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Short Take: Covad to split shares, make secondary offer

Only three months after going public, Covad Communications, a high-speed digital subscriber line (DSL) provider, announced a 3-for-2 stock split effected as a stock dividend for shareholders of record on May 3. Covad also will make a secondary offering of 5 million shares of common stock. The shares are held primarily by holders of the company's warrants issued in connection with its senior note offering. The company will report first quarter financial results Monday.

Only three months after going public, Covad Communications, a high-speed digital subscriber line (DSL) provider, announced a 3-for-2 stock split effected as a stock dividend for shareholders of record on May 3. Covad also will make a secondary offering of 5 million shares of common stock. The shares are held primarily by holders of the company's warrants issued in connection with its senior note offering. The company will report first quarter financial results Monday.