Protection Sold on Penn National Gaming (PENN)
July 13, 2010 3:17 PM
Shares of Penn National Gaming Inc. (NASDAQ: PENN) are higher on the session by 4.17%, currently trading at $23.99. The stock has been trading largely lower over the past three months, but has found support near the $22.50 handle.
Options traders are selling puts on the name today. The July $25.00 put was sold 500 times on open interest of 2,092 contracts and the August $22.50 put was sold 750 times on open interest of 416 contracts.
Put volume is now running at 7x the daily average.
Penn National Gaming, Inc. is a diversified, multi-jurisdictional owner and manager of gaming and pari-mutuel properties. The company owns or manages 19 facilities in 15 jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario.
