Shares of Valeant Pharmaceuticals International plunged about 13 per cent to a new low in pre-market trading this morning following the departure of one of its major investors.
Ackman now sits on Valeant's board, along with Pershing Square's vice-chairman, Steve Fraidin. Finally, Rodman & Renshaw reiterated a "neutral" rating and issued a $17.00 price objective (down from $23.00) on shares of Valeant Pharmaceuticals Intl in a research report on Monday, February 27th.
According to Bloomberg, Valeant's investment has been one of the worst decisions of Ackman, losing almost $4 million.
Taking a longer term look at where the stock has been and where it's headed, we note that now the stock has traded in the range of $10.5000 - 53.9000 over the past 52-weeks. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The stock was trading north of $250 a share during mid-2015. Precise figures are hard to come by, but public filings suggest that Ackman's Pershing Square Capital Management may have lost $2.8 billion just on the Valeant shares it owned at the end of 2016, with overall losses likely to be much higher. In most recent quarter, LT Debt/Equity ratio was listed at 9.47 and Total Debt/Equity ratio was noted at 9.47.
Valeant, which technically is based in Canada but operates from headquarters in Bridgewater, New Jersey, ousted Michael Pearson, the CEO responsible for the price-hiking strategy, early previous year. Valeant is now trying to refinance its debt, which seems to have spooked investors even more.
Still, investors haven't been buying tales of the "new Valeant". Several funds began shorting stock, citing unclear business models and lack of transparency about earnings. The Return on Assets stands at -5.2%, Return on Equity shows -52.7% and Return on Investment value is -1.6%. In dramatic contrast, the fund dumped the roughly 27 million remaining shares at an average price of roughly $11 each, CNBC reported, citing unidentified sources. Laurion Capital Management LP raised its stake in shares of Valeant Pharmaceuticals Intl by 0.3% in the second quarter. Ackman later called Valeant-the worst-performing stock he says he ever owned-a "very big mistake". The business's revenue for the quarter was down 12.9% on a year-over-year basis.
The kingdom, the world's biggest oil exporter, had long refused to cut output under veteran oil minister Ali al-Naimi. United States drillers boosted the rig count by eight to 617 last week, according to data Friday from Baker Hughes.
Numerous mass graves date back to ISIS's initial occupation of territory in Iraq near major cities like Tikrit, Sinjar, and Mosul. The operation is part of a larger military offensive to liberate Mosul from IS, which overran the city in 2014.
While Chicago braced for its first snowfall in months, larger snowstorms were expected on the East Coast. Around three to six inches of snow are expected on the ground in most of the Chicago area by 3 p.m.
Parrikar did not enjoy the majority. "The mandate was fractured but every fraction has been stitched together", he said. Three ministers - Vijai Sardesai, Vinod Palienkar and Jayesh Salgaonkar - are from the Goa Forward Party.
The series will follow super-smart 9-year-old Sheldon and his family as he attends high school in East Texas. The new project is a prequel spin-off of the network's juggernaut comedy series, The Big Bang Theory.
The Fed is betting businesses will shrug off the extra cost of borrowing, continue to invest in the U.S. economy and create jobs. During January-October a year ago , BI cut its benchmark rate six times by a total of 150 basis points (bps) to 4.75 percent.
The release of Mass Effect: Andromeda is only two weeks away, and every day, EA and BioWare tease something new about the game. The demo showcases oodles of never-before-seen gameplay with the focus being the Loyalty Mission for Liam Kosta .
Most of those assets are draft picks and they are banking on some of them becoming good National Football League players. If the Browns can't find a trade partner for Osweiler , they can cut him and owe him nothing besides his 2017 salary.
Real Madrid vice president Emilio Butragueno added: "We are fully aware of how passionate people are about futbol here in Miami". A Friday press conference on Miami Beach will announce the game and events surrounding it.
Gov. Wolf announces travel restrictions ahead of snow storm
Plow truck drivers will be out once this storm moves into the area making the interstates and busiest roads a priority. Travel restrictions are expected for I-99 with a 45-mile-per-hour speed limit from Cumberland, Maryland to Bedford.
Texas Southern opens NCAA tourney vs. North Carolina
UNC's opponent enters the tournament after going 16-2 in the SWAC conference on their way to a 23-11 overall record. If history is any indicator, there will nearly certainly be some ACC flavor in town for the NCAA Tournament .
E-mail threat forces JCC to close
The DeWitt center was put on lockdown for some time while police investigated a non-specific threat of violence. Similar threats have been called in today in Wisconsin, New York and California.
Kane Sustains Injury In FA Cup Match
That'd be, obviously, the worst-case scenario, but it's way too early to make that kind of 1:1 correlation. One of our best performances was against Manchester City [2-0 victory in October] and he was the striker.
The sudden death of Russian Ambassador Vitaly Churkin
He spent over 40 years in the diplomatic service and headed the Russian Mission to the United Nations for more than a decade. The medical examiner investigates deaths that occur by criminal violence, accident or suicide or when the death is sudden.
Court Ousts South Korean President Park Geun-hye
Outside South Korea's Constitutional Court Friday morning, thousands of South Koreans crammed onto the street to await the ruling. A leftish government might well re-open the industrial complex just inside North Korea, but with South Korean firms and managers.