Why Penn National's Stock Dropped 25.7% in October
Shares of casino company Penn National (NASDAQ: PENN) dropped 25.7% in October, according to data from S&P Global Market Intelligence, partly driven by third-quarter earnings results. But shares have recovered 18.3% in the first week of November, so most of the sell-off didn't last long.
Quarterly revenue was down 16.6% to $1.13 billion, but adjusted EBITDAR rose 11% to $452.6 million. The drop in revenue isn't as bad as you might expect considering the impact COVID-19 has had on consumer discretionary spending at hotels and casinos. But that's not really what investors were reacting to anyway.
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Source Fool.com
