Diamonds and Dogs
9/22/14The Clorox Company (CLX)
Clorox Company's shares are looking fresh and clean today, up 7.35% to $97.23. The consumer product company saw its shares climb today after it announced it would discontinue its business in Venezuela. "For nearly three years, Clorox Venezuela was required to sell more than two-thirds of its products at prices frozen by the Venezuelan government. During this same period, Clorox Venezuela experienced cumulative triple-digit inflation resulting in massive increases in Clorox Venezuela's input costs, including packaging, raw materials, transportation and wages. As a result, Clorox Venezuela had been selling its products at a loss, causing ongoing operating losses" the company said. Shares of Clorox hit a new 52-week high of $98.31 intraday.
CARBO Ceramics Inc. (CRR)
CARBO Ceramics is getting burned today, down 16.10% to $70.91. The oil and fracking company saw its shares trade deep into the red after announcing it expects ceramic proppant sales to fall in the third quarter. The company said it expects ceramic proppant sales volume to fall 18% compared to the second quarter when it sold 454 million pounds of ceramic proppant. CARBO said that ceramic proppant sales fell in the third quarter as its customers used more sand for fracking. Shares of CARBO fell over $13.50 today and hit a new 52-week low of $67.81 intraday.