Recently Jeff Paul published 2-parts report "Why Dividend Growth Investors Should Not Ignore Stock Prices" ( see seekingalpha.com/article/299601-why-divi...) 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 FINVIZ.com 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.