Valeant To Host Investor Day On Dec. 16 As Stock Eyes Win Streak

By MarketWatch Pulse

Valeant Pharmaceuticals International Inc. said Friday it will host an investor day on Dec. 16 to discuss its financial outlook and discuss "certain business operations." The beleaguered specialty pharmaceutical company, in which Bill Ackman's Pershing Square holds a sizable stake, has witnessed its stock drop 40% over the past month amid allegations of improper accounting practices. The stock recouped some of its losses on Thursday after Citigroup initiated coverage on the company's debt with an "overweight" rating and said most of the negative news has been priced in. Valeant shares are poised for a third day of gains with the stock up 5% to $88.21.

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