Stocks of golf equipment makers Acushnet and Topgolf Callaway rise again, as PGA-LIV merger makes golf more interesting
Shares of golf equipment makers Acushnet Holdings Corp. (GOLF) and Topgolf Callaway Brands Corp. (MODG) rallied for a second-straight day toward one-month highs Wednesday, in the wake of the shock announcement that The PGA Tour, Europe's DP World Tour and the Saudi Arabia-backed LIV Golf circuit have agreed to merge. The stocks have been rising because as Jefferies analyst Randal Konik said, the merger has made the game of golf a little more interesting. "The recent announcement has undoubtedly caught the golf industry by surprise," Konik wrote in a note to clients. "However, we believe that this unexpected agreement holds immense potential to elevate the sport of golf to new heights." Acushnet's stock advanced 1.0% in afternoon trading, after being driven up 4.5% on Tuesday. Meanwhile, Topgolf Callaway shares climbed 3.2% on Wednesday, after jumping 5.5% on Tuesday. In comparison, the S&P 500 slipped 0.4% on Wednesday, after edging up 0.2% the day before.
-Tomi Kilgore
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June 07, 2023 14:47 ET (18:47 GMT)
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