Why Penn National Gaming Stock Is Rising Today
Shares of Penn National Gaming (NASDAQ: PENN) are rising today, up roughly 12% as of 11 a.m. EDT, after the company reported second-quarter results. The coronavirus pandemic caused revenue and earnings to plunge, but investors seem optimistic about the casino operator's future.
Penn National's revenue declined by around 75% year over year in Q2 2020. That's pretty brutal and clearly reflects the government-mandated shutdowns enacted in an attempt to slow the spread of COVID-19. Earnings fell from $0.44 per share in the second quarter of 2019 to a loss of $1.69 per share this year. Few were shocked by those numbers given the ongoing pandemic.
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Source Fool.com
