What sort of would it be if you could only bet on sporting events by the results only? Who knows how much the bets were on the actual match going into sudden death today, but you can bet it was significant. It turns out there were traders pushing around brands of public companies as well, mainly that of Callaway Golf Co. (NYSE: ELY) and that of Nike Inc. (NYSE: NKE).
The reason is rather simple. Nike is now almost synonymous with Tiger Woods, and Callaway Golf is a large endorser of Rocco Mediate. To add more of a small twist Callaway shares have been under pressure because of recent earnings news.
Callaway shares rose 3% to $12.66 in regular trading as the pure-play golf apparel and equipment company, and its 52-week trading range was $12.00 to $19.49. Callaway’s shares are down over 1% at $12.50 in after-hours trading.
Nike Inc. (NYSE: NKE) closed down almost 0.9% at $68.38, and shares were down 0.2% at $68.19 in after-hours trading. As it is exponentially larger and far more diversified this was hardly the play. Its 52-week trading range is $51.50 to $70.60.
This was almost a huge day for Callaway, but based upon the news and coverage the company won either way. Whether or not that translates to a stock event… that’s a different issue entirely.
Jon C. Ogg
June 16, 2008
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