MGM (MGM) Down 50% in Last 4 Days on Bankruptcy Fears

MGM Mirage (NYSE: MGM) stock is getting smashed for the fourth day in a row this morning, currently down 19.5% to around $2.10.

Today's decline follows news yesterday after the bell that MGM has filed to delay its 10-K. Analysts at Citi and KeyBanc are out with negative notes on the casino operator adding further to downside.

Citi reiterated its Sell rating on MGM, cutting its price target from $2.50 to $0.60. Meanwhile, KeyBanc downgraded the stock to Hold, saying company is not successfully fighting the two-front war on the economy and debt levels.

Shares of MGM fell 14% yesterday on bankruptcy rumors. With today's sharp decline, MGM's stock price is down 52.8% during the last 4 trading sessions.

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