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.
The Madison Square Garden Company Stock Chart by YCharts
Michael McHugh is an editor for the YCharts Pro Investor Service which includes professional stock charts, stock ratings, stock screener and portfolio strategies.
Filed under: Company Analysis
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