Investors Demonstrate Disappoint Over Return Of Valeant CEO From Sick Leave, Downgrade And Guidance Withdrawal

Valeant Pharmaceuticals Intl Inc VRX shares are trading lower by $7.7 at $73.58 in Monday's session. The Street appears to not be pleased with the return of its CEO from sick leave, the withdrawal of prior guidance and the TD Securities downgrade to Hold from Buy.

After a lower open, it could only manage a $0.13 bounce to $76.65 before continuing its mover lower. So far, it has found intraday support ahead of its February 22 low ($72.43), only reaching $72.65 and is attempting to remain in the $73 handle. Also, Valeant bottomed in this area on November 19 at $72.38.

If the decline continues, there may be additional support at the low for the move that was made on November 18 at $69.33.