Business Edge for Wednesday March 7 2001
CALLAWAY STOCK SEEKS DAYS OF YORE: And it's not far off. As of this writing, Callaway Golf stock is trading just under $27 per share. Its 52-week high was $27.18, which it hit just a few hours before this writing.
That's a far cry from the 52-week low of $11.88, which came last July 27.
Callaway, which some leisure-segment analysts see as the only reasonable play in golf, is getting close to the upper-20s, lower-30s range at which it traded in 1997 and part of 1998, before the golf industry slump and the tech craze made Wall Street fall out of love with golf.
Back in those halcyon days, a Senior PGA Tour player who shall remain nameless was said to be in the habit of taking frequent gains by buying Callaway stock in the upper 20s and dumping at 32. Not exactly day trading, but lucrative anyway.
'There are a lot of investors who are out of the tech market now, and they're looking for a company with solid fundamentals to be a home for their investments,' said a Callaway spokesperson.
Consensus earnings estimates from eight Wall Street analysts have Callaway on track to earn 42 cents per share for the first quarter of 2001 and 71 cents per share for the second quarter. Look for Callaway first-quarter numbers the week of April 26, second quarter the week of July 26.
FINDING THEM A GOOD HOME: The U.S. Golf Association uses about 26,000 practice balls at its 13 national championships, most of which are donated by Titleist. Now those balls will have a second life, thanks to the USGA's 'For The Good of the Game' program. The USGA is donating the balls to 30 introductory golf programs that are supported by USGA Foundation grants.
This seems to be a situation in which re-gifting is not just OK, but laudable.
IMPORTS UP: More numbers are in from the Sporting Goods Manufacturers Association. Imports of golf equipment were $728.3 million in 2000, up nearly 18 percent from the $617.7 million brought in during 1999. Golf was the second-biggest import category in 2000; gym and exercise gear was the biggest at nearly $753 million.
Among the largest single-product-type increases in 2000 were golf gloves, whose imports rose 27.2 percent last year.
Rose leads halted Indonesian Masters; Snedeker WDs
JAKARTA, Indonesia - Justin Rose held a three-stroke lead at the Indonesian Masters when bad weather stopped play Friday during the second round.
The Englishman, who shot a 10-under 62 on Thursday, had completed 13 holes and was 5 under on the day at the Royale Jakarta Golf Club course.
Kiradech Aphibarnrat (64) was in second place.
Brandt Snedeker withdrew wit on the 11th hole at 2 under for the day after shooting an opening 72.
There was no reason given for his withdrawal, but the American has been affected by a rib-sternum injury for most of the season. Ranked 51st in the world, he flew to Jakarta looking to move inside the top 50 by the end of the year and ensure a spot in next year's Masters.
Newsmaker of the Year: No. 2, Donald Trump
Even away from the White House, President Donald Trump generated plenty of headlines this year.
Trump’s first year in office didn’t dim his enthusiasm for the game, as he made splashy appearances at two big events, tweeted about golf to his more than 44 million followers, teed it up with some of the sport’s biggest stars, including Tiger Woods, Rory McIlroy and Lexi Thompson, and fired a few eyebrow-raising scores. Logging more than 75 rounds since his inauguration, the 3-handicap has only bolstered his reputation as the best golfing president, particularly after his alleged 73 with Sen. Lindsey Graham.
None of his appearances created a bigger stir than when he attended the U.S. Women’s Open. Despite protests and calls for the USGA to move its premier women’s event from Trump Bedminster – the president reportedly threatened to sue – his weekend there went off without incident, as Trump watched the action and hosted players in his private box near the 15th green.
Despite his controversial rhetoric on a variety of national issues, Trump has remained a staunch supporter of women’s golf, and he became the first sitting president to attend the U.S. Women’s Open.
An honorary chairman of the Presidents Cup, Trump also flew to Liberty National for the biennial team event, where he presented the trophy to the U.S. team and dedicated the victory to the hurricane victims in Texas, Florida and Puerto Rico.
In late November, amid tweets about the national anthem, Turkey, Egypt and Time Magazine, Trump announced that he was playing a round in South Florida with Woods and world No. 1 Dustin Johnson.
Yes, that too became a headline, just like everything else Trump did in 2017.
Playing with the pros
Tiger, DJ and Faxon
President at the Presidents Cup
Purported round of 73 with Lindsey Graham
Cart on the green
Presence and protests at U.S. Women's Open
Trump golf properties
Reportedly fake TIME covers
Trump apologizes for voter-fraud story
Pros comment on the president
Newsmakers of the Year: Top 10 in 2017
GolfChannel.com is counting down the top 10 Newsmakers of the Year as voted on by Golf Channel’s writers, editors, reporters and producers. Check out the list below, including future release dates. And click here for the full collection of articles.
No. 1: Dec. 18
Spieth, Thomas headline winter break trip to Cabo
Justin Thomas and Jordan Spieth. Really good at golf. Really good at vacationing.
With #SB2K18 still months away, Thomas and Spieth headlined a vacation to Cabo San Lucas, and this will shock you but it looks like they had a great time.
Spring break veteran Smylie Kaufman joined the party, as did Thomas' roommate, Tom Lovelady, who continued his shirtless trend.
The gang played all the hits, including shoeless golf in baketball jerseys and late nights with Casamigos tequila.
In conclusion, it's still good to be these guys.