Valeant Has Another Leg Lower After Bad Q3 Report

Valeant Pharmaceuticals Intl Inc VRX shares are trading lower by $3.70 at $15.43 in Tuesday's session. The catalyst for sharp decline is a Q3 miss of $0.20 along with a slight miss for revenues. The company lowered FY 2016 EPS and revenues.

The EPS cut was of most significance, as it was lowered from a range of $6.60-$7.00 to $5.30-$5.50 range.

After panic-selling off the open, the issue bottomed $0.22 off its opening print of $13.99 at $13.77 and immediate began to rebound. That low coincides with its May 2010 low of $13.56.

Since making that low, it has continued to make highs for the session, with the current one standing at $15.76. In order to reach the lower-end of Monday's range, it would need to reach $18.75.