Penn National Gaming (PENN) NewsBite - PENN Rises on Ohio Gaming Vote

Penn National Gaming (NasdaqNM: PENN) opened at $27.50. So far today, the stock has hit a low of $27.49 and a high of $28.88. PENN is now trading at $28.50, up $2.29 (8.74%). Over the last 52 weeks the stock has ranged from a low of $13.68 to a high of $35.18. Shares of PENN are rising on news that voters in Ohio approved ballot measures to allow casinos in four cities in the state. PENN will build two of the casinos, in Toledo and Columbus, which are scheduled to open in 2012. Technical indicators for the stock are bearish and S&P does not currently have a STARS rating for PENN. If you are looking for a hedged play on PENN the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 25 range.

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Related terms: ohio, pennsylvania, S&P