BUZZ-Mallinckrodt shares tumble again, day after Valeant meltdown

Wed Mar 16, 2016 10:02am EDT
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** Shares of Mallinckrodt down 11.4 pct in Wednesday morning trading, day after tumbling 14.5 pct on Tuesday on report from Valeant Pharmaceuticals that wounded shares of specialty drugmakers

** Mallinckrodt shares fall as low as $50.96 during the session, lowest point since January 2014

** Valeant shares were sliced in half on Tuesday after the company said a delay in filing its annual report put it in danger of a default and it cut its 2016 forecasts

** JP Morgan analyst Chris Schott said in research note that he expects Valeant headlines to continue to weigh on the sector, noting "it's hard to call a bottom in sentiment in the near-term."

** Short-seller Andrew Left of Citron Research and Mallinckrodt Chief Executive Mark Trudeau debated the company on CNBC television on Tuesday

** MNK shares trading at 6.5 times forward earnings estimates, according to Thomson Reuters data