Remember Jeff Immelt who said that the dividend was sacrosant? GE had fluff in their earnings
and just three months ago GE made a press release and a big ballyhoo how the dividend was safe.
Now it's going to be "evaluated."
General Electric Co will evaluate its planned second-half dividend in light of the slumping global economy, the U.S. conglomerate said on Friday, leaving open the possibility of a cut in the payout...
"The board and I will continue to evaluate the company's dividend level for the second half of 2009 in light of the growing uncertainty in the economy," Chief Executive Jeff Immelt said in a statement. "Our fundamental priorities will remain keeping the company safe and secure in the current environment and investing in attractive growth opportunities."
It seems that the only one on the planet that didn't think the dividend should be cut was Jeff Immelt.
Now he's finally getting in line.
When the CEO finally faces reality, it finally means that the stock is at an interesting level.