It’s Got the Moves Like Scheffler. TopGolf Callaway (MODG) Has Made It Into the Green Upon Sale Rumors, Up ~12%

Golf lifestyle, equipment and apparel company TopGolf Callaway (MODG) is taking a play from recent PLAYERS Champ Scottie Scheffler and winning on the day as its moving into the green trading up ~12% and leading the PRISM Consumer Products Index.

The move is likely due to a sale rumor released in a recent report by the South Korean news outlet Chosun Daily. It was cited that the company may be considering a sale of its equipment-making arm which would be valued around $3Bn. Its expected the major shareholders would spin off Topgolf and only sell Callaway. According to the report, Callaway shareholders have selected a lead manager to sell their stakes and rights. The industry has struggled more post-pandemic as the return to normalcy has continued. Topgolf Callaway has not responded for comment on the report.