Dividend.com: RIM in Reverse

Management said the suspension of its dividend reflects the sharp and rapid decline in copper and molybdenum prices, the dislocation of capital markets and the uncertain economic outlook.

We had removed shares of Freeport from our "Recommended" list on Sept. 2, when the shares traded at $89.32. The company had a nearly 9% dividend yield at the time of this morning's announcement. We are certainly cognizant of dividend cuts affecting names, but Freeport's plan to completely suspend the dividend is hitting the shares hard at the start of trading today. We will no longer be rating the stock of Freeport-McMoRan.

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