Upside Purchased on Madison Square Garden (MSG)

Shares of Madison Square Garden Inc. MSG are higher on the session by 2.23%, currently trading at $20.10. The stock has been trading largely sideways since its IPO, though the most recent trend is lower. Options traders are betting that the stock could make a run higher. The July $22.50 call was purchased 1,150 times, on the offer, earlier in the session; open interest on the strike is only 317 contracts, signaling new positioning on that strike. Call volume is now running at 5.31x the daily average. Madison Square Garden, Inc., through its subsidiaries, operates in the sports, entertainment, and media businesses in the United States. It operates in three segments: MSG Media, MSG Entertainment, and MSG Sports. The MSG Media segment produces and develops content for multiple distribution platforms, including content originating from its venues. This segment also involves in programming networks and interactive offerings that include the MSG Networks and the Fuse Networks.