Network-equipment maker Emulex Corp. (Nasdaq: EMLX) gave its investors a reason to cheer Monday when it announced a 2-for-1 stock split.
Its shares closed off 4 5/8 to 108 ahead of the announcement.
Company officials said the split take effect Aug. 30 for all shareholders of record on Aug. 16. After the split, it will have more than 17 million shares outstanding.
The stock hit a 52-week low of 7 last August before soaring up to a high of 121 3/4 last week.
First Call consensus expects it to earn 29 cents a share in its fourth quarter, up from 20 cents a share in the third quarter.
All seven analysts following the stock maintain either a "buy" or "strong buy" recommendation.>