There are 2 great articles in Railway age about Jim Vena representing us as employees and the mid west and South storm damage and how proud they are of us keeping the railroad intact.
BS!!
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Stock match was lowered to 20% match now. It was 40%. Another cost cutting method.
The new stock plan was all just a pyramid scheme to hopefully inflate the price to JVs fantasy number. JV was hoping for a huge gain so he can cash out and jump the sinking ship.
@17r+1 well said. When I hired on decades ago the stock was in the mid $30’s. I took the first 10k I earned and bought stock then, sold after it split. I shake my head at my poor coworkers who participate in this currently. They each are ki-ling themselves trying to do the work of 3-5 workers just to buy the stock at 230-270 and now its down to almost 210. Lil jimmy has cost them money.
The employee stock purchase plan is just an IOU on your wages. This is just a way for them to keep more cash on hand-your cash. Funny how they never wanted to share in the wealth during the good years when the stock was performing well. If you want to invest in UP, do it through a personal trading account so you can pull your money when you need it.
I had a hard time believing the $400 stock price until I saw the article myself! Yeah, Soroban actually expected Vena to get the price that high. I was thinking that it was a typo, but it says $400 with an EPS of $18. Soroban clearly doesn't know who Vena really is. Soroban wanted Vena in the top spot, and they got it. I sure hope they got their money's worth on that dipsh1t.
Someone actually believed Vena could get the stock price to $400? Hahahahahahahaha 😂Especially after the damage done he did during his first rounds of cuts when he was coo. To get to $400 they’d need trucking to disappear, a whole lot more inflation, or the govt to let them merge w/ an east coast RR. Vena is so obsessed with cuts he’d eliminate the smartest UP employees after they invented the first freight teleportation device but Vena would furlough those employees in the name of efficiency and winning, hire contractors to keep cleaning their old bathroom, and order the contractors to sell the teleportation device for scrap.
Why do you think if search the stock the last 48 hours it's all these never heard of firms rating it a buy and re-upping the ceiling to almost 260? Paid for fake news push to drive the price up with id--ts willing to buy on hope. I told people for years about buying into the employee plan being investing in the destruction of jobs and the company as well. Got alot of "but it's free money" and "why not be a nice extra since I'll be gone in a couple years". Sad how some people paid into their own union brothers and sisters demise.
Did you read the part where Soroban expected Vena was expected to achieve $18 EPS and a $400 stock price. I knew about the $300 promise, but I never saw the article where they were expecting $400 until tonight! It looks like someone really over-estimated Vena. There's no F-ing way Soroban who owns less than 1% of UP shares is happy with Vena. The stock price is lower now than it was when he first started.
Everyone knows the employee stock purchase plan was a gimmick to prop up stock prices internally artificially. That's why in all it's years up never offered it until they started coming post psr roll out.
They reduced it to 20% match from 40% match on up to 5% salary contribution. It's worse now, not better.
They upped the amount to 20% of your pay that you can invest from 5%.
UP STOCK
🤔
I wonder why so drastic?
LOL! Those articles were total BS! Little Vena represents himself and the shareholders. He cares nothing for the actual business or the employees who actually run it. He wants his wealth and he'll do anything to get it. Then when he does get it, he'll run off into retirement. My bet is that once he's destroyed enough of the company, he'll either move back to Arizona or he'll go back to his house in Canada that he still has. It's a nice house from the pictures. Vena has to keep the image of the UP as positive as he can. His current efforts of union busting through the use of outside contractors is going catch up to him. No one at the company likes him at all!! The management teams are even getting tired of being there. Let's see how positive his articles are after enough people have quit or laid off and forces him to accept the fact that he's the terrible person that everyone sees him as.