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Amazon.com surges on stock split

The online retailer's shares soar 14 percent following the announcement of a 3-for-1 stock split.

Feb. 6, 2002 4:34 a.m. PT

Shares of online retailer Amazon.com surged in early trading today after the company announced yesterday that it will split its stock 3-for-1.

Amazon stock rose nearly 14 percent or 21.13, to 174.38. The stock has traded as high as 175.5 and as low as 24.25 during the past 52 weeks.

Seattle-based Amazon said shareholders will receive two additional shares for every share held on the record date of December 18. The additional shares will be mailed or delivered on or around January 4.

Amazon.com shares have risen fourfold this year on optimism that the top online bookseller will also dominate in other categories such as music and videos. Shares split 2-for-1 on June 1.

Amazon disclosed the proposed stock split after the close of trading yesterday.