From The Dividend Growth Investor :
When dividends are cut, stock prices typically nosedive as the last investors who have held on hoping for better news leave the sinking ship.
Dividend Growers Outperform Over Time
Sources:
Avoid Dividend Cutters At All Costs
Dividend Growth Investor
http://www.dividendgrowthinvestor.com/2011/03/avoid-dividend-cutters-at-all-costs.html
The Safe Investing Blog 
Something to keep in mind, especially for older investors looking at retirement down the road.