Dow shares were down 9.4% at $27.51 in premarket trading, while S&P 500 and Dow Jones Industrial Average futures were up 0.1% and down 0.4%, respectively. Before the cut, Dow stock yielded more than 9%. Based on the new payout and premarket price, the yield is about 5%.

Dow’s stock tumbles toward a five-year low after dividend was cut in half, and quarterly losses were much wider than expected.

Dow Inc.’s (DOW) stock is down 14% after the chemical producer announced that it is cutting its quarterly dividend payment by 50%. Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools,