Callaway Golf (ELY) NewsBite - ELY Cuts Dividend

Posted: Tuesday, June 09, 2009 11:23 AM EDT

Callaway Golf (NYSE: ELY) opened at $6.24. So far today, the stock has hit a low of $6.10 and a high of $6.47. ELY is now trading at $6.32, down $0.96 (-13.19%). Over the last 52 weeks the stock has ranged from a low of $5.69 to a high of $15.45. ELY shares are declining today after the company said it will reduce its quarterly dividend to 1 cent per share. The dividend had been at 7 cents per share. 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 a November out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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