RE:Everyone holding their breath for the next dividend announceTechnically, anyone who can read balance sheets knows that it's not sustainable. It hasn't been sustainable for some time.
Ironically, that fact is already priced into the stock price. They should use the tactic used by many, reduce the dividends (but do NOT cancel them). Reduce them to be able to be funded out of cash flow and BOOM! The stock doubles in value because now the dividends become sustainable.
Leave a penny of net positive cash flow and we'll see this stock head back to the $5-6 intrinsic value (book and tangible values).
The current mode of operation does not make sense and the market is clearly saying so. Management appear to not be not savvy when it comes to the markets.
We scare because we care JohnMayer wrote: How else can I put it? Clearly the market doesn't believe it's sustainable, but it keeps coming.