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1. Wal-Mart Stores
沃尔玛百货
The mega-retailer didn't have a whole lot to complain about in fiscal 2010. Profits were up and, thanks to its sales, the company once again climbed to the top of the Fortune 500. Same-store sales were about flat for the year, but compared with Target's 2.5% decline, flat is good. Most remarkable was Wal-Mart's image overhaul. It helped that former CEO Lee Scott beefed up health care coverage for employees, thought more about the environment and became a public presence. Certain critics will never be placated and fiscal first-quarter results weren't the greatest. But there's no denying Scott left new CEO Mike Duke a company in fighting form.
2010财年,这家超级零售商可抱怨的地方不多。利润增加,而且由于销售额增长,该公司再次攀升至《财富》 500强的冠军。今年沃尔玛的单店销售额和去年几乎持平,但同塔吉特百货销售额下降2.5%相比,持平已算不错。最值得注意的是沃尔玛重塑形象。前任首席执行官李?斯科特扩大了对员工医疗保险的覆盖,更关注环境,经常在公共场合露面,这些都起到了积极作用。当然,总会有人批评,而且沃尔玛第一季度的表现也不是最好的。但无可否认,斯科特给新任首席执行官麦克?杜克留下的是一个斗志昂扬的公司。
2. Exxon Mobil
埃克森美孚
The oil giant made a big bet on the domestic natural gas market late last year buying Texas-based XTO Energy for $41 billion. But refining and exploration remain its backbone. The company drilled 45 new wells last year and hit pay dirt on nearly two-thirds of them. Other big projects: new ventures in Qatar, the Black Sea, and Kazakhstan, including the giant Kashagan field located offshore in the Caspian Sea. With operations in nearly every corner of the planet, Exxon always seems to get a seat at the table when big projects arise. Maybe size does matter.
这家石油巨头去年看好国内天然气市场,于年底以410亿美元收购了德克萨斯州的XTO能源公司。但其主营业务还是提炼和开采。埃克森美孚去年新打了45口钻井,其中近2/3都有斩获。旗下其他大工程有:卡塔尔、黑海和哈萨克斯坦的新项目,包括里海近海的卡沙甘大型油气田。埃克森的业务几乎遍布世界各个角落,似乎在新项目出现时总能占有一席之地。或许公司规模的确重要。
3. Chevron
雪佛龙
With prices for crude oil and natural gas off sharply from their recent highs, revenue at the oil giant tumbled 37%, from $265 billion to $167 billion. The good news: Production of oil and gas jumped 7%, thanks in part to a 57% success rate on its exploratory drilling. But another pitfall looms: Chevron has a heavy exposure to high-acid crude, particularly its deep-water projects in the U.K. If the government forces it to start processing the high-cost oil, Chevron may opt to cede its drilling rights, a move that would result in a sizeable charge against earnings.
随着原油与天然气价格在近期高位运行后大幅下跌,这家石油巨头的收入从2650亿美元减少至1670亿美元,降幅高达37%。好消息是:由于勘探钻井成功率达57%,雪佛龙的石油与天然气产量增加了7%。但另一个困难又凸显了出来:雪佛龙开采的大量原油酸性偏高,尤其是在英国开采的深海石油。如果政府要求它开始加工这些高成本石油,雪佛龙或许会放弃开采权,此举将导致收入锐减。
4. General Electric
通用电气
The house that Jack built ended 2009 by selling a controlling stake in its NBC Universal entertainment unit to Comcast, a deal that valued the new entity at $37 billion. Investors largely shrugged off the deal, but as concerns over its finance unit begin to fade - and talk of a dividend increase start to heat up - GE stock lately has been on a tear. GE chief Jeffrey Immelt hopes to keep the momentum going. He's investing $6 billion to develop new medical products and technologies, and is making big bets on green technologies, from fuel-efficient turbines to 'thin film' solar panels.
2009年年末,这家杰克?韦尔奇创办的公司其下属娱乐公司——NBC环球的控股权卖与康卡斯特公司,此项交易对新NBC环球的估值为370亿美元。投资者普遍不看好这笔交易,但人们对其财务部门的担心开始减少,转而开始热议其股利的增加——通用电气的股票最近一直在猛涨。通用电气首席执行官杰弗雷?伊梅尔特希望这一势头能保持下去。他将投资60亿美元,开发新的医药产品与技术,并对环保技术耗以巨资,新产品有节油的涡轮机、“薄膜”太阳板,等等。
5. Bank of America Corp.
美国银行集团
Say this about Bank of America chief Brian Moynihan: He certainly knows how to talk the talk. In his letter to shareholders, Moynihan went out of his way to thank U.S. taxpayers for making $45 billion in TARP funds available. He also described how he is working closely with 'policy leaders' on financial reform. Whether he can walk the walk - i.e., turn around BofA's fortunes - is another matter. While the company did repay its TARP loan in December, it is still sitting on billions of dollars of vulnerable residential and commercial mortgage debt - one reason the company spent 8,000 words discussing risk in its annual report.
可以这样说美国银行首席执行官布莱恩?莫尼汉这个人:他很会说话。在给股东的信中,莫尼汉特地感谢美国纳税人,正是由于他们,美国银行才获得了450亿美元的不良资产援助资金。他还说自己如今正在金融改革方面同“政策领导人”紧密合作。不过他是否能做好,比如转变美国银行的境遇,就是另外一回事了。虽然美国银行的确在去年12月偿还了援助资金,但是它仍然有数十亿美元的高风险住房与商用房房贷,这也是为什么它要在年度报告中花8000字来讨论风险了。
6. ConocoPhillips
康菲石油
When Warren Buffett said he was 'dead wrong' to invest in ConocoPhillips, Conoco chief James Mulva must have taken note. The Texas-based oil company - the nation's third largest - has been going to great lengths trying to shore up its balance sheet by selling assets, reducing debt, and reining in capital spending. In March, Conoco said it would sell half of its 20% stake in Lukoil, a move that could raise $5 billion. Other potential sales: the company's 9% stake in its oil sands venture Syncrude and its 50% ownership in the Flying J truck stop chain.
当沃伦?巴菲特说自己投资康菲石油是犯下“致命错误”时,康菲石油首席执行官詹姆斯?马尔瓦肯定是记在心头。这家位于德克萨斯的公司是美国第三大石油公司,一直在通过变卖资产,削减债务,控制资本投入等方式,竭力提振其资产负债表。今年3月,康菲石油表示,将出售所持卢克石油公司20%股份中的一半,这可能会给它带来50亿美元的收益。还有可能出售:在沙油项目Syncrude中9%的股份,以及在卡车连锁休息站飞J公司中50%的股份。
7. AT&T
美国电话电报公司
Ahh, the glamorous life of AT&T: best friends with Steve Jobs, exclusive rights to the iPhone (for now) and carrier of choice on the iPad. So why, with everything going for it, did the stock miss a huge rally? In the year ending April 1, Apple soared 109% and the S&P 500 rose 41%. AT&T? Down 2%. The problem is growth, or lack thereof: little in its saturated wireless business and a decline in landlines, which still accounts for 25% of sales. Unless its high-speed Internet business takes off or the iPad drives new wireless growth, the beatings by Wall Street will continue.
啊,美国电话电报公司的命真好:同史蒂夫?乔布斯的关系最好,拥有iPhone的独家运营权(现在是如此),还是iPad的运营商之一。一切都对它有利,可为什么股票没有猛涨呢?截至4月1日,今年苹果公司的股价已经飙升109%,标准普尔指数也上升了41%。美国电话电报公司的股票呢?下跌了2%。问题在于发展,或者说缺乏发展:无线业务已经饱和,发展甚微,而占销售额25%的有线电话业务却出现萎缩。除非其高速互联网业务,或者iPad促使新的无线业务实现增长,否则其股票在华尔街将会继续遭受打击。
8. Ford Motor
福特汽车
In March, Ford completed its exit from the luxury car market by selling Volvo to China's Geely Automobile for $1.6 billion. Although the sale represents a sharp loss - the company paid $6 billion for the Swedish automaker eleven years ago - Ford posted an annual profit of $2.7 billion in 2009, its first profitable year since 2005. Assisted by the 'Cash for Clunkers' program (not to mention Toyota's accelerator woes), Ford recaptured its position as the nation's largest carmaker in February. Which is why Ford's CEO Alan Mulally can now look abroad, including big markets like India, where it recently introduced the compact Figo.
今年3月,福特以16亿美元将沃尔沃卖给中国吉利汽车,从此退出豪华汽车市场。虽然这是一个巨大损失——福特 11年前购买沃尔沃这家瑞典汽车制造商花了60亿美元——但2009年福特实现了27亿美元的利润,是2005年以来首次盈利。受惠于“旧车换现金”计划(更不要说丰田的加速器问题了),今年2月福特重新占据了美国最大汽车制造商的宝座。这也是为什么福特首席执行官阿兰?穆拉里能够将目光投向国外,如印度这样的大市场,在印度推出了紧凑车型Figo。
9. J.P. Morgan Chase & Co.
摩根大通银行
CEO Jamie Dimon, who's been hailed as one of the banking industry's top leaders, called J.P. Morgan's annual results 'mediocre'. The industry must beg to differ. J.P. Morgan's revenue jumped in 2009 and profits more than doubled. It's the latest proof that J.P. Morgan was the country's strongest bank through the financial crisis. Last year it raised capital for businesses when others couldn't; it was the top merger and acquisitions advisor; and it never posted a quarterly loss.
一直被誉为银行业领袖的摩根大通银行首席执行官杰米?戴蒙称公司的年报“一般”。业内肯定不同意他的说法。 2009年,摩根大通的收入大幅增加,利润增长了一倍多。这再次证明摩根大通是金融危机过后美国最有实力的银行。去年它还能为企业融资,这是其他银行都做不到的。它是顶级的合并与收购顾问,季度报表中从来没有显示过亏损。
10. Hewlett-Packard
惠普
As the biggest technology company by sales, HP now competes with every other IT shop that offers one-stop shopping for corporate buyers and consumers alike. IBM remains HP's biggest foe on the services front, while Oracle's purchase of server-maker Sun challenged HP on corporate hardware. The company's pending acquisition of networking-gear manufacturer 3Com puts this Silicon Valley pioneer in the crosshairs of Cisco. Printers once accounted for the biggest chunk of HP's profits, but with size comes diversity: Services, software and computers are all making healthy bottom-line contributions now too.
作为销售额最大的科技公司,惠普现在同所有为企业和消费者提供一站式购买服务的IT店铺竞争。IBM依然是惠普在服务领域最大的对手,而甲骨文购买服务器制造商太阳之后,在硬件方面也对惠普形成了挑战。惠普即将收购网络设备制造商3Com,成了思科的“眼中钉”。打印机曾经是惠普最大的利润来源,但规模带来了多样性:现在服务、软件和电脑都在为公司贡献利润。 |
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