Shares of Internet directory Excite surged 13 percent today after the company’s board of directors approved a two-for-one stock split.
The company's stock leapt US$9.88 to $85.88 on Nasdaq trading.
Excite (XCIT) said shareholders who own stock as of 6 July 1998 would receive an additional share for each share they own. The split would double the total number of Excite shares outstanding to 50,385,000. The shares would be distributed on 20 July.
The split would make trading in Excite stock less volatile and affordable to more investors, the company said.
