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Madison Square Garden Sports (MSGS) shares are rocking, just like the Garden in New York City will be soon for the NBA Finals.
The news:Shares of the owner of the New York Knicks and Rangers rose 3% in premarket trading following the Knicks’ sweep of the Cleveland Cavaliers late Monday.
The win will send the Knicks to the NBA Finals for the first time since 1999.
A trip down memory lane:The timing of Knicks’ return to the finals has an eerie feeling from a stock market perspective.
In May 1999, the Knicks faced a playoff battle against its arch rival, the Indiana Pacers, which led to them facing the San Antonio Spurs in the finals (and losing).
Right as the Knicks were dueling the Reggie Miller-led Pacers in the Eastern Conference Finals, eToys.com went public.
In a classic sign of the tech bubble times, the stock debuted at $28, skyrocketed to $76 on its first day, and instantly commanded a $7.7 billion valuation — making the loss-generating website worth more than the bricks-and-mortar toy giant Toys "R" Us.
Hype, "eyeballs," and mind-share were completely replacing traditional metrics like profit or cash flow in late 1999.
As we know, it all literally came crashing down months later.
The Nasdaq Composite (^IXIC) hit a high of 5,048 on March 10, 2000.
From that peak, the Nasdaq began a brutal, prolonged sell-off, ultimately losing nearly 78% of its value by the time it bottomed out in October 2002.
Today, the Knicks enter the NBA finals amid the artificial intelligence boom that has shares of Micron (MU), Sandisk (SNDK), and Palantir (PLTR) trading at eye-watering valuations.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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