Why Penn National Gaming Stock Surged Today
Shares of Penn National Gaming (NASDAQ: PENN) jumped 11.7% on Friday, furthering their gains since the release of the company's better-than-expected second-quarter results.
Penn suffered heavy losses due to coronavirus-related closures of its casinos. Its revenue fell 77% year over year, to $305.5 million. In turn, the company generated a net loss of $214.4 million, or $1.69 per share, compared to net income of $51.4 million, or $0.44 per share, in the year-ago quarter. However, both figures were better than Wall Street expected. Analysts' estimates had called for revenue of $249.1 million and a per-share loss of $2.06.
Penn National Gaming stock has delivered sizable gains to investors in recent days. Image source: Getty Images.
Source Fool.com
