Are you losing or making money? Worth it?
18 replies (most recent on top)
Why do reckon they would suspend it?
That move seems super shady… they were happy to take my $5000 last buy in period to purchase at $2.41. Now the plan suspended. It has tripled in value to what the cost basis would be. Now all I get is a refund of the cash they withheld and no chance of actually benefiting from the stock????
The worst part of this whole scheme is they suspended the plan when we could have got 10% discount of the lowest which was around .22 for this period.
It's sad, but (most of) these posts show how dumb some of the people left are. It is no wonder WFT is sinking when this is the level of intelligence of the employees. The plan is free money, but evidently a lot of individuals are too dumb to realize. It's an almost guaranteed 10%. Just sell as soon as soon as it hits. No one is forcing you to hold the stock and hope it goes up - just take your profit.
Isn't WFT's ESPP plan pretty much like everyone else's? There are many ESPP articles on the web to explain how ESPP Plans work. I went through two ESPP offerings and it worked just as advertised. At the end of the 6-month period the stock is purchased all at once at a 10% discounted rate. You can sell or keep, your choice. Pay the taxes as appropriate (get tax advisor). Rinse/Repeat. All the documentation / 1099's come from Merrill Lynch. Nothing nefarious or deceptive.
@Uwuc1fg-ghjs --- they must not be on the friends & family plan if they advised against investing. I know I was having a conversation with a few fellow managers after a meeting on the topic of the plan and how I felt it was crazy to put money to it. I did not realize some of my hands had hung around and were listening in on the conversation.
Needless to say, I was pulled to the side by a VP and advised I needed to support and endorse the plan, to which I said I was not about to invest - fine I was told but they wanted management to push it as a good option. WTH WTF.
(frame of reference, this was mid 2016 and I am no longer with WFT at this point having left about a year ago now)
True story. I was thinking about buying some shares and investing a few thou, and was persuaded not to by the base manager and HR manager. They told me i must be out of my mind to risk anything on this circus act. How right they were.
@Uwuc1fg-genc I am literally laughing out loud. I beg of you. Please. Please! Get a financial advisor if what you wrote is your understanding of the ESPP. I truly mean no disrespect to you. Everyone has their forte and obviously finances is not yours. I strongly believe WFT came up with this scheme simply because THEY KNEW the majority of the participants had no idea what they were getting in to. I strongly advise you not to put any money into this pit. Remember, you must pay taxes on stock you sell. It is a lose/lose proposition for the employee. I challenge any employee on here to state any SUBSTANTIAL gains they've made on this scheme.
I skipped the ESPP earlier this year, but think I will do it again this time. With the ESPP you get the stocks at 10% discount of what the price was either at the beginning of the 6-month period or the end of the period, whichever is lower. So even if the price tanks, you will get the stock at a price 10% less than that tanked price. Obviously better if the price is lower at the beginning than the end. You can then sell them immediately (within a few days) at the market price if you wan't to stay diversified. The risk is the few days you have to wait after you get the stock before you can sell it. You can cancel anytime before the end of the 6-month period and get all your money back if you change your mind (the stock isn't purchased until the end of the period).
Hearing rumors that bankruptcy papers are already being worked on. Just have to divest the groups that are in the works, ensure fair value so it won’t be challenged and then drop the filing and hope to emerge with something that can perform by end of next year.
Go ahead and throw that money away. Maybe you need a write off for this year.
Buy low and sell even lower.... recipe for success?
We need to hire a bandleader and some musicians quick, at least we can resemble the Titanic and listen to the music as we sink.
If you are an employee at WFT and you depend on that paycheck to live, why would you ever want to link your retirement to the stock?
I guess if you are convinced that WFT is going to come out of this you may also be delusional enough to think your money is safe with them as well, after all they have done so well managing their business - right?
I still don't understand how it works. The stock price seemingly always retreats after meniscule gains. Say you bought in January at 4 per share , now it's 3.10 how does that make money? I'd prefer to spend my hard earned low wage on food, mortgage, my children's clothes etc.
EPP,otherwise known as " adopt a Weatherford manager".
Bunch of parasites......sack em all.
in the arms of an angel...feed a weatherford executive today! These poor millionaires need your money today!
Wait until you get caught holding the bag.
Yep，make a lot of money.