MSG stock lost over $100 million since Jeremy Lin’s departure
Chalk it up to bad luck or bad decision making, but the folks at Madison Square Garden and those who invest in that company can’t like what’s been going on the past couple of days.
MSG’s stock has lost over $100 million in the past five days, reports CBS News.com.
Speculation could be that investors are upset over point guard Jeremy Lin signing with the Houston Rockets when the New York Knicks had every opportunity to re-sign him.
When Lin made his first start on February 6, MSG stocks were at $29.49. Two weeks ago, the stock was sitting pretty at $38.80, a 30 percent jump, when many in the Knicks organization, including head coach Mike Woodson thought the Knicks would match the Rockets offer sheet for Lin.
The shares have now dropped to $35.50, an 8.5 percent fall.
Still being assured that losing Lin has virtually no impact on the financials, but MSG investors are still fearful.—
darren rovell (@darrenrovell) July 20, 2012