上涨14.4%

由于iHeartMedia的特殊结构，这只股票的波动极大。在2008年，公司有很大一部分通过融资收购被私有化，之后他们就成为了《财富》500强公司里仅有的几家没有在大型证券交易所上市的公开交易公司（其他几家分别是房利美、房地美（Freddie Mac）和现在的皮博迪）。如今，公司只有30%的股份还在公开市场交易，股价近来也遭到打击。这家之前名为清晰频道（Clear Channel）的无线电台运营商和广告公司，其股价在2015年下跌了88%，成为了榜单上表现第二糟糕的公司。即便是最近公司股价回弹，也只是杯水车薪：从去年的《财富》500强榜单发布以来，他们的股价跌幅依旧超过86%。

由于融资收购，iHeartMedia背负了210亿美元的债务。公司在去年因为广告销售的疲软，包括旗下清晰频道户外广告公司（Clear Channel Outdoor Holdings）的表现不佳，最终亏损近7.55亿美元，超出了人们的预计。这导致了公司股价出现跳水。iHeartMedia的债权人威胁称要宣布公司违约，此举将迫使公司破产，消息传出后，公司股价跌到了1美元以下。目前，双方正在法庭上对此进行争论。

Fortune 500 rank: 414

One-year performance: -86.1%

Year-to-date 2016 performance: 14.4%

iHeartMedia IHRT 3.81% is an especially volatile stock, due to its unusual structure. It's one of the only publicly traded Fortune 500 stocks that isn't listed on a major stock exchange (along with Fannie Mae FNMA 0.12% , Freddie Mac FMCC 0.52% , and now Peabody Energy), after it was largely taken private in a leveraged buyout in 2008. Today, only about 30% of the company trades on the public market, which has lately pummeled its shares. The radio station operator and advertising company, formerly known as Clear Channel, was also the second-worst stock of 2015, falling 88%, and even a recent rally hasn't helped much: The shares are still down more than 86% since last year's Fortune 500 list.

Saddled with nearly $21 billion in debt stemming from its buyout, iHeartMedia reported bigger-than-expected losses of nearly $755 million last year due in part to weak advertising sales, including in its billboard subsidiary Clear Channel Outdoor Holdings CCO 3.78% . That sent its stock off a cliff, and its share price has since hit lows of less than $1 after iHeartMedia's creditors threatened to declare it in default—a move that could force the company into bankruptcy, and which it is currently disputing in court.

3. Community Health Systems公司

3. Community Health Systems

《财富》500强排名：125

年度股票表现：下跌74.6%

2016年初至今表现：下跌48.2%

社区卫生系统公司（Community Health Systems）收购Health Management Associates，建立全美最大的盈利性医院系统已有两年时间。在整合公司，获得这笔近40亿美元的交易希望带来的“协同增效”方面，他们很大程度上失败了。公司在2015年收治的病人数有所下滑（部分原因在于年底的流感高发季来得不如往常猛烈），同时，收取病人的医疗费用也变得越来越困难，估计会成为“呆账”的金额增加到1.69亿美元。社区卫生系统公司已经在今年4月分拆了38家小型医院，如今他们试图剥离更多资产，以减轻167亿美元的债务负担。

Fortune 500 rank: 125

One-year performance: -74.6%

Year-to-date 2016 performance -48.2%

Two years after completing its acquisition of Health Management Associates to create the largest for-profit hospital system in the U.S., Community Health Systems has largely failed to integrate the companies and reap the "synergies" it had hoped for in the nearly $4 billion deal. The company has reported three straight quarters of disappointing earnings that fell short of Wall Street's expectations. It admitted fewer patients to its hospitals in 2015 (thanks in part to a milder flu season at the end of the year), and also warned that it was having a harder time collecting payment from the patients it did treat, increasing its estimate for "doubtful accounts" by $169 million. Community Health Systems is now trying to divest more of its assets to pay down its $16.7 billion debt burden, after already spinning off 38 smaller hospitals in April.

4. 西尔斯控股公司

4. Sears Holdings

《财富》500强排名：111

年度股票表现：下跌70.1%

2016年初至今表现：下跌36.7%

多年以来，投资者一直认为西尔斯控股（Sears Holdings）即将破产。而这家百货公司最近的惨淡经营进一步增强了这个印象：公司已经走在了停业的边缘。确实，这十年来，西尔斯的同店销售额每年都在下降。这家旗下拥有同名连锁店和凯马特（Kmart）连锁店的控股公司也以2015年11亿美元的亏损，登上了《财富》500强中亏损最多的公司榜单。公司在过去五年的总亏损达到了80亿美元。他们最大的问题在于许多消费者已经丧失了购买公司商品的兴趣。早些时候的一份调查发现，女士现在更倾向于在Goodwill二手店买东西，而不是西尔斯。许多投资者不再碰这只股票，他们担心西尔斯可能会很快着手变卖较小的资产，进行彻底的破产清算。

Fortune 500 rank: 111

One-year performance: -70.1%

Year-to-date 2016 performance: -36.7%

Investors have been on bankruptcy watch for Sears Holdings for years, and recent dismal results for department stores in general have enforced the impression that the company is teetering on the edge of going out of business. Indeed, Sears' same-store sales have fallen every year for a decade. Sears, which operates its eponymous stores as well as the Kmart chain, also landed on our list of the Fortune 500's billion-dollar losers, with losses of $1.1. billion in 2015. That boosted its total losses in the last five years to $8 billion. The company's biggest problem is that many shoppers have lost interest in buying what it sells: One survey earlier this year found that women prefer shopping at Goodwill secondhand stores than at Sears. Many investors won't touch the stock, fearing that Sears may soon move on from selling its smaller assets to fully liquidating its business.

5. 切萨皮克能源公司

5. Chesapeake Energy

《财富》500强排名：223

年度股票表现：下跌68.6%

2016年初至今表现：下跌9.1%

自美国于几年前开始全面采用水力压裂技术以来，切萨皮克能源公司就和他们的同行遭遇了一样的境地。赖以为生的石油和天然气价格跳水，给他们带来了沉重的打击。去年，公司净亏损达到了150亿美元。此外，切萨皮克还因为被怀疑串通投标，遭遇了长达四年的调查，这也让公司的股票疲软无力。

切萨皮克的股票是《财富》500强公司里在2015年表现第三糟糕的，下跌了77%。尽管去年公司赔偿了2,500万美元，解决了反垄断调查带来的刑事指控，投资者仍在观望在俄克拉荷马的另一项调查是否会继续让公司蒙受损失。不过切萨皮克的投资者在今年早些时候松了口气，这次调查只对前任首席执行官奥布里·麦克伦提出了指控，并未宣布公司有任何违法行为。指控第二天，麦克伦在一场严重的车祸中身亡，随后公司股价大涨。

尽管已经从联邦调查中解脱出来，切萨皮克的股价仍然与能源价格紧紧捆绑在一起。随着能源价格最近再次回落，公司股价也受到了影响。（财富中文网）

译者：严匡正

Fortune 500 rank: 223

One-year performance: -68.6%

Year-to-date 2016 performance: -9.1%

After going full-bore into the U.S. fracking boom a few years ago, Chesapeake Energy has, like its industry peers, recently been crushed by the collapse in the prices of oil and natural gas, its bread and butter. It reported net losses of almost $15 billion last year. On top of that, the stock has languished under the cloud of a four-year investigation into an alleged bid-rigging conspiracy at the company:

Chesapeake was the third-worst performing stock in the Fortune 500 in calendar 2015, down 77%. While it settled criminal charges from part of the antitrust investigation for $25 million last year, investors were watching and waiting for the other shoe to drop amid an ongoing probe in Oklahoma. But Chesapeake shareholders cheered earlier this year when the investigation only led to charges against ex-CEO Aubrey McClendon, without implicating the company in any wrongdoing. (The company's stock soared higher still after McClendon died in a fiery car crash the very next day.)

Despite being free from the overhang of a federal investigation, Chesapeake's stock price is still closely tied to energy prices, which have retreated again recently, hurting the shares.