Was Tuesday capitulation day for shareholders of Valeant Pharmaceuticals International, which lost nearly half its value after cutting its revenue and earnings guidance for the rest of the year amid fears that it may default on its debt? Was this the day its longtime bulls finally surrendered and liquidated their positions in the beleagured Laval, Quebec–based drugmaker?
We probably won’t know for sure until mid-May, when hedge funds disclose their first-quarter holdings with regulators.
