While a volume decrease is tough to face, I suppose Clorox doesn't have much leeway in the matter. A ton of companies are implementing pricing strategies to keep the bottom line as healthy as possible. Also, the price increases are defending the gross margin. Consumers may not like them, but shareholders surely appreciate the beneficial result to the fundamentals of the business. And when the economy improves, Clorox will have better flexibility with pricing strategies.

Management should strive to leverage the Clorox brand more strongly to get volume growth going again. It's tough to do, but growth in volume will be key to long-term success. Letting the metric flounder isn't an option.

Clorox is doing okay with cash flow, and the guidance for the coming year calls for per-share profit to fall somewhere between $4.00 and $4.15. This makes the stock somewhat inexpensive.

Shares of the company have not done well this afternoon. If they pull back even further, then they will become more attractive. Clorox fits best, in my opinion, in a long-term, core-holding portfolio. You're basically betting on the concept that Clorox's products won't go out of style. They probably won't. I won't say that management doesn't have work to do, but I will say that the team does have access to some valuable trademarks. That should be worth something over time.

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