Why Are Clorox (CLX) Shares Soaring Today
What Happened:
Shares of consumer products giant Clorox (NYSE:CLX) jumped 8.7% in the morning session after the company reported second-quarter results that blew past analysts' EPS expectations, although some large one-time charges that were added back to arrive at adjusted EPS (non-GAAP) likely made it difficult for Wall Street to model and project. Its revenue and gross margin also outperformed estimates. Zooming out, this was an impressive quarter that should delight shareholders.
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What is the market telling us:
Clorox's shares are not very volatile than the market average and over the last year have had only 4 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Clorox is up 8% since the beginning of the year, but at $156.15 per share it is still trading 11.1% below its 52-week high of $175.61 from May 2023. Investors who bought $1,000 worth of Clorox's shares 5 years ago would now be looking at an investment worth $986.87.
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