BRIEFLY.Byline: The Register-Guard Pacific Continental plans stock split payable Oct. 15 Eugene-based Pacific Continental Corp., the holding company for Pacific Continental Bank, has announced a 4-for-3 stock split payable Oct. 15 to shareholders of record on Sept. 30. The split will boost the number of outstanding shares by one-third, and the stock price should correspondingly drop by one-third when the split takes place, leaving shareholders with the same value as before the split, Senior Vice President Michael Reynolds Michael Reynolds or Mike Reynolds is a relatively common name in the English-speaking world. Notable Michael Reynolds include:
The split will increase the number of shares from 5.1 million to 6.8 million. The bank hopes the split will improve the stock's liquidity and boost the trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. , Reynolds said. The split is not a taxable event Taxable event An event or transaction that has a tax consequence, such as the sale of stock holding that is subject to capital gains taxes. and has no tax consequences for shareholders. The split announcement may prompt some investors to buy the stock before the Sept. 30 record date, and that increased activity could push up the price, Reynolds said. That apparently has happened. Since the announcement of the split Wednesday Wednesday: see week. , the stock has soared 13 percent, from $17.20 at the close of trade Tuesday Tuesday: see week. , to $19.35 at the close of trading Thursday, in unusually heavy trading of a total of nearly 39,000 shares on the two days. Hynix anticipates profit, plans to raise spending on equipment Hynix Semiconductor Inc. expects to post a fourth-quarter operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and plans to raise spending on new equipment to as much as $1.28 billion next year, Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. News reported. The company is confident it will make a profit if computer chip prices remain at current levels, said Farhad Tabrizi, Hynix's vice president of marketing. Hynix has a chip factory in west Eugene and a cluster of chip factories in South Korea. Tabrizi's statements don't constitute an official forecast however, company spokesman Bang Min Ho said. "We are progressing well towards achieving a number of internal targets," Ho said. Next year's spending plan has not yet been set, he said. - From Register-Guard and news service reports |
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