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.
McCoy earns medalist honors at Web.com Q-School
One year after his budding career was derailed by a car accident, Lee McCoy got back on track by earning medalist honors at the final stage of Web.com Tour Q-School.
McCoy shot a final-round 65 at Whirlwind Golf Club in Chandler, Ariz., to finish the 72-hole event at 28 under. That total left him two shots ahead of Sung-Jae Im and guaranteed him fully-exempt status on the developmental circuit in 2018.
It's an impressive turnaround for the former University of Georgia standout who finished fourth at the 2016 Valspar Championship as an amateur while playing alongside Jordan Spieth in the final round. But he broke his wrist in a car accident the day before second stage of Q-School last year, leaving him without status on any major tour to begin the year.
McCoy was not the only player who left Arizona smiling. Everyone in the top 10 and ties will be exempt through the first 12 events of the new Web.com Tour season, a group that includes former amateur standouts Curtis Luck (T-3), Sam Burns (T-10) and Maverick McNealy (T-10).
Players who finished outside the top 10 but inside the top 45 and ties earned exemptions into the first eight events of 2018. That group includes Cameron Champ (T-16), who led the field in driving at this year's U.S. Open as an amateur, and Wyndham Clark (T-23).
Everyone who advanced to the final stage of Q-School will have at least conditional Web.com Tour status in 2018. Among those who failed to secure guaranteed starts this week were Robby Shelton, Rico Hoey, Jordan Niebrugge, Joaquin Niemann and Kevin Hall.
Els honored with Heisman Humanitarian Award
The annual Heisman Trophy award ceremony is one of the biggest moments in any football season, but there was a touching non-football moment as well on Saturday night as Ernie Els received the Heisman Humanitarian Award.
The award, which had been announced in August, recognized Els' ongoing efforts on behalf of his Els for Autism foundation. Els received the award at Manhattan's PlayStation Theater, where Oklahoma quarterback Baker Mayfield won the Heisman Trophy.
Els, 47, founded Els for Autism in 2009 with his wife after their son, Ben, was diagnosed with autism. Their efforts have since flourished into a 26-acre campus in Jupiter, Fla., and the creation of the Els Center for Excellence in 2015.
The Heisman Humanitarian Award has been given out since 2006. Past recipients include NBA center David Robinson, NFL running back Warrick Dunn, soccer star Mia Hamm and NASCAR driver Jeff Gordon.
A native of South Africa, Els won the U.S. Open in 1994 and 1997 and The Open in 2002 and 2012. He has won 19 times on the PGA Tour and was inducted into the World Golf Hall of Fame in 2011.
Monday finish for Joburg Open; Sharma leads by 4
Rain, lightning and hail pushed the Joburg Open to a Monday finish, with India’s Shubhankar Sharma holding a four-stroke lead with 11 holes to play in Johannesburg.
Play is scheduled to resume at 7:30 a.m. local time.
South Africa’s Erik van Rooyen will have a 3-foot putt for birdie to move within three shots of Sharma wen play resumes at the Randpark Golf Club. Sarma is at 22 under par.
Tapio Pulkkanen of Finland and James Morrison of England are tied for third at 14 under. Pulkkanen has 10 holes remaining, Morrison 11.
The top three finishers who are not already exempt, will get spots in next year’s Open Championship at Carnoustie.
Stricker, O'Hair team to win QBE Shootout
It may not count in the official tally, but Steve Stricker is once again in the winner's circle on the PGA Tour.
Stricker teamed with Sean O'Hair to win the two-person QBE Shootout, as the duo combined for a better-ball 64 in the final round to finish two shots clear of Graeme McDowell and Shane Lowry. It's the second win in this event for both men; Stricker won with Jerry Kelly back in 2009 while O'Hair lifted the trophy with Kenny Perry in 2012.
Stricker and O'Hair led wire-to-wire in the 54-hole, unofficial event after posting a 15-under 57 during the opening-round scramble.
"We just really gelled well together," Stricker said. "With his length the first day, getting some clubs into the greens, some short irons for me, we just fed off that first day quite a bit. We felt comfortable with one another."
Stricker won 12 times during his PGA Tour career, most recently at the 2012 Tournament of Champions. More recently the 50-year-old has been splitting his time on the PGA Tour Champions and captained the U.S. to a victory at the Presidents Cup in October. O'Hair has four official Tour wins, most recently at the 2011 RBC Canadian Open.
Pat Perez and Brian Harman finished alone in third, four shots behind Stricker and O'Hair. Lexi Thompson and Tony Finau, the lone co-ed pairing in the 12-team event, finished among a tie for fourth.