Callaway Golf (ELY) NewsBite - ELY Downgraded By Wachovia

Wednesday, October 15, 2008 1:48 PM EDT

Callaway Golf (ELY) was downgraded today by analysts at Wachovia and the stock is now at $9.96, down $1.91 (-16.09%) on volume of 1,279,998 shares traded. The analysts downgraded the stock to "Market Perform" from "Outperform." Over the last 52 weeks the stock has ranged from a low of $9.78 to a high of $18.20. Callaway Golf stock has been showing support around $11.00 and resistance in the $12.84 range. Technical indicators for the stock are neutral and S&P gives ELY a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ELY the stock seems like it could be a candidate for a February out-of-the-money bear-call credit spread above the 12.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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