Watch the Yield Signs

If you're not sure whether a company's dividend will survive 2009, the stock market offers a clue.

A stock's dividend yield measures its dividend payout as a percentage of its share price. A high dividend yield is a sign that many potential investors don't really believe that its dividend will be paid.

If investors thought Gannett could really pay out a dividend yield of 35%, they would surely bid up the stock. By contrast, a reliable dividend will attract buyers, which in turn push the yield even lower: Procter & Gamble's dividend yield is a low 3.1%.

On the edge: Once dividend yields get into the double digits, there is clear and present danger of a dividend cut, investing pros say. Twenty-four members of the S&P 500 have yields above 10%, including General Electric (10.7%), R.R. Donnelley (11.2%), and U.S. Bancorp (11.8%).