Valeant Pharmaceuticals (VRX) announced earnings for 2Q16 on August 9, 2016. During the second quarter of 2016, Valeant reported sales amounting to $2.42 billion, which were lower than Wall Street analysts’ projections of $2.46 billion. Although there was a revenue miss by 1.8% in 2Q16, VRX was up by ~25% with a closing stock price of $28.16 on August 9 from the previous day’s closing of $22.45. Valeant reaffirmed its fiscal 2016 guidance, and perhaps this was the major reason behind the jump in the stock price.