Tiger Woods Embarrasses EA Sports
Tiger sponsors like AT&T (T) Accenture (ACN), PepsiCo's (PEP) Gatorade brand and P&G's (PG) Gillette didn't stick around to see how the Tiger scandal would pan out. They jumped before the ship could sink.
A study by finance professors at the University of California, Davis, estimated that shareholders of Tiger Woods-endorsed companies lost between $5 billion and $12 billion in market value after his sex scandal broke.
Electronic Arts stock fell 4.5% to $14.79 at Friday's closing bell, while Nike tumbled 2.4% to $68.96.
Click here for an overview of Tiger's evolving relationship with his sponsors through his scandal
-- Reported by Andrea Tse in New York
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