Why Penn National Gaming Stock Jumped as Much as 12% Today
Shares of casino operator Penn National Gaming (NASDAQ: PENN) rose roughly 12.5% in the first half-hour of trading on Thursday. They then promptly gave back almost all of that gain before heading higher again. By roughly noon EDT today, the stock was holding on to a gain of around 10%. This type of volatility isn't shocking, given that Penn National is up an incredible 150% so far in 2020, easily outdistancing most of its peers.
During the early part of the 2020 recession, Penn National fell sharply along with its peers. The big concern was that the shutdowns of nonessential businesses in order to slow the spread of the coronavirus would be bad for casino companies. It was: Penn National reported a per-share loss of $1.69 in the second quarter. But when its shares started to recover, along with many of its peers, the focus shifted from its physical casino plans to its digital plans.
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Source Fool.com
