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

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Shares of Microchip Technology Inc. MCHP, +1.71% rallied 2.7% in premarket trading Wednesday, after the semiconductor products company said it will implement a two-for-one stock split. The company said the split will be effected on Oct. 12 to shareholders of record on Oct. 4. "The stock split is being implemented to increase trading liquidity and to place the stock in a more attractive trading range for retail investors," the company said in a statement. The last time the company effected a stock split was May 9, 2002, when it set a three-for-two split, after it closed just above $46 on a pre-split-adjusted basis the day before. Microchip's stock, which closed Tuesday at $148.05, has gained 7.2% year to date while the S&P 500 SPX, +0.02% has gained 19.4%.

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