Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is 3% higher today after its board of directors announced that Joseph C. Papa will officially become Valeant’s Chairman and Chief Executive Officer beginning sometime in early May. Mr. Papa was rumored to be the top choice to take over Valeant, but the executive’s former company, Perrigo, only today agreed to waive a non-compete clause that would allow Mr. Papa to do so legally. Mr. Papa has over 35 years of experience in the healthcare services, pharmaceutical, and specialty pharmaceutical industries, including around 20 years of branded prescription drug experience. Bill Ackman‘s Pershing Square is one of the top shareholders of Valeant Pharmaceuticals Intl Inc (NYSE:VRX), with Mr. Ackman now sitting on that board of directors.
In contrast, Perrigo Company plc Ordinary Shares (NYSE:PRGO) shares are 13% in the red after the company named John Hendrickson as its new CEO. As discussed above, Perrigo’s former CEO, Joseph Papa, jumped ship to become the new head of Valeant Pharmaceuticals this morning. Perrigo shares are also trending because the company updated its first quarter guidance to non-GAAP earnings per share of $1.71-to-$1.77 on sales of $1.33 billion-to-$1.35 billion. Of the 786 active funds that we track, 48 of them owned $1.63 billion worth of Perrigo Company plc Ordinary Shares (NYSE:PRGO)’s shares, which accounted for 7.70% of the float on December 31. Those figures were down heavily from 63 funds with $4.6 billion in shares on September 30, largely due to the company’s shareholders voting against a hostile takeover bid from Mylan Inc. (NASDAQ:MYL) during the fourth quarter.
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Advanced Micro Devices Gives Back Some Gains
Advanced Micro Devices, Inc. (NASDAQ:AMD) shares have retreated by 12% today as some investors take profits off the table after the company’s big 52% rally on Friday. Weighing on demand today could also be some bearish analyst commentary after the company’s latest earnings report, in which analysts at Morgan Stanley and Oppenheimer both reiterated ‘Sell’ ratings on the stock. Despite Friday’s bullish news that Advanced Micro Devices is forming a joint venture with the Chinese consortium THATIC in a deal that should net it up to $293 million in licensing fees, Advanced Micro Devices, Inc. (NASDAQ:AMD) isn’t profitable and still faces an uphill climb versus other established semiconductor players. Cliff Asness‘ AQR Capital Management owned 700,000 AMD shares at the end of December.
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Disclosure: None
