One was CBS (CBS), which slashed its quarterly common payout 81%, to a nickel a share from 27 cents. The company posted a record loss of $11.7 billion in 2008, owing to huge advertising declines at its television, radio and outdoor-display units. Chief Executive Leslie Moonves called the dividend cut "prudent," but noted that CBS "continues to produce strong cash flow, and we have returned $5.5 billion of that cash to shareholders in just three years as a stand-alone company" (it split from Viacom ). Moonves said this move "will further strengthen our financial flexibility to meet our debt obligations." He added that CBS' 4% yield is "at the forefront of the media industry." Fitch Ratings sees the payout cut as a credit positive because it could result in over $1 billion in additional free cash flow over the next two years. Fitch says that cash, coupled with CBS' existing cash balances, should give the company the ability to repay $1.4 billion of senior notes maturing in 2010 and $1 billion more in 2011 without relying on external re-sources -- unless it wants to, should credit markets recover by then.

Host Hotels & Resorts (HST) is the largest lodging real-estate investment trust and one of the biggest owners of luxury and upper-upscale hotels. After cutting its common quarterly to five cents from 20 cents in December, Host is omitting it altogether. However, it expects to pay a 2009 fourth-quarter dividend of 30 to 35 cents a common share, which may be in cash or a combination of cash and stock. With business travel off sharply and customers generally looking for lower-priced rooms, 82-year-old Host expects 2009 funds from operations (or FFO) in a range of 79 cents to 91 cents a share, well below analysts' consensus estimate of $1.12. Be that as it may, Robert W. Baird analyst David Loeb upgraded not only Host but Marriott (MAR) and Starwood (HOT) to Outperform because he believes they are "uniquely positioned among their peers -- most likely to survive the downturn and thrive in the upturn." He is cautious, though, about the hotel sector on a long-term basis and thinks "a sustained rally is likely at least a year away."

Volkswagen, Europe's No. 1 car maker, and Daimler (DAI), which bought Chrysler in 1998 for $37 billion, only to sell off most of it in 2007 for one-fifth of what it paid, both slashed dividends. VW is lowering its 2008 payout to two euros from 3.15 euros. Daimler is cutting its disbursement for last year to 0.60 euros from two euros in 2007. Daimler cited "the difficulty in estimating the further development of the world economy and the automotive markets."

Volkswagen, Europe's No. 1 car maker, and Daimler (DAI), which bought Chrysler in 1998 for $37 billion, only to sell off most of it in 2007 for one-fifth of what it paid, both slashed dividends. VW is lowering its 2008 payout to two euros from 3.15 euros. Daimler is cutting its disbursement for last year to 0.60 euros from two euros in 2007. Daimler cited "the difficulty in estimating the further development of the world economy and the automotive markets."

In early February, this space made mention of McGraw-Hill 's (MHP) latest dividend boost and the fact that it is one of fewer than 30 companies in the Standard & Poor's 500 to raise payouts annually for at least 36 years in a row. Actually, there are 25 others, and S&P has provided the list: 3M (MMM), Abbott Labs (ABT), Automatic Data Processing (ADP), C.R. Bard (BCR), Becton Dickinson (BDX), CenturyTel (CTL), Coca-Cola (KO), Dover (DOV), Emerson Electric (EMR), Gannett (GCI), W.W. Grainger (GWW), Integrys Energy (TEG), Johnson & Johnson (JNJ), Kimberly-Clark (KMB), Leggett & Platt (LEG), Eli Lilly (LLY), PepsiCo (PEP), Pfizer (PFE), PPG Industries (PPG), Procter & Gamble (PG), Stanley Works (SWK), Supervalu (SVU), Target (TGT), U.S. Bancorp (USB) and VF Corp. (VFC).

Abbott raised its quarterly common payout 11%, to 40 cents a share from 36 cents, for a 2.97% yield. This is Abbott's 37th annual boost.

Actually, there are 25 others, and S&P has provided the list: 3M (MMM), Abbott Labs (ABT), Automatic Data Processing (ADP), C.R. Bard (BCR), Becton Dickinson (BDX), CenturyTel (CTL), Coca-Cola (KO), Dover (DOV), Emerson Electric (EMR), Gannett (GCI), W.W. Grainger (GWW), Integrys Energy (TEG), Johnson & Johnson (JNJ), Kimberly-Clark (KMB), Leggett & Platt (LEG), Eli Lilly (LLY), PepsiCo (PEP), Pfizer (PFE), PPG Industries (PPG), Procter & Gamble (PG), Stanley Works (SWK), Supervalu (SVU), Target (TGT), U.S. Bancorp (USB) and VF Corp. (VFC).

Actually, there are 25 others, and S&P has provided the list: 3M (MMM), Abbott Labs (ABT), Automatic Data Processing (ADP), C.R. Bard (BCR), Becton Dickinson (BDX), CenturyTel (CTL), Coca-Cola (KO), Dover (DOV), Emerson Electric (EMR), Gannett (GCI), W.W. Grainger (GWW), Integrys Energy (TEG), Johnson & Johnson (JNJ), Kimberly-Clark (KMB), Leggett & Platt (LEG), Eli Lilly (LLY), PepsiCo (PEP), Pfizer (PFE), PPG Industries (PPG), Procter & Gamble (PG), Stanley Works (SWK), Supervalu (SVU), Target (TGT), U.S. Bancorp (USB) and VF Corp. (VFC).