General Electric Cuts Dividend
General Electric decided to cut its dividend today, in a move that will save the company close to $9 billion and bring it a step closer in maintaining its coveted AAA-rating. GE cut will cut its quarterly dividend to 10 cents from 31 cents, the Wall Street Journal reported. The cut comes weeks after the company warned that it would be evaluating the dividend for the second half of the year in light of the growing concerns and uncertainty in the economy.
GE shares turned positive on the news, after being down as much as 7% during the trading session.