Callaway Golf said Friday that its U.S. sales "are
     getting drenched by El Nino" and the impact could "drag
     earnings" 70% below analysts' first-quarter estimates,
     according to Bruce Bigelow of the SAN DIEGO UNION-TRIBUNE. 
     The CA-based company, which was "expected" to report
     earnings of $.36 per share, said that unusually bad weather
     patterns caused by El Nino "has discouraged winter sales" of
     its golf clubs in FL and CA.  Callaway President Donald Dye
     said earnings could be "as much as" $.25 below estimates if
     weather conditions "continue unabated through the remainder
     of the quarter" (SAN DIEGO UNION-TRIBUNE, 2/28).

          The value of Nike's stock was examined by PBS's Darren
     Gersh on "Nightly Business Report."  Gersh: "The advertising
     is gritty, determined, heroic.  It's the essence of the Nike
     brand, a brand that some bargain hunting investors say is
     now available at a discount."  Marchfield Associates
     Managing Dir Sam Mitchell said that the strength of Nike's
     shares is an "association with sports and what's positive in
     sports.  That's very powerful.  That intangible value is a
     very high proportion of Nike's total value."  Along with the
     brand identity, Mitchell says Nike "offers world class
     logistics and a proven record of aggressive management." 
     While Nike believes it "can deliver long-term growth of
     15%," Mitchell figures if sales grow "just" 8%, Nike's stock
     "is reasonably priced in the mid fifties, well above
     [Friday's] closing price of 43 7/8" ("NBR," PBS, 2/27).  

          The refinancing of Umbro "could take another two months
     to complete," according to Patrick Harverson of the
     FINANCIAL TIMES.  Umbro CEO Larry Ramaekers said that the
     company was looking to raise "substantial new capital" but
     had "still to decide on what sort of refinancing to pursue,"
     with options including issuing subordinated debt or equity,
     or securing bank financing or bridge loans.  Ramaekers also
     said the aim was to float an IPO within "one to three"
     years.  Umbro is owned by SC-based Stone Manufacturing and
     it is believed "differences of opinion among family members"
     is one of the reasons behind Umbro's indecision on
     refinancing (Patrick Harverson, FINANCIAL TIMES, 2/28).