Is PENN Entertainment, Inc. (PENN) Among Wednesday’s Losers?

We recently compiled a list of the 10 Firms Defy Market’s Bullish Momentum. In this article, we are going to take a look at where PENN Entertainment, Inc. (NASDAQ:PENN) stands against the other stocks.

Wall Street’s main indices all finished in the green territory on Wednesday, as investors cheered an unexpectedly slower inflation rate in December.

The Dow Jones jumped by 1.65 percent, while the S&P surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.

Ten companies under mixed sectors bucked an overall positive market sentiment amid a series of negative factors weighing on investor sentiment.

In this article, let’s take a look at the reasons that dragged their shares performance.

To come up with the losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

The bright and neon lights of a glitzy casino, revealing the company’s iCasino and gaming properties.

PENN Entertainment, Inc. (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) dropped its share prices by 2.32 percent on Wednesday to finish at $20.17 each along with an overall gaming sector decline.

Investor sentiment may have been dampened by news of lower December revenues from the gaming industry in some US states, including Kansas and Missouri, fueling concerns about the state of the sector in the country.

On Wednesday, Missouri said it registered a 3-percent dip in revenues for December to $164.8 million, while Kansas revealed a sharp decline in both sports betting and casino revenues, plummeting by more than 50 percent year-on-year.

In other news, PENN Entertainment, Inc. (NASDAQ:PENN) recently rebranded some of its retail sportsbooks with the ESPN brand.

According to PENN Entertainment Inc. (PENN), it would launch the ESPN Bet sportsbook at various locations across Pennsylvania, Colorado, Ohio, Iowa, Indiana, and West Virginia and will serve customers under PENN’s Hollywood and Ameristar casino brands.

Overall PENN ranks 7th on our list of Wednesday’s losers. While we acknowledge the potential of PENN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than PENN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.