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MarketWatch MarketPulseJul 18, 2018
Clorox's stock is now a sell, says Goldman
Shares of Clorox Co. tumbled 4.3% in morning trade Wednesday, after Goldman Sachs turned bearish on the consumer goods company, citing "stretched" valuation and earnings risk, given pricing headwinds. Analyst Jason English cut his rating to sell, after being at neutral for at least the past three years, and slashed his price target to $112--13% below current levels--from $127. English said he believes the stock's valuation is "unsustainably high" relative to its peers. Clorox's price-to-earnings ratio (P/E) is currently 21.11, compared with the implied P/E for the SPDR Consumer Discretionary Select Sector ETF of 18.18, according to FactSet. For earnings, English doesn't believe consensus estimates don't account for continued rising input costs, and likely negative repercussions of the company's pricing actions. He believes price increases will lead "decelerating volume growth," which means Clorox's pricing power "will likely be constrained despite management's optimistic tone." The stock has gained 2% over the past three months, while the consumer discretionary ETF has slipped 0.7% and the S&P 500 has gained 3.9%.

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NYTimes BusinessJul 18, 2018
Big Gains for Industrials and Banks Take US Stocks Higher
U.S. stocks are edging higher Wednesday as financial and industrial companies including railroads and airlines climb after a round of strong second-quarter reports. United Continental and Berkshire Hathaway are making their biggest gains in years. Household goods makers are returning a chunk of their recent gains and technology companies are lagging behind the rest of the market.
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