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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (28572)10/24/2007 8:10:04 PM
From: E_K_S   of 78740
 
Here is the reason why WPL hit an all time low today.

W.P. Stewart suspends dividend (WPL) 7.71 -0.09 : The co announces "the suspension of the regular quarterly dividend payment to common shareholders. Commenting on the decision taken today by the Board of Directors, Bill Stewart, Chairman & CEO said: "We are about eight months into a one- to two-year turnaround program, and the principal challenge is that it takes time to do it right. We've essentially completed the addition of strong, experienced people in most key positions; the integration of our global research and portfolio management activities and the substantial broadening of our product line. Investment performance is improving and we have reduced operating expenses." "We continue to generate positive cash flow but we expect it will take some time before the impact of these changes takes full effect. The Board's action today is to ensure the Company has the cash resources necessary to continue building out our global franchise, including exploring possible strategic opportunities."

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The stock should bounce around these lows for several months and if their recovery plan works, there will big a big value opportunity. I will continue to hold my small position and will look to add to my position next year with more positive news on the progress of their turnaround.

EKS
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