I agree although I think they should have done it a few months ago. With the big drop today, I'm amazed how many people were still holding for the dividend.
What doesn't make any sense, though, is why they didn't cut the preferred too. I guess a lot of the insiders owned the preferred stock and as always, they weren't going to hurt themselves. Heck, they may even give themselves a bonus equal to the divvy cut. I have owned this stock forever, it seems and collected some nice dividends.
This is temporary, but people are not thinking clearly today. For people that don't know what to do, hang in there. I'm not selling. This stock has been down before and made it back up and ended up paying a great dividend. Hard to believe but the world is NOT coming to an end. If you need to know, I have 1000 shares.