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MSG - Madison Square Garden: Sphere Construction Risks Behind The Price Drop
The Madison Square Garden Company Class A
Madison Square Garden (MSG) dropped about 12% since releasing fourth-quarter earnings. Currently trading at about $260, shares are now below their pre-spin price of about $278 and are approaching the 2018 Christmas market meltdown low of $247. While the headlines around the earnings release focused on lower revenue and income, the drop in share price likely reflects investor frustration with the spin of the sports division being delayed from the second half of 2019 to the first quarter of 2020, along with sticker shock over the cost of the entertainment division’s new building