BOSTON ( TheStreet) -- The S&P 500 Index is up more than 5% this year, but not all of its members have fared as well. The benchmark's 10 biggest losers include struggling commodities companies, an unloved chipmaker and also-ran retailers.

They've been deserted by investors, but as the saying goes, one man's trash is another man's treasure. Several of these laggards are extremely cheap compared to their earnings expectations. There may be some 2011 winners in this list.

10. SuperValu ( SVU), which has lost 29% this year, operates the Acme and Shaw's supermarket chains. Like other middle-of-the-road grocery stores, Supervalu is struggling to compete on price with discount giant Wal-Mart ( WMT), but lacks the cachet of upscale Whole Foods ( WFMI).

Supervalu swung to a quarterly loss of $1.5 billion, or $6.94 a share, from a year-earlier profit of $74 million, or 35 cents, because of one-time charges. Its adjusted profit of 28 cents missed analysts' target by 1 cent. Same-store sales dropped 5.9%. Food sales fell 10%.

Outlook: SuperValu has problems ranging from labor disputes to heavy competition. Still, the company is likely to remain viable for the foreseeable future. SuperValu has $203 million of cash and $7.1 billion of debt. The company cut its debt by 13% during the past year. No analysts rate SuperValu "buy," but its stock is trading for 5.8 times its projected earnings, making it 60% cheaper than those of other grocery chains.

9. Shares of Micron Technology ( MU), which makes chips used in memory devices, have dropped 31% this year amid a decline in computer spending. Still, the company swung to a fiscal fourth-quarter profit of $342 million, or 32 cents a share, from a year-earlier loss as revenue surged 91%. Micron also has $370 million of net cash.

Outlook: Analysts are bullish on Micron despite its 31% stock-price drop in 2010. Of those following the company, 14, or 58%, rate its stock "buy," nine rate it "hold" and one rates it "sell." A median price target of $10.99 suggests the stock could rise 64% during the next year. While Raymond James ( RJF) expects the stock to more than double to $18, Goldman Sachs ( GS) predicts it will fall 18% to $6. Its shares are trading for 6.2 times its projected 12-month earnings, a 55% discount to peers.

8. Goodyear Tire & Rubber ( GT), whose shares are down 32% this year, swung to a third-quarter loss of $20 million, or 8 cents a share, in its most recent quarter from a year-earlier profit, though revenue increased 13% and tire unit volume jumped 6%. Its FuelMax tire is selling well worldwide as consumers become more concerned about gas emissions. The company's debt has dropped 16% to $5 billion during the past year, but its cash fell twice as fast at 36% to $1.7 billion.

Outlook: Researchers are optimistic about Goodyear, which has suffered losses in five of the past eight quarters. Five rate its stock "buy." Four rate it "hold." Two rate it "sell." A median target of $13.54 suggests that it will rise 41% in 12 months. KeyBank predicts it will rise 56% to $15 during the next year. Citigroup ( C) forecasts a gain of 46% to $14. Goodyear is a value stock, trading for 7.7 times its projected earnings, a 74% discount to competitors' average.

7. Office supply retailer Office Depot ( ODP), whose shares have lost 33% this year, has struggled to compete with larger rival Staples ( SPLS) as corporate clients cut costs. After suffering losses in eight of the past nine quarters, Office Depot swung to a third-quarter profit of $64 million, or 18 cents a share, from a loss of $398 million, or $1.51, a year earlier. However, excluding one-time gains, earning were 3 cents a share. Revenue declined 4.3%. Office Depot has $678 million of cash and $731 million of debt.

Outlook: Although Office Depot has stabilized, analysts are pessimistic about the stock's near-term performance. Of those evaluating the company, three rate its stock "buy", 13 rate it "hold" and three rate it "sell." A median target of $5.75 suggests the stock could rise 32% during the next 12 months. Sanford Bernstein is bullish, predicting that the stock will nearly double. Barclays ( BCS) and Goldman Sachs expects the shares to hit $5. Another reason for investors to pause: Office Depot stock is trading at 63 times its 12-month earnings projections, making it expensive.

6. Diamond Offshore Drilling ( DO) shares have plunged 33% this year. The company was hurt by the ban on offshore drilling in the wake of the BP ( BP) oil spill in the Gulf of Mexico. Its third-quarter profit tumbled 45% to $199 million, or $1.43 a share, as revenue dropped 12% to $800 million. Its operating margin narrowed from 53% to 36%. The company's management expects a prolonged slowdown in the Gulf region, but has relocated most of its rigs to international locations.

Outlook: With oil prices above $80 a barrel and rising, Diamond is forecasting solid business growth. But researchers have a cautious outlook for its stock. Of those covering Diamond, seven advise purchasing its shares, 13 recommend holding and 15 advocate selling. A median target of $68.92 indicates that Diamond is marginally undervalued. However, the stock sells at a 55% discount to oil and gas industry averages, trading at 9.8 times its 12-month earnings projections.

5. Homebuilder PulteGroup ( PHM), formed through the 2009 merger of Pulte Home and Centex, has been trying to overcome a brutal housing market, which hasn't rebounded despite tax credits and low interest rates. Pulte's third-quarter loss nearly tripled to $995 million, or $2.63 a share, from a year earlier as revenue declined 3.1%. The company's shares have lost 38% this year. It's unlikely that the housing market will pick up soon. The S&P/Case-Shiller Home Price Index dropped 1.5% in the third quarter. Economists expected a 1.3% gain.

Outlook: Investors haven't been hunting for value opportunities among homebuilders. Pulte's stock has dropped 22% in three months. Of analysts covering Pulte, two recommend purchasing its shares and 17 advise holding them. None say to sell. A median target of $9.11 implies a 12-month return of 44%. Deutsche Bank ( DB) and Barclays value Pulte at $10, suggesting the stock could rise 58%.

4. AK Steel ( AKS) is down 38% this year. The steel maker posted a third-quarter loss of $59 million, or 54 cents a share, after generating a profit a year earlier. Revenue soared 51% to $1.6 billion, but higher iron ore prices tore into income. A 12-day outage caused by blast furnace maintenance didn't help. Its cash balance has dropped 76% to $81 million since the year-earlier quarter. Its debt decreased 17% to $503 million.

Outlook: Analysts are skeptical of AK Steel shares. Of those tracking the company, two rate its stock "buy", 10 rate it "hold" and two rate it "sell." A median target of $13.80 suggests that AK Steel is just below fair value and has little room for advancement in the next year. Citigroup expects the stock rise 28% to $17. Goldman Sachs, on the other hand, predicts it will fall 10% to $12. With a price that's 28 times earnings projects, AK Steel is no bargain.

3. As Americans become more comfortable with tax software, particularly Intuit's ( INTU) Turbo Tax, H&R Block ( HRB) has had to work harder to promote its services. The company has been fighting back, announcing plans to acquire the owner of digital tax preparer TaxACT for $287.5 million. Still, H&R Block shares have tumbled 43% this year and the company lost $130.7 million in its most recent quarter.

Outlook: Analysts are pessimistic about H&R Block's outlook. Of those covering the company, three advocate purchasing its shares and six recommend holding them. None suggest selling. Macquarie values H&R Block's stock at $16, suggesting the shares could return 27% during the next year. Goldman Sachs predicts the stock will drop modestly to $12.

2. Apollo Group ( APOL), which runs the University of Phoenix, has seen its stock plummet 44% this year. In the most recent quarter, the company's net income dropped 55% to $41 million, or 32 cents a share. Regulatory scrutiny into its admissions, compensation and financial-aid practices have added to the company's woes.

Outlook: Of researchers evaluating Apollo, nine rate its stock "buy", 14 rate it "hold" and one rates it "sell." A median target of $48.53 implies the stock could return 43% during the next year. Deutsche Bank and JPMorgan ( JPM) are more bullish, predicting Apollo shares to appreciate 91% to $65. However, some analysts say enrollment could suffer as the economy strengthens.

1. Food processor Dean Foods ( DF) is the year's biggest loser so far, dropping 60%. The company's dairy business, which includes the Organic Cow line, has suffered from lower consumer demand and higher butterfat costs in the latest quarter. Earnings in the most recent quarter fell by almost half to $24.3 million, or 13 cents a share. The company's shares hit a 52-week low on Nov. 30.

Outlook: Of analysts covering Dean Foods, one advises purchasing its shares, 14 have "hold" ratings and one advocates selling. Although analysts are reluctant to recommend the stock, their targets suggest that Dean's stock is undervalued, based on its long-term outlook. A median target of $9.94 implies a potential 12-month gain of 37%. Sanford Bernstein predicts that Dean shares will jump 52% to $11.

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