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We recently published a list of 10 Firms Close Shortened Trading Week Higher. In this article, we are going to take a look at where PENN Entertainment, Inc. (NASDAQ:PENN) stands against other firms close shortened trading week higher.
Wall Street’s main indices ended the shortened trading week in the red territory on Friday after labor market data came in much hotter than expected, fueling concerns that the Federal Reserve will not cut rates again.
Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent, while the S&P 500 declined by 1.54 percent.
Meanwhile, 10 companies in the mixed sector posted notable gains amid fresh catalysts that perked up buying appetite. In this article, let’s explore the reasons behind their rally.
In Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
The bright and neon lights of a glitzy casino, revealing the company's iCasino and gaming properties.
PENN Entertainment, Inc. (NASDAQ:PENN)
Share prices of American entertainment firm PENN Entertainment, Inc. (NASDAQ:PENN) ended the week higher by 4.92 percent to end at $19.19 per share as investors resorted to profit-taking following an intra-day dip.
In other news, the company strengthened its partnership with premier sports media brand ESPN with the rebranding of the former’s 10 more retail sportsbooks with the ESPN brand.
According to PENN Entertainment, Inc. (NASDAQ:PENN), it would launch the ESPN Bet sportsbook at various locations across Pennsylvania, Colorado, Ohio, Iowa, Indiana, and West Virginia and will serve customers under PENN’s Hollywood and Ameristar casino brands.
Apart from the newly converted sportsbook, PENN already has existing ESPN Bet retail locations in Kansas, Louisiana, Maryland, Michigan, and Ohio.
Overall, PENN ranks 9th on our list of firms close shortened trading week higher. While we acknowledge the potential of PENN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PENN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.