Callaway Golf (ELY) NewsBite - ELY Upgraded By Wedbush Morgan

Posted: Friday, May 01, 2009 2:24 PM EDT

Callaway Golf (ELY) was upgraded today by analysts at Wedbush Morgan and the stock is now at $8.54, up $0.99 (13.11%) on volume of 1,302,333 shares traded. The brokerage upped the stock to Hold from Sell. Over the last 52 weeks the stock has ranged from a low of $5.69 to a high of $15.45. Callaway Golf stock has been showing support around $7.24 and resistance in the $8.16 range. Technical indicators for the stock are bearish and S&P gives ELY a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on ELY the stock seems like it could be a candidate for an August out-of-the-money bull-put credit spread below the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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