PENN Entertainment Stock (NASDAQ:PENN), Trade Ideas

PENN Entertainment

Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.

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PENN

PENN Entertainment witnesses a notable uptick in its stock performance following the announcement of a groundbreaking multiyear sports betting partnership between ESPN Bet and the PGA of America. 

PENN Entertainment Shares Jump After ESPN Bet Named Official Sports Betting Sponsor Of PGA Championship

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Analyst Ratings

Penn Entertainment Q1 results were negatively impacted by the ESPN Bet online sports betting segment. Here&#39;s what analysts are saying about the results.

Penn Entertainment Focuses On &#39;Where The Puck Has Been Rather Than Where It&#39;s Going&#39;: 5 Analysts Size Up Q1 Results, Sports Betting Segment

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Earnings

Penn Entertainment reported quarterly losses of 79 cents per share which missed the analyst consensus estimate of losses of 59 cents by 33.9%. Quarterly sales came in at $1.607 billion, missing the analyst consensus estimate of $1.627 billion by 1.25% and representing a 3.95% decrease from the same period last year.

Penn Entertainment Shares Fall After Q1 Results: Here&#39;s Why

PENN Entertainment Inc

PENN BANCSHARES INC by Penn Bancshares, Inc.

Penn Bancshares Inc

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PENNANT INTL GRP PLC by Pennant International Group PLC

Pennant International Group PLC

PennantPark Investment Corporation Common Stock

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PennantPark Floating Rate Capital Ltd. Common Stock

PennantPark Floating Rate Capital Ltd

Pennexx Foods Inc

Pennon Group PLC

PENNON GROUP PLC UNSP/ADR by Pennon Group PLC

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Pennsylvania Real Estate Investment Trust

Pennsylvania Real Estate Investment Trust 6.875% Cum Red Perp Pfd Shs Series -D-

Pennsylvania Real Estate Investment Trust 7 3/8 % Cum Red Perp Pfd Shs Series -B-

Pennsylvania Real Estate Investment Trust 7.20% Cum Red Perp Registered Pfd Shs Series -C-

PENNA WHSE&SAFE DEP CO by Pennsylvania Warehousing & Safe Deposit Co.

Pennsylvania Warehousing & Safe Deposit Co

PennyMac Financial Services, Inc. Common Stock

PennyMac Financial Services Inc

PennyMac Mortgage Investment Trust 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest

PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest

PennyMac Mortgage Investment Trust 6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest

PennyMac Mortgage Investment Trust Common Shares of Beneficial Interest

PennyMac Mortgage Investment Trust 8.50% Senior Notes due 2028

PENN Entertainment <a href="https://www.benzinga.com/quote/PENN">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>)</a> shares traded higher on Tuesday after the company announced a groundbreaking multiyear sports betting partnership between ESPN Bet and the PGA of America. ESPN Bet, developed by PENN Entertainment, will be designated as the &#8220;Official Sports Betting Sponsor&#8221; of the PGA Championship <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38624401/penn-entertainment-focuses-on-where-the-puck-has-been-rather-than-where-its-going-5">through 2026</a>.
What To Know: Tuesday&#8217;s pioneering agreement marks a significant milestone for the PGA Championship, establishing it as the first men&#8217;s golf major with an official sports betting sponsor. ESPN Bet&#8217;s integration into the spectator experience at the PGA Championship, leveraging PENN&#8217;s technology and ESPN&#8217;s brand, promises engaging new opportunities for fans.
Market Response: Investor optimism appears to have surged following the announcement, reflecting confidence in PENN Entertainment&#8217;s strategic positioning in the evolving sports betting landscape, poised to capitalize on the growing intersection of sports and wagering.
Jeff Price, PGA of America&#8217;s Chief Commercial Officer, expressed excitement about the partnership, emphasizing its enhancement of the spectator experience. Jason Birney, VP of Operations at PENN Interactive, echoed Price&#8217;s sentiment, highlighting the pride in being the PGA of America&#8217;s inaugural gaming partner.
"We're pleased to be the PGA of America's first ever gaming partner and align ESPN BET with this prestigious men's golf major. We look forward to accessing highly engaging touchpoints to bring ESPN BET onto the course and into the PGA Championship broadcast on ESPN,&#8221; Birney said.
What&#8217;s Next: ESPN Bet&#8217;s initiatives include establishing the ESPN Bet Members Lounge at the 2024 PGA Championship, offering premium hospitality, integrating into ESPN broadcasts and enriching storytelling with odds and insights.
See Also: <a href="https://www.benzinga.com/news/24/05/38651029/potential-everton-buyer-accused-of-enormous-fraud-in-lawsuit">Potential Everton Buyer Accused of Enormous Fraud in Lawsuit</a>
PENN Price Action: PENN Entertainment&#8217;s shares closed Tuesday up 3.24% at $15.91, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>, 
Image: ESPN Press Room
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="633" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07154427/PENN-1024x633.png" alt="" class="wp-image-326999" style="width:512px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07154427/PENN-1024x633.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07154427/PENN-300x185.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07154427/PENN-768x475.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/07154427/PENN.png 1123w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>

WIIM

PENN Entertainment shares are trading higher after ESPN Bet was named the official sports betting sponsor of the PGA Championship through 2026.

PGA Of America And Penn Entertainment Announce Sports Betting Partnership; ESPN Bet Becomes The "Official Sports Betting Sponsor" Of The PGA Championship Through 2026

PENN Entertainment's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NYSE">PENN</a>) short percent of float has risen 10.26% since its last report. The company recently reported that it has 28.69 million shares sold short, which is 22.14% of all regular shares that are available for trading. Based on its trading volume, it would take traders 5.0 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>PENN Entertainment Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715000414_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for PENN Entertainment has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing PENN Entertainment's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, PENN Entertainment's peer group average for short interest as a percentage of float is 3.99%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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(PENN) - Analyzing PENN Entertainment's Short Interest

Casino and sports betting company PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) reported first-quarter financial results that came in<a href="https://www.benzinga.com/news/earnings/24/05/38590589/penn-entertainment-shares-fall-after-q1-results-heres-why"> lower than analysts' estimates.</a>
Here's what analysts are saying after the report.
<ul>
<li>Needham analyst Bernie McTernan has a Buy rating and lowers the price target from $32 to $26.</li>
<li>JMP Securities analyst Jordan Bender has a Market Perform rating and no price target.</li>
<li>Mizuho analyst Ben Chaiken has a Buy rating and raises the price target from $29 to $32.</li>
<li>Truist analyst Barry Jonas has a Buy rating and $23 price target.</li>
<li>Benchmark analyst Mike Hickey has a Hold rating and no price target.</li>
</ul>
Needham: The Interactive segment hurt first quarter results, McTernan said.
"Management is hopeful customer monetization will improve in the upcoming football season as they expect to benefit from continued product development including greater integration with ESPN, which should be further helped by the recent hire of Disney veteran Aaron LaBerge as CTO," McTernan said.
The analyst said he is "positively biased to the risk reward in shares."
Penn saw lower spending per customer and hold rates for ESPN Bet than expected in the quarter.
"This indicates either ESPN Bet's customers are more casual vs. the industry or ESPN Bet is a secondary app for consumers."
Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38387973/penn-entertainment-upgraded-based-on-espn-bets-zero-valuation-analyst-says">Penn Entertainment Upgraded After Analyst Challenges ESPN Bet&#8217;s Zero Valuation</a>
JMP Securities: The interactive segment weighed down PENN's results and more losses could be ahead, Bender said.
"The outlook for PENN Entertainment's interactive division now incorporates a higher level of losses," Bender said. "We remain hesitant on the stock as the losses for the online business continue to balloon for a company already with high leverage."
The analyst said mid-to-high single-digit market share in North Carolina in April and gaming margins for the month could lead to a gain in online sports betting market share for the month.
Mizuho: While others are fearful after Q1 results, Penn gets a raised price target by Chaiken with the analyst saying the results were stronger than they appear.
"We believe the weakness in the stock is a reflection of a disconnect in expectations, as well as miscommunication regarding underlying trends," Chaiken said.
Penn's retail segment is strong and investors could be overreacting to the weather impact in the first quarter and seasonality, he adds.
Chaiken says the Interactive segment is undervalued. The recent CTO hire and product improvements are coming ahead of the next NFL season.
"While Interactive estimates move lower, there is arguably zero/negative value priced into the stock."
Truist: The Interactive segment caused a sell-off in shares, Jonas said.
The analyst said the Buy thesis holds.
"An ESPN Bet success could drive material upside, but we think there is real unrecognized value in Interactive even outside of ESPN Bet," Jonas said.
The analyst said ESPN Bet metrics could improve with the new NFL season as the product is improved. The company also said it expects to see higher betting amounts and frequency when it expands its parlay offerings.
Benchmark: Hickey said the hail mary for Penn is overhauling the ESPN Bet platform before the next NFL season.
"ESPN Bet has performed poorly with its offerings in parlays, same-game parlays, and player props, lagging market leaders," Hickey said.
Penn&#8217;s commitment to enhancing the ESPN Bet platform might come with high spending and underperforming monetization. "We are concerned about the platform's potential lack of product excellence in in-play betting, a key focus area for product innovation from leading operators, he said."
Using a sports analogy, the analyst says "ESPN Bet is focusing on where the puck has been rather than anticipating where it is going."
"We hold an optimistic outlook regarding ESPN Bet's ability to secure over 10% of the OSB market."
The analyst said reaching this level of success will require more capital investment and could lead to downside for the stock. PENN Price Action: Penn shares are up 0.83% to $15.12 on Friday versus a 52-week trading range of $13.50 to $29.38. Penn shares are down 50% over the last year.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/02/37160836/penn-entertainment-q4-earnings-highlights-revenue-miss-eps-miss-espn-bets-impact">Penn Entertainment Q4 Earnings Highlights: Revenue Miss, EPS Miss, ESPN Bet&#8217;s Impact</a> Image: Shutterstock

Penn Entertainment Focuses On 'Where The Puck Has Been Rather Than Where It's Going': 5 Analysts Size Up Q1 Results, Sports Betting Segment

Wells Fargo analyst Daniel Politzer maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Equal-Weight and lowers the price target from $21 to $18.

Wells Fargo Maintains Equal-Weight on PENN Entertainment, Lowers Price Target to $18

Craig-Hallum analyst Ryan Sigdahl maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Hold and lowers the price target from $25 to $20.

Craig-Hallum Maintains Hold on PENN Entertainment, Lowers Price Target to $20

Benchmark analyst Mike Hickey reiterates PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Hold.

Benchmark Reiterates Hold on PENN Entertainment

Barclays analyst Brandt Montour maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Overweight and lowers the price target from $26 to $22.

Barclays Maintains Overweight on PENN Entertainment, Lowers Price Target to $22

Mizuho analyst Ben Chaiken maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Buy and raises the price target from $29 to $32.

Mizuho Maintains Buy on PENN Entertainment, Raises Price Target to $32

Needham analyst Bernie McTernan maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Buy and lowers the price target from $32 to $26.

Needham Maintains Buy on PENN Entertainment, Lowers Price Target to $26

Needham analyst Bernie McTernan reiterates PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Buy and maintains $32 price target.

Needham Reiterates Buy on PENN Entertainment, Maintains $32 Price Target

PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) shares are trading lower Thursday after the company reported worse-than-expected first-quarter financial results. Here's a look at the key <a href="https://www.benzinga.com/pressreleases/24/05/b38577417/penn-entertainment-reports-first-quarter-results">figures from the report.&nbsp;</a>
The Details:
Penn Entertainment reported quarterly losses of 79 cents per share which missed the analyst consensus estimate of losses of 59 cents by 33.9%.&nbsp;
Quarterly sales came in at $1.607 billion, missing the analyst consensus estimate of $1.627 billion by 1.25% and representing a 3.95% decrease from the same period last year.
Total liquidity as of March 31, 2024 was $1.9 billion, inclusive of $903.6 million in cash and cash equivalents. Traditional net debt as of the end of the quarter was $1.7 billion.
&#8220;Our property level performance showed resilience this quarter, with stable trends continuing into April following portfolio-wide severe weather through mid-February. Meanwhile, ESPN BET continues to drive strong top of funnel demand due to the reach and affinity for the ESPN brand, which led to record online sports betting handle and iCasino gross gaming revenue in the quarter," said Jay Snowden, CEO of Penn Entertainment.&nbsp;
"However, Interactive segment results were negatively impacted primarily by unfavorable hold from major sporting events. We look forward to unveiling additional product enhancements and unique media integrations with ESPN ahead of the 2024 football season. Our improved online product offering will help engage, reactivate, and retain our expanding database, while also advancing our strategy to create a highly differentiated experience for sports fans and sports bettors," Snowden added.&nbsp;
Related News: <a href="https://www.benzinga.com/news/earnings/24/05/38567768/enovix-stock-soars-on-blockbuster-q1-sales">Enovix Stock Soars On Blockbuster Q1 Sales</a>
PENN Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Penn Entertainment shares are down 8.18% at $15.10 at the time of publication Thursday. 
Image: Gerd Altmann from Pixabay

Penn Entertainment Shares Fall After Q1 Results: Here's Why

PENN Entertainment shares are trading lower after the company reported worse-than-expected Q1 financial results.

PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) reported quarterly losses of $(0.79) per share which missed the analyst consensus estimate of $(0.59) by 33.9 percent. The company reported quarterly sales of $1.607 billion which missed the analyst consensus estimate of $1.627 billion by 1.25 percent. This is a 3.95 percent decrease over sales of $1.673 billion the same period last year.

Earnings Misses

PENN Entertainment Q1 2024 Adj EPS $(0.79) Misses $(0.59) Estimate, Sales $1.607B Miss $1.627B Estimate

U.S. stocks look to push ahead on a positive path, now that the <a href="https://www.benzinga.com/markets/equities/24/05/38563545/powell-keeps-hawks-at-bay-says-interest-rate-hike-unlikely-stocks-gold-rally-while-treasury-yiel">Federal Reserve&#8217;s rate decision </a>is in the rearview mirror. Major index futures point to a positive open on Thursday. Pent-up demand following the recent losses could provide some upward thrust to the market but a lot would ride on the earnings reports that traders get to digest.
Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is on track to report after the market closes, while most tech earnings released after Wednesday&#8217;s closing bell have triggered negative reactions. Traders may also watch out for the jobless claims data and bond yields, given their significance for the Fed funds rate.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.95%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.64%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.36%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.87%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Thursday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) climbed 0.67% to $503.71,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) jumped 0.97% to $425.62, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session:
Despite Fed Chair Jerome Powell treading a dovish line, the major averages closed mixed on Wednesday. Stocks mostly languished sideways until the afternoon, characteristic of a Fed decision day. They began to rise after the pause verdict was announced and the upward momentum accelerated after Powell&#8217;s press conference.
The Fed chief made it clear that the Fed would likely ease rather than tighten further and also conceded that the monetary policy is restrictive. Sentiment reversed course in the last thirty minutes of trading and the averages reversed course before closing mixed.
The S&amp;P 500 and the Nasdaq Composite fell for a second straight session, returning to their lowest closing level since April 22. The Dow Industrials ended higher, thanks to strong gains in the shares of Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) and Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>). Energy and IT stocks fell sharply, while utility and communication services stocks gained ground.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.33%</td>
<td>15,605.48</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.34%</td>
<td>5,018.39</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.23%</td>
<td>37,903.29</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.32%</td>
<td>1,980.23</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
There is more downside risk to the market in the intermediate term, said Morgan Stanley&#8217;s Lisa Shalett. She noted that the prospect of interest rate cuts helped buoy stocks in the first quarter. The strength continued, thanks to decent first-quarter 2024 company earnings results thus far as well as investors' hope that above-trend economic growth could offset any negative effects from higher rates. 
The odds of the more concerning recessionary &#8220;hard landing,&#8221; in which the economy slows sharply, have jumped to about 25%-30%, she said.&nbsp;
Larry Tentarelli, Chief Technical Strategist, Blue Chip Daily Trend Report, said a &#8220;no cut scenario&#8221; in 2024 may not be a negative, as long as inflation does not turn up and the economy holds up reasonably well.
&#8220;We believe that the Fed will remain data dependent, meeting to meeting. Unless 12-month core PCE starts to drop meaningfully, to at least 2.40% or less in the next two months than any rate cuts could be delayed, including for all of 2024,&#8221; he said.
&#8220;A caveat here would be the labor market and if jobs start to weaken notably. A very weak jobs market could prompt the Fed to cut, but this is not the case now, with a very strong labor market.&#8221;
Upcoming Economic Data:
<ul>
<li>The Labor Department is due to release its jobless claims report at 8:30 a.m. EDT, with economists, on average, expecting the number of individuals filing for unemployment benefits to come in at 212,000 in the week ended April 25. This compares to the previous reporting week&#8217;s 207,000.</li>
<li>The Labor Department will also release its preliminary first-quarter productivity and costs report around the same time. The consensus estimates call for a 0.5% quarter-over-quarter increase in non-farm productivity and a 4% increase in unit labor costs. This compares to 3.2% and 0.4% growth rates, respectively, for the fourth quarter.</li>
<li>The Commerce Department is scheduled to release its trade balance and factory goods orders data, both for March, at 8:30 a.m. EDT and 10 a.m. EDT, respectively. The trade deficit may have widened to $69.5 billion, up from a deficit of $68.9 billion in February. Factory orders may have increased 1.7% month-over-month, faster than the 1.4% growth in February.</li>
<li>The Treasury will auction four- and eight-week bills at 11:30 a.m. EDT.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures </a>
Stocks In Focus: 
<ul>
<li>Shares of freight &amp; logistics company C.H. Robinson Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>) climbed over 12% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following its quarterly results.</li>
<li>Other shares moving on earnings news are eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) (down over 3%), Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) (down over 12.50%), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) (down about 2.50%), Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>) (down over 27%), Kulicke and Soffa Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLIC#NASDAQ">KLIC</a>) (down about 4%), MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>) (up over 6%), NETGEAR, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTGR#NASDAQ">NTGR</a>) (down over 20%), Monolithic Power Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>) (up over 4%), Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) (down over 10%), Sunnova Energy International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>) (up over 3.50%), Upwork Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPWK#NASDAQ">UPWK</a>) (up about 10%), Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) (down about 9%), DoorDash, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>) (down over 12%) and Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NASDAQ">ZG</a>) (down over 6%).</li>
<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>), Intercontinental Exchange, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>), Kimco Realty Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIM#NYSE">KIM</a>), Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>), PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>) and Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies reporting earnings ahead of the market opening.</a></li>
<li>Notable names reporting after the close are Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) BigBear.ai Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBAI#NYSE">BBAI</a>), BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>), Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>), Cloudflare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>), Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Consolidated Edison, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>), DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>), Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>), Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>), United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>), Regency Centers Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REG#NASDAQ">REG</a>), Reinsurance Group of America, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGA#NYSE">RGA</a>), Pioneer Natural Resources Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>), Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NASDAQ">OPEN</a>) and Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures, which slumped over 3.50% Wednesday following the Fed decision, recovered slightly on Thursday but held below the $80 psychological resistance. After advancing modestly on Wednesday, gold futures reversed course, with an ounce of the yellow metal fetching $2,307.45.
After Wednesday&#8217;s retreat, the 10-year note yield edged up and was around the 4.62% mark.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell below $60,000 but saw a modest recovery early in U.S. premarket hours.
Asian markets, which reopened after Wednesday&#8217;s Labor Day holiday, ended mostly higher, led by the Hong Kong market. The Chinese market remained closed for a second day, in observance of Labor Day. European stocks pulled back in early trading, with the Euros STOXX 50 Index down over 0.40%.
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38573665/bitcoin-selloff-just-getting-started-gold-bull-peter-schiff-spots-bearish-technical"> Bitcoin Selloff Just Getting Started? Gold Bull Peter Schiff Spots Bearish Technical Pattern As BTC Drops Below $60K</a>
Photo via Shutterstock.

Equities

Futures

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Economics

Federal Reserve

Pre-Market Outlook

Markets

$BTC

AAPL

AMGN

AMZN

BBAI

BJRI

BKNG

CHRW

COIN

CYBR

DASH

DKNG

EBAY

ETSY

EXPE

FIVN

FRSH

FSLR

ILMN

KLIC

MNST

MPWR

MRNA

NOVA

NTGR

OPEN

QRVO

RACE

UPWK

WOLF

Nasdaq, S&P 500 Futures Rise Ahead Of Apple Earnings: Why This Analyst Thinks 'No Cut' Scenario May Not Be Negative For Market

Financial giants have made a conspicuous bullish move on PENN Entertainment. Our analysis of options history for PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) revealed 18 unusual trades.
Delving into the details, we found 61% of traders were bullish, while 27% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $256,968, and 13 were calls, valued at $827,513.
<h3>Expected Price Movements</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $17.0 to $22.5 for PENN Entertainment over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for PENN Entertainment's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of PENN Entertainment's whale trades within a strike price range from $17.0 to $22.5 in the last 30 days. 
<h3>PENN Entertainment 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714507274_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$2.48</td>
<td>$2.41</td>
<td>$2.47</td>
<td>$20.00</td>
<td>$139.3K</td>
<td>6.5K</td>
<td>15</td>
</tr>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$6.5</td>
<td>$6.45</td>
<td>$6.45</td>
<td>$22.50</td>
<td>$119.9K</td>
<td>103</td>
<td>48</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$2.49</td>
<td>$2.43</td>
<td>$2.49</td>
<td>$20.00</td>
<td>$108.6K</td>
<td>6.5K</td>
<td>1.0K</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$2.51</td>
<td>$2.42</td>
<td>$2.51</td>
<td>$20.00</td>
<td>$94.1K</td>
<td>6.5K</td>
<td>1.8K</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$2.55</td>
<td>$2.51</td>
<td>$2.55</td>
<td>$20.00</td>
<td>$63.7K</td>
<td>6.5K</td>
<td>1.5K</td>
</tr>
</tbody>
</table>

<h3>About PENN Entertainment</h3>
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands (such as Hollywood Casino and Ameristar), with land-based casinos representing 89% of total sales in 2023 (11% was from the interactive segment, which includes sports, iGaming, and media revenue). The retail portfolio generates mid-30% EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch Nov. 14, 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
In light of the recent options history for PENN Entertainment, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Where Is PENN Entertainment Standing Right Now?</h3>
<ul>
<li>With a volume of 3,208,298, the price of PENN is down -2.82% at $16.55. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 2 days.</li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for PENN Entertainment with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

This Is What Whales Are Betting On PENN Entertainment

Canaccord Genuity analyst Jason Tilchen maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Buy and lowers the price target from $32 to $28.

Canaccord Genuity Maintains Buy on PENN Entertainment, Lowers Price Target to $28

Corporate <a href="https://www.benzinga.com/markets/equities/24/04/38471231/strong-quarterly-earnings-fuel-market-optimism-despite-inflation-concerns-slowing-economic-growt">earnings came to the market&#8217;s rescue in the past week,</a> helping to overcome rate fears. As we look ahead to the unfolding week, it remains to be seen whether the tech earnings deluge can keep the rally&#8217;s momentum going. 
The Week That Was: High-profile Magnificent Seven earnings panned out mostly positively for the market, with Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) the outlier. The social media giant&#8217;s stock fell sharply as traders fretted over the soft second-quarter revenue guidance and the company&#8217;s massive AI investment plans. 
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) managed to appease the Street despite the double miss as it held out the promise of an expeditious launch of a more affordable EV. 
With the earnings season now halfway through, the percentage of S&amp;P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises were above their 10-year averages, <a href="https://insight.factset.com/sp-500-earnings-season-update-april-26-2024?utm_source=Direct&amp;utm_medium=Email&amp;utm_campaign=FO-04-26-2024&amp;utm_content=httpsinsightfactsetcomsp500earningsseasonupdateapril262024">said </a>FactSet in a report.
The blended first-quarter earnings growth of S&amp;P 500 companies is estimated at 3.5%, up from the 0.6% growth estimated in the week ended April 19, the financial data analytics firm said. If the trend holds, the S&amp;P 500 companies are on track to report earnings growth for the third straight quarter.
Of the 11 S&amp;P sector classes, eight sectors reported year-over-year earnings growth, led by communication services, utilities, IT, and consumer discretionary sectors. On the other hand, healthcare, energy, and materials have reported year-over-year earnings declines.
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Look Ahead: The unfolding week will see 175 S&amp;P 500 companies and 6 Dow 30 components releasing their quarterly scorecards. The earnings roster includes two Magnificent Seven companies, namely Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), e-commerce retailers, payment processors, restaurants, and energy and REIT companies.
Earnings from Apple and Amazon could be market-moving, given the weighting of these stocks in the S&amp;P 500 Index. Also, Apple is considered a bellwether, given its exposure to consumers. Morgan Stanley&#8217;s Erik Woodring expects Apple to report a slightly beat but guide June quarter revenue down. 
Investors are likely to keep a close eye on performance in China, Apple&#8217;s updated capital return framework, and capital expenditures, the analyst said.
That said, the analyst is positive on the stock ahead of its annual Worldwide Developers&#8217; Conference due on June 10th. &#8220;With Apple&#8217;s biggest WWDC event on June 10th, we&#8217;d buy post-earnings weakness,&#8221; he said.
Amazon will likely continue to report double-digit sales and profit growth in the first quarter, according to Telsey Advisory Group analyst Joseph Feldman. The analyst premised his optimism on the strength of online spending, gains from expanded merchandise and faster fulfillment, and stabilization (and growth) of AWS. 
&#8220;Importantly, we expect [a] greater focus on profits supported by the growth of higher margin categories and services, such as advertising, media, and AWS (partly helped by AI-related upgrades), the redesigned distribution network&#8230;.. and cost savings,&#8221; he said.
Notable among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting earnings this week</a> are:
Monday 
<ul>
<li>Before the bell: JinkoSolar Holding Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>), ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>), Koninklijke Philips N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHG#NYSE">PHG</a>), SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>)</li>
<li>After the close: F5, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>), Everest Group, Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>), NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>), Lattice Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>), MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), Qiagen N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QGEN#NYSE">QGEN</a>), Rambus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBS#NASDAQ">RMBS</a>), Sanmina Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANM#NASDAQ">SANM</a>), Yum China Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>)</li>
</ul>
Tuesday 
<ul>
<li>Before the bell: 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), The Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), GE HealthCare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>), McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>)</li>
<li>After the close: Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), ONEOK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>), Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>), Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>), Unum Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNM#NYSE">UNM</a>). Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), Stryker Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>), RenaissanceRe Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNR#NYSE">RNR</a>), Prudential Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>), Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), The Clorox Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>), Chesapeake Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NASDAQ">CHK</a>)</li>
</ul>

Wednesday 
<ul>
<li>Before the bell: Bausch + Lomb Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>), CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>), The Estée Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>), Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>), GSK plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>), The Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>), KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), Logitech International S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>), Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), Pfizer, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Wingstop Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>), Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>)</li>
<li>After the close: Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>), The Allstate Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Beazer Homes USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BZH#NYSE">BZH</a>), C.H. Robinson Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>), Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>), Kulicke and Soffa Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLIC#NASDAQ">KLIC</a>), Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>), MetLife, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>), MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), NETGEAR, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTGR#NASDAQ">NTGR</a>), Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>), Sunnova Energy International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>), Upwork Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPWK#NASDAQ">UPWK</a>), Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>), Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NASDAQ">ZG</a>)</li>
</ul>
Thursday 
<ul>
<li>Before the bell: ArcelorMittal S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>), ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>), Intercontinental Exchange, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>), Kimco Realty Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIM#NYSE">KIM</a>), Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>), PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>), Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>)</li>
<li>After the close: Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), BigBear.ai Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBAI#NYSE">BBAI</a>), BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>), Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>), Cloudflare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>), Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Consolidated Edison, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>), DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>), Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>), Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>), United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>), Regency Centers Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REG#NASDAQ">REG</a>), Reinsurance Group of America, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGA#NYSE">RGA</a>), Pioneer Natural Resources Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>), Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NASDAQ">OPEN</a>), Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>)</li>
</ul>
Friday 
<ul>
<li>Before the bell: American Axle &amp; Manufacturing Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXL#NYSE">AXL</a>), Cboe Global Markets, Inc. (CBOE: CBOE), Fluor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLR#NYSE">FLR</a>), The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>), Owens &amp; Minor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>), XPO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>)</li>
</ul>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the performance of the broader S&amp;P 500 Index, ended Friday&#8217;s session up 0.95% at $508.26, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>The ETF has pulled back from its all-time high (intraday) of $524.61 hit on March 28. The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an ETF levered more to high-profile, non-financial tech stocks, rose 1.54% to $431.
Read Next: <a href="https://www.benzinga.com/news/earnings/earnings-misses/24/04/38464570/us-energy-stocks-fall-following-oil-giants-subdued-earnings-reports">US Energy Stocks Fall Following Oil Giants&#8217; Subdued Earnings Reports</a>

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Will Earnings Cheer Continue To Buoy Markets? Apple, Amazon, Pfizer, Coinbase Lead Flurry Of Q1 Reports This Week

Investors with a lot of money to spend have taken a bearish stance on PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PENN, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 11 uncommon options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 27% bullish and 63%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $129,200, and 8 are calls, for a total amount of $637,858.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $10.0 to $37.5 for PENN Entertainment during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
In today's trading context, the average open interest for options of PENN Entertainment stands at 1640.5, with a total volume reaching 4,577.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in PENN Entertainment, situated within the strike price corridor from $10.0 to $37.5, throughout the last 30 days.
<h3>PENN Entertainment 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714152697_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$2.68</td>
<td>$2.57</td>
<td>$2.68</td>
<td>$20.00</td>
<td>$285.6K</td>
<td>4.5K</td>
<td>2.0K</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$2.64</td>
<td>$2.36</td>
<td>$2.5</td>
<td>$20.00</td>
<td>$125.0K</td>
<td>4.5K</td>
<td>8</td>
</tr>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/26/24</td>
<td>$0.45</td>
<td>$0.24</td>
<td>$0.39</td>
<td>$17.50</td>
<td>$63.3K</td>
<td>1.9K</td>
<td>0</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/31/24</td>
<td>$1.88</td>
<td>$1.87</td>
<td>$1.86</td>
<td>$16.00</td>
<td>$47.2K</td>
<td>246</td>
<td>376</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$9.3</td>
<td>$9.15</td>
<td>$9.3</td>
<td>$10.00</td>
<td>$44.6K</td>
<td>103</td>
<td>72</td>
</tr>
</tbody>
</table>

<h3>About PENN Entertainment</h3>
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands (such as Hollywood Casino and Ameristar), with land-based casinos representing 89% of total sales in 2023 (11% was from the interactive segment, which includes sports, iGaming, and media revenue). The retail portfolio generates mid-30% EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch Nov. 14, 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
Having examined the options trading patterns of PENN Entertainment, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Present Market Standing of PENN Entertainment</h3>
<ul>
<li>Trading volume stands at 2,502,884, with PENN's price down by -1.22%, positioned at $16.98.</li>
<li>RSI indicators show the stock to be is currently neutral between overbought and oversold.</li>
<li>Earnings announcement expected in 6 days.</li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for PENN Entertainment, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

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<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
PENN Entertainment (NASDAQ:<a href="https://investorplace.com/stock-quotes/penn-stock-quote/">PENN</a>) just reported results for the first quarter of 2024.<ul><li>PENN Entertainment reported earnings per share of -79 cents. This was below the analyst estimate for EPS of -59 cents.</li><li>The company reported revenue of $1.61 billion.</li><li>This was 1.41% worse than the analyst estimate for revenue of $1.63 billion.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/05/penn-stock-earnings-penn-entertainment-for-q1-of-2024/">PENN Stock Earnings: PENN Entertainment Misses EPS, Misses Revenue for Q1 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

PENN Stock Earnings: PENN Entertainment Misses EPS, Misses Revenue for Q1 2024

PENN Entertainment, Inc. (PENN) Q1 2024 Earnings Call Transcript

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<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Sometimes great companies fail to respond effectively to huge, new threats because they&rsquo;re stuck in a rut and become stocks to sell. The classic example of this phenomenon is Blockbuster&rsquo;s failure to acquire Netflix (NASDAQ:<a href="https://investorplace.com/stock-quotes/nflx-stock-quote/">NFLX</a>) when it had a golden opportunity to easily do so. For the readers who are too young to remember Blockbuster and haven&rsquo;t heard about it, the company relied on renting DVDs through brick-and-mortar stores. In 2000, money-losing Netflix was renting <a href="https://finance.yahoo.com/news/blockbuster-had-opportunity-buy-netflix-185915158.html">DVDs through the mail</a> and, I believe, had the vision of one day streaming movies. In that year, Netflix offered to sell itself to Blockbuster for just $50 million, and Blockbuster refused the offer.



Obviously, Blockbuster&rsquo;s decision to simply stay the course in the face of huge technological changes proved to be disastrous. The chain subsequently declared bankruptcy and ceased to exist. Here are three contemporary firms that, like Blockbuster, are failing to react effectively to gigantic, looming problems. As a result, I view these names as stocks to sell.



<h2>Starbucks (SBUX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/sbux1600a-300x169.jpg" alt="the Starbucks (SBUX) logo on a sign outside of a coffee shop"><div>Source: Grand Warszawski / Shutterstock.com</div></div>Starbucks (NASDAQ:<a href="https://investorplace.com/stock-quotes/sbux-stock-quote/">SBUX</a>) is facing <a href="https://www.investorsobserver.com/news/qm-news/6600431134487204">huge competition</a> in China and the U.S. from coffee brands Luckin Coffee (OTCMKTS:<a href="https://investorplace.com/stock-quotes/lkncy-stock-quote/">LKNCY</a>) and Dutch Bros (NYSE:<a href="https://investorplace.com/stock-quotes/bros-stock-quote/">BROS</a>). I believe that the key factor behind Starbucks&rsquo; recently reported disastrous fiscal second-quarter results was the tough competition from these two rapidly growing firms.



In my opinion, Starbucks made a crucial error by failing to acquire Luckin and/or Dutch Bros when they were trading at much lower levels. If Starbucks had offered to buy them in 2022, for example, the coffee giant could have obtained them for a relatively small sum.



As long as Dutch Bros and Luckin continue to expand and gain market share, I believe that Starbucks will be, at best, &ldquo;dead money&rdquo; going forward. Consequently, it&rsquo;s definitely among stocks to sell.



<h2>Walt Disney (DIS)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/05/dis-1600-1-300x169.png" alt="Disney logo on a store front. DIS stock."><div>Source: chrisdorney / Shutterstock</div></div>For many years, I&rsquo;ve believed that Walt Disney&rsquo;s (NYSE:<a href="https://investorplace.com/stock-quotes/dis-stock-quote/">DIS</a>) two largest businesses, cable TV channels and movies, were going to shrink dramatically. And, so far, my thesis has certainly proven to be accurate. Cord cutting is continuously reducing cable subscriber totals and Americans are visiting movie theaters much less than they once did. There is also significant competition in the streaming sector. As a result, I thought that Disney&rsquo;s streaming services would not be a good way to compensate for the declining profits of its cable channel and movie businesses. The latter theory has also proved to be on target, as the conglomerate&rsquo;s streaming channels <a href="https://variety.com/2024/tv/news/disney-plus-subscribers-down-price-hike-q1-2024-earnings-1235900093/">still aren&rsquo;t profitable.</a>



Disney&rsquo;s decision to put so many of its eggs in the streaming basket was certainly erroneous, as was its decision to spend a huge $71.3 billion on buying 21st Century Fox. By that year, Disney should have seen that its movie and cable assets were headed for big problems.



Instead, Disney should have doubled down on its highly successful parks business by building and/or acquiring parks in additional countries. Buying an online sports betting company company and trying to promote it through ESPN also would have made sense.



The conglomerate very belatedly took a tentative step in that direction by <a href="https://www.investopedia.com/entering-sports-betting-disney-s-espn-signs-usd2b-deal-with-penn-entertainment-7574411">launching a sports-betting partnership</a> with Penn Entertainment (NASDAQ:<a href="https://investorplace.com/stock-quotes/penn-stock-quote/">PENN</a>) last year. But Disney is not going to directly obtain revenue from the deal. Moreover, the companies&rsquo; venture, called, ESPN Bet has a huge disadvantage because it was launched so many years after other companies in the space had already acquired a high number of customers.



<h2>Apple (AAPL)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/09/aapl1600-300x169.png" alt="Apple (AAPL) logo brand and text sign on entrance facade store American multinational boutique corporation dealership shop. Apple Layoffs"><div>Source: sylv1rob1 / Shutterstock.com</div></div>Last quarter, Apple&rsquo;s<a href="https://seekingalpha.com/news/4099170-apple-gaap-eps-of-1_53-beats-0_03-revenue-of-90_8b-beats-190m"> top line dropped a dismal</a> 4.3% versus the same period a year earlier to $90.75 billion. Even more importantly, last quarter was the fifth out of the last six quarters that the storied company&rsquo;s revenue has fallen. Moreover, the sales generated by the tech giant&rsquo;s flagship products <a href="https://seekingalpha.com/news/4099270-apple-in-charts-iphone-revenue-slumps-yy-services-revenue-climbs">tumbled</a> a huge 10.5% YOY last quarter.



The firm is supposed to enhance the iPhone with AI capabilities later this year. But, given the company&rsquo;s inability under CEO Tim Cook to introduce truly needle-moving product initiatives, I don&rsquo;t expect the changes to boost the iPhone&rsquo;s sales significantly, let alone meaningfully increase the company&rsquo;s overall top line.



Apple could have and should have acquired Roku (NASDDAQ:<a href="https://investorplace.com/stock-quotes/roku-stock-quote/">ROKU</a>). If the tech giant had advertised Apple TV on the platform, its streaming initiative would have become a big success. And it would have been able to tout its many other products on Roku, which could have significantly lifted sales of these other offerings.



On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>
<div>Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel&rsquo;s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been SMCI, INTC, and MGM. You can reach him on Stocktwits at @larryramer.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/05/time-to-sell-these-3-under-performing-stocks-based-on-their-bad-decisions/">Time to Sell These 3 Under-Performing Stocks Based on Their Bad Decisions</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Time to Sell These 3 Under-Performing Stocks Based on Their Bad Decisions

ACGL

BROS

CSGP

CVNA

FSLY

IRDM

KNSL

LKNCY

MRETF

MSFT

MSTR

NFLX

NVDA

PRDO

PTON

QCOM

ROKU

SBUX

SMCI

XPEV

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