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Exodus jumps on stock split plans

The company's stock soars more than 8 percent after it said it plans to split its stock 2 for 1, the fourth such split for the firm in less than a year.

Share of Exodus Communications, a company that manages networks and computers that run big corporate Web sites, soared more than 8 percent this morning after the company today said it plans to split its stock 2 for 1, the fourth such split for the firm in less than a year.

The split has been approved by the firm's board of directors but still is subject to stockholder approval. Shareholders will vote on this issue at the company's annual meeting on June 6.

If approved, the stock will split on June 7 from about 186 million shares outstanding to about 372 million shares, the company said. Shareholders of record on April 25 with receive one additional Exodus share for each share they already own.

The firm has benefited from a going trend where corporations run their Web sites from networks and servers managed by companies like Exodus.

Exodus stock surged $13, or more than 8 percent, to about $160. The stock has traded as high as $162.50 and as low as $9.14 during the past 52 weeks.

Last year, the company split its stock in April, August and again in December. The stock has grown more than tenfold in the past year.