Ad Age is reporting Thursday afternoon that Olympic champion Michael Phelps is being dropped by one of his sponsors over the now infamous photo of him smoking from a bong. Initially it appeared Phelps would be fortunate enough not to lose any of his lucrative sponsorships, and he received reassurance from both Speedo and Omega on Monday. But now his luck appears to be changing:

One bong hit seen around the world and Olympian Michael...