PENN: Adding Penn National Gaming to Investing Ideas (Short Side)

04/02/19 03:00PM EDT

Below is a note written by CEO Keith McCullough on why we're adding Penn National Gaming (PENN) to the short side of Investing Ideas today:

Looking for more high quality SELL ideas from my research team that have bounced to lower-highs on #decelerating volume?

Todd Jordan remains The Bear on Penn Gaming (PENN) and it's green today. Here's an excerpt from the summary sell thesis (Institutional Research):

"Even PENN's solid management team will likely struggle to create value in the current regional gaming environment.  Beyond a few near term catalysts that could mobilize this beaten down stock, we see the exact wrong financial structure for a company facing as many secular, macro, and competitive threats as PENN.  Many of these threats are unknown or underappreciated by the Street..."

KM
© 2024 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.