Got a notice today, NOV will no longer allow stock purchased after DEC 2015 through our 401k only the retirement models will be offered. Maybe NOV is getting bought out?
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Anonymous129572, I agree. I've seen the same thing happen. Not only with the 401K ...also generous retirement buyout offers....lucrative retirement buyout offers within the last six months. They are “take it or leave it” offers, with the requirement that they retire. Most have been with the company 20-30+ years, and are not in a position to retire (with children heading off to college, spouse with health issues, other mitigating factors, etc.). These offers expired quickly and will never be offered again. They want you gone. Sure signs that
This is one of the first steps for a company looking to be bought out. I have seen it twice before. It allows better control of outstanding stocks/liabilities.
Be ready, this NOV management team is out of its league here. The downfall started when Miller left and they reorganized the businesses then put 3 buffoons in charge of them. The first sign of a downturn, they panic and begin destroying the business. With the recent bad news in the O&G market, they are setting themselves up for large buyouts and their parachutes to kick in. Miller built this huge business and now this team is tearing it down, in record time I might add.
The units you buy through your 401k are not actual shares of NOV. Yeah in terms of a buy out with in the next year probably GE.
They are doing some stock buyback, it was announced...no need to read too much into it!
well a computer tech came by yesterday and did something to my pc. they say they are counting every pc in the world. sounds like they are trying to get a value of something there.
Yes, it came in the mail today. The models offered is based on your birthday and potential retirement date i.e. 2020, 2030, 2040 and varied in risk and yes most of the funds you mentioned are in there. I just thought it was kind of odd, but then too we got our Obamacare notice too. So long Cadillac plan hello misery. Not that I think a buyout would happen in 6 months however, maybe on the horizon. I've never had a company offer stock and then stop offering it like this, oh well we will see. Pretty sure there are people out here with real problems.
Only offering the models seems a bit extreme. What about the other options like Stable Value, Frost, AllianzGI NFJ Small-Cap Value Inst, American Funds Growth Fund of Amer R6, Invesco, Vanguard, Oakmark, etc...
Did th enotice come in the mail? Could be a way to lower costs of administration of the 401k just like the upcoming change to Blue Cross Blue Shield Health insurance . May as well be using Obamacare.
I doubt a buyout would be mentioned 6+ months in advance. It's probably a form of stock buyback by NOV. with the price as low as it is, it's a way to control how many shares are out there.