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Shares of education company Houghton Mifflin Harcourt (NASDAQ: HMHC) soared on Thursday after it announced a restructuring of its business. The changes are expected to save it money in the long term, but will cost the company about $35 million in the near term.
Despite the upfront costs, investors like the sound of the changes HMH will be making to its business structure. As of 12:25 p.m. EDT, the stock was up 13%, though it had traded as much as 30% higher earlier in the session.