lets see... $36 M in cash, over $5 B in debt? lowered dividend... HMMM
I agree, cutting the dividend should be good for the price. The issuing of new stock is a problem unless it is used to pay off debt. By increasing the stock float and decreasing debt by the same amount should give you a net-net in the short term. By eliminating interest payments, that should have a positive effect on the bottom line.
The problem today is simply the headlines! They are going to drive the stock price over the next few days and then it will turn around.