Sports equipment manufacturer Callaway Golf Co. saw its shares bounce back 2 percent May 21, closing at $7.75, after a retailer’s financial results toyed with its stock price the previous day.
Shares of Carlsbad-based Callaway (NYSE: ELY) closed at $7.60 on May 20, down 9 percent from the previous day’s price, apparently because Dick’s Sporting Goods Inc. — and its subsidiary Golf Galaxy — disclosed poor performance. First quarter same-store sales at Golf Galaxy declined 10.4 percent from the same quarter one year ago, Dick’s (NYSE: DKS) said. The business operates 79 Golf Galaxy stores.
More than 5 million shares of Callaway Golf traded hands May 20, while slightly more than 1 million traded the day afterward. A normal day usually sees about 1.1 million shares traded. Callaway makes golf clubs and balls.
Dick’s CEO Edward Stack said that the company’s difficulties in the recently ended quarter “were isolated to two categories: golf and hunting.” Stack’s statement was released along with financial results.