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              After announcing an expected shortfall in its first
         quarter earnings, Callaway Golf shares "were clubbed"
         Monday, falling 3 9/16 to $28.75.  In its estimates,
         Callaway cited El Nino and the "economic turmoil in Asia for
         an expected shortfall in earnings."  CNBC's Bill Griffeth
         reported that the earnings estimate prompted "analysts to
         cut their ratings."  Smith Barney analyst Keith Mullins:
         "Callaway has inventory that it needs to work off in its
         retail channel, specifically in California and in Florida. 
         But also the demand in the Far East will continue to be an
         ongoing problem for them since that had been a source of
         much of their growth."  More Mullins: "The woods will simply
         have to be priced to clear inventory. ... My expectation is
         that they'll lower price to get it out into the field,
         because it won't move on its own."  CNBC's Griffeth:
         "Analysts say the company could make up a portion of the
         sales in the second and third quarters as it tries to reduce
         excess inventories" ("Market Wrap," CNBC, 3/2).  In San
         Diego, Bruce Bigelow writes that "three analysts lowered"
         their Callaway recommendations from "buy" to "hold" and A.G.
         Edwards' Timothy Conders changed his to "sell."  First Call
         Dir of Research Charles Hill: "I think the real news here is
         the downgrades in recommendations" (UNION-TRIBUNE, 3/3).

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