This morning, K-SEA (KSP) announced it would decrease its quarterly dividend by forty two percent as the company may be in breach of its debt covenants in 2010. The new quarterly dividend amounts to forty five cents per share and investors were not happy to say the least.
Shares of K-SEA plummeted in morning trading, falling more than thirty four percent.
In other dividend news, Exelon (NYSE:EXC) maintained its quarterly dividend of 52.5 cents per share. Wells Fargo (NYSE:WFC) maintained its quarterly dividend of 5 cents per share. Grainger (NYSE:GWW) maintained its quarterly dividend of 46 cents per share. And Eaton Corporation (NYSE:ETN) maintained its quarterly dividend of 50 cents per share.
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