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 This material may not be published, broadcast, rewritten, or redistributed.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.)

blog comments powered by Disqus
Guide To The Holidays
Shine A Light On The Holiday Season With ‘Giving Tuesday’

Listen Live