Here's another tip for ya Vanzy, if you are casting about for promising stocks, look historically at ex div dates. Good stocks most often recover quickly, hohum stocks don't. Taking into context overall mkt mood.
Theres plenty of e.g wheres correlation does not exist. IPAR raising divs for 15 years straight, then during covi stoped paying for the first time in it's existance & yet stock didnt went to 0. Perfect long. Another SPG went down by 80% yet yield by 50% or so. Anyway, using only lowered divs as an ,,edge/indicator" for short play, dunno, dunno. Doesn't sound like a reasonable edge/strategy at all. Unless combined with other multiple factors. And yet it's only my opinion.
FWIW: If you look, you can find dividend paying equities which moved down more than the dividend payout would imply consistently. You can look and find equities which did the exact opposite consistently! The rub: This may have no bearing on future action! Similar to discovering a guy that flipped heads 50 times in a row! -- A good example of flawed reasoning.