Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Monday, June 30, 2008 Boeing stock drops, so does employee payout Herald staff Over the past week, Boeing Co. employees have seen their shares of a long-awaited payout dwindle as the company’s stock price plummeted. On Monday, Boeing’s shares closed down $1.20 at $65.72. An employee stock distribution, tied to Boeing’s stock price on June 30, will pay out roughly $1,800 for workers who have been with the company for the past four years. Employees who have worked at Boeing less than four years will receive a pro-rated sum. Boeing won’t have the official distribution amount until mid-July, said Todd Blecher, a spokesman for the company. "We're pleased that there will be a payout of the Share Value Trust," Blecher said. The company's stock had to close above $54 for the trust to pay out a minimum amount. "Obviously, we are disappointed that market events beyond our control have impacted the amount of the payout," Blecher said. The aerospace giant’s shares have fallen nearly 14 percent since last Monday, when Boeing workers would have received a payout of about $3,000 for a $76 stock price. Had Boeing’s stock managed to close at $70, the payout would have been $2,150 for employees who have been with the company the past four years. Last week, an analyst with Goldman Sachs downgraded Boeing's stock to "sell" from "neutral." The analyst said the high jet fuel prices would lead to fewer aircraft orders. READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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