Automotive News and Reuters reported late today that General Motors' board of directors voted today to cut the company's dividend by 50 percent, or roughly $1 per share. The move will save GM about $550 million annually.

As widely speculated earlier today, the board also elected Kirk Kerkorian's representative Jerry York to a seat on the board. York called for a dividend cut in a speech last month, in which he also suggested GM sell off the Saab and Hummer brands to focus on its core business.

Until today, GM stock carried the highest dividend yield (8.3 percent) of the stocks in the Dow. The cut to the dividend, although widely anticipated, is yet another blow to GM investors, who have already seen the value of their shares plummet over the past year.

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