1. Dow Chemical

The $1.68 dividend that Dow Chemical(DOW) pays is toast. Dow Chemical CEO Andrew Liveris caved today and admitted that a dividend cut is a definite possibility. This is a change in tune from Liveris who defiantly defended the dividend after the collapse of the Kuwaiti deal. In the beginning of January, Liveris stated that, “Dow is the only company in the Fortune 200 to have paid its regular quarterly cash dividend without reduction or interruption since 1912. That is 388 consecutive quarters. I have said it before, but I want to say it again, we will not break that streak. Not Dow, not on my watch.” These words will likely cost Liveris his job.

2. CBS

CBS Corporation(CBS) has an extremely high dividend yield which is currently approaching 16.6%. This is way too high at a time when traditional media companies are experiencing significantly declines in ad revenue. CBS is seeing 25% drops in television and radio station ratio. Approximately 70 percent of CBS’s revenue is tied to advertising sales. The current dividend of $1.08 is higher than the expected earnings for 2009 of $.86.

 3. Harley Davidson

Harley Davidson(HOG) will soon be faced with paying its dividend or staying in business. The company’s dividend yield is 11.5% at a time when the company is down to less than 600 million in cash. The current payout rate is over 50% of estimated earnings for 2009. Harley can save over 300 million in cash by cutting the dividend.

4. Newell Rubbermaid

I expect that Newell(NWL) will cut the dividend when they announce earnings this week. Newell currently pays out 75% of earnings in the form of dividends to shareholders. Newell is trying to preserve cash wherever possible through layoffs, salary feezes and factory closings. With over 2 billion in debt and a few hundred million in cash, a dividend cut appears likely.