1. Somewhere down there.. the lower it gets, the better buy it is. Chances of going to 0 are probabably a bit lower than having a nuclear disaster at hand.
2. If one is to trust analyst estimates, FY13 earnings are 2.54, and at the current rate, dividend is 2.10.. means they are still left with some money even at current dividend rate. Lets say they cut it down to 1.5, at price of 30, it is still a solid 5% yield... or @35, it's still good at 4.3% yield.