Schuler parent, Toll Bros. announce stock splits

D.R. Horton Inc., which completed its $1.6 billion merger of Honolulu-based home builder Schuler Homes on Feb. 21, saw its stock continue to rise today after announcing a 3-for-2 stock split.

The Arlington, Texas-based company, the second-largest U.S. home builder, was one of two companies in its industry today to announce a stock split.

Toll Brothers Inc., the largest U.S. builder of luxury homes, said it would split its stock 2-for-1.

Horton's split will be payable April 9 to holders of record at the close of business on March 26. Cash will be paid in lieu of fractional shares.

"We believe this stock split will benefit our shareholders by increasing our public float and improving the liquidity of our common stock," Chairman Donald R. Horton said. "The company is having an outstanding fiscal year and is poised for another record year in 2002."

Horton's stock ended up $1.19 to $41.77 today. Its shares are up 28.7 percent this year.

Meanwhile, Huntingdon Valley, Penn.-based Toll Brothers said it will pay the split March 28 for shareholders of record on March 14. It is the company's third stock split since the company went public in 1986, according to Bloom- berg data.

The split is expected to in "increase investor liquidity and enhance our appeal in the retail market," Chairman and Chief Executive Robert Toll said.

Toll Brothers' stock rose $1.16 to $51.21 today. Its shares are up 16.7 percent this year.

Tokyo stocks surge 638 to best level in 6 months

TOKYO >> Tokyo stocks surged nearly 6 percent today, as investors responded to the recent failure of a midsized Japanese builder and Wall Street's gains last week by snapping up technology and bank shares.

The 225-issue Nikkei Stock Average rose 638.22 points, or 5.90 percent, to close at 11,450.22 -- the index's highest closing level since Aug. 16, when it ended at 11,515.02. On Friday, the average closed up 224.17 points, or 2.12 percent.

The Nikkei was buoyed by advancing high-tech heavyweights Tokyo Electron, Sony, Advantest, Hitachi and Fujitsu and automakers Nissan and Toyota. Banks were also higher, while construction shares sank.

Investors welcomed news yesterday of Sato Kogyo's court-led rehabilitation as a sign that Japanese banks are finally cleaning up their towering bad loans. Shares of Mizuho Holdings, a major creditor for Sato Kogyo, soared today.

Investment firm likely to bid on Global Crossing

AT&T Corp. is in talks with banks and creditors about a possible bid for all or part of Global Crossing Ltd.'s fiber-optic network, Bloomberg New reported today, citing a Wall Street Journal report.

The possibility of AT&T buying part of the company's network is in the low 30-percent range, the Journal said, citing an unidentified person close to the talks.

The Journal also said Global Crossing Chief Executive John Leger unexpectedly resigned from the board of Asia Global Crossing, an independently listed unit, amid a divide between the two companies as they both struggle for survival.

A Los Angeles investment firm that specializes in corporate turnarounds is also likely to make an offer this week for Global Crossing, the New York Times reported. The bid by Gores Technology Group to buy Global Crossing out of bankruptcy is expected to exceed a $750 million from Hutchinson Whampoa of Hong Kong and Singapore Technologies Telemedia.