![]() Where I went wrong was hooking my guidance to highly positive info flow I was getting from my many colleagues working at various Penn properties. Add inflation, Fed nerves, the Ukraine war, gas prices, to the perception that pandemic stimulus checks inflated gaming at most of the nation's regional casinos. So what I must conclude is that the decline came from collateral damage that has swept over the entire sports betting sub-sector as well as the general jitters that has been exacerbated by the usual suspects. ![]() But in reviewing the company, its fundamentals and results since, I see nothing at all that anyone can reasonably point to as a real world reason the stock has tanked off our call. And if the news since then had been tangible evidence of a real weakness in mainstream metrics, operational miscues, or some macro event like a massive surge of covid, I could well understand the decline neither I nor anyone else at the time could see. Let's begin by saying, yes, we'll take the L on our last call of this stock back on January 9th when it was $46.97.
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