BOSTON ( TheStreet) -- While the benchmark S&P 500 Index has advanced almost 6% in 2011, not all index components have fared as well. The following five have underperformed by the widest margin, posting major declines as the broader market added to 2010's gains.Some of these stocks have fallen to discount valuations and are worth considering as long-term holdings. On the other hand, if problems persist for these companies, their stocks will fall farther. 5. Hudson City Bancorp ( HCBK) offers retail banking services in New Jersey and New York. Hudson's stock has stumbled in 2011, falling 29% so far. It dropped 7.2% in 2010. Hudson's adjusted first-quarter earnings decreased 37% to 19 cents, but beat the consensus forecast by 8%. On a GAAP basis, Hudson suffered a loss of $556 million, or $1.13 a share, due to a balance sheet restructuring. Although the deleveraging is a long-run positive, it dampened the quarterly report. Furthermore, the board cut the quarterly dividend from 15 cents to 8 cents. Since these negatives are now behind the company, putting its business
-- Written by Jake Lynch in Boston.
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