Sun shareholders approve stock split
The server giant experiences ever-increasing sales and will have a 2-for-1 stock split effective Dec. 5.
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Sun Microsystems has received shareholder approval for a 2-for-1 stock split, the company announced Wednesday.
The split, announced in August, will take effect Dec. 5, said spokeswoman Elizabeth McNichols.
Sun's stock has been generally rising as the Unix server seller has reported ever-increasing sales despite hard times for Internet customers. The company had $5 billion revenue in each of its two most recent quarters.
Sun's stock, however, didn't fare so well Wednesday, dropping $11.13, or 10 percent, to $100.31. The Palo Alto, Calif.-based company hit its all-time high of $129.31 about two months ago.
After the split, Sun will double its total number of common shares to 7.2 billion, of which about 3.2 billion will be outstanding.