Sold AT&T (T) on dividend cut news

AT&T (T) was the first stock I bought last year that was part of my new dividend stock strategy to replace income from low yielding bonds. The first rule of Dividend Club is you don't cut the dividend. I was wondering why the stock was down so much today, when I checked the news and read about the future cut. I locked in solid short term capital gains even after the sell off and had collected over $1,000 in dividends so it was still a winner. Note I did not sell because the price was dropping, but because it violated the no cut rule. It was unemotional rule following. I like that aspect of it, but it certainly requires paying more attention to the news, unlike the bond ladder which is pretty much set and forget.