I think a lot of companies are holding cash and probably giving no, low or negative interest rates to others, the eurozone and Japan have negative interest rates which is causing a bit of an anomale too (if you have a good enough credit score, as a company, you can probably get free money if you're loyal enough to one bank (or own it)...
Reported earnings have actually been disappointing. You can only have disappointing earnings for so long before your share price starts to tank.
So either these companies need to get a lot more efficient and profitable, or they need to shed their debts and lower their interest payments. Or they're in trouble.