Medtronic Inc. (NYSE:MDT) shares are reversing a modest climb off a 4 percent decline that followed its announcement today that the device manufacturer intends to cut up 2,000 jobs over the next two months.
The Minneapolis-based company has not yet identfied where it intends to make the layoffs, but said it expects to complete the restructuring by the end of its fourth quarter that ends in April.
Medtronic shares are now down about 2.5 percent at $40.16 a share, after earlier pressing as high as $40.67 in mid-day trading.
