The Jeremy Lin Stock Market: Up Goes Knicks-Owner Madison Square Garden; Nike, Too
Phenom Jeremy Lin has done the impossible, making the New York Knicks’ expensive-yet-ball-hogging roster watchable, finally. So we might as well give him credit for lesser deeds: sending aloft shares of Madison Square Garden (MSG), Nike (NKE), Foot Locker (FL) and – oh, what the hell? – the entire stock market.
All hail Linsanity. Stock in MSG, which also owns the NHL's Rangers, Madison Square Garden and the Chicago Theatre along with other venues, has shot up 9% since early February when second-year benchwarmer Lin ignited the Knicks to a win over the New Jersey Nets, set the team on a winning streak and kicked off a worldwide phenomenon.
During the month, Lin's appeal helped drive the club to its two highest-rated regular seasons games ever: Feb. 17 against the New Orleans Hornets and Feb. 20 versus the Nets.
Sports merchandisers are having trouble keeping Lin's No. 17 jersey in stores. And never wanting to miss a sports opportunity, Nike launched a Lin-inspired shoe this past weekend and its "Linsanity" clothing line in Foot Locker stores last week.
During this time, the S&P 500 has managed to eke out a small win, and undoubtedly the market hopes Lin can continue to pour in the threes.
Filed under: Company Analysis