Emulex Corp. (Nasdaq: EMLX), a maker of fibre channel technology and products, said Friday its shareholders have authorized an increase in the number of shares of common stock from 20 million to 120 million and to split its outstanding shares on a 2-for-1.
Shares rose 6 7/8 to 167, or 4 percent on the news.
The company already gave shareholders a reason to cheer with a stock split just this past August.
The stock split will apply to each share of common stock outstanding to stockholders of record on Nov. 30, 1999. The new shares of stock will be payable on Dec. 15, 1999. After the new shares are issued, Emulex will have 35 million shares outstanding.