AFTER EARNINGS REPORTS, ANALYSTS CUT CALLAWAY GOLF RATING

          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).