This morning, Goldman Sachs downgraded shares of both Penn National Gaming (NASDAQ:PENN) and Pinnacle Entertainment (PNK) to Sell citing continued economic uncertainty in the labor market. The firm sees less disposable income available to consumer as the unemployment rate stays high and warns this could impact regional casinos.
Shares of Penn National Gaming fell by almost two percent on the downgrade, while shares of Pinnacle lost more than three percent on the news.
And Pulte Homes (NYSE:PHM) saw its shares downgraded from Neutral to Sell by Goldman Sachs as the firm sees better opportunities in the sector. The firm cited "industry-low" margins in its report and set a new price target of $11 per share.
In afternoon trading, shares of Pulte were trading lower by more than one and a half percent so far.
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