Callaway Golf saw its share price fall by 14 percent to $5.52 in early trading after the company's new management released a revised estimate of its financial performance, predicting a loss of 55 to 75 cents a share for this year. The loss will be partly due to charges associated with a new wave of layoffs as the American golf equipment company announces a 12 percent reduction in its global workforce, across all levels of the organization. Chip Brewer, the new president and CEO, says Callaway's business has not recovered at a satisfactory pace. Preliminary estimates indicate that its sales grew by only 3 percent in the second quarter of this year, generating breakeven results and leading to a 1 percent sales increase for the first six months.  

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