Time Warner ( TWX): This fixer-upper of a company has managed to reduce its heavy debt load, primarily as a result of its Time Warner Cable ( TRC) spinoff but also with the help of strong operational cash flow. I just would prefer that Time Warner would pay off more debt rather than repurchase stock. The stock has gained nearly 10% in the last year, in addition to its nearly 3% dividend. I am upgrading Time Warner's status from a worst-managed company to a work-in-progress and removing the company from this list. However, I reserve the right to add the company right back on if management has a relapse.

Class of 2009

Advanced Micro Devices ( AMD): AMD is still on my list. The entire technology sector, especially the semiconductor industry, seems on board with the development of mobile handheld devices such as smartphones and tablets -- with the exception of Advanced Micro Devices. This management team has not capitalized on that trend. Earnings will decline about 14% in 2011, compared with a 20% increase for industry leader Intel (INTC). Advanced Micro Devices' share price has declined 22% in the past year, whereas Intel's has jumped a mirror image 22%. AMD is clearly a second banana.

Sirius XM Radio ( SIRI): This remains a battleground stock, with a very loyal and vociferous group of shareholders. Sirius is also one of the most heavily traded stocks around. The stock is higher by 29% on the year, aided by improving automobile sales. The company has also turned the corner on earnings and cash flow. Revenue appears to have upward mobility. I would not suggest that you invest in Sirius XM, but I think that the company's management has proven that it has turned itself around. Hence, I am giving Sirius XM its walking papers from my worst-managed list.

For another take on Sirius, check out today's " 5 Stocks Poised to Pop off Strong Earnings."

Jamba Juice ( JMBA): Revenue continues to slide at Jamba. Earnings remain in the red. The stock has declined 28% in the past year. Why go to Jamba when you can get real fruit smoothies at McDonald's ( MCD) or Panera Bread ( PNRA)? Here is the good news for Jamba shareholders: The company holds about 35 cents in cash per share. Here is the bad news: It is still on the worst-managed list.

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