Today, Morgan Stanley really put the wood to the group with a big number slash for MGM Mirage (MGM) -- could Kirk "Mr. Ford" Kerkorian be in trouble? - and, more important, a crushing blow to International Game Technology (IGT), where it said that basically the stock still has 15% more downside.

The IGT downgrade and number cuts aren't a simple push-out. IGT is losing share, according to this downgrade, and one of its key target markets is Indian gaming, which Morgan Stanley believes is down sharply. It gave you little hope to own this stock, and it seemed like a sell recommendation even as the analyst protested just such logic in the downgrade.

Then we also learn today that the MGM Mirage and Boyd Gaming (BYD) facility, the Borgata in Atlantic City, is seeing some softness. That's awful, especially because of a big build-out of this property that cost $400 million!