Ask Wall Street Where King James is Headed

If you want to know where LeBron James will announce he is going to be playing this coming NBA season, all you have to do is ask our friends on Wall Street. Shares of Madison Square Garden Inc (MSG), the parent company of the NBA New York Knicks, have risen sharply in the month of July on the bet that LeBron will join the Knicks to begin the coming season.

Yesterday alone, shares in the company rose $1.30 a share to close at $21.57 and the volume spiked from 254,119 shares on Tuesday to 1,716,345 shares on Wednesday after news that LeBron was making his announcement on ESPN from Greenwich, CT caused traders to speculate that he would be joining the Knicks. the team has a practice facility 11 miles from Greenwich in Westchester County, NY.

This chart below, from CNBC.com, shows the roller coaster ride the stock has been on the past 5 days on LeBron James free agency speculation:



Today, however, the stock has dropped to its previous level on news that it is more likely LeBron James will join the Miami Heat with Dwayne Wade and Chris Bosh. So much for that! We all will know tonight after ESPN airs a self indulgent hour long special on the decision.