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Correction: Phil's Masters Win Costs Sponsors $1M

Posted Apr 15th 2010 3:30PM by Jeff Reeves (RSS feed)

CORRECTION: This story, published on April 12, 2010, incorrectly reported the cost of the recent "If Phil Wins, You Win" promotion, held by Golfsmith International and Callaway Golf. The cost of the golf club promotion was not incurred by the golf maker or the retailer, but was covered by a prize indemnity insurance policy, so the insurance company, not Golfsmith or Callaway, is covering the payout.
- Editor

As left-handed golfer Phil Mickelson donned his third green jacket Sunday at the Masters in Augusta, it shareholders of Callaway Golf (ELY) and Golfsmith International (GOLF) stock had trouble basking in the glow.

That's because the golf club maker and retailer (both Mickelson sponsors) had crafted a nifty promotion called "If Phil Wins, You Win." The campaign meant anyone who purchased a Callaway Diablo Edge driver in March or April would get their money back if Mickelson won the master.

The total price tag of Phil's win: $1 million in free clubs, ~~paid for by Golfsmith and Callaway.~~

This is bad news for these small-cap stocks right before earnings season. As the Tiger Woods buzz dies down and the impact of these one-time charges come home to roost, ELY and GOLF stock will likely suffer. ~~Though consumer spending is up, few believe that its back to the levels necessary to sustain a broad recovery and support growth discretionary spending stocks like Golfsmith and Callaway.~~

Continue reading Correction: Phil's Masters Win Costs Sponsors $1M

Analyst initiations 7-11-07: BAY, DHI, FO and JNJ

Posted Jul 11th 2007 11:07AM by Kevin Shult (RSS feed)
Filed under: Before the Bell, Analyst Reports, Johnson and Johnson (JNJ), D.R.Horton (DHI), Fortune Brands (FO), Analyst Initiations

MOST NOTEWORTHY: HouseValues, Inc (SOLD), Fortune Brands (FO), D.R. Horton (DHI), Dicks Sporting Goods (DKS) and USG Corp (USG) were some of today's noteworthy initiations:

Cantor believes HouseValues (NASDAQ: SOLD) may be a lagging indicator of the broader real estate market. As such, it may see its customer and revenue bases contract further in the face of still-sluggish housing data and started shares with a Hold rating.

Pali Research initiated Fortune Brands (NYSE: FO) with a Neutral rating based on valuation.

The firm also believes D.R. Horton's (NYSE: DHI) risk to book value and profitability is higher than some of the competition since the company has taken significantly less land charges. Shares were initiated with a Hold rating.

Dick's Sporting Goods (NYSE: DKS) was initiated with an Outperform at Baird and is positive on Dick's store expansion, market leadership, margin opportunities and fundamentals.

USG (NYSE: USG) was initiated with a Sell rating at Banc of America, believing wallboard price and profit declines will be worse than expected due to lower housing starts and less spending on remodeling. Their analysis suggests another leg down for housing...

OTHER INITIATIONS:

Morgan Joseph started Jamba, Inc (NASDAQ: JMBA) with a Buy rating.

Wachovia started Johnson & Johnson (NYSE: JNJ) with a Market Perform rating.

Baird started Golfsmith International Holdings (NASDAQ: GOLF) with a Neutral rating.

Merrill Lynch initiated Bayer AG (NYSE: BAY) with a Buy rating and UBS initiated QLogic (NASDAQ: QLGC) with a Neutral rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations 6-06-07: AW, RSG and WMI

Posted Jun 6th 2007 10:35AM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Caterpillar (CAT), Ciena Corp (CIEN), Analyst Initiations, Deere and Co (DE), Eaton Corp (ETN)

MOST NOTEWORTHY: The environmental services sector, the machinery and capital goods sector and several bank holding companies were today's noteworthy initiations:

Credit Suisse initiated shares of Allied Waste Industries Inc (NYSE: AW), Republic Services Inc (NYSE: RSG) and Waste Management Inc (NYSE: WMI) with Outperform ratings and a $16 target, $35 target and $45 target, respectively.
Bernstein initiated the machinery and capital goods sector, initiating shares of Caterpillar Inc (NYSE: CAT) and Illinois Tool Works Inc (NYSE: ITW) with Outperform ratings and a $100 target and $68 target, respectively and Deere & Company (NYSE: DE), Eaton Corporation (NYSE: ETN), Ingersoll-Rand Company Ltd (NYSE: IR) and Parker-Hannifin Corporation (NYSE: PH) with Market Perform ratings.
Sandler initiated shares of Preferred Bank Los Angeles CA (NASDAQ: PFBC) and UCBH Holdings, Inc (NASDAQ: UCBH) with Buy ratings and shares of Cathay General Bancorp (NASDAQ: CATY) and East West Bancorp, Inc (NASDAQ: EWBC) with Hold ratings.

OTHER INITIATIONS:

Golfsmith International Holdings Inc (NASDAQ: GOLF) was initiated at Wedbush with a Buy rating and $8.75 target, as the firm believes the company is an attractive growth story and buyout candidate.
Pharmasset Inc (NASDAQ: VRUS) was initiated with a Buy rating and $12 target at Banc of America, as the firm believes Clevudine has the potential to be best in class for the treatment of the hepatitis B virus.
Ciena Corporation (NASDAQ: CIEN) was initiated with an Outperform rating and $40 target at Piper Jaffray.

Analyst downgrades 3-14-07: Fore! Golfsmith cut to Neutral at JP Morgan

Posted Mar 14th 2007 11:23AM by Kevin Shult (RSS feed)
Filed under: Before the Bell, Analyst Upgrades and Downgrades, Bad News, Halliburton (HAL)

MOST NOTEWORTHY: Granite Construction Inc (GVA), Sunterra Corp (SNRR), Halliburton Co (HAL) and Golfsmith International Holdings, Inc (GOLF) were today's notable downgrades:

Matrix USA downgraded Granite Construction Inc (NYSE: GVA) to Sell from Buy on valuation.

CL King cut Sunterra Corp (OTC: SNRR) to Neutral from Strong Buy.

UBS removed Halliburton Co (NYSE: HAL) from its U.S. Strategic Stock Selections List.

JP Morgan cut Golfsmith (NASDAQ: GOLF) to Neutral from Overweight, cutting risk to full-year guidance.

OTHER DOWNGRADES:

Bank of America cut Spirit Finance Corp (NYSE: SFC) to Neutral from Buy following news that an Australia-based consortium led by Macquarie Bank Ltd will acquire Spirit for $14.50/share.