UPDATE 3-Magna shares slapped by lower profit, dividend cut

Newswire

(Recasts. In U.S. dollars unless noted) By Frank Pingue TORONTO, Feb 27 (Reuters) - Canada's biggest auto parts maker, Magna International , reported a sharp drop in profit and halved its dividend on Tuesday, sending its shares skidding to their lowest level in nearly three months. Magna shares dropped 7 percent to C$86.04 on the Toronto Stock Exchange, before rebounding slightly to C$86.80, for a drop of 6 percent. In New York, the shares fell $5.04, or 6 percent, to $74.59. The ...

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