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Penn National Slides on Outlook
Shares of Penn National Gaming Inc. (PENN - Snapshot Report) slipped more than 5% so far today after the casino operator slashed its full-year outlook.
PENN now expects $1.27 per share, against the prior outlook of $1.38.
The Zacks Consensus Estimate is at $1.44 per share, which has edged up a penny over the past month.
Meanwhile, Penn National's second-quarter adjusted earnings came in at 32 cents per share, missing the Zacks Consensus Estimate by 11.1%.
Revenue declined 6.4% to $580.8 million as recession-weary customers reduced discretionary spending on entertainment.
PENN, a Zacks #3 Rank ("Hold") stock, is trading on heavier-than-usual volume of approximately 2 million, compared to the average daily volume of about 717,000.
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| Market Summary | Feb 10, 2010 08:56 am ET |
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