UPDATE 2-Lower profit, dividend cut hurt Magna shares

Newswire

(Adds share price. In U.S. dollars unless noted) TORONTO, Feb 27 (Reuters) - Canada's biggest auto parts maker Magna International reported a sharp drop in profits and halved its dividend on Tuesday, sending its shares skidding to their lowest level in nearly three months. Magna's stock lost as much as C$6.48, or 7 percent, to C$86.04 in early trading on the Toronto Stock Exchange, before recovering slightly to C$88.26, for a drop of 4.6 percent. In New York, the shares fell $3.40, or ...

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