This content is from: Portfolio

The Morning Brief: Valeant Shares Take Another Tumble

Shares of Valeant Pharmaceuticals International fell about 6.6 percent, to $27.07, after the company announced it is seeking a waiver that would give it more time to file its 2015 annual report and first quarter 2016 report.

“These extensions provide relief under the credit facility,” the embattled drug maker said in a statement. The company also said its proposal would also waive the possible default that arose when its annual report was not filed on time. It was due March 15, 2016. The proposed waiver and amendment must be approved by lenders holding more than 50 percent of the company’s loans.

Valeant is also asking its lenders to amend, among other things, the interest coverage maintenance covenant and certain financial definitions that would provide additional cushion in its financial covenants.

“The terms of the proposed amendment will restrict the Company’s ability to make certain acquisitions and other investments and to pay dividends and other restricted payments until the financial statements are filed and the company achieves certain leverage ratios,” it assures.


Shares of hedge fund favorite Apple jumped 1.75 percent, to $109.56, after Cowen & Company raised its rating on the maker of the iPad and iPhone to outperform from market perform and hiked its price target from $125 to $135. According to a published report, the bank expects the iPhone 7 launch to boost the stock.


BH Macro Ltd., which invests substantially all of its assets in Brevan Howard Master Fund, is down 2 percent this month through March 25. For the year, the fund is down 0.67 percent. It is managed by London-based Brevan Howard Asset Management.

Related Content