Google's John Mueller said a few minutes ago on YouTube Live around 5 minutes into the video that the weekend update rumors are not Penguin related. So he said you can "rule out" Penguin in terms of saying the Penguin algorithm was updated this weekend.
John Mueller went on to explain, which he did on Twitter yesterday that Google is constantly updating. But again, this update was not at all related to Penguin.
So the weekend update that is still unconfirmed by Google that kicked off Friday morning still has no explanation.
We are still trying to get something on record from Google about this update. But we should rule out Penguin according to Google's John Mueller.
Here is the video embed, note it is currently going on and will be live until around 11 am EST today:
Forum discussion at Google+.