Tuesday, January 13, 2009

Reality Check


Perhaps one of the reasons I get along with the husband so well is his great sense of sarcastic humor.
This morning he said "It's like rearranging deck chairs on the titanic".

Today's paper reported the NYSE warned his workplace they may be removed from the Stock Exchange because it's share price & capitalization are too low. Fancy finance talk that they are not making enough money to be a player in the Stock Market.
The NYSE listing standard requires that a listed stock maintain an average closing price of more than $1 per share for more than 30 consecutive trading days. The share price closed at .63 cents on Monday. The exchange requires a minimum listing criteria of $25 million. On Monday, the market cap was $19.2 million, which would normally result in immediate suspension.

Last month Fleetwood Industries was delisted because it didn't meet the requirements. Last year the NYSE delisted 129 companies for dipping below it's standards, the highest # since 2003.

They hired an investment banker to explore strategic alternatives. (Register Guard)

Right now that "strategy" has him, and the majority of the employees in the unemployment line.

That would explain the .03 cent dividend check we recieved a while back.

We have no other updates other than things like this we hear in the news.

If Fleetwood is having trouble, it is a sign the whole industry is struggling.

Now, how to arrange those deck chairs.......


11 comments:

D.K. Raed said...

A 3-cent dividend? When a dividend falls below the price of a postage stamp, it's time to rearrange the chairs, for sure.

enigma4ever said...

yup...the Titannical Administration....more and more chairs to re-arrange..over and over...

so sorry....I hope and pray that this gets better...for everyone....

Fran said...

DK~ actually issuing the check, the labor, paper & postage exceeded the value, I think they have since suspended the dividend. It's not worth the price of gas to deposit the 3 cent check!!!!!
It costs a lot of coin to be n the NYSE, required reporting, printing up professionally drafted prospectus books with glossy covers, done by financial powerhouse professionals.

Yes E, like I said, Oregon has the dubious honor of being one of the top 5 states in the nation for unemployment rates. Ugh!

Just hearing 401k's lost 2 trillion bucks last fall.
Good thing Bush's desire to put Social Security in the stock market never came to fruition, or we'd be even more screwed. Hard to imagine.

D.K. Raed said...

I shudder when I think of how hard he tried to privatize SS. The bastard. Well, he got his way privatizing the war, so all his friends could make money. Meanwhile, us peons are looking at the economy from hell. Hell.

One bright spot about not being on the NYSE in this economy is that since no one is investing anyway, they aren't missing out on some vast reservoir of untapped potential shareholders.

Dusty said...

Aw jeez Fran,nothing like adding insult to injury eh? Nice dividend check..won't buy shit but a nice lil check none the less.

Christopher said...

That would explain the .03 cent dividend check we received a while back.

We have a friend who works for Am Ex and is located in gorgeous Fort Lauderdale, FL.

Anyway, he told us over the Christmas holiday his raise for 2009 would be .07 cents an hour. This is for an employee with 10 years seniority.

What a damned insult.

Dr. Know said...

Yet better than a pink slip, C.

Fran said...

DK~ At least SS was pulled out of the fire. Shoulda been in a fireproof lockbox! But the way they are flinging $$$ at Wall Street by the billions, how much you want to bet it will deplete SS money somehow.

Dusty~ What a joke huh? Three pennies. It costs more to make a penny than what a penny is worth!

Christopher~ Am Ex got bailout money- they should not be giving out raises at al- but paying back the loan!
But with gas over $4 bucks a gallon, and just about the cost of everything going up, a seven cent raise is a net loss when you factor in cost of living.

For a full time worker, that would be about $145 for a year, by contrast, Congress gave themselves a $4000 raise. Must be nice living in that bubble.

In Oregon, Voters passed a law that minimum wage is to be raised annually. It's up to $8.40 an hour now, so we were wondering if at some point workers who have been with the company 4+ years will wind up getting a raise because the states Mim wage has exceeded what they make. *cringe*.

Dr K~ Something is better than nothing!
But Congress is sure getting more than their fair share of $, & doing a lousy job.

Christopher said...

Fran,

Yes they did!

Aw yes, the bailout scam, agrh, I mean scheme (LMAO) that was supposed to trickle down to mainstreet.

Guess that's why the CEO of Merrill-Lynch (emphasis on 'lynch') after receiving bailout coin bought himself a swell, new $30 million dollar duplex on the Plantation's Upper Eastside.

The American people were sold a load of rotting fish heads and now Barry wants the other half of the $800 billion dollar bailout to buy favoritism with the suits.

We've been had, girl! We've been had.

Dr. Know said...

But Congress is sure getting more than their fair share of $, & doing a lousy job.

You'll get no argument on that one from me, Fran - at least for the majority. I'd like to clone Waxman, however. Or maybe gene splice Kucinich and Waxman with a bit of Braley thrown in.

Frankenrep! Not to be confused with Al Franken, of course.

enigma4ever said...

oh don't forget Boxer DrKnow...yup....we need More of Certain people...