Long Position on PNK @ $26.00 on 9/25/2014 (Momentum)

Pinnacle Entertainment, Inc. (PNK) owns, develops, and operates casinos, and related hospitality and entertainment facilities in the United States.

Its Midwest segment operates Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St. Charles, Belterra Casino Resort, Belterra Park, and River City properties.

The company’s South segment consists of Ameristar Vicksburg, Boomtown Bossier City, Boomtown New Orleans, L'Auberge Baton Rouge, and L'Auberge Lake Charles property.

Its West segment comprises Ameristar Black Hawk, Cactus Petes, and the Horseshu properties. Pinnacle Entertainment owns 14 gaming properties in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, and Nevada; and a racetrack in Ohio and manages Retama Park Racetrack in San Antonio and Texas, as well as owns and operates a live and televised poker tournament series under the Heartland Poker Tour trade name. 

Shares have formed a bullish "cup and handle" and higher share prices are expected for this stock. The rally in shares came after Trump Casino filed for bankruptcy. Trump Plaza and Trump Taj Mahal closure should bring additional business for PNK.

52-Week Trading Range: $20.33 - $27.45

Entry Point: $26.00

Stop Loss: $24.70

Target Price: $28.60

Updates

10/1/2014 10:19:49 AM

PNK fell below our stop loss. Closed at $24.56

Position closed on 10/1/2014 at price of $24.56 with a -5.54% loss in 6 days.

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