Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of World Wrestling Entertainment (NYSE: WWE) fell 10% today after the company announced a revised dividend policy.

So what: When a dividend yield reaches 12.5% like WWE's did, we should expect that something has to change. The company's former $0.36 dividend will be cut to a more reasonable $0.12 to keep the company from running out of cash.

Now what: WWE's stock has been in a tailspin lately and the company has been returning more cash to shareholders than it is pulling in, so this is a prudent move in the long run. It may have investors disappointed today, but it's the right move for the company. I don't think this presents an opportunity to jump in yet, but if Vince McMahon can turn operations around, WWE could see a nice pop in the future.

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