Much attention has been paid to Penn National Gaming Inc. (NASDAQ:PENN) after it has posted its strongest trading day in almost 18 years. The Pennsylvania-based company, which is both an owner and manager of several gaming properties including 29 casinos and racetracks, is currently trading up 29.75% at $48.74. This huge surge in the stock price comes mere hours after the firm announced that it will split its company into two and spin off 17 of its properties into the first casino real estate investment trust (REIT). The company also encouraged other executives at gaming corporations such as MGM Resorts International to sell their properties to the REIT in order to lease them back. Many experts feel that this move by Penn National Gaming Inc. (PENN) will set a precedent for other gaming companies to restructure their businesses in a more tax-friendly manner.
In pharmaceutical news, it has been a dismal trading day for Dynavax Technologies Corp. (NASDAQ:DVAX). The firm tumbled the most it has in four years. The stock is currently trading at $2.39, down 48% from the beginning of the trading day. The sharp drop in the stock comes after the firm announced that Heplisav, the company's proposed Hepatitis B vaccine failed to gain the approval of U.S industry regulators. This news sent a shock wave through the market which resulted in a steep drop as investors view this as a step backward for the Berkeley, California-based company. Dynavax Technologies Corp. (DVAX) is coming off a very difficult quarter that saw a net profit margin of -619% and an operating margin of -594%. Dynavax Technologies Corp. (DVAX) is a clinical stage pharmaceutical firm that specializes in treatments for inflammatory diseases.
Retail giant Office Max (NYSE:OMX) has much to smile about on this trading day. The company based out of Naperville, IL is currently trading up 17.62% at $9.67. This uptick comes after the firm announced that it would be providing credit cards to businesses for its products and that its Black Friday sales would begin at 6 a.m. The company is coming off of a very robust third quarter that saw a net profit margin of 24.95% and an operating margin of 40.37%. Office Max (OMX) is a national retail chain that supplies office supplies, paper, print and documents service around the country.
Cyberonics (NASDAQ:CYBX) is a Houston, Texas based medical device company that specializes in implantable devices that treat nerve damage, treatment resistant depression, as well as many other conditions. The company is coming off a decent third quarter that saw a net profit margin of 13.39% and an operating margin of 21.90%. Today the stock is trading up 10.28% at $51.39. This comes after the firm revealed positive quarterly reports that saw the firm with a 17% year-to-year increase in net sales.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.