Cyberonics Soars On Earnings Beat, Tax Inversion Deal
Shares of Cyberonics (CYBX) gapped up to a record high Thursday after the company reported better than expected earnings growth and said it is merging with Italy’s Sorin and moving its headquarters to Europe despite new Treasury rules intended to curb tax inversion deals. The all-stock transaction will create a global contender starting with annual revenue of about $1.3 billion. The combination will enable the new, larger company to compete for