MSG Shares Drop on LeBron Speculation
After rising over 6% on Wednesday, shares in Madison Square Garden (MSG) fell more than 4% Thursday as speculation raged over which NBA team would land superstar LeBron James.
Rumors circulating on Wednesday suggested that the New York Knicks had a good chance of signing James, bidding up the stock of Knicks' parent MSG. But a day later, the rumor mill changed speeds, with the Miami Heat and the Cleveland Cavaliers rising to the top of the speculators' list. The shift punished MSG stock, bringing it back more or less to where it started the day before.
Speculators certainly have been busy: MSG's trading volume is up nearly 400% over its 30-day average.