Tom Reese/Paul Rubillo, Dividend.com

Rogers Communications (RCI) shares are down nearly 5% following the company's preliminary fourth quarter 2008 subscriber results.

The company activated approximately 130,000 iPhone 3G devices, approximately 40% of which were with new subscribers with the remainder being with existing Rogers Wireless subscribers who upgraded to the iPhone, committed to new term contracts and in the vast majority of cases subscribed to both voice and monthly data service plans.

The Bottom Line

We have avoided shares of RCI since our early June coverage began, when the stock traded at $40.40. The company has a 2.69% dividend yield, based on last night's closing stock price of $31.25. The stock has technical support in the $21-25 price area. If that fails to hold, then the $16 level would come into play next possibly. If the shares can stabilize and begin to move higher, the $35-40 range would act as overhead resistance.

Rogers Communications (RCI) is not recommended at this time, holding a Dividend.com Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.