DoubleClick Rises After Declaring 2-for-1 Stock Split
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Shares of ad network DoubleClick Inc. rose 23 percent Friday after the company said it plans a 2-for-1 stock split.
New York City-based DoubleClick surged 24 9/16 to a new 52-week high of 131, in trading of 6.7 million shares. DoubleClick first sold shares to the public at $17 each in February 1998.
DoubleClick plans a split on April 2 for shareholders of record as of March 22.
Other Internet companies such as Amazon.com and eBay have seen their shares soar after declaring splits. In what analysts term a self-fulfilling prophesy, investors have snapped up shares after the announcements on the belief that they'll soar following the split. Shareholders still hold the same percentage of the company's stock.