Prior to the renaissance of online-sports gambling, Penn National Gaming (NASDAQ:PENN) was primarily known as an owner and operator of regional casino properties. That was a highly profitable venture until the novel coronavirus kept gamblers away from crowded casinos, which in turn put pressure on the price of PENN stock.Source: Casimiro PT / Shutterstock.com While the traditional casino business was hit hard by lockdowns and social distancing, e-commerce thrived during the first half of the year. The gaming industry had to adapt to this new environment or risk being put out of business.Penn National Gaming is adapting and making the best of a challenging situation. Sure, PENN stock can be viewed as a "reopening trade," as America's restrictions on in-person gambling are gradually being lifted. An equally strong argument, however, can be made that Penn National is a compelling wager on online sports gambling with strong breakout potential.InvestorPlace – Stock Market News, Stock Advice & Trading Tips A Closer Look at PENN StockIt's difficult to predict exactly when the stock's breakthrough moment will occur. Yet, based on its historical price action, we can at least discern the price point that needs to be breached.The bulls have made several runs for the $38 level this year. However, each and every time, the bulls were rejected, and the share price fell quickly. It's frustrating, no doubt, but that's the name of the game. as sometimes it takes many attempts before a resistance level is finally breached. * 10 Cybersecurity Stocks We Need Now More Than Ever What the bulls need now is an increase in the daily trading volume of PENN stock as well as upward momentum in the share price. But once that $38 price point is broken with conviction, it's off to the races, and $45 should be the bulls' next target. Reopenings Will Drive GrowthWhile the headline story should be the online-sports angle, I would be remiss to ignore the possibility of PENN stock benefiting from the reopening of the economy. After all, the fact that America's casinos are being allowed to open again should be eventful for Penn National Gaming and its stakeholders. Penn National Gaming's recovery in this domain will take place on a state-by-state basis.To provide a couple of examples, we can observe that not long ago, the company announced two significant reopenings. One was the Plainridge Park Casino, located in Massachusetts. The other was Maine's Hollywood Casino Bangor.After these two reopenings, 37 of Penn National's 41 gaming and racing properties are now up and running. So the company is not quite back to its pre-pandemic levels yet. Nevertheless, the owners of PENN stock should be encouraged by the progress that's being made. Gambling Hasn't Gone AwayAlthough the novel coronavirus kept people out of casinos, not everyone has stopped gambling. They're just doing it differently now. During the shutdowns, some bored people were introduced to online gaming, and now that market is thriving.Penn National Gaming still has its 41 gaming and racing properties and 19 states, but the company isn't wholly relying on in-person gambling. The acquisition of a 36% stake in sports-gambling website Barstool Sports proves that Penn National Gaming is ready and willing to adapt to shifts in gambling trends.When warrants are factored into the equation, Penn National Gaming's stake in Barstool Sports could conceivably increase to 50%. It's a savvy move, as Barstool Sports has 66 million monthly active users, along with almost 100 million followers on social media.Through this partnership, Penn National Gaming plans to introduce Barstool Sportsbook, a sports-gambling app, this fall. There will also be Barstool Bets, a service designed to provide gambling advice and news.This collaboration will undoubtedly expand Penn National Gaming's customer base. Just as importantly, it will keep the company in-line with recent gaming trends. If online betting is the future of gambling, then Penn National Gaming is getting ahead of the curve. The Bottom LinePenn National Gaming's investment in Barstool Sports is the smartest move that the company could make right now. Thus, PENN stock's breakout is probably coming soon as the shift to online sports betting has plenty of momentum.David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets. As of this writing, David Moadel did not hold a position in any of the aforementioned securities. More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * America's 1 Stock Picker Reveals His Next 1,000% Winner * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * Radical New Battery Could Dismantle Oil Markets The post Penn National's Barstool Stake Will Take It to Another Level appeared first on InvestorPlace.
from Yahoo Finance https://ift.tt/3f44kJ7
The U.S.-based drug maker said the additional funding will support its late-stage clinical development including the expanded Phase 3 study of Moderna’s vaccine candidate. In April, Moderna had received $483 million from the U.S. federal agency that funds disease-fighting technology, when the experimental vaccine was in an early-stage trial conducted by the U.S. National Institutes of Health.
Sal Gilbertie, Teucrium Funds CEO, joins Yahoo Finance’s On the Move to talk about the global demand for U.S. farming and agricultural products amid the coronavirus pandemic.Investors this week are gearing up for a busy week of earnings, economic data reports and the Federal Reserve’s July monetary policy meeting.
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Pfizer Inc…
“June quarter results likely to outperform consensus estimates on the back of better than expected hardware sell-in. We currently forecast June quarter revenue and EPS of $55.1B and $2.18, 7% and 8% above current consensus estimates, respectively,” said Morgan Stanley.
Freeport-McMoRan Inc. (NYSE:FCX) shareholders are probably feeling a little disappointed, since its shares fell 3.4…
Las Vegas Strip casinos are facing new furloughs and layoffs amid the coronavirus, as Las Vegas Sands reports a 97% decline in revenue. Moody’s Vice President Adam McLaren joins Yahoo Finance’s Zack Guzman to discuss. 
Avalara bounced off its 50-day line with earnings due in early August