Callaway Golf shares surge as rival Nike exits golf markets

Shares in Callaway Golf jumped as much as 8.5% in New York trading after Nike announced plans to abandon the golf-equipment market, removing a competitor from the industry.

The shares rose as high as $11.48 in the wake of Nike’s statement yesterday that it would stop selling golf clubs, bags and balls.

The rally marked Callaway’s biggest intraday gain in almost six months. Nike will continue to offer footwear and apparel for the sport.