Panda was a series of algorithm changes targeted at identifying and penalizing low quality content and rewarding high quality content. "Low quality" content is basically content that lacks depth whereas high quality content is both in-depth and authoritative.
Penguin was a series of algorithm changes targeted at identifying and penalizing black hat SEO techniques. Certain forms of link-buying, and linking schemes (both attempts at manipulating pagerank) were especially targeted.
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