07-25-2015, 10:45 AM
I thought the 2013 + 2014 div increases by HP were a huge, reckless misstep by an otherwise responsible management team. I don't necessarily think the div will be cut, but I do think they'll have to go to the debt market to subsidize the dividend for a few years. HP is in a fine position to do this, but they wouldn't have to if they had only stayed on the small double digit bumps a few years back.