Golf stocks are on the rise Wednesday as several shares react to news concerning the PGA Tour merging with LIV Golf.
That’s a massive announcement, as it brings together two major players in the golf space. It also further strengthens the global state of golf and could work to increase the sport’s presence with a more large-scale appeal.
Jefferies analyst Randal Konik said the following in a note to clients obtained by Bloomberg:
“The recent announcement has undoubtedly caught the golf industry by surprise […] However, we believe that this unexpected agreement holds immense potential to elevate the sport of golf to new heights.”
Let’s get into how this is affecting golf stocks below!
Golf Stocks Up Today
- Acushnet (NYSE:GOLF), a developer, designer and distributor of golf products, is seeing a 1.5% rally as of Wednesday morning.
- Topgolf Callaway (NYSE:MODG), a sports equipment manufacturing company, is seeing its stock get a slight boost from today’s news after climbing higher in earlier trading today.
- Dick’s Sporting Goods (NYSE:DKS), a retailer of sports equipment, is joining the rally with its shares climbing 2.5% higher as of this writing.
- Big 5 Sporting Goods (NASDAQ:BGFV), another retailer of sports gear, is experiencing a 4% rally on Wednesday morning.
- Nike (NYSE:NKE), which makes sporting apparel, is also getting a boost today alongside the news of PGA Tour merging with LIV Golf.
Investors seeking out more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.