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AOL, YOU'VE GOT MISERY

机译：AOL，您遇到了麻烦

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Twenty-six months ago, at the height of the Internet bubble, America Online announced it was buying Time Warner Inc. for more than $130 billion in stock. Analysts generally lauded the merger, as did BusinessWeek. But these days, the exultations have evaporated―along with more than two-thirds of the value of AOL stock. And the company has lost so much credibility on Wall Street that its shares are limping even as the market recovers from the economic slowdown and tech bust: Since Nov. 30, they've lost 33%, while other media stocks have gained 3%. Certainly, the downturn and the advertising drought have hit AOL'S core businesses hard. But AOL has deep-seated problems that are hampering its ability to hold its own in the fast-changing media world. The company is financially weaker than it was a year ago because rising debt and a falling share price have left it without the means to make the deals it needs to keep up. And executives have angered big institutional investors by missing growth targets and spinning financial reports to make their performance look better. "They're in the penalty box," says John Tinker, managing partner of hedge fund Steamer Capital LLC. "Mutual funds feel they've been misled and just want to get rid of a mistake."
机译：二十六个月前，在互联网泡沫最严重的时候，美国在线宣布将以超过1300亿美元的股票收购时代华纳公司。分析师普遍对合并表示赞赏，《商业周刊》也对此表示赞赏。但是这些天来，狂喜已经烟消云散，其中包括AOL股票价值的三分之二以上。而且，尽管市场从经济放缓和科技泡沫破灭中复苏，该公司在华尔街的信誉也因此丧失，以至于其股价一路下滑：自11月30日以来，它们已经下跌了33％，而其他媒体股却上涨了3％。当然，低迷和广告干旱严重打击了AOL的核心业务。但是AOL的根深蒂固的问题阻碍了它在瞬息万变的媒体世界中保持自己的地位的能力。与一年前相比，该公司的财务状况较弱，因为债务增加和股价下跌使该公司无力进行需要保持的交易。高管们错过了增长目标并细化了财务报告，以使其业绩看起来更好，从而激怒了大型机构投资者。对冲基金Steamer Capital LLC的执行合伙人约翰·廷克（John Tinker）说：“他们处于罚款箱中。” “共同基金觉得他们被误导了，只是想摆脱错误。”

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