The Globe and Mail reports in its Wednesday edition that on Feb. 7, BCE shares touched their lowest level since 2010, ending at $31.62. Columnist Gordon Pape writes at that price, the stock was yielding 12.6 per cent. Those numbers mean investors believe a dividend cut is coming, and confidence in management is slipping. The company's focus on fibre optic cable and its plans to build out the system in the Pacific Northwest through its acquisition of Ziply Fiber for about $5-billion shocked the market. The expectation had been that BCE would use the money from the sale to Rogers of its stake in Maple Leaf Sports & Entertainment for debt reduction. Instead, the company chose U.S. expansion. The latest financial results were better than expected, but that did not stop the stock from falling still more. For the full 12 months, BCE reported revenue of $24.4-billion, down 1.1 per cent from $24.7-billion in 2023. Adjusted net earnings were $2.8-billion, down 5.2 per cent from the prior year. Of special concern was the big drop of 32.2 per cent in fourth-quarter free cash flow, to $874-million. Mr. Pape has a "hold" on the stock. "A dividend cut would not be the end of the world in the current situation," he says.