Under Armour Surging on Announcement of Two-for-One Stock Split

Under Armour

announced plans for a two-for-one stock split on Monday morning, sending shares of the athletic apparel maker surging in early trade. At last check, UA shares were trading up 2.54% to $105.93 after opening the session at $104.58. This will be the company's first stock split since going public in 2005. "We are proud of the value we have delivered to our stockholders over the long-term, and we believe this stock split may broaden our investor base and improve the trading liquidity of our stock,” CEO Kevin Plank said in a statement. Dow Jones Newswires pointed out that the split could pave the way for the company to be added to the S&P 500, given the company's market cap of over $5 billion and annual revenues of roughly $1.5 billion. Year-to-date, UA shares are up more than 48%.