Madison Square Garden (MSG) shares are up 26 cents to $20.53 and options are active ahead of an announcement from All-Star LeBron James due out Thursday evening. King James is expected to make a decision and potentially head to the New York Knicks. (Although recent media reports indicate that “it’s down to Cleveland or Miami for him”, Yahoo! Sports.) In the options market, players appear to be bracing for volatility ahead of the news. The Jul 20 – 22.5 strangle was apparently bought at $1.10, 2000X. July 22.5 calls are the most actives, with almost 5000 traded and morning buyers paying 50 and 60 cents to open new positions on ISE. Meanwhile, implied volatility rallied 13.5 percent to 59.