Water Pik Stock Rises 24% After Favorable IRS Ruling

Water Pik Technologies Inc. stock climbed nearly 24% Friday, a day after the Newport Beach company said an Internal Revenue Service ruling significantly reduces the amount of equity capital that Water Pik will have to raise. The shares rose $1.44 to $7.50 on the New York Stock Exchange. The ruling requires the maker of personal health products to raise $15 million instead of the $50 million initially required as a result of the company’s spin-off in December from Allegheny Technologies Inc.