BlackRock Short-Term California Muni Bond ETF (CALY)

A number of stocks fell in the afternoon session after the Trump administration's announcement of new global tariffs, reignited trade policy uncertainty. 

The performance of consumer discretionary businesses is closely linked to economic cycles. Unfortunately, the industry’s recent performance suggests demand may be slowing as discretionary stocks were flat over the past six months while the S&P 500 gained 6.5%.

Callaway Golf Company’s latest quarter was met with a negative market reaction, as revenue significantly missed Wall Street’s expectations. Management attributed the underperformance primarily to the impact of major business divestitures, including the sale of Jack Wolfskin and the majority stake in Topgolf, as well as ongoing pressures from incremental tariffs. CEO Chip Brewer acknowledged that “incremental tariff expense of approximately $40 million in 2026 on top of approximately $35 million last year is driving higher than historical price points in several categories,” which contributed to softer sales.

Shares of golf entertainment and gear company Callaway Golf Company (NYSE:CALY) fell 11.4% in the morning session after the company reported fourth-quarter revenue that significantly missed analyst expectations and issued a disappointing financial outlook for 2026. 

Great things are happening to the stocks in this article. They’re all outperforming the market over the last month because of positive catalysts such as a new product line, constructive news flow, or even a loyal Reddit fanbase.

The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how leisure facilities stocks fared in Q3, starting with Sphere Entertainment (NYSE:SPHR).

Let’s dig into the relative performance of Lucky Strike (NYSE:LUCK) and its peers as we unravel the now-completed Q3 leisure facilities earnings season.