Why Penn National Gaming's Stock Is Trading Higher Today

Penn National Gaming, Inc. PENN shares are trading higher after the company reported better-than-expected Q2 EPS and sales results and announced it will acquire Score Media And Gaming for $17 per share in cash.

Regarding the acquisition, Jay Snowden, President and Chief Executive Officer of Penn National said "We are now uniquely positioned to seamlessly serve our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that doesn't currently exist. Users will enjoy a unique mobile sports betting and iCasino platform with highly customized bets and enhanced in-gaming wagering opportunities, along with highly engaging, personalized sports and entertainment content, and real time scores and stats."

Dave Portnoy, President of Barstool Sports, retweeted a tweet saying 'Penn National Plans To Double Barstool Sportsbook Footprint By NFL Season.'

Penn National Gaming, Inc., together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals.

Penn's stock was trading about 9.6% higher at $72.60 per share on Thursday at the time of publication. The stock has a 52-week high of $142 and a 52-week low of $37.30.