Therefore, still not going to sell Calls on it. Yesterday's image had a dotted horizontal line which marked resistance shown in this updated image below. Since price blew through that resistance, I added another, higher, dotted resistance line. That line also just happens to align with the top of the vertical blue line which matches the height of the triangle -- it was yellow in the earlier post.
Interesting about how Bill Ackman finally threw in the towel and lost billions on VRX and now another billionaire investor, Englander of Millennium Management, has been buying up the shares.
Poor Bill ...
What does Englander see in Valeant that Ackman doesn't? The best answer might be that Englander believes that the drugmaker's CEO, Joe Papa, can deliver on his promises.
So far, Papa appears to be doing just that. He promised in August 2016 that he would reduce Valeant's debt by $5 billion within 18 months. Since then, the company has sold off multiple non-core assets, most recently announcing the sale of iNova Pharmaceuticals for $930 million in cash.
Surprisingly, Valeant stock has turned in a better performance than either Gilead Sciences or Synergy so far in 2017. That's not all that great, since Valeant's share price is still below where it started the year. However, the company's asset sales have helped prop up the stock to some extent. Whether or not Englander's bet pays off, though, will probably depend more on how Valeant's new products like psoriasis drug Siliq perform.
Decided to not sell any Calls on it. The vertical yellow line I had on the chart put the goal at 15.50. The stock met the goal this morning so it's sold at $15.69. That puts gain for that VRX at 18% after 3 days from purchase.
The other VRX remains to be assigned after EOD due to its CCs. This was a CC trade from the beginning so its gain is only 4.81% after 7 days from purchase.
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