Shares of employment agencies Adecco, Michael Page
and Randstad fall after the latter warns of a
continued drop in sales, especially in Europe, and changes its
dividend policy, prompting analysts to expect a dividend cut.
Randstad shares drop 3.2 percent to a 16-week low to be the
second-largest decliner in the FTSEurofirst 300 index.
Adecco and Michael Page shares are down 1.6 percent and 1.4
"The dividend for 2012 is likely safe but, based on current
forecasts, 2013 (is likely) to be cut," ING analyst Marc
Zwartsenburg says in a note about Randstad, adding the pay-out
could be cut to 1.03 euros per share in 2013 from 1.25 euros
KBC Securities analyst Margo Joris, who also says a dividend
cut is possible, downgrades the stock to "hold" from
"accumulate", and lowers the price target to 26 euros from 30