It wasn't a super quarter for Kimberly-Clark (NYSE: KMB). The consumer-products company only met expectations set for it by Wall Street. But, sometimes, that's pretty good, given the conditions the business is working in. As a matter of fact, I see that Brent Archer penned a recent post discussing how inflation is hurting Kimberly-Clark (and just about every other entity, as well). At that time, the company projected a $900 million increase in terms of inflationary pressures, double management's previous estimate. So, looking through this current earnings release, I can't help but feel that things could have been worse.

For the second quarter, net sales rose 11% to $5 billion. Earnings on an adjusted basis dropped a penny compared to the year-ago period, coming in at $1.03 per share. Like I said, that matched expectations, according to Briefing.com. Guidance for the future also appears to be in-line. Kimberly-Clark seems, to me at least, to be holding its own during a difficult time. And here's a couple cash-flow data points that should appeal to many investors. Operating cash flow for the quarter was up 16% to $753 million. Prudent management of the company's working capital benefited this metric. And on a six-month basis, cash from operations also increased, albeit not by much. That sum rose a little under 2% to almost $1.2 billion. I like to see good cash-flow numbers like that, especially for dividend-paying concerns.

And speaking of dividends, Kimberly-Clark's stock is trading at a great yield, over 4%. Of course, that means that investors buying today will need a lot of patience. You'll be paid to wait, but if you're into fast capital-appreciation rates, you probably won't get it here, not in this trading environment. Inflation will continue to be a concern for it, as well as consumer-product colleagues such as Procter & Gamble (NYSE: PG), Colgate-Palmolive (NYSE: CL), and Energizer (NYSE: ENR).

(See more of today's earnings news here.)

Disclosure: I don't own any company mentioned; positions can change at any time.

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The New York Times reports that Citigroup (NYSE: C) plans to commit $400 million to its naming rights deal for the stadium of the New York Mets. I say stop this deal!

Why? There are so many examples of companies that got into trouble after they named stadiums after themselves. In Boston, the stadium where the New England Patriots play was named after Gillette -- but Gillette doesn't exist anymore -- Procter & Gamble (NYSE: PG) bought it in 2005. And we had the Fleet Center, where the Boston Celtics play -- but Bank of America (NYSE: BAC) bought Fleet in 2003. And we also had the Tweeter Center, a concert venue -- named after Tweeter Home Enterprises which filed for bankruptcy last June. Fortunately, Boston's other world championship team, the Red Sox, has the good sense to deny naming rights to any company for its Fenway Park.

Now for Citi. According to the Times, it made its 20-year deal for the Mets naming rights back in November 2006 under previous CEO, Chuck Prince, after netting $5.3 billion in 2006's third quarter. But in the past three quarters, it has lost $17 billion - including a $2.5 billion loss reported on Friday.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He owns Citigroup stock.

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

• Activision Blizzard Inc. (NASDAQ: ATVID) sees strong Q1 results driven by Guitar Hero.
• Allegheny Technologies Inc. (NYSE: ATI) raised its Q2 earnings guidance ahead of its report.
• Cintas Corp. (NASDAQ: CTAS) strong Q4 and full-year results included a record quarterly revenue.
• Citigroup (NYSE: C) posted better-than-expected results despite a big loss on further write-downs.
• eBay Inc. (NASDAQ: EBAY) reported better-than-expected results and offered a soft outlook (see transcript).
• Fastenal Co. (NASDAQ: FAST) posted strong Q2 earnings despite the housing slump but lower revenues.
• Grainger Inc. (NYSE: GWW) posted strong Q2 results on expansion in Mexico and China.
• Harley-Davidson Inc. (NYSE: HOG) beat Q2 expectations despite profit and revenue declines.
• International Business Machines Corp. (NYSE: IBM) easily topped Wall Street earnings expectations.
• Johnson & Johnson (NYSE: JNJ) beat Q2 estimates and raised its full-year forecast (see transcript).
• Kimberly-Clark Corp. (NYSE: KMB) warned of lower Q2 earnings due to energy and distribution costs.
• Merrill Lynch & Co. (NYSE: MER) reported worse-than-expected Q2 results on further write downs.
• Microsoft Corp. (NASDAQ: MSFT) earnings surged but investors were put off by its full-year guidance.
• Procter & Gamble Co. (NYSE: PG) reaffirmed its guidance following the Kimberly-Clark warnings.
• United Technologies Corp. (NYSE: UTX) beat Q2 estimates, lifting shares from a recent 52-week low.
• ValueClick Inc. (NASDAQ: VCLK) posted weak results and warned about the second half of the year.

For more highlights from this week, see: Google, Intel, JPMorgan, Coca-Cola, Nokia and others

The earnings crunch continues next week. Among companies scheduled to report are Apple (NASDAQ: AAPL), Bank of America (NYSE: BAC), Merck (NYSE: MRK), Texas Intruments (NYSE: TXN), Caterpillar (NYSE: CAT), Halliburton (NYSE: HAL), United Parcel Service (NYSE: UPS), Wachovia (NYSE: WB), Yahoo! (NASDAQ: YHOO), Amazon (NASDAQ: AMZN), Anheuser-Busch (NYSE: BUD), AT&T Inc. (NYSE: T), McDonald's (NYSE: MCD), PepsiCo (NYSE: PEP), Pfizer (NYSE: PFE), Boeing (NYSE: BA), Hershey (NYSE: HSY), and Southwest Airlines (NYSE: LUV).

Visit AOL Money & Finance for more earnings coverage.

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Procter & Gamble (NYSE: PG) wants to calm the nerves of jittery Wall Street. According to this item, the Kimberly-Clark (NYSE: KMB) warning has spooked investors worried about inflation (I'm one of them). So, P&G wanted to let everyone know that things will be all right at the maker of Ivory soap and Pringles potato chips (or is that crisps?).

P&G is confident that it can deliver top-line growth of between 8% and 10% when it next reports. Also, management believes that earnings per share will still be somewhere between $0.76 and $0.78. You know it's a bad market when an announcement indicating that the status quo will merely be maintained as opposed to being exceeded is enough to keep a stock slightly in the green by a few pennies, as opposed to down nearly 5% (which is how the stocks of P&G and Kimberly-Clark are trading, respectively, as of this writing).

Of course, the fact that P&G came out and supported its guidance doesn't mean that inflation shouldn't be feared. We're still in bad shape in this regard, the bears haven't gone away, and I don't think either P&G or Kimberly-Clark are trading buys. I like both for the longer-term, and in terms of Kimberly-Clark, the yield is attractive. However, in terms of buy-and-hold-and-forget, you can't beat the safe reliability of P&G, whose product portfolio is one of the best out there in the consumer sector. I would imagine that P&G's brand equity is helping it navigate this vicious commodity storm, but don't think it can't weaken in coming quarters.

Disclosure: I don't own any stock mentioned; positions can change at any time.

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Helen of Troy (NASDAQ: HELE) sells personal care and household consumer products. The personal care goods include such items as hair dryers, curling irons, hair setters, women's shavers and skin care products. The firm offers its own lines (e.g: Helen of Troy, Hot Tools and Hot Spa), as well as licensed merchandise (e.g: Vidal Sassoon, Revlon and Dr. Scholl's). On the household side, offerings include kitchen tools, household cleaning items, gardening tools and rechargeable lighting devices. Products are sold through beauty supply distributors and such mass merchandisers as Wal-Mart Stores (NYSE: WMT) and Target (NYSE: TGT). Procter & Gamble (NYSE: PG) is a major competitor.

The company pleased investors last week, when it reported fiscal Q1 EPS of 42 cents and revenues of $145 million. Analysts had been looking for 30 cents and $142.8 million. The sales figure was a company first quarter record.

The stock popped into a bullish "pennant" consolidation pattern on the news. Equities frequently leave a pennant with a move in the same direction they were traveling on entry. In this case, that would be to the upside.

Brokers recommend the shares with one "strong buy", one "buy", one "hold" and one "sell". The HELE P/E ratio (8.36), PEG ratio (0.84), Price to Sales ratio (0.75), Price to Book ratio (0.87), Price to Cash Flow ratio (6.50), Price to Free Cash Flow ratio (4.78) and EPS Growth rate (31.25%) compare favorably with industry, sector and S&P 500 averages. Institutional investors hold about 80% of the outstanding shares. Over the past fifty-two weeks, the stock has traded between $14.56 and $28.18. A stop-loss of $16.10 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com. He does not hold positions in any of the stocks mentioned above.

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Procter & Gamble (NYSE: PG) is recently up 26 cents to $61.09. PG is expected to report Q4 EPS in early August.

PG announced on June 30 that Derek Jeter, of the New York Yankees, will join Tiger Woods, Roger Federer and Thierry Henry as Gillette Champion ambassadors.

PG call option volume of 5,770 contracts compares to put volume of 38,520 contracts. PG August option implied volatility of 23 is above its 26-week average of 20 according to Track Data, suggesting price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

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MAJOR PAPERS:

• The Wall Street Journal reported that is is not yet certain whether Merrill Lynch & Co Inc (NYSE: MER) will need to raise money. If it does, selling common stock could be expensive due to a 12-month protection the bank offered the investors that bought $12B in common and preferred shares earlier this year and selling assets like its interest in Bloomberg may present a different problem.
• The Wall Street Journal also reported that investigators from the European Union are probing deeper into the pharmaceutical industry in an effort to determine whether drug companies have used unfair tactics to increase prices and block competition. Investigators have reportedly ask for views on direct-to-pharmacy distribution channels, which Pfizer Inc (NYSE: PFE) and AstraZeneca Plc (NYSE: AZN) recently established in Britain.
• After Anheuser-Busch Companies Inc (NYSE: BUD) said it would reject InBev's $46B bid as "financially inadequate," InBev said it would launch a hostile bid. According to court documents, the Financial Times reported that InBev is preparing to launch a proxy battle seeking the removal of Anheuser's entire board.
• The Financial Times also reported that soaring energy prices are forcing U.S. consumer goods company The Procter & Gamble Company (NYSE: PG) to rethink how it distributes products. The company may consider shifting manufacturing sites closer to consumers in order to lower its transport bill.

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Well-known maker of peanut-butter and jelly products J.M. Smucker (NYSE: SJM) reported earnings for Q4 and the full fiscal year on Thursday. The market didn't like the report in the least. The stock closed down well over 8% at the end of yesterday's session.

Here's what happened. For the fourth quarter, net sales increased 20%, but that was little consolation to the bottom line, which dropped 11%, as earnings per diluted share came in at $0.67 versus $0.75 in the year-ago period. The top line also was the beneficiary of some inorganic growth based on acquisitions. If you adjust for certain items, bringing the earnings up to $0.73 per diluted share, the decrease in the bottom line improves to 3%, but a decline in this case is still a decline. Plus, earnings expectations were not met. The company came in five pennies shy of Wall Street's wishes, according to estimates posted at earnings.com.

For the fiscal year, J.M Smucker's top line increased 18%, also due in part to acquisitions. On both a reported and an adjusted basis, earnings per diluted share jumped 9% to $3.00. Margins really suffered during the quarter and the year. Input costs are inflating, and they're becoming difficult to manage.

So, is J.M. Smucker a good stock idea right now? After all, it did recently buy the Folgers brand from Procter & Gamble (NYSE: PG), an event that Tom Taulli recently opined on.

For me, the answer is no. It's a cool consumer-products company, I see its stuff all the time at the supermarket, but I favor other consumer-based businesses out there with stronger brand equities, such as Kraft (NYSE: KFT), for example. With the stock at the low end of its 52-week range, with input costs wreaking havoc on margins, and with growth based in part on the inorganic effects of acquisitions, I don't see a reason to place a bet on J.M. Smucker at the moment. I'd rather sit on the sidelines and check out more quarterly data as it is handed down to us in the coming months.

Disclosure: I don't own any company mentioned here; positions can change at any time.

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In the United States when one company wants to inflict pain on a competitor it commonly uses the law as its weapon of choice, enlisting an army of lawyers to bludgeon the rival with legal actions. Right or wrong one company can tie the other up in court for years, and if the competitor is smaller and weaker, put it out of business or inflict great hardship.

In Russia, they seem to be skipping the middle man -- not engaging the lawyers, but going straight to the government. According to the most recent issue of Business Week, companies are paying public officials to raid the offices of business rivals and subject them to criminal investigations.

Some 8,000 companies a year are targets of lawsuits or investigations at the behest of rivals seeking to put them out of business or take them over, the Russian Chamber of Commerce & Industry says. Russians call this process reiderstvo, or raiding.

In most cases, the raids are conducted by something similar to our SWAT teams, removing documents and computers and soon after bringing charges of tax evasion, fraud and conspiracy. It is reported that the police, civil servants and court system all play along for a price.

It has been the case over the past century that the Russian "justice system" has been much swifter than our own, no matter who was in power; that still appears to be the case. The only difference between the current situation and its predecessors is that now they are even better at pretending to respect personal freedom and the law.

As we in the United States see our multi-national corporations extend their reach abroad, I wonder how often they have been the victim of such outrageous illegal manifestations. Furthermore, I wonder if they have been party to the aggressors position either directly or through a surrogate? In the case of the former, how do we protect ourselves from the results of this activity? And if the latter, how do we prosecute our own shady enterprises and hold them accountable?

The following are few select companies that have current operations in Russia:

• Exxon Mobil (NYSE: XOM)
• Ford Motors (NYSE: F)
• General Electric (NYSE: GE)
• Google Inc. (NASDAQ: GOOG)
• International Business Machines (NYSE: IBM)
• Procter and Gamble (NYSE: PG)

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of GE

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Folgers has created some great brand messages, including the classic, "The best part of waking up is Folgers in your cup."

Well, this morning, we got another message. P&G (NYSE: PG) will merge the Folgers unit into the operations of The J. M. Smucker Company (NYSE: SJM). The deal comes to about $3 billion.

P&G, which has owned Folgers for more than 45 years, has been actively shopping the deal. All in all, the transaction looks smart. It's an all-stock arrangement and, as a result, is tax-free to all parties. Smucker will also issue a $5 per share special dividend.

With the deal, Smucker will nearly double its annual revenues to $4.7 billion. What's more, there are expected to be $80 million in synergies.

Smucker has had success with prior P&G deals. For example, back in 2002, the company bought P&G's Jif and Crisco brands.

And with Folgers growing at 2% to 3% per year, there is certainly a need to jump-start things. Smucker will have the focus to do that.

So far in today's trading, Smucker's shares are up 2.5% to $55.10.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

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J.M. Smuckers (NYSE: SJM) closed at $53.75 Tuesday.

The WSJ is reporting SJM is near a deal to buy Folgers from Proctor & Gamble (NYSE: PG) in an all stock transaction.

Deutsche Bank says: "From an economic standpoint for SJM, we calculate the deal would be about $0.25 per share dilutive on an annual basis."

SJM over all option implied volatility of 27 is near its 26-week average according to Track Data, suggesting non-directional risk.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

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MAJOR PAPERS:

• In a move to help cut expenses and save on fuel prices, UAL Corporation (NASDAQ: UAUA), parent of United Airlines, will reduce its 460 airplane fleet by 70 jets. Not yet known is how may jobs will be affected, the Wall Street Journal reported.
• In an all stock deal, J.M. Smucker Co. (NYSE: SJM) is expected to buy Folgers coffee from The Proctor & Gamble Company (NYSE: PG) for an estimated $2B, according to the Wall Street Journal. Folgers, the best selling ground coffee in the U.S., has annual sales of about $1.6B.
• The Financial Times reported that Lehman Brothers Holdings Inc (NYSE: LEH) lost $500M-$700M on some of its hedging positions in Q2, which have contributed to a larger than expected loss that could result in the bank raising more capital by selling a stake to an outside investor. Lehman has begun negotiations with potential investors, including asset managers and Asian banks, sources said.

• According to sources, the Rocky Mountain News reported that troubled home builder Beazer Homes USA Inc (NYSE: BZH) is pulling out of Colorado. Beazer, which is being investigated for mortgage fraud by several government agencies, has built homes in the suburbs of Denver and in Colorado Springs.

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I love coupons; who doesn't? They are, arguably, one of the most important marketing tools used by companies such as Procter & Gamble (NYSE: PG), Colgate-Palmolive (NYSE: CL), and General Mills (NYSE: GIS). I also love coupon distribution on the web, so I'm hoping a new technology reported on by BusinessWeek really takes off.

A company called Coupons, Inc. has developed a system dubbed Brandcaster. It essentially follows Google's (NASDAQ: GOOG) model of monetization. Depending on where you are on the web and what you are looking at, the Brandcaster will determine if a coupon may be applicable to you. It will then try to get you to access the coupon and print it up. Web sites who use the application will be given a cut of revenues generated from successful coupon printings. So, speaking hypothetically, if I'm on a site that's dedicated to video games, maybe this Brandcaster thing will someday tell me that I can print up a coupon allowing me to get $5 off a new software title.

If this is promoted properly, and if the value to consumer companies can be adequately communicated, then I think Coupons, Inc. has a hit on its hands. Like I say, people love coupons, and I think they are more likely to act on printing out a coupon then they are to, say, buy a product immediately online through a banner ad. I see this kind of advertising as being more effective over the long-term than other kinds of ads.

But, there's a significant challenge, in my opinion, to Coupons, Inc. and Brandcaster. I'm not sure how it is in all parts of the country, but in my area, there are many businesses, including a major regional supermarket chain, that are either very suspicious of Internet coupons or don't accept them at all. There's a good reason for this that probably goes without saying, but I'll say it anyway: the chance for counterfeit coupons is always there. I think web-coupon distributors are still a long way off from finding quality solutions to the piracy issue (or at least, that's the current perception from where I sit).

Nevertheless, I think this Brandcaster is neat. Companies signed up so far for the program include Kraft (NYSE: KFT), Kimberly-Clark (NYSE: KMB), and Clorox (NYSE: CLX), as well as the aforementioned General Mills. Apparently 200 coupons will be distributed to over 3,000 websites initially, with hopes that the network can grow to over ten times as many websites in a short period of time. I think this has a great chance for success.

Disclosure: I don't own any companies mentioned here; positions can change at any time.

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This post is part of our Battle of the Brands feature. Let us know which brand you prefer, and check out other Battle of the Brands posts.

In the world of diapers, try as other brands might to gain a foothold, it is really a Pampers vs. Huggies world.

Pampers, made by Procter & Gamble (NYSE: PG) has been the market share winner for decades and is P&G's top global brand. But Huggies, made by Kimberly-Clark (NYSE: KMB) has made significant inroads thanks to frequent discounts.

Consumer Reports estimates parents will spend between $1,500 and $2,000 on disposable diapers before their child is potty trained. With that kind of investment, many parents have strong views about which brand is best. Leakage control and rash prevention are the main criteria. Consumer reports rates Pampers (both its Cruisers and Baby Dry brands) higher than Huggies, mainly due to Pampers' superior leakage prevention.

Baby blogs also seem to favor Pampers over Huggies. And in my experience, I do think of Pampers as the "premium" and was surprised that when I actually checked price tags in my local drug store this week, found that they were priced exactly the same.

For my diaper dollar, I don't see much of a difference between the two. I'm all for changing the baby more often and buying a cheaper diaper. If you really put the diapers to the test with, say an eight-hour day at the playground without a change, you might find a difference. But my priority is to spend as little time and money diaper shopping as possible. Costco stocks Huggies in bulk, so that's what we have now.

These days, on a run to the drugstore, I might be inspired by Pampers new "one-pack = one vaccine" campaign with UNICEF to vaccinate women (protecting their newborns as well) against tetanus. Now through August, P&G will give 5 cents per package or an estimated $2 million (read more about "cause marketing" programs like this one).

On polling a few of my diapering pro friends, I was told of one pediatrician who recommended switching to Pampers to help resolve rash issues. Bloggingstocks colleague Jonathan Berr says his family has come to favor Huggies brand for their overnights and swim diapers, but Pampers for everything else. For anyone serious about their diapering choices, that sounds like good advice to me.

Vote in our poll for Huggies or Pampers as your preferred brand, and let us know in the comments why you love it.

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This post is part of our Battle of the Brands feature. Let us know which brand you prefer, and check out other Battle of the Brands posts.

When it comes to multi-bladed disposable razors, how many blades is enough? In the long-standing rivalry between the two biggest brands of disposable razors, the current answer seems to be five. For now.

The Gillette company, which in 2005 became part of Procter & Gamble (NYSE: PG), invented the safety razor in 1895, as well as the first razor marketed to women in 1916. They started the current arms race in multi-bladed disposable razors by introducing a twin-blade razor in 1971, and then the triple-bladed Mach 3 in 1998. Schick responded with the four-blade Quattro in 2003, then in 2005, Gillette introduced the five-blade Fusion. Of course, each of these models includes a version for women, and versions with various bells and whistles.

St. Louis-based Energizer Holdings (NYSE: ENR), a U.S. manufacturer of batteries, purchased the Schick brand of razors from Pfizer (NYSE: PFE) in 2003. Outside the North America and Australia, the same products are sold under the Wilkinson Sword brand. Either way, Schick remains a distant second to Gillette in global sales, though some analysts saw patent infringement lawsuits filed against Schick by Gillette as evidence that Gillette recognized a potential threat. Combined, these two brands account for nearly all razor sales in America.

Gillette's rational for the Mach 3 that the extra blade reduces irritation and requires fewer strokes. So for the Quattro, it apparently was a case of four must be better than three, and likewise with the Fusion, though Gillette claims that more blades with narrower space between them creates a "shaving surface" that distributes the shaving force across the blades, making the shave more comfortable. What do you think? Is five blades better than four, which is better than three? What comes next?

Vote in our poll for Gillette or Schick as your preferred brand, and let us know in the comments why you love it.

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This post is part of our Battle of the Brands feature. Let us know which brand you prefer, and check out other Battle of the Brands posts.

Behold the humble potato chip, snack food of the ages. Claimed to have been invented in 1853 in the road house kitchen of Native American George Crum, the potato chip traveled through American snack history in a class of it's own. That is, until in the early 1960s, when it was discovered that you could grind potatoes into a slurry and then press them back into a consumable form.

I sat down one day with a bag of potato chips from Lay's and with a can of Pringles. Lay's are made by Frito-Lay, a property of PepsiCo Inc. ( NYSE: PEP). Pringles are made by Procter & Gamble Co. (NYSE: PG). I wanted to compare the two in order to assess their similarities and differences. What I found were two very different snacking sensations although both are derived from the same source. The Lay's ingredient list is simple. They're made with potatoes, oil, and salt, with no preservatives added. The Pringles ingredient list begins with the same potatoes, oil, and salt, but the product also contains at least traces of wheat starch and rice flour in addition to a couple common food chemicals.

Lay's potato chips come out of a bag, each one a thin, crisp, salty snack of individual size and shape. Pringles potato crisps come out of a can, each one a perfect replication of the crisp preceding it and the one following after. Both the snacks do an admirable job of satisfying the craving for a crunchy, salty treat. Nutritionally the two munchies are very similar in total calories and fat.

There was just one particular difference I found between the two that might sway a buying decision. While Pringles potato crisps might comfort us with their uniformity, each one exactly the same anywhere in the country, Lay's potato chips in their uniqueness, offer the possibility that you might find one shaped like Texas, which you could sell on eBay for $1,500.

Vote in our poll for Lay's or Pringles as your preferred brand, and let us know in the comments why you love it.

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