Despite rumors of what would actually occur, GE has actually cut its dividend. This is a major event.

CEO John Flannery: “We are focused on driving total shareholder return and believe this is the right decision to align our dividend payout to cash flow generation … With this action and others that we will be discussing this morning, we are acting with urgency to make GE simpler and stronger to drive growth and create more value for our shareowners.”

The new quarterly payout amounts to $0.12 per share vs. $0.24 previously, and will save the company about $4B per year.

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