Microchip Technology stock surges after 2-for-1 stock split announced

Shares of Microchip Technology Inc. MCHP, +1.88% rallied 2.7% successful premarket trading Wednesday, aft the semiconductor products institution said it volition instrumentality a two-for-one banal split. The institution said the divided volition beryllium effected connected Oct. 12 to shareholders of grounds connected Oct. 4. "The banal divided is being implemented to summation trading liquidity and to spot the banal successful a much charismatic trading scope for retail investors," the institution said successful a statement. The past clip the institution effected a banal divided was May 9, 2002, erstwhile it acceptable a three-for-two split, aft it closed conscionable supra $46 connected a pre-split-adjusted ground the time before. Microchip's stock, which closed Tuesday astatine $148.05, has gained 7.2% twelvemonth to day portion the S&P 500 SPX, +0.06% has gained 19.4%.