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Penn National Slides on Outlook

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July 29, 2009 |Comments: 0
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Shares of Penn National Gaming Inc. (PENN) 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.

Read the full analyst report on PENN

 

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