Why GameStop Stock Popped This Morning
Shares of GameStop (NYSE: GME), the video game retailer, skyrocketed briefly this morning after the company said in a regulatory filing yesterday that it was planning to boost its share count and implement a stock split.
Investors were apparently very enthusiastic about the potential for an upcoming stock split and pushed GameStop's share price up by as much as 14% this morning and were up by 3.1% at 11:09 a.m. ET.
GameStop's management said in the filing that the company wants to increase its amount of Class A common stock from 300 million shares to 1 billion and use the additional shares to implement a stock split "in the form of a stock dividend" as well as to "provide flexibility for future corporate needs."
Source Fool.com