TheStreet's Jim Cramer asks, what do you do when you see a gigantic call buyer in Clorox? Cramer says investors could cover their shorts on Clorox from fear there might be a bid from Unilever or maybe you go long Clorox because it has a 3% yield when Spanish bonds are trading at a 2.5% yield. Cramer says Clorox?s double digit multiple may be a bit rich for a company that is only growing 1%. Cramer asks if this is a sign of froth? Cramer says it makes a lot of sense for Clorox to be broken up when Hillshire farms has two different buyers and when Kraft, Unilever, or even Colgate could buy Clorox. Colgate was upgraded on Tuesday by BMO Capital Markets. The consumer packaged goods group is being viewed as undervalued in light of the Hillshire deal.

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