Clorox (NYSE: CLX), a consumer-products business that counts Procter & Gamble (NYSE: PG) and Colgate-Palmolive (NYSE: CL) as related stocks, may have seen a sales drop of 1% in its fiscal first quarter, but that didn't stop it from posting a nice bottom-line growth rate. Clorox made $1.11 per share in Q1, and that represents a 23% increase. What a way to start a new corporate year!

According to Reuters, expectations were for 95 cents per share. That's a wonderful beat. Plus, sales volume went up 1%. Helping to drive things along was a healthy gross margin, as well as the dreaded H1N1 virus. Clorox has done well over the years associating its brand with sanitizing effectiveness, so when a pandemic rears its ugly head, the trademark is prepared to leverage such reputation to drive value.

Consumer spending had its largest fall this year, thanks to the end of the "Cash for Clunkers" program. And, incomes were flat. No change to the money coming in and a drop in the cash going out translates to an impediment to economic recovery.

In September, consumer spending fell 0.5%, the first decline in five months and the worst in nine. Wages and salaries dropped 0.2%, effectively offsetting the 0.2% up-tick in August. The economy did grow in the third quarter of 2009, hinting that the worst recession in 70 years may be coming to a close, but the tough September suggests we still have some work in front of us.

Here are some highlights from last week's earnings coverage from BloggingStocks:

• Applied Materials Inc. (NASDAQ: AMAT) posted better-than-expected Q3 results, sending shares higher.
• AutoDesk Inc. (NASDAQ: ADSK) reported better-than-expected Q2 earnings, sending shares higher.
• Blockbuster Inc. (NYSE: BBI) had another disappointing quarter as same-store sales declined.
• CIT Group Inc. (NYSE: CIT) delayed its Q3 report due to ongoing debt restructuring and a possible bankruptcy.
• Dr Pepper Snapple Group Inc. (NYSE: DPS) Q2 earnings came in well ahead of Wall Street expectations.

The Clorox Company (NYSE: CLX), a famous supermarket brand similar to companies such as Procter & Gamble (NYSE: PG) and Colgate-Palmolive (NYSE: CL), reported Q4 earnings today. Excluding certain factors, Clorox increased its per-share profit by 18% to $1.35.

The dollar continues to wreak havoc on companies with international exposure (there's a whole lot of them, of course). Including currency translations, Clorox's top line was flat. Without the effect (and excluding the impact of a private-label business that the company exited), sales increased 3%. The company utilized price increases to help offset the tough times. Unfortunately, volume decreased 2% during the quarter.

Here are some highlights from last week's earnings coverage from BloggingStocks:

• Amgen Inc. (NASDAQ: AMGN) reported strong Q2 earnings thought revenue fell but beat analysts' estimates.
• Colgate-Palmolive Co. (NYSE: CL) beat Q2 earnings estimates but revenue suffered from currency effects.
• Dow Chemical Co. (NYSE: DOW) reported a drop in Q2 revenue and a net loss on restructuring charges.
• Eastman Kodak Co. (NYSE: EK) posted a deeper-than-expected Q2 net loss as sales plunged.
• Exxon Mobil Corp. (NYSE: XOM) reported its lowest quarterly profit in years, well short of expectations.

Colgate-Palmolive (NYSE: CL), whose colleagues at the supermarket include companies like Procter & Gamble (NYSE: PG) and Clorox (NYSE: CLX), did all right in the second quarter. Sales were inhibited by currency rates: they dropped by well over 5%. The bottom line, on the other hand, fared a lot better. The company made $1.07 per share compared to 92 cents per share in the year-ago period. However, the previous year's quarter had 6 cents of charges to take into account, so the adjusted earnings in 2008 actually comes out to 98 cents. This makes the growth rate a modest 9%. The market was expecting $1.05 per share according to Earnings.com, so management beat by two pennies.

I was surprised a little by how the stock sold off on Thursday after the earnings report. Shares of Colgate-Palmolive closed down over 5% on very active volume.

Kimberly-Clark (NYSE: KMB), a consumer-products company that counts Procter & Gamble (NYSE: PG) and Colgate-Palmolive (NYSE: CL) as colleagues, announced Q2 results on Thursday. The performance wasn't spectacular, but management successfully defended the bottom line from the recession by instituting pricing strategies that leveraged the brand equity of the company's portfolio.

The bottom line fell, of course, but probably not as far as it would have if there weren't any pricing mechanisms in place. Earnings per share came in at 97 cents. This was six cents lower than last year's adjusted Q2 income. Revenues were challenged by dollar fluctuations, dropping well over 5%. However, here's the silver lining: organic sales increased almost 3%, even with volumes on the decline.

Consumer-products concern WD-40 (NASDAQ: WDFC) had something of a rough third quarter. According to the press release, which was issued on Wednesday after the bell, sales were down over 16%. The company made 41 cents per diluted share. This was 8 cents less than the previous year's Q3 performance.

It was, however, 3 cents better than what the analysts were looking for, according to Earnings.com. Gross margin, it should also be noted, improved significantly. Driving this positive element of the story were efficiencies in the supply chain, price increases, and the drop in the price of oil.

My final all-American brand is Colgate-Palmolive (NYSE: CL). The company is well-known for its toothpaste and toothbrushes. But Colgate-Palmolive also owns dozens of strong brand names, including Irish Spring, Speed Stick, Ajax, and many others.

Some investors may think of Colgate-Palmolive as a dull stock. That's fine by me.

The shares are far less volatile than most stocks on Wall Street. Even though the market overall is well below the highs it reached in the third quarter of 2007, shares of Colgate-Palmolive were never punished nearly as hard.

Today is the 4th of July, and the nation is busy celebrating its 233rd birthday.

The past year has been pretty rough for the old Republic, with the economy going through its worst spat in 80 years.

Still, I'm an optimist, and I think we'll come through this stronger than ever. To honor America's birthday, I want to highlight three great all-American brands that deserve a place in your portfolio.

The Clorox Company (NYSE: CLX), a company whose compatriots at the supermarket include Procter & Gamble (NYSE: PG) and Colgate-Palmolive (NYSE: CL), gave and received some good news this week. First, let's mention the giving. Management saw fit to increase the dividend that it pays to shareholders. The quarterly payout went up 9% to $0.50 per share.

Now, for the receiving. According to an earlier item on BloggingStocks, Oppenheimer thinks the stock is worthy of an outperform rating. A price target of $70 has been set. Which is impressive, since the price of Clorox as of this writing is $56.32 per share.

Analyst upgrades:

• Barclays believes Procter & Gamble's (NYSE: PG) portfolio mix provides better leverage to stabilizing macro trends. The firm upgraded shares to Overweight from Equal weight and raised its target to $60 from $56. Note the firm downgraded Colgate (NYSE: CL) to Equal Weight from Overweight.
• Deutsche Bank upgraded McDonald's (NYSE: MCD) to Buy from Hold as it finds the risk/reward on shares compelling at current levels and sees upcoming catalysts from McCafe and easing commodity pressures. The firm raised its target price to $65 from $60.
• FBR Capital upgraded Talbots (NYSE: TLB) to Outperform from Market Perform to reflect an attractive risk/reward, reduced risk of a bankruptcy, and merchandise improvements. The firm raised its target price to $4 from $2.
• Nokia (NYSE: NOK) was upgraded to Buy from Hold at Deutsche Bank.
• Analog Devices (NYSE: ADI) was upgraded to Neutral from Underperform at Baird.

Procter & Gamble (NYSE: PG) might not have the best growth rates going these days, but truth be told, I thought the company's Q3 report was acceptable given everything that is going on.

Yes, sales declined by 8%, driven by currency effects. Organic sales, however, increased 1%. Earnings per share increased 2% to 84 cents. This beat Wall Street forecasts by four pennies according to this source.

Analyst upgrades:

• Merriman upgraded Dendreon (NASDAQ: DNDN) to Buy from Neutral on expectations shares will react positively to the full IMPACT data release on April 28. The firm thinks Provenge could represent the first cancer immunotherapy approved in the U.S. and raised its valuation range on the stock to $33-$34 from $18-$19.
• Piper Jaffray upgraded Andersons (NASDAQ: ANDE) as it believes the valuation is attractive, investor expectations are low, and the company's fertilizer and rail segments could recovery in FY10. The firm has a $19 target on shares. Goldman upgraded the auto sector to Neutral from Cautious and added Ford (NYSE: F) to its Conviction Buy list. The analyst does not believe Ford will have to declare bankruptcy and sees the company benefiting from Chrysler share declines and GM's (NYSE: GM) reduced product offerings. Ford's price target is $6
• Banc of America/Merrill upgraded U.S. Airways (NYSE: LCC) to Buy from Underperform.
• Broadcom (NASDAQ: BRCM) was upgraded to Equal Weight from Underweight at Morgan Stanley.
• Caterpillar (NYSE: CAT) was raised to Overweight from Neutral at JP Morgan.

Colgate-Palmolive (NYSE: CL) is a new buy from Nilus Mattive. The editor of Dividend Superstars states, "The time is right to add this great consumer products firm to our portfolio."

"Colgate-Palmolive is a company you undoubtedly know. It makes many very popular household products including its eponymous toothpaste and detergent brands, as well as the Science Diet family of pet food.

"But in addition to having a wide stable of recession-resistant brands, the company also has a large presence not just in the U.S. but around the world.

"In fact, more than half of its revenue comes from overseas markets. Latin America accounts for about a third of sales, as does Europe and the South Pacific. Asia/Africa make up the rest.