Updated from 11:25 a.m. EDT

Penn National Gaming

(PENN) - Get Report

was among the

Nasdaq's

biggest winners Friday, as the casino and race track operator shot up 21.5%, after agreeing to a buyout.

Fortress Investment Group

(FIG)

and Centerbridge Partners agreed to pay $67 a share for the company, representing a 31% premium to the stock's close Thursday. "Throughout our rapid rise as a publicly traded company, we focused on achieving growth through disciplined financial and risk management," the company said in a press release announcing the deal. "Our board of directors' action approving this transaction underscores our 13-year commitment to consistently generate value for our shareholders." Penn's stock rose $10.98 to $62.12.

The news boosted other casino and gaming stocks, including

Isle of Capri Casinos

(ISLE)

and

Pinnacle Entertainment

(PNK) - Get Report

. Isle of Capri was rising $2.45, or 10.8%, to $25.09, while Pinnacle was adding $2.35, or 8.3%, to $30.83.

Paper product maker

Cenveo

(CVO)

jumped 9.3%, after announcing after the bell Thursday it would acquire printer Madison/Graham ColorGraphics for an undisclosed amount. "The acquisition of ColorGraphics provides a perfect complement to Cenveo's existing West Coast commercial operations, and will firmly position Cenveo as the premier West Coast commercial printer," Cenveo said in a press release. "Expanding our capabilities in this market sector will allow our customers to benefit from our combined printing experience and additional resources." Shares advanced $2.10 to $24.68.

Hansen Natural

( HANS) advanced 9.9% after Goldman Sachs upgraded the natural soda maker to buy from neutral. The stock closed up $3.96 to $43.90.

On the flip side,

Build-A-Bear Workshop

(BBW) - Get Report

sank 23.3% after cutting its second-quarter and full-year outlook. The company now expects earnings for the quarter ending June 30 to range from 7 cents to 10 cents, down from the 15 cents to 19 cents it previously expected. Analysts polled by Thomson Financial are seeking 19 cents a share. The stock was down $6.89 to $22.72.

Newspaper publisher

Media General

(MEG)

also was falling after issuing second-quarter guidance below Wall Street's estimates. The company said it expected earnings of between 20 cents and 25 cents a share for the quarter, compared to 77 cents a share in the year-ago period. The company attributed the decline to weak classified advertising. Analysts expected earnings of 37 cents a share. The stock was down $1.03, or 3%, to $33.80.