Ann: 1H19 Media Release, page-5

I've read the release a few times and I think a reasonable response shouldn't be a crash or anything. There is no downgrade, so the management retains their official track record even though they missed their own internal guidance. 

Also there are no shaky comments about fy outlook like it will depend on market conditions etc,instead they have reiterated guidance very clearly. EBITDA held well, and as Tarvold said they see improvements already.

The dividend cut is bad indeed, but in line with payout ratio. Overall a bad Hy result but not terrible. Mind you, a reasonable response is not usually the case on the downside, so w should probably brace for some serious pressure tomorrow. Unless they make to instil some confidence in the conference. Good move imo to move it before market open, so we can listen to more details and hopefully reason will prevail. I'm quite overweight on PNC, so looks like a tough day tomorrow, good luck to all other holders.