General Electric is slashing its coveted stock dividend in half and getting even smaller by selling storied businesses such as its railroad and light bulb units.
The dividend cut, only GE's second since the Great Depression, shows the depths of the iconic company's financial problems.
GE (GE) is one of America's most widely held stocks, and countless shareholders, including retirees, rely on the dividend payments. But the company is under enormous pressure to restore investor confidence shaken by a serious cash crunch.
The stock has lost 40% of its value this year. GE plunged 8% on Monday, to the lowest level in five and a half years, after the company announced the restructuring and diminished financial targets. The new dividend will be 12 cents a share, down from 24 cents.
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