290.84 0.00 (0.00%)
After hours: 4:16PM EDT
|Bid||290.83 x 0|
|Ask||290.99 x 800|
|Day's Range||288.42 - 291.13|
|52 Week Range||240.33 - 328.34|
|Beta (3Y Monthly)||0.37|
|PE Ratio (TTM)||179.20|
|Earnings Date||Aug 14, 2019 - Aug 19, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||363.34|
NBA superstars Kevin Durant and Kyrie Irving have signed with the Brooklyn Nets for next season. Zack Guzman, Brian Cheung and David Snider, Harness Wealth CEO & Co-Founder, discuss the big move on 'YFi PM'.
(Bloomberg) -- A chunk of New York City plunged into darkness for hours as 72,000 customers on Manhattan’s West Side lost power on the anniversary of the historic 1977 blackout. Energy supply has since been fully restored, Governor Andrew Cuomo said.The outage on Saturday night affected an area stretching from Fifth Ave. to the Hudson River, and from West 42nd through 71st streets, an area that includes Times Square and Central Park. Subway services to as far away as Brooklyn, Queens and the Bronx were disrupted as the power failure took a toll on the “entire system.”“While this situation was luckily contained, the fact that it happened at all is unacceptable,” Cuomo said in a briefing before he headed to a substation that caused the outage. He’s directed “a full and thorough investigation into the cause of tonight’s blackout and we will hold all parties accountable in ensuring this does not happen again,” he added.A substation explosion and fire that created a surge was the cause of the outage, in turn affecting four other substations, Cuomo said earlier in the evening, citing an update he received from Consolidated Edison Inc. or ConEd, the city’s utility. He said no passengers were stranded on trains and there have been no reports of injuries so far.Singer Jennifer Lopez canceled her concert at Madison Square Garden and said people were evacuated from the venue. The outage also caused all but three Broadway theaters to close, the New York Police Department’s Times Square Command said.The power failure happened on the 42nd anniversary of the infamous blackout that left most of the city without power. The outage led to widespread looting and arson that cost an estimated $310 million in damages, the New York Times reported.(Updates with Governor Cuomo’s comments in third paragraph.)\--With assistance from Aibing Guo.To contact the reporters on this story: Shoko Oda in Tokyo at firstname.lastname@example.org;Will Wade in New York at email@example.comTo contact the editors responsible for this story: Matthew G. Miller at firstname.lastname@example.org, Linus Chua, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Welcome to the latest episode of the Full-Court Finance podcast from Zacks Investment Research where Associate Stock Strategist Ben Rains dives into the latest news from the world of legalized sports gambling and esports.
(Bloomberg) -- Wall Street has begun to question the logic driving frequent swings in shares of Madison Square Garden Co. and its affiliated TV network.Fan and investor sentiment often triggers a knee-jerk reaction in the stocks, whether it’s about the New York Knicks’ record, free agency prospects, advertising, attendance and viewership, or even potential picks for the National Basketball Association’s draft lottery.A marginal move in the shares based on what Madison Square Garden chief executive officer James Dolan and the Knicks do on and off the court “comes and goes,” Evercore ISI analyst David Joyce said in an interview. But when there are sharp sell-offs as emotions overpower logic on short-sighted headlines, other investors can “take advantage of that when they realize it’s a franchise that’s not going away.”Read more: Dolan’s Free Agency Whiff on Durant, Irving Pains MSG HoldersVolume in MSG Networks Inc. shares has been elevated every time the Knicks -- or even a potential free agent target -- have been in the news. Three of the heaviest trading sessions in the last two months coincided with updates for what could have been. Investors positioned around a potential shot to draft Zion Williamson, then the NBA Finals game when superstar Kevin Durant went down with an Achilles injury, and when the team’s free agency hopes went up in flames.Declining ratings for TV networks and a number of other moving parts contribute to what molds the media asset, which was speculated to be a takeover target for billionaire John Malone earlier in the year. The combination of news and events has led to MSG Networks’ underperformance so far this year with the stock down roughly 12%, compared to an 19% climb for the S&P 500 Index and a 5.6% gain in Madison Square Garden shares.While adding a pair of NBA All-Stars would have helped MSG Networks stabilize a decline in ratings, “at the end of the day, it’s about the team’s performance,” BTIG LLC analyst Brandon Ross said. Even so, management’s focus on short-term, lower-cost deals may portend well for the future as the NBA landscape continues to shift, he said.For investors in Madison Square Garden, its location in a high-traffic tourism area of New York City makes it “recession-resilient,” Evercore’s Joyce said. The arena tends to be near sell-out capacity for Knicks and Rangers hockey games “no matter how the teams are doing because there’s a unique entertainment aspect.”Read more: Oakley Feeds MSG Rumor Mill With Remark on Bezos Eyeing KnicksWhile the Rangers ended the 2019 season among the league’s bottom-feeders and the Knicks finished with an NBA-low 17 wins, a better-equipped team that could bring back playoff basketball would obviously be well received. “But those are just marginal ebbs and flows, because the majority of the valuation is based on the venue and its location,” Joyce said.(Updates share moves in 5th paragraph.)To contact the reporters on this story: Bailey Lipschultz in New York at email@example.com;Kamaron Leach in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Morwenna ConiamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Shares of MSG Networks, the TV home of the New York Knicks, fell on reports that the team had missed out on its top off-season targets. Why that’s a growing issue for the cable TV company.
Madison Square Garden (MSG) has witnessed a significant price decline in the past four weeks, and is seeing negative earnings estimate revisions as well.
Looking at The Madison Square Garden Company's (NYSE:MSG) earnings update in March 2019, analysts seem fairly...
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...
Madison Square Garden Co NYSE:MSGView full report here! Summary * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output in this company's sector is contracting Bearish sentimentShort interest | PositiveShort interest is extremely low for MSG with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting MSG. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding MSG are favorable, with net inflows of $2.57 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managersâ€™ Index (PMI) data, output in the Consumer Servicesis falling. The rate of decline is significant relative to the trend shown over the past year, and is accelerating. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
(Bloomberg) -- Like masterpieces by Van Gogh, Picasso and Rothko, the storied auction house Sotheby’s is slipping into wealthy private hands, in a $2.7 billion deal that will reshape the global art market.Billionaire Patrick Drahi agreed to buy the 275-year-old firm, ending Sotheby’s three decades as a public company. Drahi, a disciple of media mogul John Malone, is seizing on the upheavals that have shaken the centuries-old auction model.The deal announced Monday pulls the inner workings of the art market even deeper into the shadows. As a private company, Sotheby’s will no longer be required to disclose quarterly results, which had put it at a competitive disadvantage compared with arch-rival Christie’s, owned by another French billionaire, Francois Pinault. Those periodic reports also provided a “public bellwether” for the art market with insight into margins, executive compensation, strategy, capital allocation and the stock’s reaction to major economic and political forces, said Evan Beard, an art-service executive at Bank of America Corp.“That all goes underground now,” Beard said. “It’s a transparency shift."Investors including Dan Loeb’s Third Point hedge fund, Sotheby’s second-biggest shareholder, will receive $57 in cash for each share of Sotheby’s common stock, the New York-based auction house said Monday in a statement. The offer represents a 61% premium to Friday’s closing price.Sotheby’s shares had dropped 40% in the past year as the company grappled with higher costs and shrinking margins even as masterpieces and contemporary works set auction records. Drahi, 55, is chairman of Altice Europe NV, a publicly traded telecommunications firm with more than 30 million customers. He’s worth $8.6 billion and the sixth-richest person in France, according to the Bloomberg Billionaires Index."It’s a trophy acquisition," said Franck Prazan, owner of Applicat-Prazan gallery, who was a managing director at Christie’s France when Pinault bought the company. “These auction houses aren’t really meant to be publicly traded, and they’re better off being owned by a personal fortune. The profitability of a publicly traded auction house is extremely volatile.”Bold dealmaking is well in character for Drahi, who single-handedly built a global telecom behemoth in the span of two decades through relentless acquisitions and an embrace of debt. The Moroccan-born Frenchman, who’s also an Israeli citizen, is said to have proposed to his wife within an hour of meeting her. He harbored ambitions of one day running a global company. Realizing that goal could take decades to materialize if he stayed on the corporate track, he quit his first job with a Dutch satellite firm and founded his own cable businesses with the help of a student loan.Cutthroat CompetitionIn 2016, in a $17.8 billion deal, Altice acquired Cablevision Systems Corp., where Sotheby’s Chief Executive Officer Tad Smith honed his managerial skills before taking the reins at Madison Square Garden Co.Altice Europe’s main asset is SFR, a French telecommunications company. The business is finally returning to growth after years of customer losses amid cutthroat competition. Shares of Altice Europe have advanced about 70% this year, though they remain more than 50% below their 2015 peak.Drahi’s takeover would mean that French citizens will own the world’s two major auction houses. Pinault, the founder of Paris-based luxury goods giant Kering SA, initially acquired a stake in Christie’s two decades ago from British billionaire Joe Lewis.“It was ripe for Sotheby’s to go private,” said former Christie’s executive Philip Hoffman, now CEO of the Fine Art Group. “Christie’s has more advantages being run privately and not having public quarterly reporting that puts pressure on their ability to do deals.”The branding potential of Sotheby’s had attracted investors including Loeb, whose Third Point hedge fund is the second-largest shareholder, with a 14.3% stake.Loeb joined the board in 2014 after a bitter proxy fight, and senior managers were replaced soon after. Investments in technology and advisory services followed -- as well as significant milestones, such as the sale of a Jean-Michel Basquiat painting for $110 million in 2017. Still, Sotheby’s has consistently trailed Christie’s in annual sales.“Today’s sale price affirms the value we saw when we first invested in Sotheby’s, and rewards long-term investors like Third Point who believed in its potential,” Loeb said Monday in a email.To contact the reporters on this story: Katya Kazakina in New York at email@example.com;Angelina Rascouet in Paris at firstname.lastname@example.org;Devon Pendleton in New York at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, ;Alan Goldstein at email@example.com, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
"The end to the U.S. Government shutdown, reports of progress on China-U.S. trade talks, and the Federal Reserve’s confirmation that it did not plan further interest rate hikes in 2019 allayed investor fears and drove U.S. markets substantially higher in the first quarter of the year. Global markets followed suit pretty much across the board […]
NEW YORK, June 10, 2019 -- The Madison Square Garden Company (NYSE:MSG) today announced that 25-year entertainment industry veteran, Jennifer Vogt, will join MSG as President,.
The Madison Square Garden Company (MSG) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Today we'll look at The Madison Square Garden Company (NYSE:MSG) and reflect on its potential as an investment...
The Madison Square Garden Company (MSG) today announced that it has engaged AECOM (ACM) to serve as general contractor for MSG Sphere at The Venetian, MSG’s state-of-the-art entertainment venue currently under construction in Las Vegas.
The Finals are here and predictably the Golden State Warriors are once again in the NBA's final series. As sure as Stephen Curry's shooting, popularity and interest in the NBA has grown seemingly every year. As the NBA gets larger and larger, stocks associated with the NBA will benefit. Let's analyze how the smart money […]
Mason Capital is a New York-based asset management firm that was launched by Kenneth Mario Garschina in 2000. It provides an additional office in London England. On March 28th, 2017, the fund managed around $3.5 billion in assets. Before launching his own hedge fund, Mr. Garschina worked at KS Capital Partners, first as a Research […]