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Will we see dividend cuts (Nov 6, 2011)?

Recently Jeff Paul published 2-parts report "Why Dividend Growth Investors Should Not Ignore Stock Prices" ( see where he found correlations between S&P500 and stock prices. He "analyzed 56 stocks that cut their dividend and observed that for 75% of them, their stock price underperformed the S&P 500 (NYSEARCA:SPY) by 20% (2000 basis points) within 12 months of the dividend cut announcement."

He wrote also "I looked at one-year charts starting from five years ago (Oct 10, 2006), and recorded the date if I observed a 4-week -20% gap. In some cases where I could see larger price swings, I altered the starting month to capture that change, since an investor would likely be performing this test on a monthly or quarterly basis."

If Jeff Paul is right - I think it is worst to perform this test   on a monthly or quarterly basis. Fortunately provide data for monthly and  quarterly performances
of US stocks and ETF. I compared these performances of David Fish's CCC list with performance of SPY (ETF for   S&P500) as reported 11/6/2011 and found that the following stocks underperformed the S&P 500 by 20% 


Will they cut dividends? I don't know - let's see in 1 year.