If Mgmt eliminates the uncertainty around its dividend, reports respectable earnings from each business unit and really shows progress in slowing (or eliminating) the pace of "one-time" charges I think this stock goes higher - that is a pretty low bar for EXC to hurdle in my opinion.
As for the dividend, I'm not concerned whether they keep the same rate or reduce it, certainty is most important. EXC pays a higher dividend than any of their peers so a reduction is in order. This Mgmt team has had a tough year and I think they are up to the task of getting things back on track starting with this earnings call.
If not, heaven help the guys at the top of the org chart.
April 30 calls look cheap at .60-.65 with open interest peaking at the 32 strike price. This could work out nicely if Mgmt comes through.