Newspaper article THE JOURNAL RECORD

Williams' Stock Hits 52-Week Low

Newspaper article THE JOURNAL RECORD

Williams' Stock Hits 52-Week Low

Article excerpt

TULSA (AP) -- Shares of Williams Cos. plunged 8 percent to a new 52-week low Monday amid a wide sell-off in the energy trading sector and as investors reacted to the company's layoffs.

Williams stock fell to $6.53 on the New York Stock Exchange to dip under the previous low of $7 and 82 percent below the high of $36.05.

Investors, spurred by Dynegy's restructuring plan, dumped energy- trading stocks, pushing down shares of nearly every company in the sector.

Tulsa-based Williams said Friday that it would lay off about 120 of its roughly 800 energy trading employees because of weak demand in that business.

Eleven of 86 employees in London lost their jobs Friday, and layoff notifications began Monday for the remainder in Houston and Tulsa, said spokeswoman Paula Hall-Collins, who would not say how many workers would be cut in each city. The company employs about 50 in Houston and more than 600 in Tulsa, she said. The company is trying to bolster its balance sheet by $8 billion through asset sales, equity issues and by slashing its profitable trading business that has struggled since Enron went bankrupt. …

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