Callaway Shares Rise as Nike Exits Golf-Equipment Market: Chart

Nike Inc.’s loss may prove to be Callaway Golf Co.’s gain. Shares in the maker of the Big Bertha driver jumped as much as 8.5 percent after Nike announced plans to abandon the golf-equipment market. Sales at the Nike Golf division, which was built around the stardom of Tiger Woods, fell 8.2 percent to $706 million in the fiscal year that ended in May, making it the company’s worst-performing major category.

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Nike Golf to Stop Selling Equipment as Tiger Fades

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