Shares of Washington Mutual (WM), the largest thrift in the country, are getting hammered today. The company just announced that it's cutting 3,150 jobs plus it's lowering its dividend from 56 cents a share to 15 cents a share. Ouch!

Fortunately for followers of my Portfolio Grader Pro, WM was already rated "F - Strong Sell." The company is really bad shape and I wouldn't be surprised to see someone buy it out.

This is more evidence of the seismic shift out of value stocks, which includes many financials, and into growth stocks. This is an odd market because the stocks that people think are safe, may not be. Be sure to see how your stocks rate in Portfolio Grader Pro. I strongly urge you to sell any stock ranked D or F.