MODG.N Shares Drop as 5-Day SMA Crossed Down

Shares of MODG.N experienced a notable decline today, falling by 6.25% to $10.20 in premarket trading. This movement coincided with the stock crossing below its 5-day simple moving average, indicating a shift towards bearish momentum. The drop follows Topgolf Callaway Brands Corp.'s announcement of a strategic sale of a 60% stake in its Topgolf unit to Leonard Green & Partners for approximately $770 million, a decision aimed at refocusing on its core golf equipment brands. Investors reacted negatively to the news, reflecting concerns over the company's ongoing struggles since the Topgolf acquisition and its implications for future growth.