GameStop stock rallies after retailer's board OKs 4-for-1 stock split

Shares of GameStop Corp. rallied more than 9% in the extended session Wednesday after the gaming retailer said its board of directors approved a 4-for-1 stock split as a stock dividend. Shareholders of record on July 18 will receive a dividend of three additional shares for each their shares held, GameStop said. The stock dividend will be distributed after the close of trading on July 21, the company said. Split-adjusted trading will follow on July 22, GameStop said. The company announced the split in late March, although at that time it did not announce the ratio. It said then it was seeking "flexibility for future corporate needs." GameStop split its stock 2-for-1 in March 2007, the only split in its history, according to Dow Jones Market Data Group. Shares of GameStop ended the regular trading session down 2.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.