Well it seems that the Google algo update over the weekend was not Penguin 4.0. You can read the full story at SEJ or head over to the Google+ forums.
Google’s John Mueller said this morning during a live webmaster hangout on YouTube around 5 minutes into the video that the Friday update the SEO community is chattering about is not related to the Penguin algorithm.
John said we can cross Penguin off the list for reasons why some SEOs and webmasters are noticing changes in the Google search results. He added that Google is constantly doing updates to the search results but he did not give any specific reason for this update or name the update.
Again, we asked Google for an official comment on this update and Google has yet to give us a comment. But John Mueller, a Google Webmaster Trends Analysts, just said this is not related to the Penguin algorithm.