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Strategies & Market Trends : ACK Dividend Yield 38.9%, Armstrong Industries Inc.
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To: AugustWest who wrote (6)10/29/2000 2:42:40 PM
From: Ted Downs  Read Replies (1) of 11
 
Hey, don't forget about that 38.9% dividend.

Maybe you better forget about it. Board meets tomorrow Monday Oct 30th. On the agenda is the dividend. Article in the Lancaster (PA) Sunday News suggest that eliminating the dividend would benefit the company but it would be "psychologically devastating" to longtime shareholders and those who have come to expect the money.
Steve Kepchar of Morgan Stanley Dean Witter expects the board to either cut or omit the dividend. Ken Sweeney, a financial advisor with Legg Mason said he expects the board to totally eliminate the dividend. "And that's good" he said.
Another article by the same writer quotes the woes of some local retirees from the ceiling plant whose health care costs are tied to the value of the stock.

All in all it looks like Monday and Tuesday could be worse than last week. That said, I think the loss of the dividend will further hurt the stock and perhaps bottom it out this week. I will be buying some Armstrong when that happens.
I know those holding ACK are devastated with the value but I feel the company has a viable business and will weather the asbestos litigation. Good Luck to all. Keep your chins up.

Ted
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