Callaway Down, Titleist (Fortune Brands) Up

Callaway Golf announced that its first quarter profits have fallen by half. Company officials said the losses were due to staggered new product launches and reductions in the amount of inventory it shipped to avoid build up in retail stores.

Meanwhile, Fortune Brands, owner of Titleist, Footjoy, and Cobra reported that its net income was up 35%. Fortune also owns Jim Beam, Daytimer, Swingline, Kensington, and other major brands.

Interestingly, Fortune Brands was recently involved in a bid for the purchase of Allied Domecq, whose holdings include Dunkin Donuts and Baskin-Robbins.

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