{"id":145520,"date":"2020-08-19T14:53:24","date_gmt":"2020-08-19T21:53:24","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=145520"},"modified":"2020-08-20T08:35:21","modified_gmt":"2020-08-20T15:35:21","slug":"penn-stock-punished-by-portnoy-covid-19-speculation","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/","title":{"rendered":"Penn National Stock Drops with Portnoy COVID-19 Speculation"},"content":{"rendered":"<p>Penn National Stock shares slid Wednesday after <em>BarStool&#8217;s<\/em> David Portnoy posted a video speculating that he might have coronavirus, underscoring just how intimately correlated the fortunes of Penn National Gaming (NASDAQ:PENN) stock is to the success of the company&#8217;s relationship with <i>Barstool Sports.<\/i><\/p>\n<figure id=\"attachment_145524\" aria-describedby=\"caption-attachment-145524\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-145524\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1-142x80.jpg\" alt=\"David Portnoy Of Barstool May Have COVID-19\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1-142x80.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1-1024x576.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1-768x432.jpg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg 1280w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption  id=\"caption-attachment-145524\"class=\"text-description\">Barstool Sports founder David Portnoy speculated he might have COVID-19, sparking a modest sell-off in Penn National Gaming. (Image: <em>FOX Business<\/em>)<\/figcaption><\/figure>\n<p>The gaming company&#8217;s equity swung from an intraday flirtation with $57 to below $54, before settling at $54.73, down 1.17 percent on the day. That&#8217;s after the <i>Barstool <\/i>founder posted a video to Twitter saying he&#8217;s ill, that he hasn&#8217;t been out of bed in 40 hours, and that&#8217;s he eaten just a single apple during that time.<\/p>\n<blockquote class=\"main-blockquote\"><p>I&#8217;m just sick as a (expletive). I haven&#8217;t gotten out of bed in 40 hours,\u201d said Portnoy. \u201cDo I have COVID? I don&#8217;t know. Maybe. I&#8217;m going to fight its (expletive) just like I fight everybody&#8217;s (expletive).<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"qme\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/presstrong?src=hash&amp;ref_src=twsrc%5Etfw\">#presstrong<\/a> <a href=\"https:\/\/t.co\/hSgLqtTxP5\">pic.twitter.com\/hSgLqtTxP5<\/a><\/p>\n<p>&mdash; Dave Portnoy (@stoolpresidente) <a href=\"https:\/\/twitter.com\/stoolpresidente\/status\/1296105078454128640?ref_src=twsrc%5Etfw\">August 19, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>At the time Portnoy posted the video, he noted Penn stock was at $57. Recently, <a href=\"https:\/\/www.casino.org\/news\/penn-national-stock-gets-another-boost-aided-by-analyst-comments\/\">analysts have been fawning<\/a> for the gaming company, citing strength among regional casinos, one of Penn&#8217;s operational fortes. They also tout the potential of the operator&#8217;s tie-up with <i>Barstool <\/i>in the rapidly growing domestic sports betting market.<\/strong><\/p>\n<p>In January, the Pennsylvania-based gaming entity paid $163 million in cash and equity to acquire 36 percent of Portnoy&#8217;s pop culture and sports media property. Penn can eventually own <i>Barstool <\/i>outright for $450 million.<\/p>\n<h2>Putting Things in Context<\/h2>\n<p>The decline in Penn stock Wednesday occurred on volume that was roughly five million shares below the daily average. That indicates selling intensity was kept in check despite Portnoy&#8217;s speculation about his health. Retrenchment in the name, albeit modest, isn&#8217;t unreasonable at this point, because the shares are up 52 percent over the past month and more than doubled over the past 90 days.<\/p>\n<div class=\"callout\">\n<p>Conversely, selling in Penn with rumors of the <i>Barstool<\/i> founder&#8217;s fitness being the impetus is a reminder to investors that there&#8217;s <a href=\"https:\/\/www.casino.org\/news\/penn-national-soars-as-goldman-starts-coverage-with-buy-rating\/\">something of a \u201cPortnoy premium\u201d<\/a> baked into this stock. In a matter of months, the investment community has grown to view the brash mogul as the face of Penn, even though he holds no official leadership role at the company.<\/p>\n<\/div>\n<p>In a subsequent video, Portnoy sought to <a href=\"https:\/\/www.casino.org\/news\/penn-national-is-beloved-by-retail-investors-and-portnoy-may-be-why\/\">assuage his followers<\/a> and, perhaps, Penn investors, by saying it will take more than the coronavirus \u2013 assuming he has it \u2013 to defeat him.<\/p>\n<p><strong>\u201cIt&#8217;s going to take the (expletive) National Guard to get me out of here,\u201d <\/strong>he said.<strong> \u201cBuy the dip if you want. (Expletive) it. I don&#8217;t care. I&#8217;m not going anywhere.\u201d<\/strong><\/p>\n<h2>Brief Hurdle<\/h2>\n<p>If the recent price action in Penn is an accurate indicator, Wednesday&#8217;s weakness is likely to be brief. <strong>With the close at $54.73, the name still offers a decent upside to the high price target of $62 by two Wall Street analysts<\/strong>. Additionally, the shares reside well above the consensus forecast around $47, meaning other analysts could be compelled to ratchet up their projections.<\/p>\n<p>It&#8217;s speculation at this juncture, but it will be interesting to see if Penn rallies on news of Portnoy coming back to health or that he doesn&#8217;t have COVID-19.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Penn National Stock shares slid Wednesday after BarStool&#8217;s David Portnoy posted a video speculating that he might have coronavirus, underscoring just how intimately correlated the fortunes of Penn National Gaming (NASDAQ:PENN) stock is to the success of the company&#8217;s relationship with Barstool Sports. The gaming company&#8217;s equity swung from an intraday flirtation with $57 to [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":145524,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Penn Stock Punished by Portnoy COVID-19 Speculation<\/title>\n<meta name=\"description\" content=\"Penn National Gaming stock had its worst day in weeks after Barstool Sports founder speculated that he could have COVID-19.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn Stock Punished by Portnoy COVID-19 Speculation\" \/>\n<meta property=\"og:description\" content=\"Penn National Gaming stock had its worst day in weeks after Barstool Sports founder speculated that he could have COVID-19.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-19T21:53:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-20T15:35:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/\",\"name\":\"Penn Stock Punished by Portnoy COVID-19 Speculation\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg\",\"datePublished\":\"2020-08-19T21:53:24+00:00\",\"dateModified\":\"2020-08-20T15:35:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn National Gaming stock had its worst day in weeks after Barstool Sports founder speculated that he could have COVID-19.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Barstool Sports founder David Portnoy speculated he might have COVID-19, sparking a modest sell-off in Penn National Gaming. 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Penn Stock Punished by Portnoy COVID-19 Speculation","description":"Penn National Gaming stock had its worst day in weeks after Barstool Sports founder speculated that he could have COVID-19.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Penn Stock Punished by Portnoy COVID-19 Speculation","og_description":"Penn National Gaming stock had its worst day in weeks after Barstool Sports founder speculated that he could have COVID-19.","og_url":"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-08-19T21:53:24+00:00","article_modified_time":"2020-08-20T15:35:21+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/","url":"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/","name":"Penn Stock Punished by Portnoy COVID-19 Speculation","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg","datePublished":"2020-08-19T21:53:24+00:00","dateModified":"2020-08-20T15:35:21+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Penn National Gaming stock had its worst day in weeks after Barstool Sports founder speculated that he could have COVID-19.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/penn-stock-punished-by-portnoy-covid-19-speculation\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/dp-1.jpg","width":1280,"height":720,"caption":"Barstool Sports founder David Portnoy speculated he might have COVID-19, sparking a modest sell-off in Penn National Gaming. 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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