JUNE 29: THEY RAISED DIVIOne bad quarter does not wipe out the past.
Market over-reacted.
They can not cut the divi 50% after six months.
Interest rates have not risen so much over last six months.
It is a good buy at this SP.
So many times in past companies have fallen down the creek and they crawled right back.
Today's SP movement shows that there are buyers at this time.
Divi cut if any will affect the SP for a short time and then it would start recovering. May even go up if divi cut is 30% or less.
30% cut will save about 200 million annually. Interest has not risen so much.