On November 20, 2008, the bottom day in the market so far, it hit a low of $5.07 per share.
Macy's is not the only company to fall through the floor. I think we are going to see a reduction in dividends from many bellwether companies.
Reuters: Macy's cuts 7,000 jobs, slashes dividend
The job cuts announced on Monday are about 4 percent of the company's workforce and should mostly be completed by May 1, Lundgren said. Macy's also cut its quarterly dividend to 5 cents a share from 13.25 cents.
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