The Fly

Goldman 13-F filing on Penn Entertainment ‘interesting,’ says Gordon Haskett

Gordon Haskett’s head of event-driven research, Don Bilson, noted that Goldman Sachs’ quarterly 13-F filing shows that the firm bought 4.5M shares of Penn Entertainment (PENN), which is "about a three percent position." By itself, this would be "interesting and if it’s attached to another position that has been disclosed, it is even more interesting," according to Bilson, who noted that HG Vora disclosed last week that it bought 4M shares of Penn stock during Q3 to take its stake to about 4.7%. If HG Vora "is behind the GS buying as well, its stake would top five percent," but "to be perfectly clear, we have no idea whether that is the case or not" and "as for what someone would want done at PENN, we’re not sure, though it’s a pretty cheap stock," Bilson said in his pre-open note to investors.

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