What's Going On With PENN Entertainment Stock Tuesday?

PENN Entertainment Inc PENN shares appear to be getting a lift Tuesday after the company announced new retail operations guidance.

What Happened: Penn Entertainment held an investor event in Las Vegas on Monday, discussing the company's business strategy, operations and other key developments. In connection with the event, Penn updated its guidance in a new regulatory filing.

Penn said it expects third-quarter retail operations adjusted EBITDAR to be in the range of $465 million to $475 million. The company also raised its interactive adjusted EBITDA guidance for the third quarter. Penn anticipates a loss of $90 million to $100 million, up from prior guidance for a loss of $115 million to $135 million. The company noted that improving product and lower promotional expenses accounted for the upside.

Penn also scheduled its third-quarter financial results for before the market open on Nov. 7. Analysts currently expect the company to report a quarterly loss of 26 cents per share and revenue of $1.684 billion, according to estimates from Benzinga Pro.

Following the guidance update, Needham analyst Bernie McTernan reiterated Penn Entertainment with a Buy rating and maintained a price target of $26.

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PENN Price Action: Penn Entertainment shares were up 0.70% at $18.70 at the time of publication, according to Benzinga Pro.

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