Sources: VF Selling Sports Group To Fanatics Angels P Talks Committing Future Earnings To Fantex MJ's Son Partners With Tech Startup WaitTime Nike Posts Solid Q3 Amid Adidas Resurgence GoPro To Cut 270 Full-Time Jobs Dodgers Owner Leads $100M DraftKings Investment Adidas' CCM Hockey Brand Up For Sale Again Dick's Ed Stack Outlines Plan To Grow Market Share SMI's Total Revenue For FY '16 Up 3% Churchill Downs Inc. Net Income Of $108.1M In '16
AFTER EARNINGS REPORTS, ANALYSTS CUT CALLAWAY GOLF RATING
Published March 3, 1998
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).