Traders Buying Related Stocks as NBA Season is a Go (FL) (MSG) (NKE)

Stocks connected with the basketball industry are trading up substantially Monday as NBA players and owners have finally come to an agreement over the labor contract.

Management at Foot Locker (NYSE: FL), Madison Square Garden (NYSE: MSG) and Nike (NYSE: NKE) are all screaming "Ho Ho Ho!" this afternoon as the 2011-2012 season is now expected to start on Christmas Day.

A Barron's piece from earlier highlighted Nike as the seller of roughly 95 percent of total basketball shoes in the U.S. Foot Locker, likewise, gets roughly 30 percent of its total sales from basketball shoes.

While the NBA has been in a lockout, shares of Foot Locker, Madison Square Garden and Nike have been experiencing major pressure given uncertainty related to the NBA season and how this would affect sales.

Shares of Foot Locker are trading up over 9 percent into the close, shares of Nike are trading up over 5 percent, and MSG is the big winner with shares up 10 percent.

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