ZimVie stock soars despite layoffs news

WESTMINSTER — ZimVie Inc. (Nasdaq: ZIMV), a medical technology company that manufactures devices for spinal surgery and oral reconstruction that was spun off last year from Zimmer Biomet Holdings Inc. (NYSE and SIX: ZBH), disclosed Thursday that its first quarter 2023 losses grew year over year, its sales shrunk and it would soon be slashing more than 100 jobs, but Wall Street reacted with a thumbs up.

Presumably, investors were encouraged by ZimVie’s newly announced restructuring plans that the company said “have the objective of reducing our global cost structure and streamlining our organizational infrastructure across all regions, functions, and levels.…