Thread regarding Wells Fargo & Co. layoffs

I'm curious if anyone figured out the details on this? Specifically, if I go into empower and initiate a transfer then is it effective for that current day (with a possible cutoff time) and is the price based on closing price of that day or some type of daily average?

I will probably bail out if we hit $53 and will never own WFC stock!

I'm shocked that someone wants to take investment advice and ask how to process something in their 401k account by asking anonymous folks on from thelayoff.com! Why not refer to the actual sources - the summary plan description or call Empower?! SMH!

I bought a bunch when it dropped below $20 and sold at ~ $52. Pretty nice return in <2 years.
Now it's even higher. So idk

Thanks everyone who responded here today. I appreciate a thread like this with some many mature and well intended responses.

My Investments > Change My Investments

How do you actually sell the stock in empower? It only provides an override of fixed allocations or for them to do it for you. How do I sell just the Wells stock?

There is definitely a cutoff time for the transaction to occur same day. It is several hours before close of market, I believe. The 401k website will say. I rolled mine out of the ESOP last month.

I recommend waiting until the price has stabilized (perhaps for a few days) near where you'd like it. It does not transact immediately. It could be at 60 when you decide to pull the trigger and drop to, say, 58 when the transaction happens. Depending on how much stock you own, that $2 could mean a lot or just a little.

@njx+1fd9RSeY ... I won't be timing it to the hour :) but may pick a day to sell into strength. This is for exit strategy rather than long term strategy. I figured it will be cleaner to convert to cash before leaving. Therefore long term strategy is to move it to to a rollover account.

Another perk of finding another job is getting control of the funds in your 401k.

Trying to time this to the day and or hour is going to ki-l you. Just move the funds as part of your long term strategy. A swing of $1 either way isn't going to ki-l you.

@aph+1fd9RSeY - That was not my experience selling stock from 401K. But, perhaps I missed a cutoff time and they used the next day's closing.

Closing price on the day the trade is executed.

Isn't the average price for the day the value assigned?

@aho+1fd9RSeY ... just a quick comment on the price per share (PPS) as I've observed. In the fund the PPS is lower than for WFC but of course that means you have more shares per dollar. What I do, usually on the weekend, is divide my fund balance by the WFC PPS to get the equivalent number of shares I would own if it were real WFC stock. When doing that my daily balance really does follow the stock.

That is a long winded comment but what I'm trying to say is that you probably did better than you think because you can't compare the PPS exactly between the two.

No, the price is set across the fund at end of day. The time of day you click sell in your 401k has no bearing as it is one large sell transaction for everyone selling, and one large purchase transaction for everyone buying. Watch the end of day for best barometer of if you should sell/buy.

@jpk+1fd9RSeY ... OP here. Yes, I understand that it isn't the same stock but the fund owned changes price daily in a manner that follows the stock. At times the stock swings significantly during the day.

My question is concerning if the price I get if I sell during the day maps to the price the fund records at the end of the day or does it work differently. And then timing cutoffs?

I can't answer your specific questions, but a while back I sold a lot of WFC out of my 401K. I thought I had timed the market pretty well. When the actual transaction hit, they used a price that was significantly lower - perhaps the next day's price???

You don’t own stock directly. You own a fund that owns the stock. The price is updated at close but is never the same as the actual stock price.