RRR - Why Red Rock Resorts Eldorado Resorts and Penn National Gaming Rocketed Out of the Gate on May 20
Shares of casino operator Red Rock Resorts (NASDAQ: RRR) rose as much as 13% in the first half-hour of trading on May 20. Penn National Gaming (NASDAQ: PENN) went along for the ride, up 13% or so, as well. Eldorado Resorts (NASDAQ: ERI) pulled up the rear with a still impressive 11% gain. This is the second day in a row that these companies started the day off on a strong note. This time around, a generally positive mood on Wall Street coupled with Red Rock Resorts' earnings call was the likely impetus for the advance.
The broader stock market was up around 1.5% by 10 a.m. on Wall Street. Clearly, investors were in a positive mood. That, no doubt, helped the shares of casino operators push past the 10% mark in early trading. Although notable moves on "risk on" and "risk off" days are pretty common lately, the "risk on" usually means a broadly positive view of the COVID-19 recovery.
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