Analysts dive into the Knicks and Rangers after the spinoff transaction (MSGR:NYSE)

Nelson Peltz's Trian Fund Management proposed to acquire The Wendy's Company (WEN) for $7.35 per share, a 20% premium. Trian and partners own 16.25% of Wendy's. Peltz also joined MSG Rangers Corp. (MSGR) board. Trian's latest holdings include GE Aerospace (GE), with GE reporting strong Q3 results and raised guidance.

Madison Square Garden Sports Corp. (MSGK) rose 1.4% while New York Rangers LLC (MSGR) fell 5.2% in early trading following their spinoff. The spinoff was completed on Tuesday, separating the hockey and basketball operations.

MSG Knickerbockers Corp. (MSGK/I) completed the spin-off of its New York Rangers business, creating two separate entities. MSG Knicks now trades as MSGK, while MSG Rangers Corp. trades as MSGR. The distribution was 1 MSGR share for every 2 MSG Knicks shares, effective Oct 26, 2026, according to the company.

Madison Square Garden Sports Corp (MSGS) board approved the spin-off of the New York Rangers from the Knicks business. The transaction, expected to close on October 26, 2026, will create two separate public entities: MSG Knickerbockers Corp (MSGK) and MSG Rangers Corp (MSGR). Investors will receive one share of MSGR for every two shares of MSGS held. The stock rose nearly 2% in extended trading.

Leidos (LDOS) won a $99M contract from U.S. Cyber Command to develop a digital platform for cyber mission planning. The platform, developed by its Kudu Dynamics team, aims to reduce planning time to under 24 hours. LDOS shares traded down 1.45% at $137.62 on the NYSE.

Rio Tinto opened two lithium projects in Argentina, investing $1.4 billion. The Fénix 1B expansion and Sal de Vida operation will add 25,000 tonnes of annual lithium carbonate capacity. President Milei and CEO Simon Trott attended the inauguration. Rio Tinto aims for 200,000 tonnes of annual capacity by 2028, with 70% of growth capital spent locally.