Shares of Penn National Gaming Inc. (NASDAQ: PENN), a diversified owner and manager of gaming and pari-mutuel properties, soared in trading today. PENN shares ended the day 28.24% higher at $48.23 on above average volume of 10.59 million. The stock hit a 52-week high of $50.50 in trading today.
PENN shares surged after the company announced that that it plans to separate its gaming operating assets and real property assets into two publicly traded companies, including an operating entity, Penn National Gaming, and through a tax-free spin-off its real estate assets to the holders of PENN common stock, a newly formed, publicly traded real estate investment trust (REIT).
Peter M. Carlino, Chairman and CEO of Penn National Gaming, said that the proposed transaction would be transformational for the company and its shareholders and presents a direct path toward unlocking the tremendous value of the company’s real estate asset portfolio.
Shares of Dell Inc. (NASDAQ: DELL), the Round Rock, Texas-based global information technology company offering its customers a range of solutions and services, fell sharply in trading today. DELL shares hit a new 52-week low of $8.69 in trading today before finishing the day 7.53% lower at $8.84 on above average volume of 69.25 million. Year-to-date, DELL shares have now fallen 39.58%.
DELL shares plunged in trading today after the company reported its financial results for the third quarter of fiscal 2013. DELL reported revenue of $13.7 billion for the quarter, down 11% over the same period in the previous year. The company’s GAAP operating income for the quarter was $589 million. Non-GAAP operating income for the quarter was $886 million.
Michael Dell, Chairman and CEO of Dell, said that the company is consistently executing its end-to-end solutions strategy for the benefit of its customers. Dell said that in the quarter, the company completed the acquisition of Quest Software which along with other recent acquisitions adds leading management, security, virtualization and cloud capabilities to the company’s expanding portfolio of powerful solutions.
Shares of social networking giant Facebook Inc. (NASDAQ: FB) surged in trading today. FB shares hit an intra-day high of $23.93 in trading today before finishing the day 6.27% higher at $23.56 on above average volume of 106.81 million.
FB shares registered its best weekly performance since the IPO, gaining 22.64%. The company’s shares rose even as 800 million new shares hit the market following the expiration of the lockup period. FB shares are still trading 38% lower since the IPO in May 2012.
While FB shares surged in trading today, shares of Chinese social media company SINA Corp. (NASDAQ: SINA) plunged in trading today. SINA shares fell to an intra-day low of $44.66 in trading today before finishing the day 15.12% lower at $45.07.
SINA shares plunged in trading today after the company gave a weak guidance for the fourth quarter. The company expects fourth-quarter adjusted net revenue to be between $132 million and $136 million, which i significantly below analysts’ forecasts of $151.90 million.
For the third quarter, SINA reported adjusted net income of $0.17 per share, compared to $0.26 per share reported for the same period in the previous year. Analysts were expecting the company to report earnings of $0.11 per share for the quarter. Adjusted net revenue for the third quarter was $147.69 million, up 18% over the same period in the previous year. Analysts had forecast adjusted net revenue of $146.03 million for the third quarter.
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