Valeant Gets Temporary Boost From Fire Sale Of Assets
Valeant Pharmaceuticals Intl Inc (NYSE: VRX) shares are trading higher by $1.20 (7.6 percent) at $16.55 in Tuesday's session. The catalyst for the rally is the announcement that company has disposed of assets that will bring $2.1 billion to the cash-starved company.
After a higher open, it rallied another $0.22 to $17.55 before reversing course. That high coincides with a series of four consecutive highs ($17.45 to $17.65) from late November.
So far, the ensuing decline has found support ahead of the upper-end of Monday's range ($15.65) as the current low stands at $16.45. However, there may be some more work to do on the downside as the issue has is trading just off that low.
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