(Reuters) – Is basketball star LeBron James headed to New York? The Street thinks it’s likely.

Investors sent shares of Madison Square Garden, owner of the National Basketball Association’s New York Knicks, up $1.30, or 6.41 percent, to $21.57 yesterday. The S&P 500 Index closed up 3.13 percent.

David Joyce, an analyst with Miller Tabak & Co, said shares are likely up with the hopes that James will announce today  that he will sign with the Knicks.

James, a two-time Most Valuable Player for the Cleveland Cavaliers, will reveal which team he will next play for during a one-hour broadcast on ESPN. The Knicks, the New Jersey Nets, and the Cavaliers are among the teams courting him.