Shares of Penn National Gaming Inc. PENN, -21.08% plummeted much than 20% connected Thursday aft a large third-quarter nett miss and allegations of intersexual misconduct against Barstool Sports’ founder.
The diminution wiped distant much than $2.5 cardinal from Penn National’s marketplace cap, the astir the gambling institution has mislaid from a banal diminution successful its 27-year past connected the nationalist markets, according to Dow Jones Market Data. While Penn mislaid astir $3.6 cardinal successful marketplace headdress connected a November time successful 2013, that was from spinning disconnected different business.
The 22% diminution for the banal terms would beryllium the worst Penn National has absorbed since March 2020, erstwhile concerns astir the COVID-19 pandemic thrashed the banal market, with casino stocks taking a monolithic hit. Penn National rebounded soon aft connected optimism for its tie-up with Barstool Sports, and was added to the S&P 500 index SPX, +0.42% successful March of this year.
Penn National’s spiral began erstwhile it reported a hefty miss connected quarterly nett earlier the league opened. Penn’s nett fell astir 40% from a twelvemonth ago, with its main enforcement blaming the effects of Hurricane Ida and the dispersed of the Delta variant of COVID-19.
Later successful the day, allegations emerged against Dave Portnoy, laminitis of the Barstool Sports sports-media company, detailing occasions wherever helium was assertive and unsmooth with women. As elaborate successful a Business Insider story, 1 pistillate who had intimate relations with Portnoy said she felt similar she was “just a quality enactment doll.” Another pistillate said she fought intelligence wellness issues similar slump aft their encounter.
Portnoy responded to the nonfiction connected Twitter TWTR, -1.60%, wherever helium denied galore of the allegations, calling them “jarring,” earlier adding that “cancel civilization has been coming for maine for a decade.”
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Penn National shares were headed for their lowest adjacent successful astir precisely a year, since Nov. 3, 2020.
As of the day session, shares were down much than 3% successful the past year, wiping distant a steep emergence that happened done the extremity of 2020 and opening of 2021.
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