Shares of Madison Square Garden Entertainment Corp. (MSGE) are trading -5% lower at a price of $61.395 at the time of this writing. While it's generally been a slightly gloomy day for this part of the market, the company is wavering behind it's peers in the Communication Services sector.

The share price is likely moving in preparation for the upcoming earnings call on August 23.

Madison Square Garden Entertainment Corp. has been trading between a 52-week high of $85.6 and a 52-week low of $48.07. The stock has a market cap of $1.68 Billion.

Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment experiences. The Company presents or hosts a broad array of events in its diverse collection of venues: New York's Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre.

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As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:

Zfein1989 - 1 upvotes - source
MSGE potentially spinning off their NYC based entertainment and transforming their company into growth via the Sphere (and TAO) is being overlooked by this sub. Not sure if anyone watched a video or rendering of what the Sphere will end up being like, but any event going on there will always be sold out, and there will definitely be more of these built around the world.