Topgolf Callaway Brands Corp (MODG)

Topgolf Callaway Brands Corp (MODG) dropped by 16.87% from $12.45 to $10.35 in the trading on Thursday November 9, 2023. The reasons why MODG stock down today include:

• Topgolf Callaway's results: Revenue was up 5.4% in the quarter to $1.04 billion, but net income dropped 23% to $29.7 million, or $0.16 per share. Analysts were expecting revenue of $1.06 billion and earnings of $0.12 per share.
• Disappointing outlook: For the fourth quarter, management expects revenue to fall from $847 million to $872 million, well short of the $1.01 billion that analysts were expecting. And it's this guidance figure that had investors selling MODG stock this morning. If sales at Topgolf continue to fall, we could see the stock fall further.