Valeant Pharmaceuticals Intl Inc VRX shares are trading lower by $1.36 (11 percent) at $10.75 in Tuesday's session. After Monday's close, Bill Ackman of Pershing Square disclosed he has exited the stock after a tortuous 19 months of price action.
At this time, other investors following Ackman's foray into the issue or purchased the issue for other reasons, are also exiting.
After a lower open, Valeant's stock continued lower, far exceeding the former low of the move ($11.36), reaching $10.50. That marks the lowest level for since May 19, 2009, when it bottomed at $10.32.
However, a few contrarian investors (buying when Ackman sells) along with shorts locking in profits have lifted the issue off its lows for the day. As of 10:16 a.m. ET, the rebound off the lows has been capped at $11.04.
See Also: Pershing Square's Valeant Sale Sends 'Untimely Poor Signal'
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