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Callaway Golf's (ELY) - Get Free Report board authorized the company to buy back up to $50 million of stock beginning in the first quarter of 2006.

The Carlsbad, Calif., golf company said it expects to complete the repurchase program within three years. The new stock repurchase program supersedes all prior stock repurchase authorizations.

On Wednesday, Callaway rose 13 cents to $15.14.