Having lost an estimated $1.7 billion in his Valeant 'investment' Bill Ackman's almost-four-hour press conference this morning has done nothing to save the stock after yesterday's endless-whammies. Having bounced up near $110 at the start of the call, VRX is now trading back near the after-hours lows last night, back under $100, after Citron Research warned Valeant is "dirtier than anyone has reported."
Ackman's rather lengthy call ended...
[2]
And Citron Research tweeted...
$VRX [3] has a better chance of going to 0 than $HLF [4] EVER will. Citron to update full story on Monday. Dirtier than anyone has reported!!
— Citron Research (@CitronResearch) October 30, 2015 [5]
Holding Valeant's share price back below $100
[6]
Ackman concluded:
- *ACKMAN: GOV'T WON'T TRY TO DESTROY VALEANT W/BIG PENALTY
- *ACKMAN: `UNLIKELY' THAT OPTIMAL PATH IS TO PROCCEED W/O PEARSON
- *ACKMAN: `NOT CURRENTLY SEEKING ANY BOARD REPRESENTATION'
- *ACKMAN: `BLACKEYE ON MANAGEMENT' THAT THEY MISSED RE PHILIDOR
- *ACKMAN: VALEANT MANAGEMENT WILL LEARN FROM PHILIDOR EXPERIENCE
- *ACKMAN ON WORST CASE: VRX HAS TO ACCEPT SOME RESPONSIBILITY
- *ACKMAN: THINKS VRX WILL REPORT GOOD RESULTS A QRTR FROM NOW
As humiliation for analysts continues... [7]
[8]
VALEANT PHARMA CUT TO NEUTRAL VS BUY AT BTIG and one week ago pic.twitter.com/MNFxPw1qbp [9]
— zerohedge (@zerohedge) October 30, 2015 [10]
Charts: Bloomberg
