Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of hotel-and-resort operator Gaylord Entertainment (NYSE: GET) hardly look entertaining today, falling as much as 12.9% on heavy trading.

So what: The stock was just downgraded to "hold" in tandem by analyst firms Baird, Jefferies, and FBR Capital. One firm cited valuation concerns and another pointed to a stalled turnaround effort.

Now what: While Gaylord's occupancy rates and average room prices flounder, Vegas hotels such as MGM Resorts (NYSE: MGM) and Las Vegas Sands (NYSE: LVS) are reporting better numbers and may be stealing customers from the Opry operator. The company is trying to forge a family-friendly image by signing a character licensing deal with Shrek owner DreamWorks Animation SKG (Nasdaq: DWA), but that effort won't pay dividends for years. Furthermore, the Gaylord Palms in Orlando faces stifling competition from the army of Walt Disney (NYSE: DIS) resorts just down the street.

If Gaylord is a turnaround play in the making, the payoff looks very distant.

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