Concordia Healthcare Plunges, Attempts To Rebound

Concordia Healthcare Corp CXRX shares are trading lower by $4.30 (13 percent) at $26.75 in Thursday's session. According to the Wall Street Journal, Blackstone and Carlyle may be pulling out of the sale process of the company.

The issue, which only a few hours ago was on the verge of testing its March 14 high ($35.23), traded as high as $34.52 and is now well under $30.

Although a deal with Blackstone was imminent as late as 11:36 a.m. ET, it was in jeopardy only a few hours later.

As a result, the issue plunged from the $34 area to $25.15 in a matter of 10 minutes. The rebound off the low was capped at $28.59 and now the issue is drifting back towards the low of the day.