MasterCard won't join club of $1,000 stocks
The company is planning a 10-for-1 split, which will cut its share price dramatically.
By Wallace Witkowski, MarketWatch
The leading contender for the next $1,000 stock on the Standard & Poor's 500 Index ($INX) just dropped out of the race.
Late Tuesday, MasterCard (MA) announced it was initiating a 10-for-1 stock split, along with an 83% dividend hike and a $3.5 billion stock buyback plan.
With the split slated for Jan. 9, it’s unlikely MasterCard will even make a token appearance as a $1,000 stock after closing at $763.61 Tuesday, even though shares were up nearly 3% at $784 in after-hours activity.
Back in August, before there were any $1,000 S&P 500 stocks , MasterCard appeared on course to hit the milestone after Priceline and Google.
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This is great news.Many stocks should be split.Everybody in my investors club is always
complaining about companies not splitting their shares.They should be shareholder
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The solid report comes a month after the retailer closed all of its Canadian operations.
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