Billionaire Carl Icahn Buys Big Stake In Oakland’s Clorox
OAKLAND (AP) – Shares of consumer products company Clorox Corp. jumped Friday after billionaire investor Carl Icahn disclosed a 9.08 percent stake in the company.
The stock rose $5.24, or 7.9 percent, to $71.49 in afternoon trading. The stock earlier reached a 52-week high of $72.43 and has traded as low as $59.01 over that same period.
Clorox disclosed the investment in a Securities and Exchange Commission filing Friday. The notice comes a week after Clorox reported an 81 percent drop in its fiscal second-quarter profit on softer sales and a charge.
The company makes a range of cleaning products along with food products such as Hidden Valley salad dressing.
Icahn has a history of investing in companies going through difficult financial situations and pushing for changes, including selling the companies.
(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)