On November 1 shares of VRX dropped near the 52-week lows. The move came as headlines that a former Executive at the company might be under criminal investigation. Event Trader took advantage of some of the panic selling to jump into the name once the panic selling settled and VRX held $18. He quickly scalped the name for a nice profit rather than hold it into earnings the following week. A poor earnings report would eventually chop the stock down to $13.77 on November 8.

01-Nov-16
09:36 ET
EVENT Event Trader: Entering a Long in VRX here at 18.55, risking $1 (18.55 +0.68)
01-Nov-16
09:40 ET
EVENT Event Trader: VRX Follow Up- Had mentioned this in my pre-market notes as being on my early radar; just an intraday play here with an eye on a scalp (18.57 +0.72)
As I noted in my pre-market comment I like this as a 2017 January effect type play. I think it will be tough to play it for a swing long into the end of the year as I think it is a prime candidate for tax selling losses
01-Nov-16
15:35 ET
EVENT Event Trader: Scalping a piece of VRX long here at 19.77; selling core asset here according to headlines
01-Nov-16
15:40 ET
EVENT Event Trader: At first I had no intention of holding VRX overnight but that rumor has helped move us into the money and will keep shorts at bay, so will keep remainder (approx 1/2) on at the moment with stops at the 18.55 entry (20.55 +2.76)
Stock did hold up well all day given the market sell off so that is encouraging. I think shorts may be a little exhausted at the moment. Might scalp another 1/4 here on this move. Actually I am going to take a piece here at 20.85 for approx 2.30 move, so a 1/4 left on the position.
01-Nov-16
15:46 ET
EVENT Event Trader: Looking at a near 25% gain in that final piece of VRX, not looking to get greedy here as it was only going to be a day trade so I will take it off here and take the profits to end the day on a good note