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Alphabet stock split lands with a thud in worry-filled market - BNN Bloomberg

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Even for Alphabet, financial gimmickry is no match for the power of the bear market.

Even for Alphabet Inc., financial gimmickry is no match for the power of the bear market.

It’s not alone. Of the four companies in the S&P North American Technology Index that split their stocks this year, none of them have gained appreciably since announcing the plans. Amazon.com Inc. has fallen 10 per cent since declaring its split in March. Canadian e-commerce company Shopify has fallen 36 per cent and cybersecurity company Fortinet Inc. is up about 3 per cent.

The aim of a stock split is simple: bring down the cost to purchase a share so that more retail investors can afford it and spreading the company’s equity over a larger number of shares. Some investors, however, tended to view the decision by a company to split it stock as a positive cue. It’s not just splits in the technology sector that have fallen flat. Medical-device maker Dexcom Inc. has dropped 27 per cent since announcing its split in March. Of the five companies in the S&P 500 Index that have split their stocks this year, only insurance company WR Berkley Corp. has seen its shares advance more than 5 per cent.

 

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