Valeant Falls Under $23, But Attempts Rebounds

Valeant Pharmaceuticals Intl Inc VRX shares are trading lower by $4 (15 percent) at $24.85 in Tuesday's session. The catalyst for the decline to a new low for the move is a Q1 miss of dime with a slight beat for sales. The company slashed it FY 2016 outlook.

Related Link: Valeant Isn't A Quick Fix; Barclays Remains Positive

After ending Monday's session at $28.85, the issue opened sharply lower at $23.80. It sliced thought its former low of move ($23.55), falling to $22.52 before staging a rebound.

The ensuing rally has taken the issue to $24.98. If the issue continues to move higher, the bottom of Monday's range is not until Monday's low ($28.53).

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