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Stock of Callaway Golf is down 13.19% this morning (June 9) to $6.32. Yesterday, the maker of golf clubs and balls reduced its second quarter dividend to 1 cent a share from 7 cents. It will also issue $110 million of preferred stock to pay down debt. That stock will be convertible into common shares. The company expects second quarter earnings per share of about 12 cents, down from Wall Street's expected 23 cents. In 1996, Callaway stock sold above $25. Aldila, maker of golf shafts, is also getting the shaft this morning. Its stock is down 3.95% to $3.40. It sold as high as $35.60 in 2006. Expensive sports equipment is the kind of product that is getting hit as consumers cut back on discretionary purchases.

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