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Sports Biz
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Accenture, which is sponsoring the current tournament, is only down 23.6 percent since last June. Nike [NKE
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] stock is down 39.4 percent and Electronic Arts [ERTS
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] stock has fallen 65 percent.
But the biggest loss we've seen doesn't have to do with one of Tiger's sponsors. It's actually the main sponsor of his caddie Steve Williams.
For the last five years, Williams has been sponsored by Valvoline. His race car in New Zealand has Valvoline logos on it and his caddying shirt does as well. Valvoline is owned by Ashland [ASH
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], whose stock has fallen from $46.43 a share to $5.91 today, good for an astounding 87.6 percent drop.
The company recently announced a $150 million cost-cutting plan that includes the elimination of 1,300 jobs.
Williams has been able to keep his sponsorship with Valvoline despite the fact that competitor Chevron [CVX
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] sponsors the Chevron World Challenge, a tournament hosted by Woods in December.
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