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Madison Square Garden: For Now, Stand Aside

Madison Square Garden, Inc.'s (MSG) shares have risen more than 40% in the past six months and are currently testing $30 resistance. Even so, I'd avoid the shares at this stage.

The company operates the namesake sports/entertainment arena in New York City, and also owns the New York Knicks and New York Rangers sports teams, and the accompanying sports/entertainment cable TV network, the MSG Network.

Other properties owned include New York's Radio City Music Hall, the Chicago Theatre, and the Beacon Theatre.

Continue reading Madison Square Garden: For Now, Stand Aside

Closing Bell: Briefly Celebrating DJIA 10,000 (MSG, STT, SIRI, FDO, BA, BGP, EMC)

It almost seems silly, but it shows how bad things have been before the last two days. The stock market had a second day up. It's been a while since we could say that. Today's gains were also well above the gains which were lost yesterday and the DJIA had its best day in almost a month. Bank stocks led the rally today, although many sectors shared in the joy. Suddenly, DJIA 10,000 was back today after a more than 200-point rally.

Here were today's unofficial closing bell levels:

Dow 10,018.28 +274.66 (2.82%)
S&P 500 1,060.24 +32.18 (3.13%)
Nasdaq 2,159.47 +65.59 (3.13%)

Top Analyst Calls

Continue reading Closing Bell: Briefly Celebrating DJIA 10,000 (MSG, STT, SIRI, FDO, BA, BGP, EMC)

Analyst Calls: APC, BP, COLB, GS, IGTE, MCD, MLM, MXL, NIHD, SRDX ...

Analyst Upgrades

  • SunTrust upgraded Anadarko Petroleum (APC) to buy from neutral. The firm believes weakness related to the oil spill disaster is overdone and is a buying opportunity. The firm set an $82 price target on the stock.
  • JPMorgan upgraded NII Holdings (NIHD) to overweight from neutral following the company's Q1 results. The firm has a $55 price target on the stock.
  • Keefe Bruyette upgraded Columbia Banking (COLB) to outperform from market perform following the company's secondary offering due to valuation. The firm has a $30 price target on the stock.
  • Clean Harbors (CLH) was upgraded to outperform from neutral at Credit Suisse.
  • Pinnacle Entertainment (PNK) was upgraded to buy from neutral at Janney Montgomery.
  • Digital River (DRIV) was upgraded to overweight from equal weight at First Analysis.

Continue reading Analyst Calls: APC, BP, COLB, GS, IGTE, MCD, MLM, MXL, NIHD, SRDX ...

Barron's: Cablevision (CVC) spinoff could enable takeover

CVC logoCablevision (NYSE: CVC - option chain) shares are rising today after a feature in Barron's indicated that the company could be an attractive takeover target now that it has decided to spin off New York City sports arena Madison Square Garden and related assets. These assets include MSG Television Network, and the New York Rangers and Knickerbockers. Both teams play at the Garden, which is an arena located in midtown Manhattan. Barron's says that a spin-off of MSG would make Cablevision's balance sheet much more attractive. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on CVC.

CVC opened this morning at $24.74. So far today the stock has hit a low of $24.40 and a high of $25.00. As of 11:55, CVC is trading at $24.53 up 21 cents (0.9%). The chart for CVC looks neutral and S&P gives CVC a neutral 3 STARS (out of 5) hold ranking.

Continue reading Barron's: Cablevision (CVC) spinoff could enable takeover

Symbol Lookup
IndexesChangePrice
DJIA+72.8112,874.04
NASDAQ+27.512,931.39
S&P 500+9.131,351.77

Last updated: February 13, 2012: 05:36 PM

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