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Why Topgolf Callaway Stock Plunged 24% This Week

Why Topgolf Callaway Stock Plunged 24% This Week

According to data provided by S&P Global Market Intelligence, shares of Topgolf Callaway fell as much as 24% this week and closed the week down 22.8%. Management said that investments in operating expenses led to the drop in earnings, partly due to the cost of building 11 new Topgolf facilities this year. The comments around lower guidance were largely understandable, as companies spend less on corporate events at locations like Topgolf.