Excited? Don't Be. It's Reverse-Split Time
Talk about a reversal of fortune.
The high-speed Internet service Excite@Home (ATHM Quote) is seeking shareholder approval for a reverse stock split, primarily to avoid getting delisted from the Nasdaq Stock Market.
The AT&T (T Quote)-controlled company thus joins a growing number of tech outfits considering reverse splits -- issuing one new share to replace two or more old shares -- in order to shore up their ailing stock prices.
The rush to reverse split in recent months provides a poetic counterpoint to the stampede of splits in the other direction that Internet companies effected back when the market was much more bullish on tech stocks. In fact, @Home did a 2-for-1 stock split itself two years ago, before merging with Excite. ...
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