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Clorox is set for another round of price increases in July to help offset higher costs and “recover margins over time,” CEO Linda Rendle told CNBC on Wednesday.
The CEO told Jim Cramer on “Mad Money” that Clorox brands offer superior value for things people need to use every day, even in recessions.
There’s concern the Federal Reserve’s aggressive moves to stamp out inflation might slow economic growth and cause a recession.

Clorox CEO Linda Rendle told CNBC on Wednesday the company’s products are “household essentials” that can withstand rising inflationary environments and tough economic times.
The company’s brands include its namesake Clorox products as well as Brita water filtration, Glad bags and Burt’s Bees to highlight a few.

As an example of Clorox’s pricing power, Rendle referenced another round of price increases set for July to help offset higher costs and “recover margins over time.”
The CEO told Jim Cramer on “Mad Money” that Clorox brands offer superior value for things people need to use every day, even in recessions. In 2008, during the financial crisis, “our categories were very resilient, and we grew the vast majority of our brands,” she explained.
There’s concern the Federal Reserve’s aggressive moves to stamp out inflation might slow economic growth and cause a recession. The Fed increased interest rates by another 50 basis points Wednesday.
Clorox reported a decidedly mixed quarter after the closing bell Monday. The stock opened lower Tuesday but closed up 3%. It added another 1.4% on Wednesday.

The consumer packaged goods powerhouse late Monday reported fiscal third-quarter adjusted earnings of $1.31 per share, which beat estimates but dropped 19% from the year-ago period.
Net sales increased 2% to a slightly better-than-expected $1.81 billion. Gross margin was crushed.
The company shaved 20 cents off its full-year earnings forecast, while maintaining a projected net sales decline of between 1% to 4% for the year.

“For the first part of our fiscal year, we were lapping 27% sales growth in the year-ago period. But this quarter, as we lapped a more normalized environment, we were able to put on organic growth in three out of our four segments, the vast majority of our businesses,” Rendle said. “In addition to that, we were able to grow market share.”

Rendle said that cleaning habits that grew out of the Covid pandemic are sticky even as many aspects of life have been returning to more normalized routines. The company has leaned into the trend, launching packaging solutions so people can “control the environment around them” and take the products on the go, she said, noting that Clorox is a “much larger business” than it was pre-pandemic.

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CNBC’s Jim Cramer said Wednesday he’s still “drawn to owning stocks,” despite concerns of a Fed-induced recession.
The “Mad Money” host’s comments came after Wall Street rallied in response to Fed Chair Jerome Powell’s news conference.
Given his economic outlook, Cramer likes banks stocks and profitable tech companies like Advanced Micro Devices.

CNBC’s Jim Cramer said Wednesday he’s still “drawn to owning stocks,” even as the Federal Reserve aggressively raises interest rates in such a way that some skeptics believe will send the U.S. economy into a recession.
“They probably sold into the rally today. They will sell again tomorrow because this is who they are,” the “Mad Money” host said, referring to a late session surge on Wall Street that saw the S&P 500 and Dow Jones Industrial Average post their biggest daily gains since 2020.

Stocks rallied in response to the Fed raising rates by half a percentage point, which was widely expected, and Chair Jerome Powell ruling out future 75 basis point hikes.
The intensity and breadth of Wednesday’s post-announcement rally suggests some investors think the Fed can thread the needle of tamping down inflation with tighter policy without sparking a significant economic downturn. However, Cramer said that he thinks the vocal Fed skeptics will not be swayed by Wednesday’s relief rally.
He acknowledged there is uncertainty about the ultimate effects of the Fed’s 50 basis point hike. Before Wednesday, the last time the U.S. central bank raised rates by half a percentage point in one meeting was 2000. Quarter percentage point upticks are the typical increment.
“So, starting tomorrow, we’ll once again prepare for the worst and expect the worst … and as long as money managers are unsure, which they are, they’ll keep selling things that they shouldn’t,” Cramer said. “But, if you’re in my camp, you’re drawn to owning stocks here because there are plenty of companies that could do well, even if the more bearish camps turn out to be right.”
Cramer highlighted both individual companies and broad sectors that he thinks can work from here, based on his economic outlook. For example, he said he likes Advanced Micro Devices, which has struggled so far this year, but that just reported strong earnings and forward guidance.

Financials also are well positioned, he said. “Remember, banks get instantly more profitable” when the Fed raises short-term rates, said Cramer, whose Charitable Trust owns two banks: Wells Fargo and Morgan Stanley. He was referring to banks’ net interest income, which is what they earn from lending after subtracting what they pay customers on their deposits.
“You can also buy tech because tech stocks tend to do well once inflation peaks, but only profitable tech stocks please, because the money losers aren’t going to make it to the promised land” due to higher interest rates, he said.
Disclosure: Cramer’s Charitable Trust owns shares of AMD, Morgan Stanley and Wells Fargo.
Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

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U.S. Secretary of State Antony Blinken tested positive for Covid-19, the State Department said.
Blinken, who is fully vaccinated and boosted against the coronavirus, is experiencing only mild symptoms, the department said.
The top U.S. diplomat is not considered a close contact to President Joe Biden, it added.
Blinken attended the White House Correspondents’ Association Dinner in Washington on Saturday night with more than 2,000 other guests, including Biden.

Secretary of State Antony Blinken testifies during the Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs hearing on Capitol Hill in Washington, DC, April 27, 2022, to review of the fiscal year 2023 budget request for the US Department of State.
Carolyn Kaster | AFP | Getty Images

U.S. Secretary of State Antony Blinken tested positive for Covid-19 on Wednesday afternoon after beginning to experience symptoms, the State Department said.
Blinken, who is fully vaccinated and boosted against the coronavirus, is feeling only “mild” symptoms, the department said. The top U.S. diplomat is not considered a close contact to Biden, it added.

White House press secretary Jen Psaki said the president tested negative for Covid on Tuesday.
Blinken’s diagnosis comes eight days after Vice President Kamala Harris tested positive for the coronavirus.
The secretary of state had met with Swedish foreign minister Ann Linde before his positive test Wednesday; on Tuesday, he met with Mexican Foreign Secretary Marcelo Ebrard.
“We are in the process and we have notified those individuals with whom he has been in close contact following [federal health agency] guidance,” State Department spokesman Ned Price told reporters.

US Secretary of State Antony Blinken meets with Swedens Foreign Minister Ann Linde at the State Department in Washington, DC, on May 4, 2022.
Michael Mccoy | AFP | Getty Images

Blinken and his wife Evan Ryan, along with Biden, attended the White House Correspondents’ Association Dinner in Washington on Saturday night. Some 2,600 people attended, including high-profile journalists and government officials. Attendees were required to be vaccinated or have a negative Covid test.

Blinken and his wife were guests of NBCUniversal, CNBC’s parent company, at the event. An NBC spokesman declined to comment on the diagnosis.
Ryan is the White House Cabinet secretary, acting as the liaison between Biden and the U.S. departments and agencies whose leaders make up the president’s Cabinet.
Blinken “will quarantine at home, he will follow [Centers for Disease Control and Prevention] guideline,” said spokesman Price, who also attended the White House correspondents’ gala. “I know he very much looks forward to returning to the office, returning to his full schedule and returning to the road just as soon as he is able to do so.”
Before getting a positive result for Covid through a PCR test, Blinken had been scheduled to speak at the Kuwaiti embassy in Washington for a United Nations High Commissioner for Refugees event.
Price said the State Department has notified people with whom Blinken had been in close contact prior to his positive test.
Pentagon spokesman John Kirby on Wednesday said that Defense Department officials who attended the correspondents’ dinner have not tested positive for Covid.
In addition to Kirby, U.S. Space Force General John Raymond was at the event.
– Additional reporting by Amanda Macias
Disclosure: NBCUniversal is the parent company of CNBC.

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Electric vehicle stocks have had a rough ride year to date.
These automakers mostly claim little to no revenue, and minimal, if any, production.
Nikola, Lucid and Fisker all report in the course of two days.

Lucid Motors CEO Peter Rawlinson poses at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, July 26, 2021.
Andrew Kelly | Reuters

Investors holding beaten-up electric vehicle stocks are bracing for a slate of first-quarter earnings reports, which roll out over the next few days.
The asset group has had a rough ride, with the S&P Kensho Electric Vehicles Index off 25% since the beginning of 2022 and down 43% from its February 2021 peak. The index tracks EV makers like Tesla and Honda as well as major auto industry suppliers like Visteon and Lear.

Some of the best-known stocks in the sector have fared even worse. They mostly claim little to no revenue, and minimal, if any, production — and three of them report earnings in the course of two days.

First up, Fisker

California-based EV startup Fisker reported after the markets closed on Wednesday that it lost $122.1 million in the first quarter, or $0.41 per share. That was a slight miss: Analysts polled by Refinitiv had expected a loss of $0.39 per share.
Fisker’s shares fell about 1.5% in after-hours trading following the news.
Fisker has more than 45,000 reservations for its upcoming Ocean, a sleek electric SUV that will start around $38,000.
Fisker doesn’t have a factory of its own; global auto supplier Magna International will build the Ocean at its contract manufacturing facility in Austria. Production is expected to start in November.

Last year, Fisker announced plans for a second vehicle, a lower-cost model code-named PEAR that will be built by Taiwanese contract manufacturer Foxconn Technology Group starting in 2023. And earlier Wednesday, Fisker announced a third model, a sports car called Ronin, planned for late 2024.
Fisker said on Wednesday that Magna has begun building Ocean prototypes for testing, and that it remains on track to begin building vehicles for customers in November. CEO Henrik Fisker told CNBC’s Phil LeBeau that Fisker and Magna now plan to triple production of the Ocean from 50,000 vehicles in 2023 to 150,000 annually by the end of 2024.
Fisker has about $1 billion in cash on hand, it said, enough to see it through the beginning of Ocean production.
Year to date, the company’s stock is down about 33% as of Wednesday’s close, and is off 63% from its February 2021 peak of $28.50.

Production plans at Nikola

Electric heavy truck maker Nikola Motors will report before the markets open on Thursday.
Nikola, based in Phoenix, is probably best known for the scandals that led to the abrupt departure of founder Trevor Milton in September 2020. Milton is now facing federal charges on allegations that he misled investors about the state of Nikola’s technology — but after paying a settlement to the U.S. government, his former company has moved forward.
Under Milton’s successor, CEO Mark Russell, Nikola has simplified its go-to-market plan, forged some key partnerships, and begun production of the battery-electric version of its Tre heavy truck. A longer-range version of the Tre, powered by hydrogen fuel cells, is expected next year.
Nikola said Monday it raised about $200 million from a private sale of convertible notes. Its current cash balance — thought to be around $1 billion — and anticipated funding needs will likely stir questions during its earnings call Thursday morning.
Nikola’s stock is down about 27% year to date through Wednesday, and is off 91% from its high of $79.73, set in June 2020.

Clarity from Lucid

Unlike Nikola and Fisker, Lucid will have some revenue to report when it releases its first-quarter results after the markets close on Thursday. The Arizona-based maker of luxury EVs began production of its first model, the Air sedan, last fall.
Lucid CEO Peter Rawlinson served as chief engineer on Tesla’s landmark Model S. The Air, a no-compromises, high performance luxury sedan with a huge range, is seen as an updated take on the ideas that shaped the Model S.
Reviews have been very good: among other accolades, the Air was Motor Trend’s Car of the Year. But Lucid has struggled to ramp up production amid ongoing global supply chain disruptions. In February, it cut its 2022 production target from 20,000 vehicles to between 12,000 and 14,000 units.
The status of Lucid’s production ramp-up is likely to be a hot topic on Thursday’s earnings call.
Lucid’s stock is down about 47% this year through Wednesday, and is off 65% from its February 2021 peak of $58.05.

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The niece of a long-dead priest is suing to block the sale of one of Judy Garland’s iconic “Wizard of Oz” frocks that was missing for decades.
She says the valuable piece of Hollywood memorabilia belonged to her late uncle.
The blue and white gingham dress is slated to be sold at auction on May 24 and could snare anywhere between $800,000 and $1.2 million, Bonhams New York said.
The Catholic University of America in Washington, D.C., which found the dress and which put it up for auction, is a defendant in the Manhattan federal suit by Barbara Hartke, the priest’s niece.

A lobby card from the film ‘The Wizard Of Oz,’ shows a film still of a scene in which American actress Judy Garland (1922 – 1969) (as Dorothy) wipes tears from the eyes of actor Bert Lahr (1895 – 1967) (as the Cowardly Lion), while watched by Jack Haley (1898 – 1979) (as the Tin Man) (left), and Ray Bolger (1904 – 1987) (as the Scarecrow), 1939. The film was directed by Victor Fleming.
Hulton Archive | Moviepix | Getty Images

Forget the ruby slippers. Dorothy’s dress is now the most contentious piece of clothing in the Land of Oz.
The niece of a long-dead priest is suing a New York auction house to block the sale of one of Judy Garland’s iconic Dorothy frocks from the 1939 classic film “The Wizard of Oz.”

The dress was missing for decades before it was found at a Catholic university last year. The priest’s niece, Barbara Hartke, says the valuable piece of Hollywood memorabilia belonged to her late uncle.
The blue and white gingham dress, believed to be one of six original dresses from the film is slated to be sold at auction on May 24 and could snare anywhere between $800,000 and $1.2 million, Bonhams New York said.
The dress was a gift from Mercedes McCambridge, an Academy Award-winning actress and friend of Garland’s who was artist-in-residence at The Catholic University of America in Washington, D.C., between 1972 and 1973, to Dominican Father Gilbert Hartke, founder of the school’s drama department. (McCambridge, incidentally, is known for providing the voice of the demon in 1973’s religious-horror classic “The Exorcist,” which was shot and set in D.C.)
However, after Gilbert Hartke died in 1986, no one knew what had become of the costume and it was considered lost. In June of last year, the dress was found in a white trash bag above the faculty mail slots during a renovation of the university’s Hartke Theater.
While Catholic University has claimed ownership of the dress, Hartke’s 81-year-old niece argues that the dress belongs to his estate because McCambridge “specifically and publicly” gave it to Gilbert Hartke.

Barbara Hartke, who lives in Wisconsin, named the university and the auction house as defendants in her lawsuit, which was filed Tuesday in Manhattan federal court.
The suit seeks an injunction from the court that would prevent the auction from taking place.
“The University is reviewing the allegations made in the lawsuit at this time and will provide additional information after a thorough review of the complaint,” said a spokesperson for the school.
A representatives for Bonhams did not immediately respond to CNBC’s request for comment.
– CNBC’s Dan Mangan contributed to this report.

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The FAA and airlines met in Florida this week to discuss the surge in Florida flight disruptions.
Airlines have ramped up capacity beyond 2019 levels at several major Florida airports.
Several airlines have placed some of the blame on air traffic control staffing shortages.

American Airline planes sit on the tarmac at Miami International Airport (MIA) in Miami, Florida, on February 2, 2022.
Daniel Slim | AFP | Getty Images

The Federal Aviation Administration said Wednesday that it will “immediately” increase staffing at a major air traffic control center in Florida to handle airlines’ surging numbers of flights to the Sunshine State after passengers this year faced thousands of flight cancellations and delays.
“Because representatives said Florida operations will continue increasing past 2019 levels, the FAA will immediately increase the number of authorized staff at Jacksonville Center and evaluate other Florida facilities,” the agency said in a statement. 

The FAA held a two-day meeting with airlines as well as private aviation industry members this week to discuss solutions to air traffic congestion in Florida. Executives from JetBlue Airways, Frontier Airlines and Southwest Airlines have blamed air traffic control staffing shortfalls on recent delays to and from the state.  
The FAA said it is not capping the number of flights serving Florida.
More frequent thunderstorms in Florida, coupled with high travel demand and thinner airline staffing levels than needed, also led to the delay or cancellation of thousands of flights last month alone. 
Airlines said Florida flights would continue to surpass pre-pandemic levels of 2019 this year, a sign of continued strong demand there.
Other obstacles in the state have included an increasing number of space launches and military exercises.

The agency said it will share more information with carriers about such events, which often mean airspace closures. The FAA also said it would help airlines come up with alternative altitudes, such as flying under weather systems, to keep traffic moving.
“The agency will also work with stakeholders to develop a playbook to keep aircraft moving safely when weather, space launches or other events constrain capacity,” the FAA said. “The FAA will increase the ability for airlines to keep aircraft moving during these events by using alternate routes and altitudes when possible.”
The FAA said it plans to meet with airlines throughout the summer so operations run more smoothly. Carriers have added more flights to Florida over the past year. Last year, Florida logged a record of nearly 118 million domestic visitors, according to state data.
Miami service is up 113%, Tampa, 107%, and West Palm Beach up 132% over 2019, before the Covid pandemic, according to FAA figures.

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In 2014, I walked away from my $35,000-per-year job in insurance sales to grow my e-commerce side hustle with my husband Chris.
We had been experimenting with selling clothes and accessories on online marketplaces, including eBay and Facebook. Our online community of friends and customers quickly grew from a few hundred members to over 10,000 in a very short period. I realized that I could combine my passion for affordable clothing and relationship-building to help women to feel confident in their fashion choices.

Without funding or assurances of what was ahead, we took the risk and set ambitious goals. I focused on leveraging my sales and social media knowledge to grow our outreach while Chris incorporated his finance expertise to structure operations.
Today, we run our online fashion retail business, Pink Lily, full-time. Last year, we made $141 million in sales and sold an average of 11,000 items per day.
Whenever aspiring entrepreneurs ask for my advice, I tell them that the most important step we took early on was creating a business plan.
Your business plan doesn’t have to be perfect, and you should expect to make changes along the way. Here are the five essential elements of the business plan we used to ensure success:

1. Value proposition and key competitors

It is so essential to identify and strengthen your value proposition — or the reason customers will want to buy from you versus another company.

Before starting Pink Lily, I was very immersed in the retail market. When I wasn’t working my full-time job, I’d go online shopping. Each time I visited a website or eBay shop I liked, I took stock of what I liked and didn’t like about them.
I found that there weren’t many options for women that were both trendy and affordable, and I knew I could help fill this need. That was the foundation of Pink Lily’s value proposition.
Here’s what to consider when defining your value proposition:

Define the product you’re trying to sell.
Write a list of other brands who are offering similar products.
For each of those brands, pretend you are a loyal customer and take note of what you think they are — and aren’t — doing well.
As you conduct your research, be on the lookout for market gaps — or areas that those businesses aren’t serving.

2. Ideal customers

Next, you need to define and step into the shoes of your ideal customer.
The more deeply you can get to know this person — to the point where you have a fundamental understanding of their decision-making process and daily challenges — the better you can directly cater to their needs.
To figure out your ideal customer, ask yourself:

Who exactly are you trying to target?
Why would they be interested in your products?
What does a normal day look like for them?
What makes them happy?
What frustrates them?
What do their finances look like? For example, what are their typical purchases, and how much do they spend on those items?

At Pink Lily, we know that our customers are seeking trend-driven designs and quality options at accessible prices and a wide range of sizes. They love being involved in the products we bring on and having a voice in the styles we create. 

3. Strongest differentiators

What makes you different from other brands? How do you better serve your ideal customer? Once you have a solid understanding of what differentiates you, you’ll have the crux of your business figured out.
Your differentiator may end up becoming the central focus of your marketing strategy and online presence. For Pink Lily, what made us different from other e-commerce brands was that many of our items were under $50.
Our customers also like supporting a family-owned business and being a part of the Pink Lily family by participating in our community on social media and beyond.

4. Preparing for rapid adoption and growth

To build a scalable business that keeps people coming back for more, you have to assume that you’ll be wildly successful at getting first-time customers. Then, create a strategy based on that assumption.
Ask yourself:

How will you service all of your customers repeatedly?
How much money will you need to do that?
How will you scale your business to an increasingly high volume of customers?
How will you leverage their interest and loyalty to build your audience further?

5. Social media marketing strategy

Social media has been invaluable to the growth and success of Pink Lily. From the very beginning, we used platforms like Instagram and Facebook to directly connect with customers.

Consider these aspects when coming up with a social media marketing strategy:

What platforms will you post on, and when? My recommendation is to post on more than one platform (i.e., Facebook, Instagram, TikTok) at least three times a week on each.
What content will you post? How will it provide value to your target audience, or grab their interest?
How much time will you spend engaging directly with comments? I suggest setting aside as much time as possible to give your followers one-on-one attention.

I regularly ask our 3.6 million social media followers what products they’d like to see on our website, or what brands we should partner with. We use their responses to make real-time decisions.
This helps shoppers feel like insiders. Their daily engagement has shaped our curation while motivating us to always be a better partner in how we support our community.
Tori Gerbig co-founded Pink Lily, an online fashion store, as an eBay shop in 2011. Today, it’s one of the fastest-growing online retailers in America. A graduate of Western Kentucky University, Tori resides in her hometown of Bowling Green, Kentucky with her husband and their three children. Follow Pink Lily on Instagram and Facebook.
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The online data-location broker SafeGraph said it stopped selling information on visits to abortion clinics.
The move came on the heels of a Vice article raising concerns that SafeGraph data could be bought by “anti-abortion vigilantes” to target providers and their clients.
Vice purchased a week’s worth of location data for more than 600 Planned Parenthood locations across the United States for just over $160 from SafeGraph.
The Supreme Court is poised to overturn the landmark Roe v. Wade ruling that has ensured a constitutional right to abortion, according to a leaked draft opinion.

People protest after the leak of a draft majority opinion written by Justice Samuel Alito, preparing for a majority of the court to overturn the landmark Roe v. Wade abortion rights decision later this year, in New York City, U.S., May 3, 2022. 
Yana Paskova | Reuters

The online data-location broker SafeGraph said it has stopped selling information on visits to abortion clinics after a report from Vice revealed how easily the data could be purchased, raising concerns that “anti-abortion vigilantes” could use it to target providers and their clients.
Vice reported Tuesday that it purchased a week’s worth of location data for more than 600 Planned Parenthood locations across the United States for just over $160 from SafeGraph.

Some of those locations offer abortion services, according to the report.
And the data showed where groups of people visiting those facilities came from, the duration of their visits and where they traveled afterward, according to the Vice Motherboard article.
SafeGraph, whose investors reportedly have included billionaire tech investor Peter Thiel and a former head of Saudi Arabia’s intelligence agency, obtains and aggregates location data from apps installed on people’s mobile phones.
The company says that the “Patterns” data of the kind purchased by Vice, which shows how groups of people interact with a given location, is anonymized to protect the privacy of individual visitors.
But Zach Edwards, a cybersecurity researcher, told Vice: “It’s bonkers dangerous to have abortion clinics and then let someone buy the census tracks where people are coming from to visit that abortion clinic.”

“This is how you ‘dox’ someone traveling across state lines for abortions — how you dox clinics providing this service,” Edwards said.
Vice’s article was published a day after a Politico report on a leaked draft of a Supreme Court opinion, which indicates that a majority of justices have voted to overturn the half-century-old Roe v. Wade ruling that says people have a constitutional right to abortions.
If that ends up being the official decision of the high court this summer, the ruling is expected to quickly lead to the banning of abortion, or the severe restriction of the procedure, in up to two dozen states.
That, in turn, is expected to increase the number of people traveling from their home states to obtain abortions at clinics in states where the procedure still would be legal, as has been the case recently since Texas adopted a restrictive new abortion law.
When asked about the Vice article by CNBC on Wednesday, a SafeGraph spokesman emailed a link to an online post titled, “Demystifying the SafeGraph Facts.”
In the post, the company said it “just sells facts,” and “we only sell data about physical places (not individuals).”

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“To our knowledge, nobody has ever used SafeGraph Patterns data for malicious purposes,” the post said. “In fact, the Patterns dataset has mostly been used by 15,000+ researchers and academics and local governments to combat COVID-19.”
“But there are always extreme hypothetical corner cases, and in some cases these are worth actively preventing,” the post noted.
“In light of potential federal changes in family planning access, we’re removing Patterns data for locations classified as NAICS code 621410 (‘Family Planning Centers’) from our self-serve “shop” and API to curtail any potential misuse of its data,” the post added.
SafeGraph said the removal of this data will affect many academic researchers who want to study the topic, “like understanding the impact of legislation on family planning visits.”
“We acknowledge that our decision to take down Patterns for family planning centers could negatively impact this valuable research, but we think this is the right decision given the current climate,” the company said.
SafeGraph said it will still have data for sale about the locations and operating hours of family planning centers.
“Family Planning centers like Planned Parenthood make their location data public because they want to serve their constituents,” SafeGraph said.
Planned Parenthood made no immediate comment to CNBC about the SafeGraph data.

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