Trading desks have a name for stocks like Valeant Pharmaceuticals International Inc: They call them hedge-fund hotels. And to mangle a line from the Eagles, at a hedge-fund hotel, you can check out any time you like, but it sure hurts to leave.
In good times, go-go stocks such as the Laval-based drug company attract an evangelical following from the hot-money crowd, with the likes of Bill Ackman at Pershing Square Capital Management using every opportunity to preach the gospel according to Valeant.Report Typo/Error
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- Updated July 24 4:00 PM EDT. Delayed by at least 15 minutes.