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Clorox
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"Clorox's Strong Q2 Performance Boosts Sales and Stock Soars"
Clorox reported a 16% increase in net sales to $1.99 billion for the second quarter of fiscal year 2024, driven by higher volume and favorable price mix, despite a 6% decrease in diluted net earnings per share. The company's operational recovery from a cyberattack was highlighted, with progress in rebuilding retailer inventories and delivering cost savings. Clorox updated its fiscal year 2024 outlook, expecting a low single-digit decrease in net sales, a 200 basis points increase in gross margin, and diluted EPS between $3.06 and $3.26.
"Clorox's Q2 FY 2024 Results and Outlook Update"
Clorox reported a 16% increase in net sales to $1.99 billion for the second quarter of fiscal year 2024, rebounding from a cyberattack. Despite a 6% decrease in diluted net earnings per share, adjusted EPS increased 120% to $2.16. The company made progress in recovering from the cyberattack and introduced new product innovations. Clorox updated its fiscal year 2024 outlook, expecting net sales to be down low single digits and gross margin to increase about 200 basis points.
"California Companies Ramp Up Security Measures Amid Rising Crime in Oakland"
Clorox has hired additional security guards to protect its Oakland headquarters employees, who will be tasked with escorting them to and from various locations. The company has also conducted safety awareness trainings in partnership with the BART Police Department and is collaborating with local business leaders to improve safety in the area. This comes after another employer, Kaiser Permanente, advised its employees to remain indoors during breaks and lunch hours due to security concerns in downtown Oakland.
"California Companies Implement Safety Measures Amid Rising Crime Wave"
Due to a surge in crime in Oakland, California, major employers like Blue Shield, Clorox, and Kaiser Permanente are taking steps to ensure the safety of their workers, including providing security escorts and advising employees to stay inside for meals. This comes as the city has seen a significant increase in violent crime, prompting concerns among businesses and leading to the closure of In-N-Out's Oakland location.
"Top Dividend Powerhouses for Long-Term Passive Income Growth"
Coca-Cola, Clorox, and Target are three dividend-paying stocks worth considering for investors seeking passive income. Despite underperforming the market, Coca-Cola's long history of dividend raises and its ability to combat inflation make it an attractive option. Clorox, with its strong brand portfolio and potential for growth, is also a good value after recovering from a cyberattack scare. Target, although facing challenges like inflation and weak consumer spending, offers growth potential with its rewards program and e-commerce initiatives. All three stocks have a dividend yield of over 3% and a track record of dividend increases, making them suitable for generating a steady stream of income.
"Cramer's Lightning Round: Top Buys and Worst Stocks Revealed"
Jim Cramer, host of CNBC's "Mad Money," gave his lightning round opinions on several stocks, stating that Clorox is a buy, AGNC is a value trap and recommends Realty Income instead, Cisco is a buy, Johnson & Johnson's strategy is ill-advised, and Ventas is okay but suggests looking for higher yields.
S&P 500 Companies' Earnings Surpass Expectations, but Some Stocks Lag Behind
Nine S&P 500 companies, including Clorox, Airbnb, and Intel, have reported third-quarter profits that exceeded analysts' expectations by 65% or more. This highlights where expectations were too pessimistic and where business is actually strong. Overall, more than 80% of S&P 500 companies reported higher earnings than forecasted, leading to a complete upgrade in third-quarter profit growth from a feared contraction to a 3.7% increase. Clorox and Estee Lauder even turned a profit when they were expected to lose money. These impressive results demonstrate the resilience of the U.S. economy, although some investors are starting to anticipate slower growth in 2024.
Cyberattack Fallout: Clorox and MGM Resorts Among Companies Impacted
Several companies, including Johnson Controls, Clorox, MGM Resorts, Caesars, Campbell Soup, Dole, Brunswick, Tempur Sealy, Estee Lauder, Sysco, and Freeport-McMoRan, have recently experienced significant cybersecurity incidents and data breaches. These attacks have resulted in disruptions to operations, financial impacts, and potential exposure of sensitive information. While some companies have managed to minimize the impact, others have incurred substantial costs and suffered from order processing delays, product outages, and occupancy issues. The cybersecurity landscape remains a persistent challenge for organizations across various industries.
Clorox's Shares Plummet as Cyberattack Devastates Earnings
Clorox shares plunged over 5% to a more than one-year low after the company revealed the financial impact of a cyberattack in August, leading to at least one downgrade and multiple price-target cuts by analysts. The attack disrupted production at some US factories and caused product shortages, resulting in significant pressure on sales and profit for the quarter ended September 30. Analysts expressed concerns about the company's visibility in the near term, potential loss of market share, and reduced earnings forecast. Clorox expects ongoing operational impacts in the current quarter and organic sales for the last quarter to potentially drop by as much as 26%.
Investors Hold Steady as Payroll Data Looms
U.S. stocks ended slightly lower as investors awaited Friday's monthly jobs report and further clues on interest rates. U.S. data on initial jobless claims indicated a resilient labor market, but concerns remained about the Federal Reserve's stance on rates. Benchmark U.S. Treasury yields eased after hitting their highest level since 2007 earlier this week. The S&P 500 held above its 200-day moving average. Decliners included Clorox, which forecasted a Q1 loss, and Dell Technologies, whose revenue forecast suggested a delay in AI-driven growth. Investors are now looking forward to third-quarter earnings reports.
Rivian's Stock Plummets Amid Funding Plans and Sales Guidance
Rivian Automotive shares dropped 19% after announcing plans to raise $1.5 billion in convertible notes and providing preliminary Q3 revenue guidance in line with expectations. Exxon Mobil shares slid over 2.3% due to declining oil prices and uncertain demand outlook. Clorox shares fell 7.7% after offering worse-than-expected Q1 guidance, citing a cyberattack. Orchard Therapeutics shares nearly doubled after being acquired by Japanese pharmaceutical company Kyowa Kirin for $478 million. Lamb Weston shares jumped 10% as the French fry producer beat analysts' expectations and raised its fiscal year guidance.
"Jim Cramer Identifies Stocks to Watch for Potential Market Rebound"
Several stocks are being closely watched in the market, including Clorox, which has experienced a hack and received a downgrade from Raymond James; McCormick, which has seen numerous price target cuts; Marathon Petroleum and Phillips 66, both of which have had their price targets adjusted; Wingstop and Jack In the Box, which have been initiated with a buy rating by Bank of America; Cheesecake Factory, which has been initiated with a neutral rating; Zoetis and Elanco Animal Health, both of which have had their price targets reduced; SoFi, which has had its price target cut; Carrier Global, which has been downgraded by BofA; Rivian Automotive, which plans to sell $1.5 billion in convertible bonds; Sociedad Quimica, which has had its price target lowered; Tractor Supply and Floor & Decor, both of which have been downgraded; and Booking and Airbnb, which have had their price targets adjusted by Wells Fargo.
Stocks Rebound as Bond Yields Retreat: Live Updates
U.S. stock futures edged lower as Wall Street struggled to maintain positive momentum, with investors looking ahead to key jobs data. Clorox shares slid 4% in premarket trading after the company provided lower-than-expected guidance for its fiscal first quarter. Hong Kong's private sector contracted for the third consecutive month in September, partly due to Typhoon Saola. Student loan borrowers are expected to cut spending now that loan payments have resumed, particularly in categories such as clothing, restaurants, and travel. Oil prices suffered their worst daily performance in over a year, with West Texas Intermediate crude falling 5.61%.
Clorox's Sales and Profits Plummet Due to Cyberattack
Clorox reported a significant decrease in sales and profit for the quarter ended September 30, largely due to the impact of a cyberattack that disrupted operations. The company expects a decrease in net sales of 23% to 28% and a decline in gross margin compared to the previous year. Clorox also anticipates a per-share loss of 35 cents to 75 cents. The cyberattack, disclosed in August, continues to affect production, although the impact is diminishing. Clorox is assessing the potential impact of the hack on the current fiscal year and beyond. The attack is believed to be linked to the group of hackers responsible for recent cyberattacks on MGM and Caesars.