Without a doubt, the dividend raise should get more attention than the upgrade. No, I'm not coming down on Oppenheimer. I always enjoy it when payouts go up because not only does it show future confidence in cash flows, but it represents real return of value. And I have no doubt that Clorox will be able to back its dividend via its impressive stable of brands. Hey, who doesn't know and/or use the iconic bleach product?

Clorox, however, is a stock that should be looked at as a potential core holding. Sure, I see the merit of the upgrade. I see where Oppenheimer is coming from. But I wouldn't want to buy Clorox just on the upgrade. In fact, upgrades at this point in time should be vetted very carefully and thoroughly. Why? Because many stocks, like Clorox, have already made significant moves this year. Buying now could turn into a sour timing issue.

At an annual payment of $2 per year, that gives Clorox a current yield of roughly 3.5%. That's not bad. Locking in a decent yield now, holding shares and reinvesting dividends, and dollar-cost-averaging over a long period of time is a recipe for success with a company like Clorox.

With the economy possibly getting better, Clorox should hold its own against the private label industry. It won't be easy, though. Never underestimate the issue of generic store products. Don't become lulled into thinking that Clorox won't see pressure from such competition. Clorox will, however, remain a viable investment idea for the buy-to-keep crowd.

Disclosure: I don't own any company mentioned; positions can change without notice.