the cut in dividend was announced at least a month ago. FNF had a great quarter and every one not paying attention is dumping it because of the 1/3 cut in the dividend. Was everyone partying the entire month of December?
The word massive is a little extreme, with the reduction, which has been public for months, it is a decent dividend and with the stock buyback increase and the growth, $7 is a pipe dream. Look for a dividend increase next year.