As a Bank of America shareholder, I was disappointed in the news that came out yesterday afternoon about a 50% cut in the dividend. I am not surprised or shocked at the dividend cut because of recent acquisition news along with widespread problems in the banking industry. Do I think BAC can recover and prosper into the future? Absolutely. I think BAC is one of the stronger banks right now. However, I believe that one should learn from their mistakes so I will soon be exiting out of my small position (25+ shares) in the company. I made a mistake earlier in the year with holding my Wachovia position and ignoring the warning signs that were put up when they cut their dividend. History seems to repeat itself so I will take action on the signs that Bank of America gave us yesterday.
Are there any stocks that you are selling because of dividend cuts?
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As a Bank of America shareholder I am not too thrilled with the dividend cut either. I sold Whole Foods Market months ago when they decided to cut their dividend.
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