Needless to say that bulls were completely caught off guard by Consolidated Communications' (CNSL) recent dividend suspension. Further, any institutional ownership that held the stock for yield were forced to sell. I find this to be similar to the instances where a business is dropped from an index or delisted which drives a massive gap down in the stock.
Telecoms are stable businesses that generate reliable cash flows and can usually support dividends. Management made a difficult decision, shares were cut from the teens into the $4 range, and now CNSL has become