UPDATE: Oppenheimer Downgrading Clorox

Oppenheimer & Co. is out with a research report on Clorox CLX and is downgrading the name to Perform from Outperform. In a note to clients, Oppenheimer & Co. writes, "We are downgrading CLX to Perform from Outperform and suggest investors use Friday's strength and all-time high stock price to take profits on the heels of Carl Icahn's bid for the company (which is likely to be rejected, in our view). The shares are trading at a valuation not supported by fundamentals, and we are skeptical that a superior bid will materialize." Shares of CLX closed at $74.55 on Friday.