Madison

Lowe’s, Madison Square Garden Sports, Nike, Salesforce and Microsoft highlighted as Zacks Bull and Bear of the Day

For Immediate Release

Chicago, IL – October 9, 2020 – Zacks Equity Research Shares of Lowe’s Companies, Inc. LOW as the Bull of the Day, Madison Square Garden Sports Corp. MSGS asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on NIKE, Inc. NKE, salesforce.com, inc. CRM and Microsoft Corporation MSFT.

Here is a synopsis of all five stocks:

Bull of the Day:

As the Covid-19 pandemic stretches past its 200th day and Americans remain mostly in their homes as much as possible, there have been many winners and losers in the business world. The losers have been businesses that rely on in-person interactions for a significant portion of their revenues. Travel, leisure and entertainment have all suffered mightily.

Technology and technology services like video conferencing and file sharing companies that allow people to work at home more efficiently have been the obvious winners.

There have also been winners in lower-tech industries that suddenly find their goods and services in increased demand – and customers who’s lack of recent spending on recreational pursuits has left them with additional cash in their budgets.

Have you been to a home improvement store lately? With the exception of physical formats that have been tweaked to promote social distancing, you’ll probably find that it looks pretty much like business as usual.

For a huge retailer like Lowe’s Companies, a quick look at recent financials confirms that not only is it “business as usual,” in may respects, it’s better than usual. Suddenly consumers who have been confined to their homes have been embarking on a wide variety of home improvement projects.

The more time you spend in your home, the more likely you are to take on those nagging minor repairs that have been on your “to-do” list forever, as well

Bear of the Day: Madison Square Garden Company (MSGS)

It’s one of the most famous sports and entertainment venues in the world. Known colloquially as simply “The Garden” and situated right in the middle of Manhattan, Madison Square Garden is the oldest stadium in both the NBA and the NHL and has also hosted countless music, arts and comedy events over the past 52 years. For athletes and performers, “playing at the Garden” is synonymous with having reached the top of their field. It’s truly iconic.

The Madison Square Garden Company (MSGS) doesn’t own the building – the property itself belongs to a related company.*

MSGS owns the NBA’s New York Knicks and the NHL’s New York Rangers – two teams who play in the building and have enjoyed a huge local market and loyal fans around the country who buy up licensed merchandise and watch televised broadcasts. They also own several minor league franchises in both sports, training centers and even an esports team.

*(For clarification: Madison Square Garden Entertainment (MSGE) owns not only that notable, hulking physical facility that looms over two city blocks between 7th and 8th avenue in the low 30s; it also owns Radio City Music Hall and the Beacon Theater in Manhattan, the Chicago Theater, The Forum in Inglewood, CA and Boston’s Wang Theater. All those venues are currently closed. MSGE is currently a Zacks Rank #4 [Sell].)

Live sporting events are a very tough business to be in right now. The NHL cancelled the remainder of the regular season at the beginning of the outbreak in the US in March and pulled together a modified playoff format so that they could still award the Stanley Cup – which was eventually won by the Tampa Bay Lightning. Most teams had played roughly 70 out of a planned 82-game regular season schedule.

It was

Madison Square Garden extends furloughs for 1,700 workers

There’s no indication of just how long temporary will be. Despite the rest of the city reopening, performances and events have been disallowed since March. When those types of large-scale gatherings will be safe again is anyone’s guess, and the Garden’s filing shows how that prolonged uncertainty is touching even the most well-known names in the city. Madison Square Garden Entertainment Group, the Garden’s parent company, reported just $9 million in total revenue in its most recent quarterly report, a 96% decrease on the $215.2 million it brought in for the same quarter in 2019. 

Many of the city’s other venues also are in financial distress. The Metropolitan Opera House said in September that it would not reopen for at least a year, and a similar filing with the Department of Labor shows it has furloughed or laid off more than 2,000 people. Broadway’s layoffs have surpassed 1,000, and Carnegie Hall has dipped into its endowment. 

Madison Square Garden Entertainment Group owns the Beacon Theatre and Radio City Music Hall in addition to its Penn Plaza site. The extended furloughs mainly hit its Penn Plaza workforce, although they also affect 54 workers at the Beacon Theatre and 140 workers at Radio City Music Hall. 

Source Article

How Judas Priest Got a Lifetime Ban From Madison Square Garden

Rob Halford recalls how Judas Priest received a lifetime ban from Madison Square Garden in an exclusive excerpt from his memoir Confess: The Autobiography.

The British band’s performance at the legendary New York venue in 1985 was its second visit, and singer Halford hoped it wouldn’t be the last. But after fans rioted and caused hundreds of thousands of dollars of damage, they’ve never been allowed to return.

A statement by the publisher calls Confess ”the story of an extraordinary five decades in the music industry” and “the tale of unlikely encounters with everybody from Superman to Andy Warhol, Madonna, Jack Nicholson and the queen. More than anything else, it’s a celebration of the fire and power of heavy metal.” Confess: The Autobiography is on sale now.

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We headed back down into America. In Madison, Wisc., we had to shelter 10,000 people under the bleachers of the Dane County Coliseum as a tornado approached. Glenn [Tipton] and I snuck a peek out of a back door and boggled at the low black, blue and vivid green clouds overhead as sirens wailed and the storm raged.

Then, just over a week later, our own tornado hit New York City. A second gig at Madison Square Garden, in a way, meant even more than our first: It hadn’t been a one-off! We had become a band who could play the Garden regularly! Or so we thought. Unfortunately, this was to be our last-ever show there.

It was a great, regular gig until the encore. As we came back on and I began wailing “Living After Midnight,” I caught sight, out of the corner of my eye, of a flying object. Huh? What was that? And here came another one … and another one … . As the song ended, I