The company hasn’t cut its monthly dividend of CAD0.055 per share yet. But management dramatically reduced its guidance for 2012 cash flow from what it laid out just three weeks earlier in its third quarter conference call. A dividend cut was threatened, but there was no indication of what it might be.

This is no Yellow Media, with crushing debt obligations and a declining business model. But there’s too much uncertainty to stick with it. Sell Capstone Infrastructure.

Second, I’m selling Daylight Energy Ltd (TSX: DAY, OTC: DAYYF) from the Aggressive Holdings. The company’s shareholders have now approved the takeover by China Petroleum & Chemical Corp, better known  as Sinopec (NYSE: SNP), for CAD10.08 in cash. Meanwhile, the Canadian dollar is again near parity with the US dollar and the premium to takeover has shrunk to a few pennies. Considering dividends have been suspended, that leaves no reason to stay in this stock, particularly with the slight possibility regulators still may withhold approval. Sell Daylight Energy.

Third, I’m switching Student Transportation Inc (TSX: STB, NSDQ: STB) to the Conservative Holdings from the Aggressive Holdings. Last month the company announced acquisition of Dairyland Bus Inc, adding USD36 million of annual revenue and pushing expected 2012 sales growth to 18 percent from a previous projection of 12 percent.

That’s a pretty clear indication of the company’s ability to take advantage of school systems’ need to outsource bus service in trying economic times. Drawing a CE Safety Rating of 5, Student Transportation is a buy up to USD7.

Finally, I’m adding High Yield of the Month Noranda Income Fund (TSX: NIF-U, OTC: NNDIF) to the Aggressive Holdings. The company is currently undergoing a review of its dividend policy by an independent committee of its board, a move supported by major shareholder Clearwater Capital Management. The likely outcome is a higher payout than the current CAD0.04167 per unit monthly rate.

Economic exposure of the zinc processing industry and uncertainty regarding the review are two reasons for the most conservative investors not to buy this stock. But Noranda is a buy up to USD6 for more aggressive investors.