Market Update (CLX, DOV, AA)

Shares of The Clorox Co CLX dropped about 3% after the company projected its Q2 adjusted earnings in a range of $0.57 to $0.63 per share, after excluding the goodwill impairment charge. However, analysts were expecting earnings of $0.74 per share. Clorox projects its Q2 sales to drop 3% to 4% from the year-ago period. Clorox said, "Slowing category consumption experienced in the company's fiscal first quarter continued to impact shipments into the second quarter." The company forecasts a Q2 loss from continuing operations at $1.25 per share to a loss of $1.15 per share, after including the impact of goodwill impairment. Shares of Dover Corp DOV gained about 2.1% after the company announced its plans to purchase Harbison-Fischer Inc for $402.5 million. Dover said, "This acquisition is an excellent strategic fit for Norris Production Solutions and our energy platform." Shares of Alcoa Inc AA rose about 4.6% after Deutsche Bank upgraded the company from “hold” to “buy.” Deutsche Bank equities analyst Jorge Beristain also raised his price target on the stock from $14 to $22 per share. Read more from Benzinga's Markets. Read more from Benzinga's Markets.