One day after it suffered through a brief service outage, online broker Charles Schwab (NYSE: SCH) saw its stock continue to rise on Thursday. Only this time, there was a good reason for the rise. Well, at least a somewhat good reason.
No, Charles Schwab didn’t announce that it had fixed its service glitches for good. What the company did do was announced a 2-for-1 stock split, payable July 1 to stockholders of record of June 1. This is Charles Schwab’s seventh stock split since becoming a public company in 1987. These days, news of stock splits have carried many Internet stocks to irrational heights. Shares of Charles Schwab climbed a relatively sober 2-13/16 to 120-3/16 on Thursday.