Compaq Message Board - Msg: 15135465

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Technology Stocks : Compaq

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To: Elwood P. Dowd who wrote (88683)	1/6/2001 11:27:43 AM
From: Captain Jack	Read Replies (2) of 97611

El-- I dipped into FTU at the close yesterday this from Wed I think brought it to my attention... from "The Financial Investor" that is dropped to me daily...... FIRST UNION CUTS DIVIDEND First Union (FTU, $28, up $2) announced its intention to reduce its annual dividend to $0.96 per share, a 50% reduction from the current annual dividend of $1.92 per share. The new dividend rate will go into effect this quarter. First Union estimates that this action will generate approximately $5 billion in additional capital over the next five years. COMMENT: This is not completely unexpected, and should help First Union to plow money back into their core business. We are a bit surprised by the move, especially considering that they just raised their dividend payout in the last quarter. The dividend yield still remains respectable at 3.5% and should be safe for the near future. We still like First Union, and are confident that the company will move past its current problems as management further consolidates past acquisitions and streamlines the business.

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