LeBron-Knicks speculation pumps up MSG stock
Wall Street’s bulls are betting that LeBron James ends up playing basketball in New York, not Chicago.
Despite President Obama’s hope that the NBA totally free agent will leave his native Ohio for the Windy City, traders are betting how the superstar will announce on Thursday that he’s leaving the Cleveland Cavaliers to play for your New York Knicks.
Shares in Madison Square Garden Inc., the owners of the Knicks, jumped $1.30, or 6.4 %, to close at $21.57 Wednesday, adding three cents in extended trading. Volume was up drastically at 1.7 million trades, a lot more than five times the daily average of 311,000.
The basketball star is set to announce his decision in the course of a one-hour unique on ESPN at 9 p.m. Thursday.
James’ potential arrival in New York would boost the value of the franchise by “hundreds of millions of dollars,” mentioned Gabelli & Co. analyst Christopher Marangi.
The team could see about 10 % a lot more revenue, while the MSG network could get 10 % much more advertising revenue.
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