I don't typically subscribe to too many plays on WSB, but I found this one to be particularly interesting:
Quote:
Penn National Gambling (PENN), easy play. Up over 40% today on no news. It suspended all its casino operations yesterday due to the virus. P/E of 17 implies more potential downside. It’s in bad financial standing and bankruptcy is a serious risk, they don’t have enough liquidable assets to cover their short term liabilities. With their low cash on hand and the small revolver loan they received they could last for MAYBE six months.
TLDR 4/17 $5 Strike
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I'm in for 10 contracts on that 4/17 $5 put. Nothing crazy, but I can absolutely see how this would tank in the short term due to this. Likely going to hold through the weekend and see how we look on Monday (again piggybacking on my bet against the market every weekend until this thing turns around strategy.)