Really inconsistent day.
And of course Valeant (VRX) down big with the rest of the drug stocks holding their own.
Many have asked me if it is right to bottom fish in Valeant. I think if there is any chance for a rebound that Ackman wouldn't choose to sell it.
That said, Valeant just raised a lot of money and I think it can hang on for something, anything, perhaps something in its pipeline that Joe Papa said would make a difference.
Otherwise what you have is a fund manager leaving a stock where he had all the information in the world including whether it could sell a division for a huge amount of money to pay down debt and they pretty obviously aren't going to do that.
The only thing that could make Valeant attractive in peoples' eyes is that it used to be so much higher.
But that was before you could buy whatever company you want, strip it of R&D spend, raise prices and have a low tax jurisdiction. That game is over.
Can you make a couple of bucks after the block is finally put away? I don't know; I think you would be dealing with a lot of other flipper-shareholders who want out up 45 cents from now.