Intel recently reduced it's dividend by $.50 (2/3), reducing costs by $3B/yr which is already a massive move. There are however financing aspects which discourage them from totally removing it - as a collapse in share price (would impact their ability to finance loans, pay employees with shares etc. so it's important for them to manage things within certain channels.

That said, the market reacted rather positively to the dividend reduction (which happened around their low) although correlation is difficult as the whole market overall has risen a lot since February.