LeBron Going to Miami; MSG Stock Drops

NEW YORK ( TheStreet) -- Madison Square Garden's ( MSG) stock prices are down 3.8% on Friday morning, dropping to $19.60, in response to LeBron James' decision to play for the Miami Heat.

MSG, the owner of the New York Knicks, saw its stocks rise to $21.86 earlier this week when fans thought LeBron James might be going to the Knicks. However, James announced his decision to play for the Heat in the upcoming 2010-2011 NBA season last night on ESPN, causing the MSG stock price to fall.

-- Reported by Theresa McCabe in Boston.

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