The dividend has always bounced around quite a bit for this company. A dividend is not a "cut" unless the company has a history of paying dividends at a constant level and they cut the dividend from the previous constant level. Look at their dividend history below. In light of what's going on in the world, their moving 4 quarter dividend level is quite respectable. Today's price action is based on the incorrect assumption that they cut the dividend from a higher constant level. That being said, I would prefer for them to project their earnings and to pay at a constant level. But the fact that they don't is not a big deal.