Yes, that is what i think is happening - closing the gap caused by the beat on the first trading day after the ER. I must admit it is really amazing how much this thing can swing in a day.
There is no question that management has some answering to do for first raising the dividend to 7% and then cutting it all the way down to practically nothing. I can understand the need to preserve cash but i also question why they raised it that high in the first place.
Either way, however, based on the value of the company's assets, this company is dirt cheap, even allowing for the $3.5 billion or so of debt. Nothing would surprise me when it comes to the stock price, but I'm not selling anything until i can see a reason for doing so. At $40 it would be a sell, but at $19? $18? $20? No thanks.