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Valeant Dead-Cat-Bounce Dies As Stock Plunges 10% Off Morning Highs
From an intraday high of $97.64, Valeant shares are down 10% this morning as the last few days' short squeeze and hope-fueled stability in the hedge fund hotel has given way to more 'first mover advantage' across the levered trading community. As we noted here, this is what hedge fund panic looks like.
It seemed like such a good morning...
But it's just more of the same...
Because at last count there was still 87 hedgies neck deep in this..
And this is what hedge fund panic looks like: after being one of the top 10 most widely held names as recently as Q1, Valeant has seen a plunge in not only its stock price, but also the number of fund who own it. One can be 100% certain that as of November 20 the number is vastly lower than the 87, already a one year low, recorded as of Sept 30.
Perhaps if only these "smartest people in the room" had actually done their diligence instead of rushing to buy a stock just because others bought the stock or, gasp, hedged their exposure, none of this would have happened. But then again that means doing actual work - why bother when all the idea dinner participants can just hope nobody pulls a SIRF and uncovers a specialty pharmacy ticking time bomb hiding just below the surface.
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CheckMate Bitches !
Valeant is lucky it is the holiday season and all the U.S. Attorneys' staffers are busy searching for Black Friday deals on top of their usual porn watching and freecell playing. Otherwise, to fill their time when not filing prosecutions using Sixth Amendment barred evidence (the confrontation clause bars parallel construction evidence used by perjuring federal gendarmes), some of these LBGT AUSAs might file fraud charges against Valeant for its Philidor false scripts.
Day trader Janet waiting to BTFD.
Fear is a communicable disease.
Time to join the class action lawsuit! https://steinmeyerlaw.com/valeant-pharmaceuticals-vrx/
Just remember, for every seller there is a willing buyer...
Shall we play Guess Who?
Me me me
Goldman Sachs clients?
One last morning woody.
Funny there was no mention of the 20 point rally over the past 2 trading sessions.