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Priceline and Orbitz are down pre-market 16% and 9%, respectively.

We'll have more analysis on this later but PCLN and OWW are getting crushed pre-market as bookings and other leisure travel metrics are worse than expected.  Commentary from these online travel companies do not exactly corroborate MGM management's commentary that, "We've already seen an improvement in customer trends here in the third quarter."

MGM's stock popped yesterday on an in-line quarter and the positive forward looking commentary (post June).  That looks like some commentary that should be faded.  We remain below the Street for 2012 and 2013 MGM EBITDA - 2% and 11% lower than consensus.