Valeant shares continue uptick

Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX) posted a second straight day of strong gains, adding C$12.57 to C$163.57 in Toronto and $8.88 to $118.47 in New York on Wednesday as investors digested the company's new financial guidance. This quarter, the company expects revenues of $2.7-$2.8 billion, down from prior guidance of $3.25-$3.45 billion. The cut was not a surprise, and reflects Valeant cutting ties in October with specialty pharmacy Philidor Rx Services LLC (Hatboro, Pa.).

Valeant also introduced new guidance for 2016, when it expects to post non-GAAP EPS of $13.25-$13.75 on revenues of $12.5-$12.7 billion. ...