I would expect FAX to drop below $5 the day after the dividend reduction is announced. You might also notice some weakness in the days immediately prior to the announcement. Bottom might be in as few as two days after the announcement. As one recent example, LTC announced a dividend reduction last week - $39 to $.29. They also held a conference call which went well in my opinion. This CC and the fact that the LTC share price had fallen about 30%already probably helped the stock as its price fell only 5% after the announcement.