MSGE - Why Madison Square Garden Entertainment Stock Jumped on Thursday
2023-05-18 13:38:00 ET
Madison Square Garden Entertainment (NYSE: MSGE) stock was well outpacing the market on Thursday. As of 12:45 p.m. ET, its shares were up by 14% compared to a 0.2% increase in the S&P 500 . That rally put the stock, which just began trading on public markets, up 13% in the past month.
That boost came as investors reacted to the live entertainment specialist's fiscal third-quarter results and its updated outlook for the fiscal year.
The old Madison Square Garden Entertainment spun off its live entertainment business in a transaction that was completed on April 20. The new company kept the name, while the parent was renamed Sphere Entertainment.
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Why Madison Square Garden Entertainment Stock Jumped on Thursday