GE Cuts Dividend

From 31 cents per quarter to 10 cents a quarter, saving the company $9 billion dollars. Starting in Q3, I believe.

 

What a surprise

 

Only the beginning, hundreds of companies will be cutting their dividends. Dividend paying stocks will be a thing of the past. This is only going to keep more people out of stocks especially those who buy stocks just for the dividend long term.

 

Bill Oreilly will be please :eek:

 

Hahaha CNBC is doing a great job pumping the stock.

Any other company would be down 15%+ on the news without the pumping.

 

You have to laugh -- from the CNBC article:

"As recently as January, GE CEO Jeffrey Immelt, told CNBC that he had no plans to cut the dividend."

I mean, anyone believing ANYTHING a troubled CEO is saying these days is a chump.

Disclosure: I remain long GE in a variety of ways (common, prefs, short puts) for a long-term horizon beyond this near-term turbulence.

 

Surprise is they left some meat on the bones i.e. 10 cents, rather than take it down to 0.

 

CNBC is a joke

 

Wow.. I actually had some respect for Maria and the CNBC gang. The spin they are putting on this is worse than Chris Matthews spin on how socialism is good for the economy.

 

You just got to love how they drop the 'the parent of this company' every once and a while to look unbiased then proceed to throw their usual optimistic spin