Jim Cramer: Valeant Is Vulnerable and Under Fire
Valeant is under fire from regulators and its bondholders as it tries to roll back prices, says Jim Cramer.
Valeant (VRX) is under fire from regulators and its bondholders as it tries to roll back prices, says TheStreet's Jim Cramer. Shares of Valeant were down sharply Tuesday after the struggling Canadian drugmaker posted third-quarter earnings far below consensus estimates, compounded by cuts to its guidance for the remainder of the year -- putting Valeant at risk of breaching covenants on some of its roughly $31 billion of debt. Valeant also slashed its earnings guidance to a range of $5.30 to $5.50 a share for the year, from a previous range of $6.60 to $7.
