It seems almost every quarter has significant drop somewhere along the way. I'm more vulture than eagle when it comes to this stock just because of these "shock drops". I have 2 GTCs, one at 28.50 and the other at 26. Right now I'm still being cautious and waiting for others numbers to start trickling in. CMO just reported lower earnings, tighter spread, and a drop in book value. Of course I don't compare CMO and AGNC apples for apples, but if this trend continues in mREITs before the earnings announcement, then we could see a sector contraction.
Personally, I expect to see the dividend readjusted to 1.00 per quarter for 2013. I'm very curious to see how BV does in the report as this is AGNC's number one goal. They either had to sell lower valued assets out of the portfolio or buy back shares or some combination of both. Granted they have a nice chunk of undistributed income, but they also have continually shrinking core income.