CenturyLink To Fill The February Gap Caused By The Dividend Cut
As investors might remember, back in mid-February CenturyLink, Inc. (CTL) did the unthinkable at the time. The company slashed the dividend in order to better allocate cash and implement a more flexible stock buyback plan (see Did CenturyLink Just Become A Gold Mine To New Investors?). The mega-cap stock plunged 26%, which is unheard of for a stock that still maintains a market cap of $22B.
As cooler heads prevailed, the third largest telecommunications provider in the U.S. has rebounded sharply from the initial lows below $32. At the current price over $35, savvy investors have already made 10% from those first day lows.
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